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Plug Power
(NASDAQ:PLUG)
Plug Power (PLUG) vs. SPDR S&P 500 ETF (SPY)
Plug Power Business Overview & Revenue Model
Plug Power Key Performance Indicators (KPIs)
Analyzes revenue from different business segments, highlighting which areas are driving growth and profitability, and indicating the company's strategic focus and market opportunities.
Main Street DataPlug Power Earnings Call Summary
Plug Power Financial Statement Overview
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 672.84M | 628.81M | 891.34M | 701.44M | 502.34M | -100.47M |
| Gross Profit | -461.88M | -624.89M | -507.79M | -194.36M | -99.32M | -69.72M |
| EBITDA | -1.84B | -1.98B | -1.26B | -632.53M | -409.57M | -550.95M |
| Net Income | -1.97B | -2.10B | -1.37B | -724.01M | -459.96M | -596.15M |
Balance Sheet | ||||||
| Total Assets | 3.35B | 3.60B | 4.90B | 5.76B | 5.95B | 2.42B |
| Cash, Cash Equivalents and Short-Term Investments | 140.74M | 205.69M | 135.03M | 2.16B | 3.87B | 1.31B |
| Total Debt | 546.67M | 1.08B | 968.85M | 898.73M | 810.15M | 560.10M |
| Total Liabilities | 1.59B | 1.80B | 2.00B | 1.70B | 1.34B | 910.10M |
| Stockholders Equity | 1.68B | 1.73B | 2.90B | 4.06B | 4.61B | 1.47B |
Cash Flow | ||||||
| Free Cash Flow | -770.41M | -1.06B | -1.80B | -1.29B | -551.44M | -206.53M |
| Operating Cash Flow | -603.55M | -728.64M | -1.11B | -828.62M | -358.18M | -156.31M |
| Investing Cash Flow | -221.02M | -402.36M | 728.05M | -679.37M | -1.74B | -95.33M |
| Financing Cash Flow | 682.48M | 983.17M | 6.12M | -77.46M | 3.60B | 1.52B |
Plug Power Technical Analysis
Plug Power Risk Analysis
Plug Power Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
64 Neutral | $886.79M | ― | -68.88% | ― | 209.20% | 4.24% | |
64 Neutral | $10.74B | 15.62 | 8.16% | 2.00% | 2.79% | -14.82% | |
63 Neutral | $12.39B | 11,263.83 | 4.65% | ― | 22.72% | ― | |
56 Neutral | $1.79B | ― | 125.43% | ― | 128.49% | -697.81% | |
54 Neutral | $1.89B | ― | -68.46% | ― | 60.04% | 52.49% | |
53 Neutral | $1.81B | ― | -84.40% | ― | -1.70% | 9.93% | |
43 Neutral | $95.72M | ― | -20.52% | ― | 48.62% | 0.23% |
Plug Power Corporate Events
Plug Power Inc. has extended its At Market Issuance Sales Agreement with B. Riley Securities, Inc. through Amendment No. 3, dated August 15, 2025. This amendment allows the company to continue offering and selling its common stock, with a total potential gross sales price of up to $1 billion, until August 15, 2027, or until all shares are sold, under its automatic shelf registration statement filed with the SEC.
On August 11, 2025, Plug Power reported its financial results for the second quarter of 2025, highlighting a 21% year-over-year revenue increase to $174 million, driven by strong demand across its platforms. The company made significant strides in improving gross margins, reducing them from negative 92% to negative 31%, and emphasized its commitment to operational efficiencies under Project Quantum Leap. Plug Power is on track to achieve gross margin neutrality by the fourth quarter and aims for $700 million in revenue for the year. The company is also expanding its hydrogen generation network and securing early-stage agreements in its electrolyzer business, positioning itself as a leader in the growing hydrogen economy.
Plug Power reported a 21% increase in Q2 2025 revenue compared to the previous year, driven by strong demand for its hydrogen solutions, including GenDrive fuel cells and GenEco electrolyzer platforms. The company achieved significant improvements in gross margin, reduced operating expenses, and enhanced cash flow, largely due to Project Quantum Leap, which optimized workforce and renegotiated supply contracts. Plug Power is expanding its global reach with over 230 megawatts of GenEco electrolyzer programs in development across Europe, Australia, and North America, and it continues to strengthen its market position with strategic partnerships and tax credit benefits, setting the stage for future growth in the hydrogen economy.
On July 8, 2025, Plug Power issued a warrant to YA II PN, Ltd. for the purchase of 31,500,000 shares of common stock at an exercise price of $1.37, following stockholder approval to increase authorized shares or conduct a reverse stock split. The warrant, exercisable immediately and expiring on July 10, 2028, was issued under an exemption from registration under the Securities Act. On July 9, 2025, Plug Power filed a prospectus supplement for the resale of common stock issuable upon exercise of the warrant, indicating a strategic move to enhance liquidity and shareholder value.
On July 3, 2025, Plug Power Inc. held its annual stockholders meeting where several key proposals were voted on. The stockholders elected three Class II Directors and approved the Reverse Stock Split Proposal, the 2021 Plan Amendment Proposal, and the advisory resolution on executive compensation. However, proposals to increase authorized shares, amend voting requirements, and officer exculpation were not approved. Deloitte was ratified as the independent auditor for 2025.
On July 7, 2025, Plug Power discussed the impact of the newly passed One Big Beautiful Bill Act during a conference call. The legislation provides significant tax credits for hydrogen fuel cells and production, allowing Plug Power to make long-term strategic decisions and expand its operations. The bill’s provisions, such as the 30% investment tax credit for fuel cells and the extension of the production tax credit for clean hydrogen, are expected to enhance Plug Power’s market positioning and facilitate growth in its electrolyzer and hydrogen production businesses. This legislative support is seen as a critical momentum boost, enabling the company to better meet market demand and expand into new sectors.
On July 3, 2025, Plug Power Inc. will hold its annual stockholders meeting via a live webcast, where CEO Andrew J. Marsh will provide a corporate overview and engage with stockholders. The company is focused on achieving profitability and expanding its green hydrogen network, with strategic plans to be EBITDAS positive by 2026 and overall profitable by 2028. Plug Power is actively pursuing favorable government policies and financial support in the US, Europe, and Australia to enhance its market position and drive growth in the hydrogen sector.
On June 5, 2025, Plug Power Inc. announced the issuance of a single share of its newly designated Series F Mirroring Preferred Stock to CEO Andrew J. Marsh for $1,000. This move is intended to facilitate a vote on a proposed reverse stock split at the upcoming annual meeting on July 3, 2025. The Series F Mirroring Preferred Stock is designed to reflect the voting preferences of common stockholders on the reverse stock split proposal without overriding their decisions. This strategic step is crucial for aligning shareholder interests and potentially impacting the company’s stock structure.