Revenue growth slowed to 2.5% in Q2 2026, while gross margin improved to -0.9% from -13.2% in Q1 2026, but remains negative, and net margin is -105.6% due to non-operating losses.
Plug Power Inc. (PLUG) annual income statement — 28-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Sales/Revenue | 744.09M | 709.92M | 628.81M | 891.34M | 701.44M | 502.34M | -93.24M | 229.97M | 174.63M | 132.93M | 85.93M | 103.29M | 64.23M | 26.6M | 26.11M | 27.63M | 19.47M | 12.29M | 17.9M | 16.27M | 7.84M | 13.49M | 16.14M | 12.5M | 11.82M | 5.74M | 8.38M | 11M | 6.5M |
| Revenue Growth % | 10.59% | 12.9% | -29.45% | 27.07% | 39.63% | 638.78% | -140.54% | 31.69% | 31.37% | 54.7% | -16.81% | 60.81% | 141.46% | 1.89% | -5.49% | 41.87% | 58.41% | -31.33% | 10.02% | 107.65% | -41.9% | -16.45% | 29.11% | 5.79% | 105.84% | -31.47% | -23.83% | 69.23% | - |
| Cost of Goods Sold | 882.08M | 951.96M | 1.25B | 1.4B | 895.8M | 673.65M | 376.18M | 219.72M | 172.01M | 131.35M | 81.98M | 113.18M | 69.09M | 37.85M | 40.46M | 36.9M | 29.48M | 19.68M | 32.95M | 28.44M | 12.47M | 16.17M | 18.84M | 14.16M | 11.34M | 11.29M | 7.22M | 14.05M | 8.3M |
| COGS % of Revenue | - | 134.09% | 199.38% | 156.97% | 127.71% | 134.1% | -403.47% | 95.54% | 98.5% | 98.81% | 95.41% | 109.58% | 107.57% | 142.28% | 154.98% | 133.57% | 151.4% | 160.1% | 184.05% | 174.82% | 159.14% | 119.92% | 116.73% | 113.26% | 95.96% | 196.65% | 86.18% | 127.69% | 127.69% |
| Gross Profit | -138M | -242.04M | -624.89M | -507.79M | -194.36M | -171.31M | -469.42M | 10.25M | 2.62M | 1.58M | 3.95M | -9.89M | -4.86M | -11.25M | -14.35M | -9.28M | -10.01M | -7.39M | -15.05M | -12.17M | -4.63M | -2.69M | -2.7M | -1.66M | 477.52K | -5.55M | 1.16M | -3.05M | -1.8M |
| Gross Margin % | -18.55% | -34.09% | -99.38% | -56.97% | -27.71% | -34.1% | 503.47% | 4.46% | 1.5% | 1.19% | 4.59% | -9.58% | -7.57% | -42.28% | -54.98% | -33.57% | -51.4% | -60.1% | -84.05% | -74.82% | -59.14% | -19.92% | -16.73% | -13.26% | 4.04% | -96.65% | 13.82% | -27.69% | -27.69% |
| Gross Profit Growth % | - | 61.27% | -23.06% | -161.27% | -13.45% | 63.51% | -4677.88% | 291.08% | 66.16% | -60.01% | 139.9% | -103.41% | 56.77% | 21.64% | -54.76% | 7.34% | -35.49% | 50.9% | -23.6% | -162.69% | -72.46% | 0.51% | -62.91% | -447.15% | 108.6% | -579.21% | 138.02% | -69.22% | - |
| Operating Expenses | 384M | 437.53M | 1.39B | 835.73M | 485.19M | 266.01M | 114.79M | 57.87M | 72.11M | 103.37M | 55.47M | 49.11M | 33.07M | 17.72M | 22.32M | 22.52M | 40.74M | 33.88M | 111.39M | 60.16M | 53.85M | 45.29M | 43.63M | 47.25M | 47.25M | 68.35M | 92.89M | 31.89M | 8M |
| OpEx % of Revenue | - | 61.63% | 221.84% | 93.76% | 69.17% | 52.95% | -123.11% | 25.16% | 41.29% | 77.76% | 64.55% | 47.55% | 51.49% | 66.6% | 85.48% | 81.54% | 209.2% | 275.64% | 622.23% | 369.72% | 687.17% | 335.84% | 270.28% | 377.95% | 399.77% | 1190.49% | 1108.72% | 289.87% | 123.08% |
| Selling, General & Admin | 310.31M | 379.57M | 376.11M | 422.47M | 363.93M | 179.85M | 79.35M | 0 | 38.2M | 45.01M | 34.29M | 34.16M | 21.81M | 12.32M | 14.58M | 14.55M | 25.57M | 15.43M | 28.33M | 19.32M | 12.27M | 8.97M | 8.42M | 7.18M | 6.96M | 7.49M | 16.17M | 9.93M | 2.8M |
| SG&A % of Revenue | - | 53.47% | 59.81% | 47.4% | 51.88% | 35.8% | -85.1% | - | 21.87% | 33.86% | 39.9% | 33.08% | 33.96% | 46.33% | 55.83% | 52.65% | 131.32% | 125.5% | 158.27% | 118.76% | 156.56% | 66.53% | 52.19% | 57.45% | 58.86% | 130.5% | 192.97% | 90.25% | 43.08% |
| Research & Development | 53.94M | 57.96M | 77.23M | 113.75M | 99.58M | 64.76M | 27.85M | 15.26M | 33.91M | 28.69M | 21.18M | 14.95M | 6.47M | 3.12M | 5.43M | 5.66M | 12.9M | 16.32M | 34.99M | 39.22M | 41.58M | 36.32M | 35.2M | 40.07M | 40.29M | 60.6M | 70.89M | 20.51M | 4.6M |
| R&D % of Revenue | - | 8.16% | 12.28% | 12.76% | 14.2% | 12.89% | -29.87% | 6.64% | 19.42% | 21.59% | 24.65% | 14.47% | 10.07% | 11.73% | 20.81% | 20.47% | 66.25% | 132.8% | 195.44% | 241.04% | 530.61% | 269.3% | 218.09% | 320.5% | 340.91% | 1055.47% | 846.11% | 186.42% | 70.77% |
| Other Operating Expenses | 1M | 0 | 941.62M | 299.52M | 21.69M | 21.4M | 7.59M | 42.61M | 0 | -15.19M | 0 | 0 | -52.26M | -37.1M | 4.84M | 2.32M | 2.26M | 2.13M | 48.07M | 1.61M | 0 | 0 | 0 | 0 | 0 | 259.96K | 5.84M | 1.45M | 600K |
| Operating Income | -522M | -679.57M | -2.02B | -1.34B | -679.55M | -437.32M | -584.2M | -47.61M | -69.48M | -101.79M | -51.52M | -59M | -37.93M | -28.96M | -36.67M | -31.13M | -47.53M | -41.27M | -126.43M | -72.33M | -58.48M | -47.98M | -46.33M | -51.91M | -46.77M | -73.9M | -91.73M | -34.93M | -9.8M |
| Operating Margin % | -70.15% | -95.73% | -321.21% | -150.73% | -96.88% | -87.06% | 626.58% | -20.7% | -39.79% | -76.58% | -59.96% | -57.12% | -59.06% | -108.89% | -140.46% | -112.67% | -244.08% | -335.74% | -706.28% | -444.54% | -746.31% | -355.76% | -287.01% | -415.21% | -395.73% | -1287.14% | -1094.9% | -317.56% | -150.77% |
| Operating Income Growth % | - | 66.36% | -50.34% | -97.71% | -55.39% | 25.14% | -1126.98% | 31.48% | 31.74% | -97.58% | 12.68% | -55.55% | -30.96% | 21.01% | -17.81% | 34.51% | -15.16% | 67.36% | -74.8% | -23.68% | -21.88% | -3.57% | 10.76% | -11% | 36.72% | 19.44% | -162.6% | -256.45% | - |
| EBITDA | -491.66M | -635.01M | -1.94B | -1.27B | -627.95M | -413.95M | -568.63M | -34.98M | -57.78M | -92.01M | -46.28M | -56.02M | -33.59M | -24.79M | -32.3M | -26.67M | -40.3M | -35.5M | -119.81M | -66.87M | -55.26M | -43.93M | -39.57M | -45.44M | -38.53M | -65.99M | -85.9M | -33.48M | -9.2M |
| EBITDA Margin % | -66.08% | -89.45% | -307.77% | -142.76% | -89.52% | -82.41% | 609.88% | -15.21% | -33.08% | -69.22% | -53.86% | -54.23% | -52.3% | -93.18% | -123.7% | -96.55% | -206.94% | -288.82% | -669.28% | -410.97% | -705.22% | -325.76% | -245.15% | -363.46% | -326.05% | -1149.42% | -1025.25% | -304.36% | -141.54% |
| EBITDA Growth % | 72.25% | 67.19% | -52.09% | -102.63% | -51.7% | 27.2% | -1525.73% | 39.46% | 37.21% | -98.81% | 17.38% | -66.74% | -35.54% | 23.25% | -21.08% | 33.81% | -13.5% | 70.37% | -79.18% | -21.01% | -25.78% | -11.02% | 12.92% | -17.93% | 41.61% | 23.17% | -156.56% | -263.91% | - |
| D&A (Non-Cash Add-back) | 30.34M | 44.56M | 84.56M | 71.08M | 51.6M | 23.37M | 15.57M | 12.64M | 11.71M | 9.78M | 5.24M | 2.99M | 4.34M | 4.18M | 4.38M | 4.46M | 7.23M | 5.77M | 6.62M | 5.46M | 3.22M | 4.05M | 6.76M | 6.47M | 8.23M | 7.91M | 5.84M | 1.45M | 600K |
| EBIT | -1.63B | -1.63B | -2.06B | -1.33B | -684.13M | -432.94M | -566.49M | -47.61M | -72.15M | -116.98M | -47.17M | -55.34M | -88.43M | -62.68M | -31.6M | -27.43M | -46.47M | -39.79M | -80.59M | -72.33M | -58.48M | -47.98M | -46.33M | -48.91M | -46.77M | -73.9M | -91.73M | -34.93M | -9.76M |
| Net Interest Income | -57.07M | -45.7M | -15.9M | 10.63M | -1.78M | -39.19M | -59.74M | -35.69M | -22.75M | -10.1M | -10.7M | -349K | 364.68K | -248K | -35.84K | 225.99K | 569.95K | 774.3K | -400.66K | 11.76M | 8.17M | 2.02M | 1.39M | 771.45K | 1.56M | 3.81M | 7.82M | 0 | 100K |
| Interest Income | 14.87M | 19.43M | 30.72M | 55.83M | 37.26M | 4.04M | 765K | - | 0 | 0 | 0 | 157K | 751.96K | 150K | 226K | 248K | 1.06M | 1.69M | 0 | 12.34M | 8.34M | 2.17M | 1.45M | 833.01K | 1.66M | 4.07M | 8.18M | 0 | 100K |
| Interest Expense | 71.94M | 65.13M | 46.62M | 45.2M | 39.04M | 43.23M | 60.51M | 35.69M | 22.75M | 10.1M | 10.7M | 390K | 387.29K | 398K | 262K | 305K | 305K | 1.13M | 400.66K | 580K | 170.84K | 145.58K | 60.97K | 61.57K | 96.64K | 259.96K | 363K | 0 | 0 |
| Other Income/Expense | -1.18B | -1.01B | -87.75M | -32.67M | -43.62M | -38.84M | -42.8M | -36.13M | -17.85M | -25.29M | -6.36M | 3.31M | -50.88M | -34.12M | 4.81M | 3.67M | -3.8M | 562.22K | 4.73M | 11.76M | 8.17M | 2.02M | 1.39M | 51.91M | 46.77M | 73.9M | -2.33M | -1.47M | 9.76M |
| Pretax Income | -1.7B | -1.69B | -2.11B | -1.38B | -723.17M | -476.16M | -627M | -83.74M | -87.33M | -127.08M | -57.88M | -55.69M | -88.81M | -63.08M | -31.86M | -27.45M | -46.96M | -40.71M | -121.7M | -60.57M | -50.31M | -51.74M | -46.74M | -53.04M | -47.22M | -73.11M | -86.24M | -33.47M | -9.6M |
| Pretax Margin % | -228.96% | -238.52% | -335.17% | -154.4% | -103.1% | -94.79% | 672.48% | -36.41% | -50.01% | -95.6% | -67.36% | -53.92% | -138.27% | -237.13% | -122.04% | -99.38% | -241.15% | -331.16% | -679.84% | -372.27% | -642.05% | -383.67% | -289.56% | -424.24% | -399.54% | -1273.39% | -1029.36% | -304.26% | -147.69% |
| Income Tax | 592K | 356K | -2.69M | -7.36M | 839K | -16.2M | -30.84M | 0 | -9.22M | -392K | -392K | 390K | -325K | -410K | 262K | 0 | 305K | 0 | 0 | 0 | 0 | 51.74M | 46.74M | 53.04M | 47.22M | 73.11M | 86.24M | 33.47M | 9.6M |
| Effective Tax Rate % | -0.03% | -0.02% | 0.13% | 0.54% | -0.12% | 3.4% | 4.92% | 0% | 10.55% | 0.31% | 0.68% | -0.7% | 0.37% | 0.65% | -0.82% | 0% | -0.65% | 0% | 0% | 0% | 0% | -100% | -100% | -100% | -100% | -100% | -100% | -100% | -100% |
| Net Income | -1.64B | -1.63B | -2.1B | -1.37B | -724.01M | -459.96M | -596.15M | -83.74M | -78.11M | -127.08M | -57.49M | -55.69M | -88.49M | -62.67M | -31.86M | -27.45M | -46.96M | -40.71M | -121.7M | -60.57M | -50.31M | -51.74M | -46.74M | -53.04M | -47.22M | -73.11M | -86.24M | -33.47M | -9.6M |
| Net Margin % | -220.59% | -229.83% | -334.71% | -153.57% | -103.22% | -91.56% | 639.4% | -36.41% | -44.73% | -95.6% | -66.9% | -53.92% | -137.77% | -235.59% | -122.04% | -99.38% | -241.15% | -331.16% | -679.84% | -372.27% | -642.05% | -383.67% | -289.56% | -424.24% | -399.54% | -1273.39% | -1029.36% | -304.26% | -147.69% |
| Net Income Growth % | 16.7% | 22.48% | -53.76% | -89.06% | -57.4% | 22.84% | -611.89% | -7.2% | 38.53% | -121.06% | -3.23% | 37.06% | -41.2% | -96.69% | -16.06% | 41.54% | -15.35% | 66.55% | -100.92% | -20.4% | 2.77% | -10.71% | 11.88% | -12.33% | 35.42% | 15.22% | -157.68% | -248.64% | - |
| Net Income (Continuing) | -1.7B | -1.69B | -2.1B | -1.37B | -724.01M | -459.96M | -596.15M | -83.74M | -78.11M | -127.08M | -57.49M | -55.69M | -88.49M | -62.67M | -31.86M | -27.45M | -46.96M | -40.71M | -121.7M | -60.57M | -50.31M | -51.74M | -46.74M | -53.04M | -47.22M | -73.11M | -86.24M | -33.47M | -9.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 5.54M | 25.25M | 73.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.18 | -1.41 | -2.45 | -2.30 | -1.25 | -0.82 | -1.58 | -0.51 | -0.36 | -0.59 | -0.32 | -0.32 | -0.56 | -0.82 | -0.93 | -1.46 | -3.58 | -3.15 | -13.62 | -6.93 | -5.84 | -6.59 | -6.39 | -8.82 | -9.32 | -15.61 | -19.91 | -12.73 | -0.07 |
| EPS Growth % | 35.85% | 42.45% | -6.52% | -84% | -52.44% | 48.1% | -209.8% | -41.67% | 38.98% | -84.38% | 0% | 42.86% | 31.71% | 11.83% | 36.3% | 59.22% | -13.65% | 76.87% | -96.54% | -18.66% | 11.38% | -3.13% | 27.55% | 5.36% | 40.29% | 21.6% | -56.4% | -17956.74% | - |
| EPS (Basic) | - | -1.41 | -2.45 | -2.30 | -1.25 | -0.82 | -1.58 | -0.51 | -0.36 | -0.59 | -0.32 | -0.32 | -0.56 | -0.82 | -0.93 | -1.46 | -3.58 | -3.15 | -13.62 | -6.93 | -5.84 | -6.59 | -6.39 | -8.82 | -9.32 | -15.61 | -19.91 | -12.73 | -0.07 |
| Diluted Shares Outstanding | 1.39B | 1.16B | 858.44M | 595.47M | 579.72M | 558.18M | 354.79M | 237.15M | 218.88M | 216.34M | 180.62M | 176.07M | 159.23M | 76.44M | 34.38M | 18.78M | 13.12M | 12.91M | 8.94M | 8.73M | 8.61M | 7.85M | 7.31M | 6.01M | 5.06M | 4.68M | 4.33M | 2.63M | 136.17M |
| Basic Shares Outstanding | 1.39B | 1.16B | 858.44M | 595.47M | 579.72M | 558.18M | 354.79M | 237.15M | 218.88M | 216.34M | 180.62M | 176.07M | 159.23M | 76.44M | 34.38M | 18.78M | 13.12M | 12.91M | 8.94M | 8.73M | 8.61M | 7.85M | 7.31M | 6.01M | 5.06M | 4.68M | 4.33M | 2.63M | 136.17M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying PLUG stock.
For fiscal year 2025, Plug Power Inc. (PLUG) reported total revenue of $709.9M. This represents a 10821.8% increase compared to $6.5M in 1998.
Plug Power Inc. (PLUG) reported a net loss of $1.63B for the fiscal year ending 2025.
Plug Power Inc. (PLUG) reported an operating income of $-679.6M, resulting in an operating profit margin of -95.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Plug Power Inc. (PLUG) generated $-242.0M in gross profit for the year, representing a gross profit margin of -34.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent negative gross margins
Metrics are mathematically derived from official filings.
Revenue Growth Stabilizing but Slowing
Revenue growth decelerated from 22.3% in Q1 2026 to 2.5% in Q2 2026, per recent filings, suggesting a plateau after a volatile period of double-digit swings.
The 2.5% year-over-year growth in Q2 2026 marks a sharp deceleration from the 22.3% seen in Q1 2026, indicating that the company's expansion is losing momentum. This slowdown may reflect project-based revenue timing and the heavy reliance on a few key customers, as noted in the company intelligence. Investors should monitor whether this is a temporary dip or a structural trend, especially as the company transitions toward electrolyzer sales.
Gross Margin Recovery Still Deeply Negative
Gross margin improved to -0.9% in Q2 2026 from -13.2% in Q1 2026, but remains negative, indicating the company still subsidizes fuel costs for customers.
The improvement from -13.2% to -0.9% is notable, but the persistent negative gross margin underscores the structural mismatch between third-party hydrogen procurement costs and fixed customer contracts. The company's internal production ramp-up may be helping, but the -34.1% gross margin in Q3 2025 shows volatility. Until the company achieves self-sufficiency in hydrogen production, margins will likely remain under pressure, especially with uncertain 45V tax credit guidance.
Operating Leverage Improving but Still Negative
Operating margin improved to -36.0% in Q2 2026 from -63.6% in Q1 2026, per financial statements, as SG&A dropped sharply, but operating income remains deeply negative.
The significant reduction in SG&A from $70.2M to $29.3M quarter-over-quarter suggests management is tightening overhead, which is a positive sign for operating leverage. However, operating income of -$64.1M still represents a substantial loss, and the improvement is partly due to one-time cost reductions rather than scalable revenue growth. The company's high fixed-cost base, including new production plants, means that operating leverage will only materialize if revenue grows consistently.
Net Losses Masked by Non-Cash Charges
Net income of -$188.2M in Q2 2026 includes a $12.9M stock-based compensation charge, but the -105.6% net margin suggests significant non-operating losses, possibly from warrant revaluations.
The net loss is far larger than operating losses, indicating that non-operating items, such as customer warrant revaluations, are heavily impacting reported earnings. These non-cash charges fluctuate with the stock price, making EPS comparisons unreliable. Investors should adjust for these items to assess underlying operational performance, as the company's negative ROE of -116.1% reflects the cumulative impact of these losses.
COGS Dominates Cost Structure
COGS of $180.0M in Q2 2026 represents over 100% of revenue, per reported figures, highlighting the primary cost driver is hydrogen procurement and production costs.
The cost of goods sold remains the largest expense line, and its magnitude relative to revenue explains the negative gross margin. The company's strategy to build internal green hydrogen production is aimed at reducing this cost, but the ramp-up is still in progress. SG&A and R&D are relatively small, but the recent SG&A reduction suggests management is prioritizing cost discipline. However, the high fixed costs of new plants may keep COGS elevated until production scales.
Q4 2024 Marks Peak Losses
Q4 2024 saw a net loss of -$1.3B, the largest in the period, driven by a -122.5% gross margin and a -$1.3B operating loss, per financial statements.
This quarter represents a critical inflection point, as the company recognized massive losses, likely due to impairments and provision for loss contracts. The subsequent quarters show a gradual improvement, with gross margins recovering from -122.5% to -0.9% by Q2 2026. This suggests that management has taken steps to address the cost structure, but the sustainability of this improvement is uncertain given the ongoing negative margins and liquidity concerns.
Margin Recovery May Be Unsustainable
Despite Q2 2026 gross margin improvement to -0.9%, the company's history of volatile margins and reliance on tax credits suggests the recovery could reverse.
Short-sellers would argue that the recent improvement is driven by one-time factors, such as lower hydrogen prices or accounting adjustments, rather than structural changes. The company's high debt/equity ratio of 0.99 and negative ROE indicate financial fragility, and the unresolved 45V tax credit guidance could impair future margins. Additionally, the company's capital-intensive model may require continuous dilution, which would further pressure EPS. Investors should be cautious about extrapolating the Q2 2026 results into a sustained trend.