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Plug Power (PLUG) investor relations material

Plug Power Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary11 Aug, 2025

Executive summary

  • Q2 2025 revenue rose 21% year-over-year to $174 million, driven by strong demand across key platforms and tripling electrolyzer sales, but net loss narrowed to $227–$229 million from $262 million in Q2 2024.

  • Gross margin improved to -31% from -92% in Q2 2024, reflecting operational efficiencies, cost reductions, and better hydrogen pricing.

  • Project Quantum Leap and 2025 Restructuring Plan initiatives focused on operational streamlining, workforce optimization, facility consolidation, and productivity gains.

  • Major hydrogen supply agreements and favorable U.S. policy changes (Sections 45B, 45V, 48E) are expected to boost business cases and customer interest.

  • Cash and cash equivalents stood at $140–$141 million at quarter-end, with access to $300M+ in additional debt capacity.

Financial highlights

  • Q2 2025 revenue: $174 million, up 21% year-over-year; six-month revenue: $308 million, up from $264 million.

  • Electrolyzer sales reached ~$45 million, more than tripling from a year ago.

  • Gross margin improved to -31% from -92% in Q2 2024.

  • Net loss for Q2 2025 was $227–$229 million, improved from $262 million in Q2 2024.

  • Net cash used in operating and investing activities declined over 40% year-over-year for the quarter.

Outlook and guidance

  • Gross margin neutrality targeted by Q4 2025, with sequential improvements expected in Q3 and a tipping point in Q4.

  • Full-year revenue expected to be approximately $700 million.

  • EBITDA breakeven targeted for 2026, with strict cash discipline maintained.

  • Significant annual savings expected from restructuring, with benefits beginning in H2 2025.

  • Monetization of tax credits under Sections 45V and 48E expected to benefit future results.

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Frequently asked questions

With sites and technologies across the globe, Plug Power Inc. has paved their way to success by providing hydrogen fuel cell technology turnkey solutions for the material handling, stationary power, and mobility markets. The company designs and manufactures industry-leading hydrogen fuel cell electric vehicles. The company's fuel cells are being sold around the world in customers' forklifts to address material handling for all industries.

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