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Sep 30, 2025
Plug Power Q3 2025 Earnings Report
Plug Power's third quarter 2025 financial results and operational milestones were announced, highlighting continued revenue growth and strategic advancements.
Key Takeaways
Plug Power reported $177 million in revenue for Q3 2025, driven by strong electrolyzer business performance and increased hydrogen fuel sales. Despite a GAAP gross loss of $120 million and a GAAP EPS of ($0.31), the company showed improvements in adjusted gross loss and adjusted EPS, alongside significant operational progress in global electrolyzer deployments and hydrogen fuel production.
Achieved $177 million in quarterly revenue, demonstrating continued growth in key business areas.
Reported a GAAP gross loss of $120 million, but an adjusted gross loss of $37 million, indicating improvements in cost of sales and pricing.
GAAP basic and diluted net loss per share was ($0.31), with an adjusted EPS of ($0.12), reflecting operational improvements.
Ended the quarter with $166 million in unrestricted cash and cash equivalents, with an additional $370 million raised post-quarter through investor warrant exercises.
Revenue by Segment
Forward Guidance
Plug Power is reaffirming its strategic focus on material handling, electrolyzer, and hydrogen fuel businesses, aiming for EBITDAS-positive in the second half of 2026. The company plans to monetize electricity rights and reallocate capital for higher-return opportunities, expecting over $275 million in liquidity improvement.
Positive Outlook
- Targeting EBITDAS-positive in the second half of 2026.
- Expects to generate over $275 million in liquidity improvement through asset monetization and release of restricted cash.
- Strategic supply agreement for hydrogen is expected to enhance supply reliability and lower cost structure.
- Continued global market expansion and operational progress in electrolyzer deployments.
- New CEO appointment is expected to position Plug for its next phase of disciplined growth.
Challenges Ahead
- Suspension of activities related to the Department of Energy loan program.
- The EBITDAS-positive target is a non-GAAP measure and cannot be reconciled to GAAP net income without unreasonable effort.
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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