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Plug Power Inc.

Plug Power Inc.

NASDAQ•PLUG
CEO: Mr. Andrew J. Marsh
Sector: Industrials
Industry: Electrical Equipment & Parts
Listing Date: 1999-10-29
Plug Power Inc. develops hydrogen and fuel cell product solutions in North America, Europe, Asia, and internationally. The company offers GenDrive, a hydrogen-fueled proton exchange membrane (PEM) fuel cell system that provides power to material handling electric vehicles; GenSure, a stationary fuel cell solution that offers modular PEM fuel cell power to support the backup and grid-support power requirements of the telecommunications, transportation, and utility sectors; ProGen, a fuel cell stack and engine technology used in mobility and stationary fuel cell systems, and as engines in electric delivery vans; GenFuel, a liquid hydrogen fueling delivery, generation, storage, and dispensing system; GenCare, an ongoing Internet of Things-based maintenance and on-site service program for GenDrive fuel cell systems, GenSure fuel cell systems, GenFuel hydrogen storage and dispensing products, and ProGen fuel cell engines; and GenKey, an integrated turn-key solution for transitioning to fuel cell power. It also provides electrolyzers, a hydrogen generator for clean hydrogen production; liquefaction systems that provides liquid hydrogen to customers; cryogenic equipment for the distribution of liquified hydrogen, oxygen, argon, nitrogen and other cryogenic gases, including trailers and mobile storage equipment; and liquid hydrogen, an alternative fuel to fossil-based energy. The company sells its products through a direct product sales force, original equipment manufacturers, and dealer networks. Plug Power Inc. was incorporated in 1997 and is headquartered in Latham, New York.
Contact Information
968 Albany Shaker Road, Latham, NY, 12110, United States
518-782-7700
www.plugpower.com
Market Cap
$2.44B
P/E (TTM)
-1.3
27.4
Dividend Yield
--
52W High
$4.58
52W Low
$0.69
52W Range
43%
Rank70Top 99.2%
1.1
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Weak • 1.1 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2016-2025

Financial Dashboard

Q3 2025 Data

Revenue

$177.06M+1.91%
4-Quarter Trend

EPS

-$0.31+24.00%
4-Quarter Trend

FCF

-$119.91M-54.69%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Nine Month Revenue Growth Net revenue reached $484.7M USD for nine months, showing 10.8% growth from prior period.
Gross Loss Significantly Narrows Nine-month gross loss improved to $(247.5)M USD, down from $(390.4)M USD year-to-date.
Working Capital Position Solid Working capital totaled $288.4M USD as of September 30, 2025, supported by $165.9M unrestricted cash.
ATM Equity Offering Proceeds Sold $55.9M gross proceeds YTD via ATM program; $944.1M remains available for future capital raising.

Risk Factors

Massive Impairment Charges Recorded Q3 impairment charge was $97.5M USD, a 2,230.3% increase driven by asset write-downs.
Continued Substantial Net Losses Nine-month net loss was $(789.1)M USD, reflecting ongoing operational cash burn requiring external funding.
Restructuring Costs Escalating Restructuring expenses totaled $25.6M USD YTD due to 2025 Plan implementation impacting workforce and footprint.
DOE Loan Suspension Risk Temporary suspension of DOE loan activities risks delaying project execution and adversely affecting capital access.

Outlook

Liquidity Runway Confirmed Management believes current capital supports ongoing operations for at least 12 months post-reporting date.
Future Revenue Visibility Strong Estimated future revenue backlog stands at $699.2M USD across all major product and service lines.
Secured Debt Servicing Ahead $33.8M principal payment due on 15.00% Secured Debenture within the next 12 months ending 2025.
Contingent Consideration Settled Remaining $9.4M contingent consideration liability from Frames acquisition expected to be fully paid Q1 2026.

Peer Comparison

Revenue (TTM)

Spirit AeroSystems Holdings, Inc.SPR
$6.39B
-1.3%
Landstar System, Inc.LSTR
$4.78B
-0.7%
EnerSysENS
$3.73B
+6.2%

Gross Margin (Latest Quarter)

Powell Industries, Inc.POWL
30.7%
+2.3pp
EnerSysENS
29.1%
+0.6pp
Mercury Systems, Inc.MRCY
27.9%
+2.6pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
ENS$6.21B18.718.0%29.8%
MRCY$6.19B-89.1-4.7%26.3%
ACA$5.65B37.96.0%31.3%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
-2.6%
Flat Growth
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
0%
Cash Flow Needs Attention

Research & Insights

Next earnings:Mar 2, 2026
|
EPS:-$0.11
|
Revenue:-
Reports
All Years
  • Form 10-Q - Q3 2025

    Period End: Sep 30, 2025|Filed: Nov 10, 2025|
    Revenue: $177.06M+1.9%
    |
    EPS: $-0.31+24.0%
    Miss
  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Aug 11, 2025|
    Revenue: $173.97M+21.4%
    |
    EPS: $-0.20-44.4%
    Miss
  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: May 12, 2025|
    Revenue: $133.67M+11.2%
    |
    EPS: $-0.21-54.3%
    Miss
  • Form 10-K/A - FY 2024

    Period End: Dec 31, 2024|Filed: Apr 30, 2025|
    Revenue: $628.81M-29.5%
    |
    EPS: $-2.45-6.5%
    Miss
  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Mar 3, 2025|Refer to amended data
  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Nov 12, 2024|
    Revenue: $173.73M-12.6%
    |
    EPS: $-0.25-46.8%
    Meet
  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Aug 8, 2024|
    Revenue: $143.35M-44.9%
    |
    EPS: $-0.36-10.0%
    Miss
  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: May 9, 2024|
    Revenue: $120.26M-42.8%
    |
    EPS: $-0.46+31.4%
    Miss