Plug Power Inc. (PLUG)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$744.1M

Revenue growth

10.6%

Net income, last twelve months

-$1.6B

Earnings per share

-$1.33

Gross margin

-18.5%

Operating margin

-172.8%

Net margin

-220.6%

Free cash flow

-$523.4M

Return on equity

-282.1%

Market value

$2.0B

Cash

$161.9M

Debt

$579.5M

Debt to equity

1.00

Shares outstanding

1.4B

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the third quarter 2026 results, filed 15 October 2026.

• Third-quarter revenue growth above 10%. Preliminary, unaudited estimates put third-quarter 2026 revenue growth above 10% against third-quarter 2025, which management describes as meaningful revenue growth.
• Full-year guidance kept at 15% to 16%. Management kept the full-year 2026 revenue growth range it set in the second-quarter release, citing sales and pipeline progress.
• Sales tied to three business lines. Management cites commercial execution in material handling, electrolyzers and hydrogen supply as the basis for the sales progress.
• Gross margin improved over two quarters. Gross margin has improved over the past two quarters, and management expects continued year-over-year progress in the third quarter.
• Cost focus and operating leverage. Management ties the expected margin progress to a focus on cost reductions and improved operating leverage.
• Prior-quarter gross margin near breakeven. The second-quarter release reported gross margin of about breakeven, compared with about (13%) in the first quarter of 2026.
• Net cash usage about $28 million. Preliminary, unaudited estimates put third-quarter 2026 net cash usage at about $28 million, compared with about $61 million reported for the second quarter.
• Cash about $134 million at quarter end. Cash and cash equivalents, excluding restricted cash, were about $134 million at the end of the third quarter.
• No equity or debt raised in quarter. The company did not use its at-the-market program or any other equity or debt raise to generate proceeds in the third quarter.
• Cash result tied to operations. Management says the net cash usage reflects overall operating results and fundamental improvement, and it believes this supports its forecast for continued cash improvement in the fourth quarter.
• 280 MW Denmark supply agreement signed. Arcadia eFuels signed a 280 MW GenEco supply agreement for Project ENDOR in Denmark.
• Preferred supplier for e-SAF projects. Under a strategic cooperation agreement, Plug is positioned as the preferred supplier for more than 1 GW of potential e-SAF projects in Europe and the Americas.
• Hy2gen Courant project design work. Hy2gen is advancing front-end engineering design for the 275 MW Courant project in Québec, supporting renewable ammonia and ammonium nitrate production.
• Orica order after final investment decision. Plug secured a 50 MW order for Orica's Hunter Valley Hydrogen Hub in Australia after the project reached final investment decision.

Revenue by segment

As the company reports it in the segment note of its annual report.

By region, FY2025

Company events

The newest 8-K filings of 364 held.

Every filing

The newest filings with the SEC of 747 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

556 funds held it at 30 Jun 2026: 252 added and 107 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Bloom Energy Corp. (BE): revenue $3.8B, market value $67.4B
• Woodward, Inc. (WWD): revenue $4.2B, market value $18.0B

What the company does

Plug Power designs and sells hydrogen products and services, from fuel cells and electrolyzers to liquefiers, cryogenic equipment and hydrogen fuel. The company says it has deployed more than 74,000 fuel cell systems, primarily through material handling applications, and operates more than 275 fueling stations. It was organized as a Delaware corporation on 27 June 1997 and reports one operating and reportable segment. It had 2,582 employees at 31 December 2025.

What it sells

Plug sells fuel cells, proton exchange membrane ("PEM") electrolyzers, hydrogen liquefiers, liquid hydrogen cryogenic equipment and hydrogen fuel.

- GenDrive: a hydrogen fuel cell system for material handling vehicles, including Class 1, 2, 3 and 6 electric forklifts, automated guided vehicles and ground support equipment. - GenSure: stationary fuel cell power. Low Power GenSure serves backup and grid-support uses in telecommunications, transportation and utilities. High Power GenSure serves large scale stationary power, EV charging and data centers. - GenFuel: liquid hydrogen fueling, delivery, generation, storage and dispensing. - GenCare: an "Internet of Things"-based maintenance and on-site service program. - GenKey: a package of GenDrive or GenSure power with GenFuel fuel and GenCare service. - GenEco Electrolyzers: 5MW and 10MW modular electrolyzer systems. - Liquefaction systems: liquefiers of 15 ton-per-day and 30 ton-per-day. - Cryogenic equipment: trailers and mobile storage for liquefied hydrogen, oxygen, argon, nitrogen and other gases.

How it earns revenue

- Equipment, related infrastructure and other: sales of GenDrive and GenSure units, cryogenic equipment, liquefaction systems, electrolyzers and hydrogen fueling infrastructure. - Services: service and maintenance contracts and spare parts. Extended maintenance contracts generally run five to ten years and are paid up front. - Power purchase agreements: monthly payments from customers who access the GenKey solution. - Fuel: hydrogen sold to customers, either bought from a third party or made at Plug's own plants. - Other: electrolyzer engineering and design services.

Payment terms for fuel cells, infrastructure and service are typically 30 to 90 days from shipment. Electrolyzer payments are typically tied to milestones. The company's orders can be delivered over periods from 90 days to 10 years. Fuel cells and hydrogen installations are delivered sooner, while maintenance and fuel deliveries run longer. More revenue is typically recognized in the second half of the year than in the first.

Who buys from it

Plug's products mainly serve North American and European material handling markets. The typical customer runs a large or mid-sized fleet with multi-shift operations in high volume manufacturing or high throughput distribution centers. Electrolyzer customers include refineries and producers of chemicals, steel and fertilizer, as well as commercial refueling stations. Walmart accounted for 24.2% of total consolidated revenues, and the second largest customer accounted for 14.3%. Plug sells through its direct sales force and through original equipment manufacturers and their dealer networks. It operates in Europe as Plug Power Europe, selling electrolyzers in the Europe, Middle East and Africa region and fuel cell systems for European material handling.

Where it works

Plug makes or assembles products in Slingerlands and Rochester, New York; Houston, Texas; and Lafayette, Indiana. The Rochester site is a gigafactory for electrolyzer stacks. A customer service center is in Miamisburg, Ohio. Hydrogen production plants are in Charleston, Tennessee; Kingsland, Georgia; and St. Gabriel, Louisiana. The Louisiana plant began producing liquid hydrogen in April 2025 and has a capacity of 15 tons per day. It belongs to Hidrogenii, a joint venture owned 50% by Plug and 50% by a subsidiary of Olin Corporation.

- - A roughly 5% stake in the Clean H2 Infra Fund, a French special limited partnership. -

The company says it has shipped and commissioned electrolyzer systems in North America, Europe and Australia.

Competition and regulation

In material handling, Plug competes with lithium ion and lead-acid batteries. The company says its technology gives more sustained power, recharges more quickly and does not require customers' distribution centers to draw significant power from the local grid. In hydrogen it competes with industrial gas companies, other makers of PEM electrolyzers, liquefiers and cryogenic equipment, and steam methane reformers.

Its products are subject to building, fire, safety and hydrogen siting rules. GenDrive products are designed to meet UL 2267 and NFPA 505, and several models carry the CE mark. Its electrolyzers follow standards such as ISO 22734 and NFPA 2. Its United States facilities are regulated by the Occupational Safety and Health Administration. Plug holds 52 active issued patents with the United States Patent and Trademark Office, with 23 applications pending. It has 16 registered trademarks and 3 trademark applications pending.

Its people

Of the 2,582 employees, 238 are temporary. In total, 2,216 are in the United States and 366 are elsewhere. None are represented by a collective bargaining unit. Each employee gets sixteen hours of paid time off a year to volunteer. New hires are auto-enrolled in the 401(k) plan after 30 days. Employees take internally developed business courses called Plugology.

*From Plug Power's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1093691/000110465926022286/plug-20251231x10k.htm)*

From the company's 10-K.