Plug Power 2025 Q3 Earnings Net Loss Widens 72.1% to $363.5M

Plug Power reported Q3 2025 revenue of $177.03 million, slightly below the $179.53 million Street estimate. The company’s net loss widened by 72.1% to $363.50 million, with losses per share deepening to $0.31 from $0.25. Management reaffirmed its EBITDAS-positive target for H2 2026, aligning with its guidance.

Revenue

Plug Power’s Q3 2025 revenue of $177.03 million included $96.77 million from equipment and infrastructure sales, $19.74 million from services, and $24.60 million from power purchase agreements. Fuel delivery and related equipment contributed $35.91 million, while other revenue totaled $24,000. Net revenue reached $177.06 million, showing a 3.2% year-over-year increase.

Earnings/Net Income

Plug Power’s losses deepened to $0.31 per share in 2025 Q3 from a loss of $0.25 per share in 2024 Q3 (24.0% wider loss). Meanwhile, the company’s net loss widened to $-363.50 million in 2025 Q3, representing a 72.1% increase from the $-211.17 million loss recorded in 2024 Q3. The company’s losses deepened to $0.31 per share, marking a 24% wider loss compared to the prior year, underscoring ongoing profitability challenges.

Price Action

Following the earnings release, Plug Power’s stock edged down 1.17% on the day, rebounding with a 0.40% gain for the week. However, the month-to-date decline reached 26.02%, reflecting investor concerns over the company’s financial performance and prolonged unprofitability.

CEO Commentary

Andy Marsh (CEO) emphasized Plug’s execution of commitments, stating, “We’re seeing real adoption, real projects, and real performance,” highlighting progress in scaling hydrogen solutions. Jose Luis Crespo (Incoming CEO) noted “accelerating customer adoption” and a “solid foundation to meet year-end goals,” underscoring revenue growth and operational traction. Both leaders expressed optimism about hydrogen’s viability, with Marsh stating, “we’re still only getting started” and Crespo stressing Plug’s role in driving the hydrogen economy. Strategic priorities include expanding global deployments, streamlining mid-term investments, and leveraging Project Quantum Leap for margin/cash flow improvements.

Guidance

Plug reaffirmed its EBITDAS-positive target by H2 2026, citing reduced cash burn and $370M in post-quarter capital raise proceeds. It expects liquidity improvements exceeding $275M via asset monetization and reduced maintenance costs. Management anticipates achieving operational milestones, including scaling GenEco electrolyzer projects (8 GW pipeline) and expanding hydrogen infrastructure. Forward-looking statements include disciplined growth in material handling, electrolyzers, and hydrogen fuel businesses, with no specific revenue/EPS guidance provided. The company remains focused on EBITDAS-positive outcomes and strategic reallocation of capital toward high-return opportunities.

Additional News

Plug Power announced a strategic pivot to monetize electricity rights in New York and another location, targeting over $275 million in liquidity. This move aligns with the company’s decision to suspend its $1.66 billion DOE loan program for green hydrogen plants, reallocating capital to higher-return hydrogen projects. Additionally, Jose Luis Crespo, Plug’s current chief revenue officer, will assume the CEO role in March 2026, signaling leadership continuity amid operational restructuring.