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Plug Power Inc. designs, develops, and sells hydrogen products and solutions in Europe, Australia, North America, and internationally. The company offers GenDrive, a hydrogen fueled PEM fuel cell system, which powers material handling EVs, including Class 1, 2, 3 and 6 electric forklifts, automated guided vehicles, and ground support equipment; GenFuel, a liquid hydrogen fueling, delivery, generation, storage, and dispensing system; and GenCare, an Internet of Things based maintenance and on-site service program. It also provides GenKey, a turn-key solution; GenEco electrolyzers for clean hydrogen production; liquefaction systems; cryogenic equipment, such as trailers and mobile storage equipment for the distribution of liquified hydrogen, oxygen, argon, nitrogen, and other cryogenic gases; GenSure, a stationary fuel cell solution; and liquid hydrogen. The company serves customers in material handling operations, fuel cell electric vehicle fleets, and stationary power applications through its direct sales force, original equipment manufacturers, and dealer networks. Plug Power Inc. was incorporated in 1997 and is based in Slingerlands, New York.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $710M | $-1.6B | $-1.6B | $-661M | -162.6% | 12.9% | - |
| 2024 | $629M | $-2.0B | $-2.1B | $-1.1B | -116.4% | -29.5% | - |
| 2023 | $891M | $-1.3B | $-1.4B | $-1.8B | -47.2% | 27.1% | - |
| 2022 | $701M | $-633M | $-724M | $-1.3B | -17.8% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 701.44 | 891.34 | 628.81 | 709.92 |
| Cost Of Revenue | 895.80 | 1,399.13 | 1,253.70 | 951.96 |
| Gross Profit | -194.36 | -507.79 | -624.89 | -242.04 |
| Operating Expense | 463.51 | 536.21 | 453.34 | 437.53 |
| Operating Income | -657.86 | -1,044.01 | -1,078.22 | -679.57 |
| EBITDA | -632.53 | -1,259.91 | -1,976.41 | -1,583.62 |
| EBIT | -684.13 | -1,331 | -2,060.97 | -1,628.18 |
| Pretax Income | -723.17 | -1,376.20 | -2,107.59 | -1,693.31 |
| Tax Provision | 0.84 | -7.36 | -2.69 | 0.36 |
| Net Income | -724.01 | -1,368.83 | -2,104.70 | -1,631.59 |
| Net Income Common Stockholders | -724.01 | -1,368.83 | -2,104.70 | -1,631.59 |
| Total Expenses | 1,359.30 | 1,935.35 | 1,707.04 | 1,389.49 |
| Interest Expense | 39.04 | 45.20 | 46.62 | 65.13 |
| Interest Income | 37.26 | 55.83 | 30.72 | 19.43 |
| Research And Development | 99.58 | 113.75 | 77.23 | 57.96 |
| Selling General And Administration | 363.93 | 422.47 | 376.11 | 379.57 |
| Normalized EBITDA | -590.31 | -959.01 | -1,018.51 | -892.41 |
| Normalized Income | -690.65 | -1,069.54 | -1,148.02 | -940.38 |
| Basic EPS | -1.25 | -2.30 | -2.68 | 0 |
| Diluted EPS | -1.25 | -2.30 | -2.68 | 0 |
| Tax Effect Of Unusual Items | -8.87 | -1.61 | -1.22 | 0 |
| Tax Rate For Calcs | 0.21 | 0.01 | 0 | 0 |
| Total Unusual Items | -42.23 | -300.90 | -957.90 | -691.22 |
| Total Unusual Items Excluding Goodwill | -42.23 | -300.90 | -957.90 | -691.22 |
| Net Income From Continuing Operation Net Minority Interest | -724.01 | -1,368.83 | -2,104.70 | -1,631.59 |
| Reconciled Depreciation | 51.60 | 71.08 | 84.56 | 44.56 |
| Reconciled Cost Of Revenue | 895.80 | 1,399.13 | 1,253.70 | 951.96 |
| Net Interest Income | -1.78 | 10.63 | -15.90 | -45.70 |
| Net Income From Continuing And Discontinued Operation | -724.01 | -1,368.83 | -2,104.70 | -1,631.59 |
| Total Operating Income As Reported | -679.55 | -1,343.52 | -2,019.84 | -1,467.38 |
| Diluted Average Shares | 579.72 | 595.47 | 785.02 | 0 |
| Basic Average Shares | 579.72 | 595.47 | 785.02 | 0 |
| Diluted NI Availto Com Stockholders | -724.01 | -1,368.83 | -2,104.70 | -1,631.59 |
| Minority Interests | 0 | 0 | 0.20 | 62.07 |
| Net Income Including Noncontrolling Interests | -724.01 | -1,368.83 | -2,104.91 | -1,693.67 |
| Net Income Continuous Operations | -724.01 | -1,368.83 | -2,104.91 | -1,693.67 |
| Other Income Expense | -63.53 | -342.82 | -1,013.46 | -968.04 |
| Other Non Operating Income Expenses | -1.14 | -0.13 | -23.39 | -221.77 |
| Special Income Charges | -22.67 | -299.52 | -957.90 | -819.32 |
| Other Special Charges | 0.99 | 0 | 16.28 | 31.50 |
| Write Off | 5.22 | 269.49 | 949.32 | 785.44 |
| Impairment Of Capital Assets | 5.22 | 269.49 | 0 | 0 |
| Restructuring And Mergern Acquisition | 16.47 | 30.02 | -7.69 | 2.37 |
| Earnings From Equity Interest | -20.17 | -41.79 | -32.18 | -55.06 |
| Gain On Sale Of Security | -19.55 | -1.39 | 0 | 128.10 |
| Net Non Operating Interest Income Expense | -1.78 | 10.63 | -15.90 | -45.70 |
| Interest Expense Non Operating | 39.04 | 45.20 | 46.62 | 65.13 |
| Interest Income Non Operating | 37.26 | 55.83 | 30.72 | 19.43 |
| Operating Revenue | 698.59 | 880.50 | 618.23 | 706.53 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Plug Power Inc.this co. | PLUG | $4.8B | - | 4.86 | -162.6% | -7.99 |
| Firefly Aerospace Inc. | FLY | $5.4B | - | 4.48 | -25.1% | -23.98 |
| Tutor Perini Corporation | TPC | $4.5B | 56.98 | 3.73 | 6.4% | 15.23 |
| The Brink's Company | BCO | $4.4B | 22.84 | 15.89 | 49.0% | 8.43 |
| Herc Holdings Inc. | HRI | $4.4B | - | 2.25 |
| 0.1% |
| 15.30 |
| Archer Aviation Inc. | ACHR | $4.2B | - | 1.89 | -28.1% | -3.28 |
| GPGI, Inc. | GPGI | $4.2B | - | 7.52 | -55.9% | -335.00 |
| Intuitive Machines, Inc. | LUNR | $4.0B | - | -3.98 | -40.9% | -55.99 |
| York Space Systems, Inc. | YSS | $3.7B | - | 1.68 | -9.7% | -473.39 |
| Peer Median | - | 39.91 | 2.99 | -17.4% | -13.63 | |