What is Plug Power's R&D?

Plug Power (PLUG) reported R&D of $12.11M in Q1 2026.

How has Plug Power's R&D changed year-over-year?

Plug Power's R&D decreased by 30.2% year-over-year, from $17.36M to $12.11M.

What is the long-term trend for Plug Power's R&D?

Over 4 years (2021 to 2025), Plug Power's R&D has grown at a -2.7% compound annual growth rate (CAGR), from $64.76M to $57.96M.

Costs of research activities to discover new knowledge and development activities to translate research into new or improved products, services, processes, or technologies.

Plug Power PLUG R&D

R&D at other companies

Bloom EnergyBE

$56.85M+40.0%

Fluence Energy, Inc.FLNC

$21.07M-4.7%

CaterpillarCAT

$537M+11.9%

Air Products and ChemicalsAPD

$21.6M-5.7%

GE VernovaGEV

$304M+27.2%

Segments

By segment

See full

Single Reportable$12.11M-30.2%

Other financials

Income statement

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Revenue$163.5M+22.3%

Gross profit-$21.6M+70.7%

Operating income-$109.5M+38.6%

Net income-$245.3M-24.7%

EPS (diluted)-$0.18+14.3%

Balance sheet

See full

Cash & equivalents$223.2M-24.6%

Total debt$263.3M-22.5%

Total equity$749.8M-59.6%

Total assets$2.4B-34.8%

Cash flow

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Operating cash flow-$150.0M-42.1%

CapEx$2.4M-94.0%

Free cash flow-$152.4M-4.4%

Valuation

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Market cap$3.78B+140%

Profitability

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Gross margin-26.4%-10.7pp

Operating margin-189%-51.4pp

Net margin-227.1%-48.7pp

FCF margin-88.3%-23.9pp

Returns & leverage

See full

Return on equity-128.9%+150pp

Debt / equity0.4×+0.2×

Current ratio2.4×+0.4×

Where this comes from

Reported directly by Plug Power in its filing.

Tagged under the XBRL concept us-gaap:ResearchAndDevelopmentExpense.

The official record: Plug Power’s 10-Q, filed May 11, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Plug Power's R&D?: Plug Power (PLUG) reported R&D of $12.11M in Q1 2026.
How has Plug Power's R&D changed year-over-year?: Plug Power's R&D decreased by 30.2% year-over-year, from $17.36M to $12.11M.
What is the long-term trend for Plug Power's R&D?: Over 4 years (2021 to 2025), Plug Power's R&D has grown at a -2.7% compound annual growth rate (CAGR), from $64.76M to $57.96M.
What does R&D mean?: Costs of research activities to discover new knowledge and development activities to translate research into new or improved products, services, processes, or technologies.