Plug Power Inc.

plugpower.com

What Do They Do?

Sells hydrogen fuel-cell systems, electrolyzers, and hydrogen production and fueling equipment to material-handling operators, industrial companies, and energy producers.

How Do They Make Money?

Customers buy fuel-cell and infrastructure equipment, usually paying 30 to 90 days after shipment; electrolyzer systems are paid for at contract milestones, and most service is prepaid.

FY2025 revenue by product or service revenue

Segment	Share	How money arrives
Sales of equipment, related infrastructure and other Mix	52% FY2022: 80%	Mix
Services performed on fuel cell systems and related infrastructure Recurring	13% FY2022: 5.0%	Recurring
Power purchase agreements	15% FY2022: 6.7%
Fuel delivered to customers and related equipment	19% FY2022: 8.2%
Other	0.5% FY2022: 0.4%

Who Are Their Customers?

Plug sells to large and mid-sized fleets at manufacturing and distribution sites, as well as industrial hydrogen users and energy producers. Customers buy through Plug’s direct sales force or through original equipment makers and their dealer networks.

Customers above 10% of revenue, FY2025

of revenue from two customers (24%, 14%)

FY2023: 34% from two customers

Do Revenues Turn Into Profits?

No. It lost $1.6B in FY2025.

Operating income, FY2025

−207% of revenue

▼ −27% (Loss) vs FY2024 (−$2B, −321%)

Net income, FY2025

−230% of revenue

▼ −22% (Loss) vs FY2024 (−$2.1B, −335%)

Free cash flow, FY2025

−91% of revenue

▼ −36% (Loss) vs FY2024 (−$1B, −162%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +2%; vs $174M in Q2 FY2025
Net income: ▼ −17% (Loss); vs −$227.1M in Q2 FY2025

Sales of equipment, related infrastructure and other share of revenue vs 57.0% in Q2 FY2025

Aug 10, 2026 Plug raises 2026 revenue growth guidance to 15% to 16%

Growing. Revenue grew 41% in 4 years, from $502.3M in FY2021 to $709.9M in FY2025, about 9% a year.

Revenue over time

Sales of equipment, related infrastructure and other Services performed on fuel cell systems and related infrastructure Power purchase agreements Fuel delivered to customers and related equipment Other

$1B$500M$0

FY2021 FY2022 FY2023 FY2024 FY2025

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