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Plug Power
(NASDAQ:PLUG)
Plug Power (PLUG) vs. S&P 500 (SPY)
Plug Power Business Overview & Revenue Model
Plug Power Key Performance Indicators (KPIs)
Highlights revenue from different business units, providing insight into which segments are driving growth and how diversified the company's income streams are.
Main Street DataPlug Power Financial Statement Overview
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 628.81M | 891.34M | 701.44M | 502.34M | -100.47M | Gross Profit |
| 623.28M | -507.79M | -194.36M | -171.31M | -523.81M | EBIT |
| 169.94M | -1.34B | -679.55M | -437.32M | -550.26M | EBITDA |
| -1.98B | -1.26B | -632.53M | -409.57M | -550.95M | Net Income Common Stockholders |
| -2.10B | -1.37B | -724.01M | -459.96M | -561.68M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 667.00K | 135.03M | 2.16B | 3.87B | 1.31B | Total Assets |
| 148.60M | 4.90B | 5.76B | 5.95B | 2.42B | Total Debt |
| 1.08B | 968.85M | 898.73M | 810.15M | 715.12M | Net Debt |
| -667.00K | 833.82M | 208.10M | -1.67B | -597.29M | Total Liabilities |
| 1.37M | 2.00B | 1.70B | 1.34B | 910.10M | Stockholders Equity |
| 147.24M | 2.90B | 4.06B | 4.61B | 1.51B |
| Cash Flow | Free Cash Flow | |||
| -1.06B | -1.80B | -1.29B | -551.44M | -206.53M | Operating Cash Flow |
| -728.64M | -1.11B | -828.62M | -358.18M | -156.31M | Investing Cash Flow |
| -402.36M | 728.05M | -679.37M | -1.74B | -95.33M | Financing Cash Flow |
| 983.17M | 6.12M | -77.46M | 3.60B | 1.52B |
Plug Power Technical Analysis
Plug Power Risk Analysis
Plug Power Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
64 Neutral | $4.38B | 12.03 | 5.25% | 249.91% | 4.11% | -11.02% | |
64 Neutral | $4.39B | ― | 0.86% | ― | 20.95% | ― | |
51 Neutral | $330.30M | ― | -68.88% | ― | 166.95% | -3.40% | |
49 Neutral | $1.44B | ― | -85.86% | ― | 77.59% | 2.01% | |
45 Neutral | $1.44B | ― | 125.43% | ― | 37.60% | -161.38% | |
44 Neutral | $924.31M | ― | -83.81% | ― | -19.85% | 4.94% | |
42 Neutral | $104.03M | ― | -18.96% | ― | 11.09% | 0.41% |
Plug Power Earnings Call Summary
Plug Power Corporate Events
Plug Power reported its financial results for the first quarter of 2025, highlighting significant improvements in cash flow and operational milestones, including the commissioning of a hydrogen liquefaction plant in Louisiana. The company’s revenue increased to $133.7 million, driven by growing electrolyzer deliveries and material handling demand, while gross margin losses improved from -132% to -55% year-over-year. Plug Power also secured a $525 million credit facility to enhance liquidity and reduce potential dilution risk. The company continues to focus on expanding its hydrogen generation network and global electrolyzer business, with notable achievements such as a 3 GW supply agreement for a green hydrogen-to-ammonia project in Australia and surpassing 8 GW in global contracts.
The most recent analyst rating on (PLUG) stock is a Buy with a $5.00 price target. To see the full list of analyst forecasts on Plug Power stock, see the PLUG Stock Forecast page.
Spark’s Take on PLUG Stock
According to Spark, TipRanks’ AI Analyst, PLUG is a Neutral.
Plug Power’s overall stock score reflects significant financial challenges, including ongoing losses and negative cash flows. Despite strategic initiatives to improve cost efficiency and expand margins, the company struggles with revenue shortfalls and valuation difficulties. Technical analysis indicates weak momentum, while the earnings call provides a mixed outlook with cost savings balanced against revenue concerns. Corporate events offer some positive developments, but financial struggles remain the dominant factor in the stock’s evaluation.
To see Spark’s full report on PLUG stock, click here.
On April 28, 2025, Plug Power Inc. announced a secured debt facility agreement with Yorkville Advisors for up to $525 million in secured debentures. The initial $210 million tranche is expected to close on May 2, 2025, with proceeds used to retire existing convertible debenture principal, reducing potential dilution. Additionally, Plug Power reported strong preliminary Q1 2025 results, with expected revenue between $130 million and $134 million, and significant cost-saving measures projected to save over $200 million annually. The completion of a new hydrogen production plant in Louisiana further strengthens Plug’s hydrogen network, positioning the company for long-term growth and profitability.
Spark’s Take on PLUG Stock
According to Spark, TipRanks’ AI Analyst, PLUG is a Neutral.
Plug Power’s overall score reflects significant financial challenges, including ongoing losses and negative cash flows. Despite strategic initiatives to improve cost efficiency and expand margins, the company struggles with revenue shortfalls and valuation difficulties. The technical analysis further indicates weak momentum, while the earnings call provides a mixed outlook with cost savings balanced against revenue concerns.
To see Spark’s full report on PLUG stock, click here.
In 2024, Plug Power made significant strides in improving cash flow and moving towards profitability by optimizing operations, consolidating facilities, and adjusting investments in response to market conditions. Despite these improvements, the company recorded non-cash impairments due to slower market development and strategic investment adjustments. Looking forward, Plug Power launched ‘Project Quantum Leap’ to further reduce expenses and enhance financial stability, expecting to save $150 million to $200 million annually. The company also reported substantial growth in its electrolyzer business and continued expansion of its hydrogen production network, positioning itself for future growth and strengthening its market presence.