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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 | -166.8% | 12.9% | -22.5% |
| 2024 | $629M | $-2.0B | $-2.1B | $-1.1B | -121.4% | -29.5% | 53.8% |
| 2023 | $891M | $-1.3B | $-1.4B | $-1.8B | -47.2% | 27.1% | 89.1% |
| 2022 | $701M | $-633M | $-724M | $-1.3B | -17.8% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 701.44 | 891.34 | 628.81 | 709.92 |
| Operating Revenue | - | 698.59 | 880.50 | 618.23 | 706.53 |
| 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 |
| Research And Development | - | 99.58 | 113.74 | 77.23 | 57.96 |
| Selling General And Administration | - | 363.93 | 422.47 | 376.11 | 379.57 |
| Total Expenses | - | 1,359.30 | 1,935.34 | 1,707.04 | 1,389.49 |
| Operating Income | - | -657.86 | -1,044.01 | -1,078.22 | -679.57 |
| Total Operating Income As Reported | - | -679.55 | -1,343.52 | -2,019.84 | -1,467.38 |
| EBITDA | - | -632.54 | -1,259.91 | -1,976.41 | -1,583.62 |
| Normalized EBITDA | - | -590.31 | -959.01 | -1,018.51 | -892.41 |
| EBIT | - | -684.13 | -1,331 | -2,060.97 | -1,628.18 |
| Interest Income | - | 37.26 | 55.83 | 30.72 | 19.43 |
| Interest Expense | - | 39.04 | 45.20 | 46.62 | 65.13 |
| Net Interest Income | - | -1.78 | 10.63 | -15.90 | -45.70 |
| Other Non Operating Income Expenses | - | -1.14 | -0.13 | -23.39 | -221.77 |
| Other Income Expense | - | -63.53 | -342.82 | -1,013.46 | -968.04 |
| Interest Income Non Operating | - | 37.26 | 55.83 | 30.72 | 19.43 |
| Interest Expense Non Operating | - | 39.04 | 45.20 | 46.62 | 65.13 |
| Net Non Operating Interest Income Expense | - | -1.78 | 10.63 | -15.90 | -45.70 |
| Pretax Income | - | -723.17 | -1,376.20 | -2,107.59 | -1,693.31 |
| Tax Provision | - | 0.84 | -7.36 | -2.69 | 0.36 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -8.87 | -1.61 | -1.22 | 0 |
| Net Income Continuous Operations | - | -724.01 | -1,368.83 | -2,104.91 | -1,693.67 |
| Net Income From Continuing And Discontinued Operation | - | -724.01 | -1,368.83 | -2,104.70 | -1,631.59 |
| Net Income From Continuing Operation Net Minority Interest | - | -724.01 | -1,368.83 | -2,104.70 | -1,631.59 |
| 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 |
| Net Income Including Noncontrolling Interests | - | -724.01 | -1,368.83 | -2,104.91 | -1,693.67 |
| Normalized Income | - | -690.65 | -1,069.54 | -1,148.02 | -940.38 |
| Diluted NI Availto Com Stockholders | - | -724.01 | -1,368.83 | -2,104.70 | -1,631.59 |
| Basic Average Shares | - | - | - | - | 1,146.69 |
| Diluted Average Shares | - | 579.72 | 595.47 | 785.02 | 1,146.69 |
| Reconciled Depreciation | - | 51.60 | 71.08 | 84.56 | 44.56 |
| Reconciled Cost Of Revenue | - | 895.80 | 1,399.13 | 1,253.70 | 951.96 |
| Total Unusual Items | - | -42.23 | -300.90 | -957.90 | -691.22 |
| Total Unusual Items Excluding Goodwill | - | -42.23 | -300.90 | -957.90 | -691.22 |
| Minority Interests | - | 0 | 0 | 0.20 | 62.07 |
| Special Income Charges | - | -22.67 | -299.52 | -957.90 | -819.32 |
| Other Special Charges | - | 0.99 | - | 16.28 | 31.50 |
| Write Off | - | 5.22 | 269.49 | 949.32 | 785.44 |
| Impairment Of Capital Assets | 10.22 | 5.22 | 269.49 | - | - |
| Restructuring And Mergern Acquisition | - | 16.47 | 30.02 | -7.69 | 2.37 |
| Gain On Sale Of Security | 6.66 | -19.55 | -1.38 | - | 128.10 |
| Earnings From Equity Interest | - | -20.17 | -41.79 | -32.18 | -55.06 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Plug Power Inc.this co. | PLUG | $5.0B | -3.08 | 5.13 | -166.8% | -3.57 |
| Intuitive Machines, Inc. | LUNR | $5.4B | -64.78 | -7.15 | 11.0% | -54.52 |
| Archer Aviation Inc. | ACHR | $4.9B | -7.87 | 2.21 | -28.1% | -5.59 |
| Herc Holdings Inc. | HRI | $4.7B | 4690.39 | 2.41 | 0.1% | 9.57 |
| Xometry, Inc. | XMTR | $4.6B | -74.00 | 16.58 |
| - |
| - |
| - |
| - |
| - |
| -22.4% |
| -130.48 |
| BETA Technologies, Inc. | BETA | $4.3B | -5.82 | 2.39 | -41.0% | -3.99 |
| Redwire Corporation | RDW | $4.3B | -18.82 | 4.02 | -21.4% | -23.94 |
| The Brink's Company | BCO | $4.2B | 20.82 | 14.97 | 71.9% | 7.92 |
| NuScale Power Corporation | SMR | $4.2B | -11.67 | 3.55 | -30.4% | - |
| Peer Median | - | -9.77 | 2.98 | -21.9% | -5.59 | |