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Plug Power PLUG Total Cost of Revenue

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Segments

By product

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Fuel Delivered To Customers And Related Equipment$52.89M-10.9%
Power Purchase Agreements$40.15M-19.6%
Services Performed On Fuel Cell Systems And Related Infrastructure$14.42M-0.3%
Other Product And Services$146K-57.4%

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

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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$2.89B+72.4%
Enterprise value$2.93B+56.5%
P/S3.9×+1.4×

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

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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:CostOfRevenue.

The source filing: Plug Power’s 10-Q, filed May 11, 2026.

Filed
May 11, 2026, 4:48 PM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0001104659-26-058712
Line itemThree months ended / March 31, 2026Three months ended / March 31, 2025
Power purchase agreements40,14849,932
Fuel delivered to customers and related equipment52,89259,354
Other146343
Total cost of revenue185,120207,535
Gross loss(21,607)(73,861)
Operating expenses:
Research and development12,11317,357
Selling, general and administrative70,20880,839

Item 1 — Interim Condensed Consolidated Financial Statements (Unaudited)

FAQ

What is Plug Power's total cost of revenue?
Plug Power (PLUG) reported total cost of revenue of $185.12M in Q1 2026.
How has Plug Power's total cost of revenue changed year-over-year?
Plug Power's total cost of revenue decreased by 10.8% year-over-year, from $207.54M to $185.12M.
What is the long-term trend for Plug Power's total cost of revenue?
Over 4 years (2021 to 2025), Plug Power's total cost of revenue has grown at a 9.0% compound annual growth rate (CAGR), from $673.65M to $951.96M.
What does total cost of revenue mean?
The aggregate of all direct costs attributable to producing goods and delivering services that generated the company's revenue, including materials, labor, and overhead.

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