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Jun 30
Plug Power Q2 2025 Earnings Report
Plug Power reported Q2 2025 results with year-over-year revenue growth and a significant improvement in gross margin.
Key Takeaways
The company posted revenue of $173.97M, EPS of -$0.20, and a net loss of $227.10M; gross margin improved to -31% and electrolyzer revenue tripled to ~$45M, with unrestricted cash at $140.7M.
Revenue of $173.97M in Q2 2025.
EPS of -$0.20 and net loss of $227.10M.
Gross margin improved to -31% from -92% a year ago.
Electrolyzer revenue tripled to ~$45M.
Plug Power
Plug Power
Plug Power Revenue by Segment
Revenue by Segment
Equipment & other Revenue
CapyFin.comServices Revenue
CapyFin.comPPAs Revenue
CapyFin.comFuel delivered Revenue
CapyFin.comOther Revenue
CapyFin.comElectrolyzer Revenue
CapyFin.com Forward Guidance
Management targets gross margin breakeven on a run-rate basis by Q4 2025, highlighted improved hydrogen supply terms, policy clarity, a strong electrolyzer pipeline, and expected growth in material handling bookings.
Positive Outlook
- Targeting gross margin breakeven in Q4 2025.
- Extended hydrogen supply deal with improved economics.
- Policy clarity on Sections 45V and 48E supports projects.
- Over 230 MW of electrolyzer programs being mobilized globally.
- Expect momentum in material handling bookings in H2 2025.
Challenges Ahead
- Liquidity depends on managing cash flows and accessing capital.
- Potential delays or cancellations in DOE loan funding.
- Risk of continued losses without achieving profitability.
- Exposure to hydrogen costs and supply availability at competitive prices.
- Macroeconomic and supply chain risks.
Revenue & Expenses
Visualization of income flow from segment revenue to net income