The company continues to struggle with structural profitability, evidenced by a negative gross margin of -13.2% and an operating loss of $103.9M in 2026Q1.
| 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 | 739.76M | 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 % | 15.19% | 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 | 929.54M | 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 | -189.79M | -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 % | -25.66% | -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 | 421.65M | 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 | 368.94M | 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 | 52.72M | 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 | 1 | 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 | -611.44M | -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 % | -82.65% | -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 | -573.81M | -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 % | -77.57% | -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 % | 69.15% | 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) | 37.63M | 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 | -611.44M | -679.57M | -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 | -52.87M | -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 | 18.12M | 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 | 70.99M | 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 | -1.13B | -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 | -1.74B | -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 % | -235.54% | -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 | 397K | 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 % | -0.02% | -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 | -1.68B | -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 % | -227.13% | -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 % | 16.22% | 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) | -1.74B | -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 | 24.08M | 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) | -1.21 | -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 % | 37.72% | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and Margin Sustainability
As reported in recent financial filings, PLUG's revenue growth has exhibited significant volatility, fluctuating from a 44.9% contraction in 2024Q2 to a 22.3% expansion by 2026Q1, reflecting the project-based nature of equipment deployments and the inherent instability of its current commercial scaling efforts.
The inconsistent top-line performance suggests that the company remains highly dependent on the timing of large-scale infrastructure projects rather than a steady, recurring revenue stream. Investors should monitor whether the recent return to positive growth in early 2026 represents a sustainable shift or merely the lumpy recognition of delayed contract milestones.
Based on reported figures, the company's gross margin profile remains deeply negative, with a trough of -122.5% in 2024Q4, indicating that the cost of procuring and delivering hydrogen continues to significantly outpace the revenue generated from its core fueling and service contracts.
This persistent margin compression highlights the fundamental challenge of subsidizing customer fuel consumption while scaling internal production capacity. Until the company successfully transitions to a self-sufficient green hydrogen producer, gross margins will likely remain hostage to volatile third-party energy market pricing.
According to the income statement data, operating losses remain substantial, with the company recording a $103.9M operating loss in 2026Q1, demonstrating that SG&A and R&D expenses continue to scale without the benefit of a profitable gross margin foundation to absorb these fixed costs.
The lack of operating leverage suggests that the current business model is not yet optimized for scale, as every incremental dollar of revenue appears to be accompanied by disproportionate overhead. The absence of a clear path to positive operating income warrants significant caution regarding the company's long-term viability.
As evidenced by the massive $846.0M net loss in 2025Q4, the company's bottom line is frequently distorted by non-operating charges, including potential warrant-related impacts and other accounting adjustments that mask the underlying cash-burning nature of the core industrial operations.
The wide variance between operating losses and net losses suggests that investors should focus on cash flow metrics rather than reported EPS, which is heavily influenced by non-cash accounting items. These distortions make it difficult to assess the true pace of operational improvement without significant adjustments.
Based on the provided financial history, short-sellers may focus on the company's inability to achieve positive gross margins despite years of investment, suggesting that the current business model may function as a capital trap rather than a scalable industrial energy platform.
The reliance on external financing to cover persistent losses creates a precarious situation where the company must constantly prove its growth potential to survive. If the transition to internal hydrogen production fails to yield the expected cost efficiencies, the current valuation may face significant downward pressure.
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.