Is Plug Power's $700M Revenue Target for 2025 Within Reach?

Plug Power Inc. PLUG has set an ambitious goal for 2025, aiming to generate approximately $700 million in revenues as demand for hydrogen-based solutions continues to grow. In the first nine months of 2025, the company reported revenues of $484.7 million, reflecting an increase of 10.8% year over year.

Solid demand for electrolyzers is driving Plug Power’s growth. In the first nine months of 2025, revenues from this product line surged 61% year over year and accounted for 24.7% of the company’s total revenues. Demand for GenEco proton exchange membrane (PEM) electrolyzers remains strong across industrial and energy markets worldwide. PLUG has a robust pipeline of electrolyzer projects and is working to mobilize more than 230 MW of its GenEco electrolyzers across North America, Europe and Australia. Recent milestones include a five-MW electrolyzer planned for Hy2gen’s Sunrhyse hydrogen production plant in France, a five-MW installation for the H2 Hollandia project in the Netherlands and the delivery of a 10-MW GenEco electrolyzer to Galp’s Sines Refinery in Portugal.

However, growth in electrolyzers is being partially offset by decreasing demand for its legacy products. Lower hydrogen infrastructure installations, slower cryogenic equipment project timelines, softer GenDrive fuel cell demand and reduced engineered oil and gas equipment sales are concerning for the company.

To achieve the $700 million target, Plug Power will need to generate about $215 million in the fiscal fourth quarter. Expanding project opportunities and rising global interest in clean hydrogen position PLUG to achieve its 2025 revenue target.

Snapshot of Plug Power’s Peers

Among its major peers, Bloom Energy Corp.’s BE product and service revenues rose 55.7% year over year in the third quarter of 2025. Bloom Energy’s total revenues surged 57.1% year over year in the same period. The growth was fueled by robust demand for Bloom Energy’s solid oxide fuel cell systems and expanding adoption of hydrogen-capable solutions.

Another PLUG peer, Flux Power Holdings, Inc. FLUX reported revenues of $13.2 million in the first quarter of fiscal 2026 (ended September 2025). Flux Power’s total revenues decreased 18% year over year in the same period, owing to the lower capital spending. However, Flux Power continues to expand its lithium-ion energy storage solutions and SkyEMS software platform.

The Zacks Rundown for PLUG

Shares of Plug Power have gained 38.9% in the past six months compared with the industry’s growth of 30%.

From a valuation standpoint, Plug Power is trading at a forward price-to-earnings ratio of negative 5.94X against the industry average of 25.28X. PLUG carries a Value Score of F.

The Zacks Consensus Estimate for PLUG’s bottom line for fourth-quarter 2025 has remained steady in the past 30 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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