PLUG POWER INC PLUG
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:
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.) | $1.15B | $785.0M | $595.5M | $579.7M | $558.2M | $354.8M | $237.2M | $218.9M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
Others in SIC 3620
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| BE | Bloom Energy Corp | $71.93B | — | 38.9% |
| WWD | Woodward, Inc. | $20.44B | 48.2x | 7.3% |
| FCEL | FUELCELL ENERGY INC | $1.20B | — | 41.0% |
| NPWR | Net Power Inc. | $170.6M | — | -100.0% |
| EAF | GRAFTECH INTERNATIONAL LTD | $161.8M | — | -6.4% |
| BLDP | Ballard Power Systems Inc. | — | — | — |
| FPS | Forgent Power Solutions, Inc. | — | — | — |