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Mar 31, 2025
Plug Power Q1 2025 Earnings Report
Plug Power reported Q1 2025 results with narrower losses and strong improvements in gross margin and cash utilization.
Key Takeaways
Plug Power posted a net loss of $196.7M for Q1 2025 but demonstrated significant year-over-year improvements in gross margin, revenue growth, and operational efficiency.
Revenue grew to $133.7M, up from $120.3M in Q1 2024.
Gross margin improved significantly from -132% to -55%.
Net cash used in operating and investing activities fell to $152.1M from $288.3M year-over-year.
Plug commissioned a 15TPD hydrogen liquefaction plant in Louisiana, boosting US production capacity to 40TPD.
Revenue by Segment
Forward Guidance
Plug expects Q2 2025 revenue between $140M and $180M, with ongoing improvements in margin and working capital supported by new infrastructure and cost efficiencies.
Positive Outlook
- Revenue expected to increase sequentially in Q2 2025.
- Gross margin and working capital performance expected to improve further.
- Louisiana hydrogen plant expected to reduce third-party fuel costs.
- Increased leverage of GenEco electrolyzer platform to drive growth.
- Further ITC transfers and equity strategies to boost capital efficiency.
Challenges Ahead
- Continued operating losses despite narrowing margin.
- High cash burn, though reduced, still poses a challenge.
- Relying on strategic financing to avoid further dilution.
- Global economic factors may impact supply chain and margins.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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