Plug Power (PLUG) Financials

$3.78 0.00 (0.00%)

Closing price 05/22/2026 04:00 PM Eastern

Extended Trading

$3.76 -0.02 (-0.66%)

As of 05/22/2026 07:59 PM Eastern

Annual Income Statements for Plug Power

This table shows Plug Power's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	151	-55	-130	-86	-86	-596	-460	-724	-1,369	-2,105	-1,632
Consolidated Net Income / (Loss)	-56	-57	-127	-86	-84	-596	-460	-724	-1,369	-2,105	-1,694
Net Income / (Loss) Continuing Operations	151	-55	-127	-86	-84	-596	-460	-724	-1,369	-2,105	-1,694
Total Pre-Tax Income	-56	-58	-127	-95	-84	-627	-476	-723	-1,376	-2,108	-1,693
Total Operating Income	-59	-52	-102	-76	-48	-584	-437	-680	-1,344	-2,020	-1,467
Total Gross Profit	197	5.02	-28	-26	11	-469	-171	-194	-508	-625	-242
Total Revenue	310	83	100	174	230	-93	502	701	891	629	710
Operating Revenue	103	83	100	174	230	-93	502	701	891	629	710
Total Cost of Revenue	113	80	128	200	219	376	674	896	1,399	1,254	952
Operating Cost of Revenue	113	80	128	-	-	376	674	896	1,399	1,254	952
Total Operating Expenses	49	54	74	50	58	115	266	485	836	1,395	1,225
Selling, General & Admin Expense	34	34	45	38	43	79	180	364	422	376	380
Research & Development Expense	15	21	29	13	15	28	65	100	114	77	58
Impairment Charge	-	-	-	0.00	0.00	6.43	10	5.22	269	949	785
Restructuring Charge	-	-	-	-	-	-	-	0.00	0.00	8.15	26
Other Special Charges / (Income)	-	-	-	0.00	0.00	1.16	11	16	30	-16	-23
Total Other Income / (Expense), net	3.31	-6.36	-25	-18	-36	-43	-39	-44	-33	-88	-226
Interest Expense	-	-	-	23	36	43	43	40	45	63	97
Interest & Investment Income	-	-	-	-	-	0.77	4.99	-2.46	13	-1.46	-36
Other Income / (Expense), net	3.31	-6.36	-25	4.29	0.08	-0.74	-0.61	-1.14	-0.13	-23	-94
Income Tax Expense	-	-0.39	-	-9.30	0.00	-31	-16	0.84	-7.36	-2.69	0.36
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	-	-	-	-	0.00	0.00	-0.20	-62
Basic Earnings per Share	($0.32)	($0.32)	($0.60)	($0.39)	($0.36)	($1.68)	($0.82)	($1.25)	($2.30)	($2.68)	($1.42)
Weighted Average Basic Shares Outstanding	176.07M	180.62M	216.34M	218.88M	237.15M	354.79M	558.18M	579.72M	595.47M	785.02M	1.15B
Diluted Earnings per Share	($0.32)	($0.32)	($0.60)	($0.39)	($0.36)	($1.68)	($0.82)	($1.25)	($2.30)	($2.68)	($1.42)
Weighted Average Diluted Shares Outstanding	176.07M	180.62M	216.34M	218.88M	237.15M	354.79M	558.18M	579.72M	595.47M	785.02M	1.15B
Weighted Average Basic & Diluted Shares Outstanding	176.07M	180.62M	216.34M	218.88M	237.15M	354.79M	577.86M	593.39M	684.26M	925.18M	1.39B

This table shows Plug Power's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-283	-642	-296	-262	-211	-1,335	-197	-227	-362	-846	-245
Consolidated Net Income / (Loss)	-283	-642	-296	-262	-211	-1,336	-197	-229	-364	-905	-246
Net Income / (Loss) Continuing Operations	-283	-892	-296	-262	-211	-1,336	-197	-229	-364	-905	-246
Total Pre-Tax Income	-288	-643	-296	-263	-211	-1,338	-197	-229	-363	-904	-246
Total Operating Income	-274	-626	-259	-245	-216	-1,300	-178	-177	-349	-763	-109
Total Gross Profit	-138	-222	-159	-131	-100	-235	-74	-53	-120	5.45	-22
Total Revenue	199	222	120	143	174	191	134	174	177	225	164
Operating Revenue	199	222	120	143	174	191	134	174	177	225	164
Total Cost of Revenue	337	444	279	275	274	426	208	227	297	220	185
Operating Cost of Revenue	337	444	279	275	274	426	208	227	297	220	185
Total Operating Expenses	136	653	100	113	116	1,065	105	123	229	769	88
Selling, General & Admin Expense	105	112	78	85	92	121	81	88	111	100	70
Research & Development Expense	28	30	25	19	20	13	17	12	16	12	12
Impairment Charge	0.67	507	0.28	3.94	4.19	941	1.06	21	98	666	3.86
Restructuring Charge	0.00	-	6.01	1.63	0.51	-0.00	17	2.96	5.52	0.22	1.43
Other Special Charges / (Income)	2.24	3.71	-9.20	3.77	0.15	-11	-12	-0.17	-1.13	-10	0.28
Total Other Income / (Expense), net	-14	-17	-36	-18	5.10	-39	-18	-52	-15	-141	-137
Interest Expense	12	11	25	9.51	9.15	19	15	21	16	44	16
Interest & Investment Income	-7.42	-10	-3.84	0.56	-1.27	3.09	2.78	-40	1.05	0.54	3.38
Other Income / (Expense), net	4.99	4.74	-7.00	-9.08	16	-23	-6.05	9.65	0.78	-98	-124
Income Tax Expense	-4.73	-0.45	0.16	-0.38	0.10	-2.57	0.00	0.01	0.09	0.25	0.04
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	0.00	0.00	0.00	-	-0.20	-1.63	-1.64	-59	-0.73
Basic Earnings per Share	($0.47)	($1.08)	($0.46)	($0.36)	($0.25)	($1.61)	($0.21)	($0.20)	($0.31)	($0.70)	($0.18)
Weighted Average Basic Shares Outstanding	599.47M	595.47M	641.26M	736.85M	858.44M	785.02M	945.77M	1.13B	1.16B	1.15B	1.39B
Diluted Earnings per Share	($0.47)	($1.08)	($0.46)	($0.36)	($0.25)	($1.61)	($0.21)	($0.20)	($0.31)	($0.70)	($0.18)
Weighted Average Diluted Shares Outstanding	599.47M	595.47M	641.26M	736.85M	858.44M	785.02M	945.77M	1.13B	1.16B	1.15B	1.39B
Weighted Average Basic & Diluted Shares Outstanding	605.50M	684.26M	742.56M	879.64M	911.20M	925.18M	1.08B	1.15B	1.39B	1.39B	1.40B

This table details how cash moves in and out of Plug Power's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-82	-11	-33	42	259	1,265	1,499	-1,791	-556	71	163
Net Cash From Operating Activities	-47	-30	-60	-58	-53	-155	-358	-829	-1,107	-729	-536
Net Cash From Continuing Operating Activities	-47	-30	-60	-58	-53	-155	-358	-829	-1,107	-729	-536
Net Income / (Loss) Continuing Operations	-56	-57	-127	-86	-84	-596	-460	-724	-1,369	-2,105	-1,694
Consolidated Net Income / (Loss)	-56	-57	-127	-86	-84	-596	-460	-724	-1,369	-2,105	-1,694
Depreciation Expense	2.01	4.65	9.19	12	12	14	21	30	52	61	38
Amortization Expense	0.98	2.35	1.36	7.04	9.70	18	5.49	25	15	21	8.21
Non-Cash Adjustments To Reconcile Net Income	14	-4.70	60	22	18	464	157	200	593	1,303	1,089
Changes in Operating Assets and Liabilities, net	-8.89	26	-3.91	-13	-9.62	-56	-82	-360	-397	-8.37	23
Net Cash From Investing Activities	-2.02	-58	-44	-20	-14	-95	-1,741	-679	728	-402	-139
Net Cash From Continuing Investing Activities	-2.02	-58	-44	-20	-14	-95	-1,741	-679	728	-402	-139
Purchase of Property, Plant & Equipment	-3.52	-58	-44	-19	-12	-48	-192	-464	-696	-334	-126
Sale of Property, Plant & Equipment	-	-	-	-	-	-	0.00	0.00	1.10	0.50	0.00
Divestitures	1.50	-	-	-	-	-	-	-	0.00	0.00	6.50
Sale and/or Maturity of Investments	-	-	-	-	-	0.00	1,936	724	1,496	0.00	0.00
Other Investing Activities, net	-	-	-	0.00	0.38	0.00	-	-39	-73	-69	-20
Net Cash From Financing Activities	-33	77	72	120	327	1,516	3,598	-77	6.12	983	630
Net Cash From Continuing Financing Activities	-33	77	72	120	446	1,516	3,598	-77	6.12	983	630
Repayment of Debt	-	-55	-31	-47	-85	-165	-88	-176	-6.01	-3.53	-282
Issuance of Debt	-	71	20	172	361	369	109	123	104	250	643
Issuance of Common Equity	-	12	23	7.20	158	1,272	3,588	0.00	0.00	868	330
Other Financing Activities, net	-33	33	45	-43	1.22	40	-11	-24	-92	-132	-62
Effect of Exchange Rate Changes	-0.02	-0.12	0.35	-0.06	-0.06	-	-	-205	-183	218	208
Cash Interest Paid	0.55	8.26	8.79	13	19	29	19	36	42	45	60

This table details how cash moves in and out of Plug Power's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-469	457	38	-67	32	112	90	-155	25	203	-145
Net Cash From Operating Activities	-239	-243	-168	-255	-175	-131	-106	-192	-90	-149	-150
Net Cash From Continuing Operating Activities	-239	6.85	-168	-255	-175	-131	-106	-192	-90	-149	-150
Net Income / (Loss) Continuing Operations	-283	-642	-296	-262	-211	-1,336	-197	-229	-364	-905	-246
Consolidated Net Income / (Loss)	-283	-642	-296	-262	-211	-1,336	-197	-229	-364	-905	-246
Depreciation Expense	17	14	17	18	17	9.48	12	13	8.12	4.58	6.31
Amortization Expense	5.71	11	5.06	3.66	3.75	8.15	1.69	2.11	2.60	1.81	1.91
Non-Cash Adjustments To Reconcile Net Income	105	643	69	59	39	1,120	29	70	215	787	124
Changes in Operating Assets and Liabilities, net	-83	-19	37	-73	-24	67	49	-47	48	-38	-36
Net Cash From Investing Activities	-145	268	-121	-148	-90	-44	-47	-41	-30	-21	-8.48
Net Cash From Continuing Investing Activities	-145	268	-121	-148	-90	-44	-47	-41	-30	-21	-8.48
Purchase of Property, Plant & Equipment	-171	-186	-99	-106	-90	-40	-46	-40	-30	-9.06	-8.11
Other Investing Activities, net	-26	-5.79	-22	-42	-0.66	-4.25	-0.51	-0.32	-0.29	-19	-0.37
Net Cash From Financing Activities	-11	-8.33	283	244	252	204	193	33	87	317	-32
Net Cash From Continuing Financing Activities	-11	-8.33	283	244	252	204	193	33	87	317	-32
Repayment of Debt	-0.30	-74	-0.30	21	-0.04	-90	-1.58	-2.94	-11	-266	-0.35
Issuance of Common Equity	-	-	305	267	221	75	276	0.89	77	-23	0.30
Other Financing Activities, net	-24	52	-22	-44	-23	24	-81	-165	-29	213	-32
Effect of Exchange Rate Changes	-74	-	43	-	44	83	49	45	58	56	45
Cash Interest Paid	9.11	13	9.11	13	4.35	18	6.69	21	9.31	22	8.99

This table presents Plug Power's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	209	241	271	390	660	2,251	5,950	5,764	4,903	3,603	2,595
Total Current Assets	131	111	120	156	314	1,603	4,449	3,305	1,787	1,477	1,410
Cash & Equivalents	64	46	25	39	139	1,312	2,481	691	135	206	369
Restricted Cash	4.01	11	14	17	55	64	119	159	217	198	187
Accounts Receivable	23	12	24	37	26	43	93	129	244	157	135
Inventories, net	33	30	49	48	72	139	269	646	961	683	521
Prepaid Expenses	7.86	12	7.93	14	21	44	60	150	104	140	94
Other Current Assets	-	-	-	-	-	-	39	62	126	94	105
Plant, Property, & Equipment, net	1.67	54	0.00	0.00	15	150	329	809	1,547	866	404
Total Noncurrent Assets	77	76	151	235	331	498	1,173	1,650	1,568	1,259	780
Long-Term Investments	44	43	29	54	175	258	545	731	881	723	486
Noncurrent Note & Lease Receivables	7.26	8.25	10	13	1.71	5.72	32	54	57	52	45
Intangible Assets	4.64	3.93	3.79	3.89	5.54	39	158	208	189	85	29
Other Noncurrent Operating Assets	12	12	98	155	140	123	217	409	441	400	221
Total Liabilities & Shareholders' Equity	209	241	271	390	660	2,251	5,950	5,764	4,903	3,603	2,595
Total Liabilities	84	146	196	356	528	784	1,344	1,704	2,005	1,795	1,591
Total Current Liabilities	43	66	116	146	134	222	421	635	965	748	611
Short-Term Debt	-	2.96	19	17	26	25	15	5.14	2.72	59	3.21
Accounts Payable	20	32	42	35	40	50	92	192	258	181	169
Accrued Expenses	9.85	8.52	11	7.86	14	46	79	156	201	103	128
Current Deferred Revenue	4.47	5.74	8.63	12	12	23	116	132	204	144	67
Other Current Liabilities	7.93	17	35	75	41	77	117	150	300	261	244
Total Noncurrent Liabilities	41	80	81	210	394	562	924	1,069	1,040	1,047	981
Long-Term Debt	-	21	13	63	196	236	305	198	196	323	432
Noncurrent Deferred Revenue	14	17	26	28	23	33	67	98	84	59	34
Other Noncurrent Operating Liabilities	27	41	42	118	175	293	552	773	759	665	514
Total Equity & Noncontrolling Interests	125	85	74	2.71	130	1,467	4,606	4,060	2,898	1,808	1,003
Total Preferred & Common Equity	125	85	74	2.71	130	1,467	4,606	4,060	2,898	1,734	978
Total Common Equity	125	85	74	2.71	130	1,467	4,606	4,060	2,898	1,734	978
Common Stock	1,121	1,139	1,253	1,292	1,510	3,451	7,077	7,303	7,501	8,440	9,200
Retained Earnings	-994	-1,051	-1,179	-1,260	-1,350	-1,946	-2,397	-3,121	-4,490	-6,594	-8,226
Accumulated Other Comprehensive Income / (Loss)	0.80	0.25	2.19	1.58	1.29	2.45	-1.53	-26	-6.80	-2.50	6.80
Other Equity Adjustments	-	-	-	-	-	-	-73	-96	-106	-109	-2.95
Noncontrolling Interest	-	-	-	-	-	-	-	-	0.00	74	25

This table presents Plug Power's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	5,859	5,654	5,583	5,452	4,847	4,780	4,725	3,633	3,354	3,105	2,368
Total Current Assets	3,652	2,977	2,617	2,240	1,767	1,672	1,634	1,534	1,330	1,191	1,275
Cash & Equivalents	1,748	475	579	111	173	62	94	296	141	166	223
Restricted Cash	157	176	173	226	220	223	217	196	195	189	184
Accounts Receivable	95	128	217	163	149	190	167	145	139	124	107
Inventories, net	516	776	904	1,024	976	940	886	693	644	555	516
Prepaid Expenses	136	156	140	147	119	125	125	112	113	88	140
Other Current Assets	50	99	99	112	130	133	145	92	98	69	105
Plant, Property, & Equipment, net	607	875	1,062	1,252	1,569	1,510	1,534	880	910	877	240
Total Noncurrent Assets	1,600	1,802	1,904	1,960	1,512	1,598	1,557	1,220	1,114	1,037	853
Long-Term Investments	692	790	864	905	842	831	782	670	587	537	441
Noncurrent Note & Lease Receivables	50	57	56	55	56	55	53	51	55	53	39
Intangible Assets	196	204	199	193	183	178	175	83	81	78	28
Other Noncurrent Operating Assets	432	502	535	559	430	534	547	416	391	369	345
Total Liabilities & Shareholders' Equity	5,859	5,654	5,583	5,452	4,847	4,780	4,725	3,633	3,354	3,105	2,368
Total Liabilities	1,635	1,732	1,844	1,943	1,918	1,791	1,696	1,701	1,590	1,606	1,594
Total Current Liabilities	599	678	828	931	911	810	787	788	836	903	541
Short-Term Debt	0.94	5.23	0.51	2.65	2.79	3.03	61	59	145	144	2.93
Accounts Payable	200	188	220	293	286	254	207	192	152	162	144
Accrued Expenses	157	168	166	154	155	113	107	129	105	122	113
Current Deferred Revenue	108	137	165	177	180	175	132	138	107	88	69
Other Current Liabilities	133	179	275	305	288	265	279	271	326	386	212
Total Noncurrent Liabilities	1,036	1,055	1,016	1,012	1,007	982	909	912	754	704	1,054
Long-Term Debt	259	198	198	196	211	211	152	257	0.00	0.00	504
Noncurrent Deferred Revenue	81	83	87	77	76	71	60	43	41	34	30
Other Noncurrent Operating Liabilities	696	774	731	739	720	700	698	612	713	670	520
Total Equity & Noncontrolling Interests	4,224	3,922	3,739	3,509	2,929	2,989	3,029	1,933	1,764	1,499	774
Total Preferred & Common Equity	4,224	3,922	3,739	3,509	2,929	2,989	3,029	1,857	1,681	1,417	750
Total Common Equity	4,224	3,922	3,739	3,509	2,929	2,989	3,029	1,857	1,681	1,417	750
Common Stock	7,251	7,367	7,416	7,462	7,830	8,145	8,398	8,762	8,801	8,899	9,221
Retained Earnings	-2,897	-3,327	-3,564	-3,847	-4,786	-5,048	-5,259	-6,791	-7,018	-7,380	-8,471
Accumulated Other Comprehensive Income / (Loss)	-35	-19	-14	-1.62	-9.08	-1.95	-1.63	-5.23	3.48	3.78	3.44
Other Equity Adjustments	-	-99	-99	-104	-107	-107	-108	-109	-105	-106	-2.98
Noncontrolling Interest	-	-	-	-	-	-	-	75	83	82	24

This table displays calculated financial ratios and metrics derived from Plug Power's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1,391,427,242.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1,391,427,242.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-1.17
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Net Operating Profit after Tax (NOPAT)	-41	-36	-71	-54	-33	-409	-306	-476	-940	-1,414	-1,027
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-11.16%	-30.36%	-64.56%	-71.39%
Earnings before Interest and Taxes (EBIT)	-56	-58	-127	-72	-48	-585	-438	-681	-1,344	-2,043	-1,561
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-53	-51	-117	-53	-26	-552	-412	-625	-1,270	-1,962	-1,515
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-42	-40	-92	-19	-13	-518	-605	-1,297	-1,590	-613	-361
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	14	18	38	4.39	-16	94	393	1,215	1,864	1,064	398
Increase / (Decrease) in Invested Capital	0.78	3.77	21	-34	-20	110	299	822	650	-801	-666
Book Value per Share	$0.69	$0.47	$0.32	$0.01	$0.50	$3.53	$7.99	$6.97	$4.79	$1.90	$0.70
Tangible Book Value per Share	$0.62	$0.40	$0.26	($0.04)	$0.44	$3.26	$7.33	$6.18	$4.47	$1.81	$0.68
Total Capital	126	119	106	115	354	1,728	4,926	4,263	3,097	2,190	1,439
Total Debt	0.00	24	32	80	223	261	321	203	199	382	436
Total Long-Term Debt	0.00	21	13	63	196	236	305	198	196	323	432
Net Debt	-112	-77	-36	-30	-147	-1,373	-4,213	-2,845	-1,034	-744	-605
Capital Expenditures (CapEx)	3.52	58	44	19	12	48	192	464	695	334	126
Debt-free, Cash-free Net Working Capital (DFCFNWC)	21	-9.82	-16	-30	12	30	55	358	473	385	248
Debt-free Net Working Capital (DFNWC)	89	47	23	26	206	1,406	4,043	2,675	825	788	803
Net Working Capital (NWC)	89	44	3.89	9.25	180	1,381	4,028	2,670	822	729	800
Net Nonoperating Expense (NNE)	14	21	56	32	50	187	154	248	428	691	666
Net Nonoperating Obligations (NNO)	-112	-77	-36	-30	-147	-1,373	-4,213	-2,845	-1,034	-744	-605
Total Depreciation and Amortization (D&A)	2.99	7.00	11	19	22	33	26	55	73	82	46
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.32)	($0.32)	($0.60)	($0.36)	($0.36)	$0.00	($0.82)	($1.25)	($2.30)	($2.68)	($1.42)
Adjusted Weighted Average Basic Shares Outstanding	180.11M	191.19M	228.59M	233.84M	321.29M	0.00	558.18M	579.72M	595.47M	785.02M	1.15B
Adjusted Diluted Earnings per Share	($0.32)	($0.32)	($0.60)	($0.36)	($0.36)	$0.00	($0.82)	($1.25)	($2.30)	($2.68)	($1.42)
Adjusted Weighted Average Diluted Shares Outstanding	180.11M	191.19M	228.59M	233.84M	321.29M	0.00	558.18M	579.72M	595.47M	785.02M	1.15B
Adjusted Basic & Diluted Earnings per Share	($0.32)	($0.32)	($0.60)	($0.36)	($0.36)	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	176.07M	180.62M	216.34M	218.88M	237.15M	0.00	577.86M	593.39M	684.26M	925.18M	1.39B
Normalized Net Operating Profit after Tax (NOPAT)	-41	-36	-71	-54	-33	-404	-291	-461	-556	-755	-476
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-

This table displays calculated financial ratios and metrics derived from Plug Power's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	1,391,427,242.00	1,393,955,129.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	1,391,427,242.00	1,393,955,129.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-0.61	-0.18
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.35%	0.64%	-42.81%	-44.90%	-12.57%	-13.81%	11.15%	21.36%	1.91%	-	22.32%
EBITDA Growth	-63.77%	-176.31%	-19.30%	-4.51%	27.10%	-118.78%	30.26%	34.33%	-87.51%	-	-32.18%
EBIT Growth	-62.88%	-165.76%	-24.16%	-6.21%	25.40%	-112.89%	30.74%	34.07%	-73.43%	-	-26.73%
NOPAT Growth	-71.50%	-167.79%	-23.65%	-4.63%	21.10%	-107.63%	31.21%	27.68%	-61.35%	-	38.65%
Net Income Growth	-66.01%	-187.47%	-43.19%	-10.97%	25.51%	-107.91%	33.44%	12.81%	-72.14%	-	-24.98%
EPS Growth	-56.67%	0.00%	-31.43%	10.00%	46.81%	-49.07%	54.35%	44.44%	-24.00%	-	14.29%
Operating Cash Flow Growth	-104.31%	20.85%	39.43%	26.82%	26.78%	45.91%	37.06%	24.70%	48.66%	-	-42.13%
Free Cash Flow Firm Growth	-67.13%	-10.38%	45.45%	63.24%	77.04%	89.97%	221.32%	320.75%	497.77%	-	-17.03%
Invested Capital Growth	114.41%	53.47%	25.86%	14.94%	6.92%	-42.94%	-43.02%	-52.74%	-65.09%	-	-60.15%
Revenue Q/Q Growth	-23.63%	11.80%	-45.87%	19.20%	21.19%	10.21%	-30.19%	30.15%	1.77%	-	-27.40%
EBITDA Q/Q Growth	-11.10%	-141.72%	58.96%	5.17%	22.50%	-625.39%	86.92%	10.70%	-121.29%	-	73.61%
EBIT Q/Q Growth	-12.58%	-130.93%	57.11%	4.75%	20.92%	-559.04%	86.05%	9.33%	-108.02%	-	72.85%
NOPAT Q/Q Growth	-17.16%	-128.46%	58.56%	5.68%	11.65%	-501.20%	86.27%	0.85%	-97.12%	-	85.65%
Net Income Q/Q Growth	-19.92%	-126.61%	53.96%	11.31%	19.50%	-532.50%	85.26%	-16.19%	-58.93%	-	72.80%
EPS Q/Q Growth	-17.50%	-129.79%	57.41%	21.74%	30.56%	-544.00%	86.96%	4.76%	-55.00%	-	74.29%
Operating Cash Flow Q/Q Growth	31.37%	-1.57%	30.88%	-51.88%	31.33%	24.98%	19.56%	-81.69%	53.18%	-	-0.94%
Free Cash Flow Firm Q/Q Growth	-5.04%	13.98%	47.27%	22.85%	34.38%	62.42%	737.85%	40.36%	18.24%	-	338.76%
Invested Capital Q/Q Growth	10.72%	-7.26%	2.34%	9.38%	2.99%	-50.51%	2.20%	-9.28%	-23.92%	-	8.86%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	-69.43%	-100.06%	-132.27%	-91.56%	-57.58%	-122.49%	-55.25%	-30.73%	-67.87%	-	-13.21%
EBITDA Margin	-124.16%	-268.46%	-203.51%	-161.91%	-103.54%	-681.46%	-127.69%	-87.61%	-190.50%	-	-137.98%
Operating Margin	-137.87%	-281.74%	-215.70%	-170.68%	-124.43%	-678.75%	-133.50%	-101.71%	-196.99%	-	-66.96%
EBIT Margin	-135.36%	-279.61%	-221.52%	-177.02%	-115.50%	-690.66%	-138.03%	-96.16%	-196.55%	-	-143.00%
Profit (Net Income) Margin	-142.66%	-289.16%	-245.94%	-183.00%	-121.55%	-697.57%	-147.27%	-131.48%	-205.31%	-	-150.47%
Tax Burden Percent	98.36%	99.93%	100.06%	99.86%	100.05%	99.81%	100.00%	100.01%	100.03%	-	100.02%
Interest Burden Percent	107.15%	103.49%	110.96%	103.53%	105.19%	101.19%	106.70%	136.71%	104.43%	-	105.21%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Return on Invested Capital (ROIC)	-58.27%	-114.18%	-70.67%	-41.91%	-27.62%	-204.06%	-40.08%	-31.18%	-64.31%	-	-45.61%
ROIC Less NNEP Spread (ROIC-NNEP)	-54.44%	-103.65%	-64.01%	-35.47%	-22.59%	-156.15%	-32.37%	-18.69%	-49.65%	-	-17.05%
Return on Net Nonoperating Assets (RNNOA)	33.68%	57.78%	32.02%	14.89%	8.22%	58.99%	12.43%	6.60%	17.86%	-	7.47%
Return on Equity (ROE)	-24.59%	-56.40%	-38.66%	-27.02%	-19.40%	-145.08%	-27.65%	-24.57%	-46.46%	-	-38.14%
Cash Return on Invested Capital (CROIC)	-117.96%	-103.27%	-79.86%	-64.26%	-51.99%	-41.89%	-35.82%	-13.62%	-0.25%	-	-42.74%
Operating Return on Assets (OROA)	-21.30%	-46.73%	-33.81%	-23.38%	-14.97%	-102.12%	-20.90%	-15.91%	-33.95%	-	-35.25%
Return on Assets (ROA)	-22.45%	-48.32%	-37.53%	-24.17%	-15.75%	-103.14%	-22.30%	-21.75%	-35.46%	-	-37.09%
Return on Common Equity (ROCE)	-24.59%	-56.40%	-38.66%	-27.02%	-19.40%	-142.81%	-27.22%	-24.14%	-45.62%	-	-36.74%
Return on Equity Simple (ROE_SIMPLE)	-27.07%	0.00%	-49.78%	-49.66%	-46.60%	0.00%	-108.01%	0.00%	0.00%	-	0.00%
Net Operating Profit after Tax (NOPAT)	-192	-438	-182	-171	-151	-910	-125	-124	-244	-534	-77
NOPAT Margin	-96.51%	-197.22%	-150.99%	-119.48%	-87.10%	-475.12%	-93.45%	-71.20%	-137.90%	-	-46.87%
Net Nonoperating Expense Percent (NNEP)	-3.83%	-10.53%	-6.66%	-6.45%	-5.03%	-47.92%	-7.71%	-12.49%	-14.66%	-	-28.56%
Return On Investment Capital (ROIC_SIMPLE)	-	-14.15%	-5.78%	-	-	-41.54%	-5.55%	-6.49%	-14.86%	-37.13%	-5.98%
Cost of Revenue to Revenue	169.43%	200.06%	232.27%	191.56%	157.58%	222.49%	155.25%	130.73%	167.87%	-	113.21%
SG&A Expenses to Revenue	53.07%	50.35%	64.82%	59.40%	52.72%	63.42%	60.47%	50.52%	62.46%	-	42.94%
R&D to Revenue	13.92%	13.64%	21.02%	13.21%	11.35%	6.94%	12.98%	7.01%	9.10%	-	7.41%
Operating Expenses to Revenue	68.44%	293.99%	83.43%	79.12%	66.85%	556.26%	78.25%	70.98%	129.13%	-	53.75%
Earnings before Interest and Taxes (EBIT)	-269	-621	-266	-254	-201	-1,322	-185	-167	-348	-861	-234
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-247	-596	-245	-232	-180	-1,305	-171	-152	-337	-855	-226
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.30	0.94	0.80	0.58	0.66	1.12	0.67	0.96	1.90	-	4.20
Price to Tangible Book Value (P/TBV)	1.49	1.01	0.86	0.62	0.70	1.18	0.70	1.00	2.01	-	4.37
Price to Revenue (P/Rev)	5.14	3.06	2.94	2.53	3.01	3.09	1.94	2.39	3.98	-	4.26
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.53	0.91	0.70	0.40	0.52	1.19	0.44	0.92	2.70	-	6.54
Enterprise Value to Revenue (EV/Rev)	3.46	1.90	1.66	1.21	1.68	2.02	0.75	1.36	2.99	-	3.83
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.06	0.07	0.07	0.07	0.07	0.21	0.16	0.08	0.10	-	0.66
Long-Term Debt to Equity	0.06	0.07	0.07	0.07	0.05	0.18	0.13	0.00	0.00	-	0.65
Financial Leverage	-0.62	-0.56	-0.50	-0.42	-0.36	-0.38	-0.38	-0.35	-0.36	-	-0.44
Leverage Ratio	1.46	1.53	1.53	1.54	1.56	1.81	1.74	1.71	1.73	-	2.22
Compound Leverage Factor	1.57	1.59	1.70	1.59	1.64	1.83	1.86	2.34	1.81	-	2.33
Debt to Total Capital	5.37%	6.43%	6.80%	6.68%	6.57%	17.45%	14.06%	7.61%	8.77%	-	39.58%
Short-Term Debt to Total Capital	0.07%	0.09%	0.09%	0.09%	1.89%	2.70%	2.64%	7.61%	8.77%	-	0.23%
Long-Term Debt to Total Capital	5.29%	6.34%	6.71%	6.59%	4.67%	14.75%	11.43%	0.00%	0.00%	-	39.35%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	3.36%	3.35%	4.34%	4.99%	-	1.88%
Common Equity to Total Capital	94.63%	93.57%	93.20%	93.32%	93.43%	79.19%	82.58%	88.05%	86.24%	-	58.54%
Debt to EBITDA	-0.22	-0.16	-0.16	-0.16	-0.17	-0.19	-0.17	-0.08	-0.07	-	-0.32
Net Debt to EBITDA	1.69	0.81	0.78	0.68	0.70	0.38	0.45	0.43	0.38	-	0.22
Long-Term Debt to EBITDA	-0.22	-0.15	-0.16	-0.16	-0.12	-0.16	-0.14	0.00	0.00	-	-0.32
Debt to NOPAT	-0.30	-0.21	-0.22	-0.22	-0.23	-0.27	-0.23	-0.11	-0.10	-	-0.52
Net Debt to NOPAT	2.25	1.10	1.05	0.92	0.93	0.53	0.62	0.59	0.53	-	0.35
Long-Term Debt to NOPAT	-0.29	-0.21	-0.22	-0.21	-0.16	-0.23	-0.19	0.00	0.00	-	-0.51
Altman Z-Score	0.71	-0.50	-0.45	-0.71	-0.64	-2.71	-1.92	-2.11	-2.36	-	-3.46
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	1.56%	1.55%	1.74%	1.81%	-	3.68%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.41	1.85	1.94	2.07	2.08	1.97	1.95	1.59	1.32	-	2.36
Quick Ratio	0.79	0.39	0.35	0.31	0.33	0.48	0.56	0.33	0.32	-	0.61
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,264	-1,088	-574	-442	-290	-109	696	977	1,155	132	577
Operating Cash Flow to CapEx	-139.31%	-131.24%	-169.95%	-239.75%	-194.99%	-331.53%	-229.20%	-474.55%	-298.39%	-	-1,849.16%
Free Cash Flow to Firm to Interest Expense	-107.14	-94.71	-22.61	-46.52	-31.74	-5.78	45.97	45.61	70.16	-	37.14
Operating Cash Flow to Interest Expense	-20.24	-21.13	-6.61	-26.78	-19.12	-6.96	-6.97	-8.96	-5.46	-	-9.65
Operating Cash Flow Less CapEx to Interest Expense	-34.77	-37.23	-10.50	-37.96	-28.93	-9.05	-10.02	-10.85	-7.28	-	-10.17
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.16	0.17	0.15	0.13	0.13	0.15	0.15	0.17	0.17	-	0.25
Accounts Receivable Turnover	6.88	4.78	5.80	3.37	3.99	3.14	4.37	4.10	4.64	-	5.88
Inventory Turnover	1.86	1.74	1.60	1.45	1.33	1.53	1.42	1.43	1.61	-	1.54
Fixed Asset Turnover	0.96	0.76	0.66	0.53	0.47	0.52	0.52	0.56	0.56	-	1.32
Accounts Payable Turnover	5.81	6.22	5.91	5.63	5.09	5.71	4.95	5.59	6.27	-	5.54
Days Sales Outstanding (DSO)	53.04	76.42	62.98	108.38	91.43	116.40	83.48	89.13	78.61	-	62.04
Days Inventory Outstanding (DIO)	196.32	209.60	228.52	252.05	274.00	239.30	257.77	254.67	227.04	-	237.49
Days Payable Outstanding (DPO)	62.80	58.66	61.80	64.82	71.75	63.87	73.68	65.26	58.21	-	65.94
Cash Conversion Cycle (CCC)	186.56	227.36	229.70	295.61	293.68	291.82	267.57	278.54	247.43	-	233.59
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,010	1,864	1,908	2,087	2,149	1,064	1,087	986	750	398	433
Invested Capital Turnover	0.60	0.58	0.47	0.35	0.32	0.43	0.43	0.44	0.47	-	0.97
Increase / (Decrease) in Invested Capital	1,073	650	392	271	139	-801	-821	-1,101	-1,399	-666	-654
Enterprise Value (EV)	3,076	1,691	1,333	828	1,108	1,270	479	912	2,024	-	2,834
Market Capitalization	4,575	2,725	2,354	1,730	1,988	1,941	1,249	1,607	2,691	-	3,150
Book Value per Share	$5.83	$4.79	$4.28	$4.02	$3.44	$1.90	$2.01	$1.56	$1.23	$0.70	$0.54
Tangible Book Value per Share	$5.10	$4.47	$4.01	$3.78	$3.24	$1.81	$1.92	$1.48	$1.16	$0.68	$0.52
Total Capital	3,708	3,097	3,143	3,203	3,242	2,190	2,249	1,909	1,643	1,439	1,281
Total Debt	199	199	214	214	213	382	316	145	144	436	507
Total Long-Term Debt	196	196	211	211	152	323	257	0.00	0.00	432	504
Net Debt	-1,499	-1,034	-1,021	-902	-880	-744	-845	-778	-748	-605	-341
Capital Expenditures (CapEx)	171	185	99	106	90	40	46	40	30	9.06	8.11
Debt-free, Cash-free Net Working Capital (DFCFNWC)	519	473	465	581	598	385	313	303	77	248	330
Debt-free Net Working Capital (DFNWC)	1,312	825	858	866	908	788	805	640	432	803	737
Net Working Capital (NWC)	1,309	822	855	863	847	729	746	494	288	800	734
Net Nonoperating Expense (NNE)	92	204	114	91	60	426	72	105	119	370	169
Net Nonoperating Obligations (NNO)	-1,499	-1,034	-1,021	-902	-880	-744	-845	-778	-748	-605	-341
Total Depreciation and Amortization (D&A)	22	25	22	22	21	18	14	15	11	6.39	8.22
Debt-free, Cash-free Net Working Capital to Revenue	58.29%	53.10%	58.08%	84.83%	90.64%	61.15%	48.73%	45.09%	11.42%	-	44.63%
Debt-free Net Working Capital to Revenue	147.43%	92.54%	107.06%	126.49%	137.75%	125.35%	125.32%	95.05%	63.94%	-	99.63%
Net Working Capital to Revenue	147.13%	92.24%	106.72%	126.05%	128.44%	115.93%	116.09%	73.45%	42.65%	-	99.23%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.47)	($1.08)	($0.46)	($0.36)	($0.25)	($1.61)	($0.21)	($0.20)	($0.31)	($0.70)	($0.18)
Adjusted Weighted Average Basic Shares Outstanding	599.47M	595.47M	641.26M	736.85M	858.44M	785.02M	945.77M	1.13B	1.16B	1.15B	1.39B
Adjusted Diluted Earnings per Share	($0.47)	($1.08)	($0.46)	($0.36)	($0.25)	($1.61)	($0.21)	($0.20)	($0.31)	($0.70)	($0.18)
Adjusted Weighted Average Diluted Shares Outstanding	599.47M	595.47M	641.26M	736.85M	858.44M	785.02M	945.77M	1.13B	1.16B	1.15B	1.39B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	605.50M	684.26M	742.56M	879.64M	911.20M	925.18M	1.08B	1.15B	1.39B	1.39B	1.40B
Normalized Net Operating Profit after Tax (NOPAT)	-190	-80	-184	-165	-148	-258	-120	-107	-173	-75	-73
Normalized NOPAT Margin	-95.49%	-36.22%	-152.68%	-114.92%	-85.15%	-134.99%	-90.10%	-61.78%	-97.60%	-	-44.49%
Pre Tax Income Margin	-145.04%	-289.36%	-245.80%	-183.26%	-121.49%	-698.91%	-147.27%	-131.47%	-205.25%	-	-150.44%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-22.79	-54.09	-10.50	-26.68	-21.93	-70.08	-12.19	-7.81	-21.14	-	-15.04
NOPAT to Interest Expense	-16.25	-38.15	-7.16	-18.01	-16.54	-48.21	-8.25	-5.78	-14.83	-	-4.93
EBIT Less CapEx to Interest Expense	-37.32	-70.19	-14.39	-37.85	-31.74	-72.18	-15.23	-9.70	-22.97	-	-15.56
NOPAT Less CapEx to Interest Expense	-30.78	-54.25	-11.05	-29.18	-26.35	-50.31	-11.29	-7.67	-16.66	-	-5.45
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%

Financials Breakdown Chart

Key Financial Trends

Plug Power (PLUG) continues to show a mix of improving top-line activity in late 2025 and persistent cash burn driven by losses and large non-cash impairment charges. Revenue for Q4 2025 rose to about $225.2M, but the company remains deeply unprofitable with sizable impairments and negative operating cash flow across the four 2025 quarters. The balance sheet over 2023–2025 shows no long-term debt in several periods, while financing activity provided intermittent liquidity via debt and equity issuances. Below are the key themes from the last four years of quarterly statements.

Revenue improvement: Q4 2025 Operating Revenue reached about $225.2M, up from earlier quarters in 2025, indicating continued top-line growth.
No long-term debt in 2025 quarters: Long-Term Debt remains at 0 in Q2–Q4 2025, reducing ongoing interest obligations.
Debt financing in late 2025: Issuance of Debt in Q4 2025 was about $393.9M, with smaller prior issuances in earlier quarters (e.g., ~$49.9M in Q3 2025), providing liquidity headroom.
Equity financing in Q3 2025: Issuance of Common Equity around $76.5M helped bolster cash resources.
Financing inflows in select quarters: Net Cash From Financing Activities was positive in Q3 2025 and Q4 2025, signaling external funding to support operations.
Impairment charges are non-cash: Q4 2025 includes a large impairment charge (~$666.3M) that depresses net income but does not reflect cash operating performance.
Operating cash flow remains negative: Net Cash From Continuing Operating Activities is negative in every 2025 quarter (e.g., -$148.6M in Q4 2025, -$89.8M in Q3 2025, -$191.8M in Q2 2025, -$105.6M in Q1 2025), indicating ongoing cash burn from operations.
Cumulative losses persist: Retained Earnings are deeply negative across periods, signaling extended cumulative losses and ongoing equity dilution dynamics.
Net income remains negative: Q4 2025 net income continuing operations was -$904.6M; Q3 2025 -$363.5M; Q2 2025 -$228.7M; Q1 2025 -$196.9M, underscoring ongoing profitability challenges.
Operating losses and high expenses: Across 2025 quarters, Total Operating Expenses remained a drag (e.g., Q4 2025 Total Operating Expenses ~$768.6M; Q3 2025 ~$228.6M; Q2 2025 ~$123.5M; Q1 2025 ~$104.6M), contributing to negative pre-tax income.
Significant working capital pressure: Changes in Operating Assets and Liabilities (net) swung negative in several quarters (e.g., Q4 2025 net change -$37.7M; Q3 2025 -$47.6M), signaling ongoing use of cash tied up in working capital.

05/23/26 04:40 PM ETAI Generated. May Contain Errors.

Plug Power Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Plug Power's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Plug Power's net income appears to be on an upward trend, with a most recent value of -$1.69 billion in 2025, rising from -$55.69 million in 2015. The previous period was -$2.10 billion in 2024. Check out Plug Power's forecast to explore projected trends and price targets.

Plug Power's total operating income in 2025 was -$1.47 billion, based on the following breakdown:

Total Gross Profit: -$242.04 million
Total Operating Expenses: $1.23 billion

Over the last 10 years, Plug Power's total revenue changed from $309.86 million in 2015 to $709.92 million in 2025, a change of 129.1%.

Plug Power's total liabilities were at $1.59 billion at the end of 2025, a 11.4% decrease from 2024, and a 1,804.2% increase since 2015.

In the past 10 years, Plug Power's cash and equivalents has ranged from $24.83 million in 2017 to $2.48 billion in 2021, and is currently $368.54 million as of their latest financial filing in 2025.

Over the last 10 years, Plug Power's book value per share changed from 0.69 in 2015 to 0.70 in 2025, a change of 1.4%.

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Financial statements for NASDAQ:PLUG last updated on 5/12/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Plug Power (PLUG) Financials

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Plug Power (PLUG) Financials

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Financials Breakdown Chart

Key Financial Trends

Plug Power Financials - Frequently Asked Questions

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