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PLUG
Plug Power Inc.
Mkt Cap
$3B
Industrials
·
Electrical Equipment & Parts
·
🇺🇸 United States
·
NASDAQ
Revenue (TTM)
$710M
Net Income (TTM)
-$1.6B
EPS (TTM)
-$0.78
Free Cash Flow (TTM)
-$2M
Gross Margin
99.8%
Op. Margin
38.1%
Net Margin
-229.8%
FCF Margin
-0.3%
P/S Ratio (TTM)
3.6x
P/E Ratio (TTM)
—
YoY Rev Growth
+12.9%
Employees
—
Earnings Reports
▶
Q4 2025
NEW
Browse All Reports
Quarterly
FY
Revenue & Profitability
Revenue
Gross Profit
Operating Income
Quarter
Revenue
Gross Profit
Op. Income
Q1 23
$210M
-$69M
-$210M
Q2 23
$260M
-$78M
-$234M
Q3 23
$199M
-$138M
-$274M
Q4 23
$222M
-$192M
-$626M
Q1 24
$120M
-$143M
-$259M
Q2 24
$143M
-$131M
-$245M
Q3 24
$174M
-$100M
-$216M
Q4 24
$191M
-$235M
-$1.3B
Q1 25
$134M
-$74M
-$178M
Q2 25
$174M
-$53M
-$177M
Q3 25
$177M
-$120M
-$349M
Q4 25
$225M
$956M
$975M
marketcaparena.com
Valuation
P/S Ratio
P/E Ratio
Quarter
P/S
P/E
Q1 23
3.3x
—
Q2 23
2.9x
—
Q3 23
2.9x
—
Q4 23
2.9x
—
Q1 24
3.2x
—
Q2 24
3.7x
—
Q3 24
3.9x
—
Q4 24
4.0x
—
Q1 25
4.0x
—
Q2 25
3.8x
—
Q3 25
3.8x
—
Q4 25
3.6x
—
marketcaparena.com
Operating Cash Flow
Operating Cash Flow
Free Cash Flow
Quarter
Operating CF
Free CF
Q1 23
-$277M
-$457M
Q2 23
-$348M
-$507M
Q3 23
-$354M
-$526M
Q4 23
-$243M
-$429M
Q1 24
-$168M
-$266M
Q2 24
-$255M
-$361M
Q3 24
-$175M
-$265M
Q4 24
-$131M
-$171M
Q1 25
-$106M
-$146M
Q2 25
-$192M
-$230M
Q3 25
-$90M
-$120M
Q4 25
$387M
$494M
marketcaparena.com
Capital Expenditures
CapEx
Quarter
CapEx
Q1 23
$180M
Q2 23
$159M
Q3 23
$171M
Q4 23
$186M
Q1 24
$99M
Q2 24
$106M
Q3 24
$90M
Q4 24
$40M
Q1 25
$40M
Q2 25
$39M
Q3 25
$30M
Q4 25
$107M
marketcaparena.com
OpEx vs Revenue Growth (YoY)
Revenue Growth
OpEx Growth
Quarter
Revenue Growth
OpEx Growth
Q1 23
+49.3%
+50.0%
Q2 23
+72.0%
+65.7%
Q3 23
+5.3%
+35.7%
Q4 23
+0.6%
+86.6%
Q1 24
-42.8%
-9.6%
Q2 24
-44.9%
-21.5%
Q3 24
-12.6%
-17.5%
Q4 24
-13.8%
+75.8%
Q1 25
+11.2%
-17.8%
Q2 25
+21.4%
-9.6%
Q3 25
+1.9%
+34.9%
Q4 25
+17.6%
-150.3%
marketcaparena.com
Stock-Based Compensation
SBC ($)
% of Revenue
Quarter
SBC ($)
% of Revenue
Q1 23
$43M
20.6%
Q2 23
$40M
15.3%
Q3 23
$0
0.0%
Q4 23
$34M
15.2%
Q1 24
$14M
11.4%
Q2 24
$26M
18.4%
Q3 24
$24M
13.9%
Q4 24
$18M
9.4%
Q1 25
$11M
8.3%
Q2 25
$13M
7.5%
Q3 25
$12M
6.9%
Q4 25
-$2M
-1.0%
marketcaparena.com
OpEx Breakdown
R&D
SG&A
Quarter
R&D
SG&A
Q1 23
$27M
$104M
Q2 23
$29M
$101M
Q3 23
$28M
$105M
Q4 23
$30M
—
Q1 24
$25M
—
Q2 24
$19M
$85M
Q3 24
$20M
$92M
Q4 24
$13M
$121M
Q1 25
$17M
$81M
Q2 25
$12M
$88M
Q3 25
$16M
$111M
Q4 25
$12M
$100M
marketcaparena.com
Revenue Segments
Fuel Delivered To Customers And Related Equipment
Other Product And Services
Power Purchase Agreements
Sale Of Cryogenic Equipment
Sale Of Electrolyzers
Sale Of Engineered Equipment
Sale Of Hydrogen Infrastructure
Sales Of Fuel Cell Systems
Services Performed On Fuel Cell Systems And Related Infrastructure
Fuel Delivered To Customers
Sale Of Fuel Cell Systems And Other Infrastructure
Sale of cryogenic equipment
Quarter
Fuel Delivered To Customers And Related Equipment
Other Product And Services
Power Purchase Agreements
Sale Of Cryogenic Equipment
Sale Of Electrolyzers
Sale Of Engineered Equipment
Sale Of Hydrogen Infrastructure
Sales Of Fuel Cell Systems
Services Performed On Fuel Cell Systems And Related Infrastructure
Fuel Delivered To Customers
Sale Of Fuel Cell Systems And Other Infrastructure
Sale of cryogenic equipment
Q1 23
$10M
$1M
$8M
$57M
$40M
$8M
$49M
$29M
$9M
—
—
—
Q2 23
$18M
$1M
$16M
$70M
$7M
$9M
$59M
$72M
$9M
—
—
—
Q3 23
$19M
$5M
$20M
$35M
$27M
$7M
$38M
$38M
$9M
—
—
—
Q4 23
$19M
$4M
$20M
$70M
$9M
$9M
$38M
$42M
$12M
—
—
—
Q1 24
$18M
$2M
$18M
$31M
$1M
$4M
$12M
$19M
$13M
—
—
—
Q2 24
$30M
$4M
$20M
$31M
$15M
$4M
$13M
$13M
$13M
—
—
—
Q3 24
$30M
$2M
$20M
$22M
$58M
$7M
$12M
$8M
$14M
—
—
—
Q4 24
—
$2M
$19M
—
$61M
$6M
$32M
—
$12M
$20M
$12M
$27M
Q1 25
$29M
$627K
$23M
$30M
$9M
$2M
$6M
$17M
$17M
—
—
—
Q2 25
—
$398K
$24M
—
$45M
$301K
$12M
$16M
$16M
$34M
—
$27M
Q3 25
—
$24K
$25M
—
$65M
$2M
$753K
$11M
$20M
$36M
—
$18M
Q4 25
—
$2M
$36M
—
$68M
$3M
$9M
$11M
$41M
$34M
—
$20M
marketcaparena.com
Revenue by Geography
Asia
Europe
North America
Other.
Non-US
United States
Quarter
Asia
Europe
North America
Other.
Non-US
United States
Q1 23
$3M
$40M
$162M
$5M
—
—
Q2 23
$6M
$12M
$236M
$7M
—
—
Q3 23
$3M
$34M
$157M
$5M
—
—
Q4 23
$2M
$26M
$197M
—
—
—
Q1 24
$5M
$9M
$106M
—
—
—
Q2 24
$4M
$21M
$113M
—
—
—
Q3 24
$11M
$51M
$108M
—
—
—
Q1 25
—
—
—
—
$12M
$121M
marketcaparena.com
War Chest
Cash & Equivalents
Short-Term Investments
Quarter
Cash
Short-term Investments
Total
Q1 23
$475M
$1.2B
$1.6B
Q2 23
$579M
$505M
$1.1B
Q3 23
$111M
$457M
$567M
Q4 23
$135M
$0
$135M
Q1 24
$173M
$0
$173M
Q2 24
$62M
$0
$62M
Q3 24
$94M
$0
$94M
Q4 24
$206M
$0
$206M
Q1 25
$296M
$0
$296M
Q2 25
$141M
$0
$141M
Q3 25
$166M
$0
$166M
Q4 25
$1M
$0
$1M
marketcaparena.com
Shares Outstanding
Shares Outstanding
Quarter
Shares (Diluted)
QoQ Change
Q1 23
589M
+1.0%
Q2 23
598M
+1.5%
Q3 23
599M
+0.2%
Q4 23
606M
+1.1%
Q1 24
641M
+5.8%
Q2 24
737M
+14.9%
Q3 24
858M
+16.5%
Q4 24
914M
+6.5%
Q1 25
946M
+3.5%
Q2 25
1.13B
+19.1%
Q3 25
1.16B
+2.8%
Q4 25
0
-100.0%
marketcaparena.com
Revenue Per Employee
Revenue / Employee
Year
Revenue/Employee
Employees
FY 14
$197K
326
FY 15
$235K
439
FY 16
$177K
486
FY 17
$206K
644
FY 18
$255K
685
FY 19
$275K
835
FY 20
-$73K
1K
FY 21
$205K
2K
FY 22
$209K
3K
FY 23
$230K
4K
FY 24
$195K
3K
FY 25
$275K
3K
marketcaparena.com
PLUG (Plug Power Inc.) Stock Financials & Earnings | Market Cap Arena