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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
$2.43B
P/E (TTM)
-1.5
43.4
Dividend Yield
--
52W High
$4.58
52W Low
$0.69
52W Range
37%
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

Q4 2025 Data

Revenue

$225.22M+0.00%
4-Quarter Trend

EPS

-$0.73+0.00%
4-Quarter Trend

FCF

-$157.71M+0.00%
4-Quarter Trend

2025 Annual Earnings Highlights

Key Highlights

Net Revenue Growth Net Revenue reached $710.0M in 2025, up 12.9% from $628.8M in 2024, driven by equipment sales.
Net Loss Significantly Narrows Net loss attributable to Plug Power Inc. narrowed to $1.632 B in 2025, improving from $2.105 B loss in 2024.
Cash Burn Reduction Cash used in operating activities reduced to $535.8M, improving from $728.6M used in 2024, reflecting cost controls.
Future Revenue Visibility Estimated future revenue (backlog) stands at $724.1M, providing near-term revenue visibility across product lines.

Risk Factors

Liquidity and Capital Access Ability to meet obligations depends upon maintaining sufficient liquidity and accessing capital on acceptable terms when required.
Hydrogen Production Execution Inability to scale or operate hydrogen facilities successfully may increase costs or require sourcing from third parties.
High Impairment Charges Recorded $785.4M impairment charges in 2025 due to weakening demand and revised future cash flow projections.
Supply Chain Volatility Supply chain constraints, component reliability issues, and volatile input costs affect product performance and economics.

Outlook

Infrastructure Optimization Strategy Initiated infrastructure optimization, including sale of assets for at least $132.5M gross proceeds, to improve near-term liquidity.
Hydrogen Network Expansion Expanding hydrogen production network via commissioning Louisiana plant and planning build-out across Europe.
Cost Reduction Focus Operating strategy targets decreasing product and service costs while improving system reliability across all offerings.
Executive Leadership Transition New CEO, Jose Luis Crespo, assumed role March 2026 following planned leadership succession.

Peer Comparison

Revenue (TTM)

SPR stock ticker logoSPR
$6.39B
-1.3%
LSTR stock ticker logoLSTR
$4.75B
-1.7%
GTLS stock ticker logoGTLS
$4.26B
+2.5%

Gross Margin (Latest Quarter)

HAYW stock ticker logoHAYW
45.8%
+3.4pp
KAI stock ticker logoKAI
43.9%
+0.5pp
KFY stock ticker logoKFY
31.3%
-0.5pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
GTLS$9.90B233.81.3%38.2%
POWL$6.43B34.230.6%0.1%
ENS$5.98B19.116.6%29.1%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
19.0%
Strong Growth
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
0%
Cash Flow Needs Attention

Deep Research

Next earnings:May 11, 2026
|
EPS:-$0.09
|
Revenue:$144.82M
Financials
Earnings Calls
Reports
News
Income Statement
Balance Sheet
Cash Flow Statement
Ratios
% Chg.
Income Statement
LTM
No Data