Plug Power 2025 Q3 Earnings Revenue Rises as Losses Widen 72%

Plug Power reported mixed third-quarter results, with revenue rising 3.2% year-over-year but net losses expanding sharply. The company reaffirmed its 2025 revenue target of $700 million while noting improved operational cash burn and electrolyzer growth.

Revenue

Plug Power’s total revenue climbed to $177.03 million in Q3 2025, driven by robust performance in equipment sales and electrolyzer shipments. Equipment, infrastructure, and other revenue accounted for $96.77 million, while fuel delivery contributed $35.91 million. The GenEco electrolyzer segment saw a 46% sequential increase, reaching $65 million. Services revenue stood at $19.74 million, and power purchase agreements generated $24.60 million.

Earnings/Net Income

Net losses widened to $363.50 million, or $0.31 per share, a 72.1% increase from $211.17 million in the prior-year period. Despite adjusted losses narrowing to $0.12 per share, the company has posted losses for over 20 consecutive quarters, underscoring persistent profitability challenges.

Post-Earnings Price Action Review

The strategy of buying Plug Power shares following revenue announcements and holding for 30 days yielded a dismal -81.78% total return from April 2023 to December 2025. While the stock saw brief quarterly gains in 2025 Q3 (11.11%) and modest monthly recoveries in late 2025, prolonged declines from 2023 Q4 through 2025 Q2—driven by cash burn concerns and market volatility—overshadowed short-term gains. The share price dropped 32.28% month-to-date as of November 2025.

CEO Commentary

CEO Andrew Marsh highlighted 46% sequential growth in GenEco electrolyzers and a 50% reduction in operational cash burn. He emphasized Project Quantum Leap’s role in streamlining operations and expanding into data center backup power via hydrogen. Leadership transition to Jose Crespo in March 2026 aims to align with hydrogen market maturation, while monetizing $275 million in electricity rights in New York is expected to strengthen liquidity.

Guidance

Plug Power reaffirmed its $700 million 2025 revenue target, with CEO Marsh expressing confidence in electrolyzer growth driven by projects nearing final investment decisions in 2026–2027. The company aims for cash flow neutrality “as soon as possible” and emphasized margin expansion potential, with each $1 of equipment sales contributing $0.30–$0.40 to the bottom line.

Additional News

Plug Power announced a strategic pivot by suspending its $1.7 billion U.S. Department of Energy loan program to focus on higher-return hydrogen projects. The company also secured a global hydrogen supply agreement with an unnamed industrial gas provider, reducing reliance on self-deployment. Leadership transition to Jose Crespo, effective March 2026, underscores a shift in strategic direction.

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