PLUG POWER INC PLUG

Industrials SIC 3620 - Electrical Industrial Apparatus NAICS Manufacturing › Electrical Equipment, Appliance, and Component Manufacturing derived Nasdaq

Plug is building an end-to-end clean hydrogen ecosystem, from production, storage, and delivery to energy generation, to help its customers meet their business goals and decarbonize the economy. In creating the first commercially viable market for hydrogen fuel cells, the Company has deployed more than 74,000 fuel cell systems, primarily through material handling applications, and operates more than 275 fueling stations. Plug intends to deliver its hydrogen solutions directly to its customers, and through joint venture partners into multiple environments, including material handling, supply chain and logistics, e-mobility, stationary power generation and industrial applications.

Plug is focused on delivering a suite of hydrogen solutions to its customers. Its vertically integrated, end-to-end hydrogen solutions, which are designed to fit individual customer needs, include hydrogen production equipment and the delivery of hydrogen fuel, including:

Last close 1.38 2026-10-23
Market cap $1.93B 2026-06-30 share count
52-week range 1.34 - 4.33

Valuation FY2025 figures against the last close

P/S2.7x
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS-1.42

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States
  • Other foreign countries
Revenue by geography, 2 categories over 3 years. The same figures are in the table below. FY2025 United States, FY2025: 535.9M (75.5%) 75% United States Other foreign countries, FY2025: 174M (24.5%) 25% Other foreign countries FY2024 United States, FY2024: 428.2M (68.1%) 68% Other foreign countries, FY2024: 200.6M (31.9%) 32% FY2023 United States, FY2023: 741.5M (83.2%) 83% Other foreign countries, FY2023: 149.8M (16.8%) 17%
Region FY2025FY2024FY2023
United States $535.9M $428.2M $741.5M
Other foreign countries $174.0M $200.6M $149.8M

As the company reported it, from the “Segment and Geographic Area Reporting - Geographic (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $709.9M$628.8M$891.3M$701.4M$502.3M-$93.2M$230.0M$174.2M$100.2M$82.8M
Cost of revenue $952.0M$1.25B$1.40B$895.8M$673.7M$376.2M$219.3M$200.2M$128.2M$78.9M
Gross profit -$242.0M-$624.9M-$507.8M-$194.4M-$171.3M-$469.4M$10.6M-$26.0M-$28.1M$3.9M
R&D $58.0M$77.2M$113.7M$99.6M$64.8M$27.8M$15.1M$12.8M$28.7M$21.2M
SG&A $379.6M$376.1M$422.5M$363.9M$179.9M$79.3M$43.2M$37.7M$45.0M$34.3M
Total operating expenses $1.23B$1.39B$835.7M$485.2M$266.0M$114.8M$58.3M$50.4M$73.7M$55.5M
Operating income -$1.47B-$2.02B-$1.34B-$679.5M-$437.3M-$584.2M-$47.6M-$76.4M-$101.8M-$51.5M
Interest expense $65.1M$46.6M$45.2M$39.0M$43.2M$60.5M$37.0M———
Pre-tax income -$1.69B-$2.11B-$1.38B-$723.2M-$476.2M-$627.0M-$83.7M-$94.9M-$127.1M-$57.9M
Income tax $356.0K$2.7M$7.4M$839.0K$16.2M$30.8M—$9.3M—$392.0K
Net income -$1.63B-$2.10B-$1.37B-$724.0M-$460.0M-$596.2M-$83.7M-$85.6M-$127.1M-$57.5M
EPS, basic -1.42-2.68-2.30-1.25-0.82-1.68-0.36-0.39——
EPS, diluted -1.42-2.68-2.30-1.25-0.82-1.68-0.36-0.39-0.60-0.32
Shares, diluted (wtd. avg.) 1.15B785.0M595.5M579.7M558.2M354.8M237.2M218.9M——

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $368.5M$205.7M$1.17B$1.55B$3.13B$1.63B$369.5M$39.3M$68.1M$100.6M
Short-term investments ———$1.33B$1.24B—————
Receivables $134.8M$157.2M$243.8M$129.4M——————
Inventory $521.0M$682.6M$961.3M$645.6M$269.2M$114.6M$73.2M$65.5M$48.8M$29.9M
Total current assets $1.41B$1.48B$1.79B$3.31B$4.45B$394.9M$153.3M$166.7M$119.6M$110.9M
Property, plant and equipment $281.0M$866.3M$1.44B$719.8M$255.6M$60.0M$14.2M$13.6M——
Goodwill —$0$0$248.6M$220.4M$70.3M$9.0M$8.9M$9.4M$8.3M
Other intangibles $29.2M$84.7M$188.9M$207.7M$158.2M$39.0M$5.4M$3.7M$3.8M$3.9M
Total assets $2.59B$3.60B$4.90B$5.76B$5.95B$898.7M$397.2M$360.8M$270.8M$240.8M
Accounts payable $168.7M$181.0M$257.8M$191.9M$92.3M$39.8M$36.9M$31.7M$42.4M$32.1M
Short-term debt —$200.0K$2.7M$5.1M$15.3M$50.9M$15.9M$12.6M$18.8M$3.0M
Total current liabilities $610.6M$748.5M$964.8M$635.3M$420.6M$187.6M$93.1M$84.5M$115.7M$66.5M
Long-term debt ——$3.9M$9.0M———$133.0K$13.4M$20.8M
Total liabilities $1.59B$1.80B$2.00B$1.70B$1.34B$664.2M$381.3M$336.2M$196.5M$146.1M
Retained earnings -$8.23B-$6.59B-$4.49B-$3.12B-$2.40B$9.6M-$1.31B-$1.30B-$1.18B-$1.05B
Total equity $978.1M$1.73B$2.90B$4.06B$4.61B$1.47B$129.9M-$3.6M$70.2M$85.1M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow -$535.8M-$728.6M-$1.11B-$828.6M-$358.2M-$155.5M-$53.3M-$58.4M-$60.2M-$29.6M
Depreciation and amortisation $37.6M$61.1M$52.0M$30.4M$20.9M$14.4M$11.9M$11.8M$9.2M$1.8M
Stock-based compensation $50.5M$82.2M$162.9M$179.6M$76.5M$17.1M$10.9M$8.8M$9.2M$9.3M
Capital expenditure $111.2M$287.1M$665.2M$436.6M$172.2M$22.5M$5.7M$5.1M$4.1M$2.7M
Investing cash flow -$139.0M-$402.4M$728.1M-$679.4M-$1.74B-$95.3M-$14.2M-$19.6M-$44.4M-$58.1M
Financing cash flow $630.0M$983.2M$6.1M-$77.5M$3.60B$1.52B$327.0M$120.1M$71.6M$76.7M
Buybacks $3.6M$2.5M$10.0M$23.7M$32.1M————$182.0K

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-052851.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -3B -2B -1B 0 1B Revenue, FY2016: 82.8M Gross profit, FY2016: 3.9M Net income, FY2016: -57.5M Revenue, FY2017: 100.2M Gross profit, FY2017: -28.1M Net income, FY2017: -127.1M Revenue, FY2018: 174.2M Gross profit, FY2018: -26M Net income, FY2018: -85.6M Revenue, FY2019: 230M Gross profit, FY2019: 10.6M Net income, FY2019: -83.7M Revenue, FY2020: -93.2M Gross profit, FY2020: -469.4M Net income, FY2020: -596.2M Revenue, FY2021: 502.3M Gross profit, FY2021: -171.3M Net income, FY2021: -460M Revenue, FY2022: 701.4M Gross profit, FY2022: -194.4M Net income, FY2022: -724M Revenue, FY2023: 891.3M Gross profit, FY2023: -507.8M Net income, FY2023: -1.4B Revenue, FY2024: 628.8M Gross profit, FY2024: -624.9M Net income, FY2024: -2.1B Revenue, FY2025: 709.9M Gross profit, FY2025: -242M Net income, FY2025: -1.6B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $82.8M $100.2M $174.2M $230.0M -$93.2M $502.3M $701.4M $891.3M $628.8M $709.9M
Gross profit $3.9M -$28.1M -$26.0M $10.6M -$469.4M -$171.3M -$194.4M -$507.8M -$624.9M -$242.0M
Net income -$57.5M -$127.1M -$85.6M -$83.7M -$596.2M -$460.0M -$724.0M -$1.37B -$2.10B -$1.63B

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Results announced Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Regulation FD disclosure Item 7.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Results announced Item 2.02
  • Officer or director change Item 5.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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