Plug Power Targets $700M in Revenues in 2025: Can It Achieve the Goal?

Plug Power Inc. PLUG is aiming for a major milestone in 2025, targeting approximately $700 million in revenues as demand for hydrogen solutions continues to grow. In the first half of 2025, the company reported revenues of $307.6 million, reflecting an increase of 16.7% year over year. Strong demand for GenDrive fuel cells, GenFuel hydrogen infrastructure and GenEco electrolyzer platforms is supporting its top-line performance.

An increase in electrolyzer sales was the major driver, which surged 230.1% year over year in the first half of the year, driven by the increasing use of electrolyzers in large-scale industrial applications. The company is also strengthening its market position with expanded green hydrogen capacity in Georgia, a joint venture with Olin Corporation OLN in Louisiana and a three-gigawatt (GW) deal with Allied Green Ammonia in Australia to meet growing clean energy demand.

A strong sales pipeline and PLUG’s efforts to secure pre-FID agreements before major project approvals are also expected to support continued growth. Government incentives such as the 45V production tax credit and 48E investment tax credit are providing additional tailwinds, making hydrogen production and infrastructure projects more feasible.

To achieve the $700 million target, Plug Power will need to generate about $392 million in the second half of the year. With expanding project opportunities, rising global interest in clean hydrogen and a clear growth strategy, PLUG appears well-positioned to achieve the 2025 revenue target.

Snapshot of Plug Power’s Peers

Among its major peers, Flux Power Holdings, Inc. FLUX reported revenues of $16.7 million in the third quarter of fiscal 2025. Flux Power’s total revenues increased 16% year over year, driven by strong demand in both material handling and ground support markets. Flux Power continues to expand its lithium-ion energy storage solutions and SkyEMS software platform.

In the second quarter of 2025, PLUG’s another peer, Bloom Energy Corporation’s BE product and service revenues rose 25.9% year over year. Bloom Energy’s total revenues surged 19.5% year over year. The growth was fueled by robust demand for Bloom Energy’s solid oxide fuel cell systems and expanding adoption of hydrogen-capable solutions.

The Zacks Rundown for PLUG

Shares of Plug Power have lost 27.7% in the year-to-date period against the industry’s growth of 14.8%.

From a valuation standpoint, Plug Power is trading at a forward price-to-earnings ratio of a negative 3.54X against the industry average of 22.46X. PLUG carries a Value Score of F.

The Zacks Consensus Estimate for PLUG’s bottom line for second-quarter 2025 has remained the same in the past 60 days.

The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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