Plug Power Inc. Reports Q1 2025 Financial Growth

Plug Power Inc ( (PLUG) ) has released its Q1 earnings. Here is a breakdown of the information Plug Power Inc presented to its investors.

Plug Power Inc., a leader in hydrogen solutions, operates in the energy sector, focusing on hydrogen production, storage, and fuel cell systems for various industries. In the first quarter of 2025, Plug Power reported significant improvements in cash flow and revenue growth, driven by increased electrolyzer deliveries and continued demand in material handling. The company achieved a revenue of $133.7 million, up from $120.3 million in the previous year, and improved its gross margin loss to -55% from -132%. A notable milestone was the commissioning of a 15-ton-per-day hydrogen liquefaction plant in Louisiana, enhancing its U.S. hydrogen production capacity.

Key financial highlights include a reduction in net cash used in operating and investing activities to $152.1 million, compared to $288.3 million in Q1 2024. The company also secured a $525 million credit facility, reducing potential dilution risk. Plug Power’s GenEco electrolyzer business saw a 575% revenue increase, with significant contracts and system deliveries worldwide, supporting global decarbonization efforts.

In the fuel cell segment, Plug Power deployed over 848 units, expanding its presence in Europe through a partnership with STEF and securing a $10 million order under an ITC safe harbor strategy. The company continues to strengthen its hydrogen infrastructure and mobility sector offerings.

Looking ahead, Plug Power anticipates Q2 2025 revenue between $140 million and $180 million, with further improvements in gross margin and working capital. The company remains committed to advancing its hydrogen ecosystem, leveraging new infrastructure, and driving global adoption of its electrolyzer platform for sustainable growth.