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.
Plug expects Q2 2025 revenue between $140M and $180M, with ongoing improvements in margin and working capital supported by new infrastructure and cost efficiencies.
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