Plug Power Third Quarter 2025 Highlights

$177 Million in Quarterly Revenue

Continued Global Market Expansion and Operational Progress

SLINGERLANDS, N.Y., Nov. 10, 2025 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the hydrogen economy, today announced its financial results and operational milestones for the third quarter ended September 30, 2025.

Third Quarter 2025 Financial Highlights

• For the third quarter 2025, revenue was $177 million, driven by continued strength in Plug’s electrolyzer business, volume growth in hydrogen fuel sales and other businesses, and continued pricing enhancements. GenEco electrolyzer revenue totaled ~$65 million for the quarter, a 46% sequential increase over 2^nd quarter 2025 and a 13% increase over the prior year third quarter.  
• Net cash used in operating activities was ~$90 million, a 49% year-over-year and 53% sequential quarterly improvement. Plug ended the quarter with ~$166 million in unrestricted cash and cash equivalents. Subsequent to the quarter-end, the Company completed a capital raise with gross proceeds of ~$370 million through the exercise of existing investor warrants, reflecting continued investor confidence. With ongoing reductions in cash burn and access to total available capital, the Company is well positioned to support operations and achieve its EBITDAS-positive target in the second half of 2026.
• Ongoing execution of Project Quantum Leap initiatives continues to improve margin and cash flow. During the quarter, the Company recorded ~$226 million in charges predominantly associated with non-cash costs for the ongoing Project Quantum Leap strategic platform. These activities prioritize near-term sales and margin growth, streamline investment toward mid-term markets, and address legacy issues aligned with this refined strategic focus. The charges are associated with such items as impairments, restructuring, inventory valuation adjustments, and other costs.
• GAAP gross loss was ~($120 million) for Q3 2025. For Q3 2024, GAAP gross loss was ~($100 million)   
• Adjusted gross loss for the quarter was ~($37 million) which excludes ~$84 million in various charges as addressed above. The improvement in adjusted gross loss represents a combination of ongoing cost of sales and pricing improvements, as evidenced in the reduction in operational cash burn. For Q3 2024, adjusted gross loss for Q3 2024 was ~($86 million).
• GAAP basic and diluted net loss per share attributable to Plug Power inc. (“EPS”) in the quarter was ~($0.31) per share. For Q3 2024, GAAP EPS was ~($0.25).
• Adjusted EPS for the quarter was ~($0.12) per share which excludes the ~$226 million in charges as referenced above. The improvement in adjusted EPS represents a combination of ongoing improvements in pricing, cost of sales, and operation expenses for the Company, as evidenced in the reduction in operational cash burn.   For Q3 2024, adjusted EPS was ~($0.23).
  
  The definitions and reconciliation of Non-GAAP information and comparable GAAP information are included in the Reconciliation of Non-GAAP Financial Measures table below.  

Reaffirming Strategic Focus
Plug continues to prioritize growth in its material handling, electrolyzer, and hydrogen fuel businesses. This disciplined execution strengthens near-term performance and positions the Company to scale into new markets in the future, such as large-scale stationary power and mobility.

As announced in October, Plug named Jose Luis Crespo as incoming Chief Executive Officer, succeeding long-term leader Andy Marsh. This planned transition reflects the Company’s evolution into a globally scaled energy technology business and positions Plug for its next phase of disciplined growth.

“Plug continues to execute, follow through on its commitments, and prove the viability of hydrogen at scale,” said Andy Marsh, CEO of Plug Power. “We’re seeing real adoption, real projects, and real performance, and we’re still only getting started.”

“This was a strong quarter that demonstrates Plug’s global growth and commercial traction,” said Jose Luis Crespo, President and Incoming CEO. “Our revenue performance reflects accelerating customer adoption and sets a solid foundation to meet our year-end goals as we continue driving the hydrogen economy forward.”

Operational and Strategic Highlights for the Quarter
During the quarter, Plug executed its strategic priorities by advancing deployments, expanding customer adoption, and driving operational improvements across its core businesses.

GenEco Electrolyzers

• Global Adoption: More than 230 MW of GenEco electrolyzer projects are now being mobilized across Europe, Australia, and North America, reinforcing Plug’s global leadership in deploying industrial-scale hydrogen solutions. Growing adoption in renewable fuels and green ammonia production further validates the Company’s position as a trusted partner in advancing the global hydrogen economy.
• Major Delivery: Delivered the first 10 MW GenEco PEM electrolyzer to Galp Energia’s Sines project in Portugal, the first phase of a planned 100 MW installation. This milestone demonstrates Plug’s execution capability and expanding presence in Europe’s emerging hydrogen market.
• Expanding Pipeline: Advanced multiple multi-megawatt projects across Australia, Europe, and the U.S., representing more than 8 GW of opportunity and underscoring Plug’s proven ability to deliver complex, large-scale hydrogen infrastructure worldwide.
  

GenDrive Fuel Cells

• Customer Momentum: Policy clarity and long-term supply contracts continue to accelerate customer adoption. Multi-year agreements and renewed activity among pedestal material handling and distribution customers highlight the enduring strength of Plug’s core fuel cell business.
• New Deployment: Commissioned GenDrive fuel cells and GenFuel hydrogen solutions with new customer Floor & Decor in Frederickson, Washington. The success at the Frederickson site opens the door to expanded hydrogen infrastructure, Plug’s hydrogen system also offers off-grid capabilities, enhancing energy resilience during power outages and periods of grid instability, while Plug's modular infrastructure is designed to scale easily as Floor & Decor's operations grow.

Hydrogen Fuel Production

• Strategic Supply Agreement: Extended a multi-year hydrogen supply contract with a key partner, strengthening Plug’s domestic hydrogen position through 2030. The agreement is expected to enhance supply reliability, lowers cost structure, and support improved cash flows across Plug’s growing applications portfolio.
• Georgia Green Hydrogen Plant: Achieved record production performance in August, 324 metric tons of liquid hydrogen with 97% uptime, 99.7% availability, and 92.8% efficiency, demonstrating exceptional reliability and operational optimization.
• Platform Monetization: As disclosed in the press release earlier today, Plug has signed a non-binding Letter of Intent to monetize its electricity rights in New York and one other location and collaborate with a major U.S. data center developer. Plug expects to generate more than $275 million in liquidity improvement through a combination of asset monetization, release of restricted cash, and reduced maintenance expenses. In connection with this initiative, Plug will suspend activities related to the Department of Energy loan program and reallocate capital toward higher-return opportunities across its hydrogen network. The Company’s recently executed hydrogen supply agreement with a global industrial gas leader provides competitively priced, long-term hydrogen supply—reducing the near-term need for self-developed hydrogen.
  

Plug will provide further insight into its strategy, operational execution, and path to profitability during its 7^th annual Plug Symposium on November 18. Investors and stakeholders are encouraged to register to stream the event and hear directly from Company leadership and customers. Register for the digital event at https://event.on24.com/wcc/r/5070165/A1DAC0191D73E6E705452AA4D133B5D8.

Earnings Call Details

Management will host a conference call to discuss results and business outlook.

Date: November 10, 2025
Time: 4:30 PM ET
Toll-Free: 877-407-9221 | International: +1 201-689-8597
Direct Webcast: https://event.webcasts.com/starthere.jsp?ei=1739626&tp_key=c156bc1626

A live webcast will be available on the Plug Investor Relations website at www.ir.plugpower.com, and a playback will remain available online following the call.

About Plug

Plug Power is building the global hydrogen economy with a fully integrated ecosystem spanning production, storage, delivery, and power generation. A first mover in the industry, Plug Power provides electrolyzers, liquid hydrogen, fuel cell systems, storage tanks, and fueling infrastructure to industries such as material handling, industrial applications and energy producers—advancing energy independence and decarbonization at scale.

With electrolyzers deployed across five continents, Plug Power leads in hydrogen production, delivering large-scale projects that redefine industrial power. The company has deployed over 72,000 fuel cell systems and 275 fueling stations and is the largest user of liquid hydrogen. Plug Power is rapidly expanding its generation network to ensure a reliable, domestically produced hydrogen supply. With plants operational in Georgia, Tennessee, and Louisiana, Plug Power’s total production capacity is now 40 tons per day.

Plug Power supports global leaders like Walmart, Amazon, Home Depot, BMW, and BP through its talented workforce and state-of-the-art manufacturing facilities around the world.

For more information, visit www.plugpower.com.

Forward-Looking Statements

This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks and uncertainties about Plug, including but not limited to statements about Project Quantum Leap and the anticipated benefits from the implementation of such initiative; Plug’s expectations regarding its financial profile and market outlook, including expected timing to achieve its EBITDAS-positive target; Plug’s ability to deliver on its business and strategic objectives, including its expectations regarding its near-term performance and ability to scale into new markets; Plug’s expectations regarding its hydrogen production network and its ability to leverage its platform and reduce third-party fuel costs; Plug’s statements regarding the Company’s expectations for liquidity improvement, its plans to monetize assets and reallocate capital toward higher-return opportunities; expectations regarding its future participation in the Department of Energy loan program; and the timing and magnitude of anticipated cost reductions and cash-flow improvements.

You are cautioned that such statements should not be read as a guarantee of future performance or results as such statements are subject to risks and uncertainties. Actual performance or results may differ materially from those expressed in these statements as a result of various factors, including, but not limited to, the following: the anticipated benefits and actual savings and costs resulting from Project Quantum Leap; the non-binding nature of the letter of intent with the project developer; the risk that Plug’s ability to achieve its business objectives and to continue to meet its obligations is dependent upon its ability to maintain a certain level of liquidity, which will depend in part on its ability to manage its cash flows; the risk of suspending activities related to the Department of Energy loan program; the risk that Plug may continue to incur losses and might never achieve or maintain profitability; the risk that Plug may not be successful in its financing initiatives and not have sufficient capital to continue its operations; the risk that Plug may not be able to expand its business or manage its future growth effectively; the risk that global economic uncertainty, including inflationary pressures, fluctuating interest rates, currency fluctuations, increase in tariffs, supply chain disruptions, changes in the hydrogen or energy markets or regulatory developments, may adversely affect Plug’s operating results; the risk that Plug may not be able to obtain from its hydrogen suppliers a sufficient supply of hydrogen at competitive prices or the risk that Plug may not be able to produce hydrogen internally at competitive prices; the risk that delays in or not completing its product and project development goals may adversely affect its revenue and profitability; the risk that its estimated future revenue may not be indicative of actual future revenue or profitability; the risk of elimination, nonrenewal, reduction of, or changes in qualifying criteria for government subsidies and economic incentives for alternative energy products, including Plug’s qualification to utilize the PTC and ITC; the risk that volatility in commodity prices and product shortages may adversely affect Plug’s gross margins and financial results; and the risk that Plug may not be able to manufacture and market products on a profitable and large-scale commercial basis. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Plug in general, see Plug’s public filings with the Securities and Exchange Commission, including the “Risk Factors” section of Plug’s Annual Report on Form 10-K for the year ended December 31, 2024, Plug’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025 and June 30, 2025, as well as any subsequent filings. Readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements are made as of the date hereof and are based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Plug disclaims any obligation to update forward-looking statements except as may be required by law.

MEDIA CONTACT
Teal Hoyos
[email protected]