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Plug Power PLUG Q1 2025 Annual earnings

Reported May 12, 2025 · Before market open

Revenue$133.7MBeat by $1.9M
EPS-$0.21Miss by $0.01
Revenue estimate$131.8M
EPS estimate-$0.20

Next report

Nov 9, 2026 (in a month)
Revenue estimate$195.3M
EPS estimate-$0.07

Financials

Q1 2025

Income statement

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Revenue$133.7M+11.2%
Gross profit-$73.9M+53.6%
Operating income-$178.5M+31.2%
Net income-$196.7M+33.5%
EPS (diluted)-$0.21+54.3%

Balance sheet

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Cash & equivalents$295.8M+71.1%
Total debt$339.7M-12.8%
Total equity$1.9B-36.6%
Total assets$3.6B-25.0%

Cash flow

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Operating cash flow-$105.6M+37.1%
CapEx$40.5M-56.3%
Free cash flow-$146.0M+43.9%

Valuation & ratios

Valuation

as of 03/31/25
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Market cap$1.31B-37.1%
Enterprise value$1.36B-41.1%
P/S2×-0.6×

Profitability

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Gross margin-84%+12.2pp
Operating margin-301.9%+844pp
Net margin-312.3%+788pp
FCF margin-140.4%-31.6pp

Returns & leverage

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Return on equity-83.8%+2,603pp
Debt / equity0.2×0.0×
Current ratio1.9×0.0×

Segments

By product

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Sale Of Cryogenic Equipment$30.5M-3.1%
Fuel Delivered To Customers And Related Equipment$29.5M+61.1%
Power Purchase Agreements$23.2M+26.8%
Services Performed On Fuel Cell Systems And Related Infrastructure$16.9M+29.6%
Sales Of Fuel Cell Systems$16.7M-12.4%

By segment

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Single Reportable$133.7M+11.2%

FAQ

When did Plug Power report Q1 2025 earnings?
Plug Power (PLUG) reported Q1 2025 earnings on May 12, 2025 before market open.
What were Plug Power's Q1 2025 revenue and EPS?
Plug Power reported revenue of $133.7M and eps of $-0.21 for Q1 2025.
Did Plug Power beat estimates in Q1 2025?
Revenue beat the consensus estimate of $131.8M by $1.9M. EPS missed the consensus estimate of $-0.20 by $0.01.
How did Plug Power's Q1 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 11.2% from $120.3M a year earlier and eps grew 51.2% from $-0.43.
Where can I find Plug Power's Q1 2025 SEC filings?
You can read the 8-K earnings release (0001104659-25-047292) and the 10-K/A periodic report (0001104659-25-042552) directly on SEC EDGAR. The filing index links above go to sec.gov.