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Plug Power Second Quarter 2025 Highlights

鈥⑻� 听Execution on Project Quantum Leap helps accelerate business sales
growth and financial performance
鈥⑻� 听Q2 revenue up 21% year-over-year, driven by broad hydrogen demand

LATHAM, N.Y., Aug. 11, 2025 (GLOBE NEWSWIRE) -- (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the hydrogen economy, today announced its financial results and operational milestones for the second quarter ended June 30, 2025.

Revenue Growth and Run Rate Momentum

• Plug reported $174 million in Q2 revenue, a 21% increase versus Q2 2024, driven by robust demand for its GenDrive fuel cells, GenFuel hydrogen infrastructure, and GenEco electrolyzer platforms.
• Electrolyzer revenue tripled year-over-year, reaching ~$45 million in Q2, as the business scales globally.

Gross Margin, Operating Expenses, and Cash Flow Improvements

• Gross margin for Q2 2025 improved significantly to -31% from -92% in Q2 2024, a result of service cost reductions, equipment cost improvements, and improved hydrogen pricing.
• Continued execution of Project Quantum Leap delivered cost structure gains through:
  • Optimization of the workforce
  • Consolidation of facilities
  • Reduction in professional services and software costs
  • Renegotiated supply contracts, including a new hydrogen gas agreement expected to lower molecule cost in H2 2025 and onward
• The second quarter had approximately $80 million in non-cash charges largely associated with Project Quantum Leap. This compares to approximately $6 million in Q2 2024 for similar activities.
  
  

Cash Flow and Liquidity

• Net cash used in operating and investing activities declined over 40% year-over-year.
• Plug exited Q2 with over $140 million in unrestricted cash and cash equivalents, and a platform to access over $300 million in additional debt capacity from the Company鈥檚 secured debt facility.
• The Company is also positioned to benefit from monetization of tax credits under Sections 45V and 48E.
  
  

Strategic and Market Highlights

听 听GenEco Electrolyzer Growth and Global Expansion

• Over 230 megawatts of GenEco electrolyzer programs are currently being mobilized across Europe, Australia, and North America, reflecting strong global demand and Plug鈥檚 leadership in delivering industrial-scale hydrogen solutions.
• In April, Plug鈥檚 Georgia hydrogen plant set a U.S. production record using GenEco systems 鈥� a milestone that demonstrates the scalability, reliability, and cost-effectiveness of our technology, underscoring Plug鈥檚 ability to execute at scale and deliver high-volume, dependable hydrogen powered by GenEco electrolyzers.
• The GenEco electrolyzer sales funnel remains exceptionally strong, with additional customer commitments expected this year and multiple large-scale projects moving toward final investment decisions in 2026. Plug is also pursuing pre-FID agreements to secure long-term value earlier in the development cycle, reinforcing our leadership position in the global electrolyzer market.
  
  

听 听Strengthened Hydrogen Supply and Customer Confidence

• A major hydrogen supply agreement was extended with improved economics, supporting better margins in the second half.
• GenEco has become the electrolyzer platform of choice for industrial-scale applications in oil refining, chemicals, mining, semiconductors, steel, cement and more.
  
  

听 听Positioned for Growth in GenDrive Material Handling

• The extension of the Investment Tax Credit (ITC) through 2026 is stimulating customer demand for Plug鈥檚 GenDrive fuel cells for material handling solutions. The Company expects this momentum to drive new bookings in the second half of 2025, setting the stage for significant growth in 2026.
  
  

听 听Advancing Plug鈥檚 Energy Transition business with Proven Expertise

• Plug鈥檚 Energy Transition business is gaining traction as the Company leverages its expertise in skid packaging and liquefier technology to support customers in industries including renewable diesel and sustainable aviation fuel (SAF). This capability is expected to open new revenue opportunities in the second half of 2025.
  
  

Tax Credit Clarity Helps Accelerate Growth

• The passage of the One Big Beautiful Bill in July was a major policy win, solidifying the Section 45V Clean Hydrogen Production Tax Credit and the Section 48E Investment Tax Credit:
  • 30% ITC for qualified fuel cell properties (2026鈥�2032)
  • Preservation of the PTC with direct pay and transferability for hydrogen projects beginning construction before 2028
    
    

Focus on Gross Margin Neutrality

• Plug expects to achieve gross margin breakeven on a run-rate basis in Q4 2025.
• Continued cost discipline, enhanced service execution, and scale benefits from GenEco deployments positions the Company to achieve this goal.
  
  

Earnings Call Details

• Date: August 11, 2025
• Time: 4:30 PM ET
• Dial-In: 877-407-9221 / +1 201-689-8597
• Webcast:

A live webcast will be available on the Plug Investor Relations website at , and a playback will be available online for a period of time 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鈥攁dvancing 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鈥檚 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 .

Safe Harbor

This communication contains 鈥渇orward-looking statements鈥� 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鈥檚 expectations regarding its financial profile and market outlook, including its estimated gross margins and the expected timing to break even on a run-rate basis; Plug鈥檚 ability to deliver on its business and strategic objectives, including its expectations regarding its sales growth, gross margin, cash utilization, access to capital and working capital performance; Plug鈥檚 expectations regarding its hydrogen production network and its ability to leverage its platform and reduce third-party fuel costs; Plug鈥檚 expectations regarding benefits of the Section 45V Clean Hydrogen Production Tax Credit and the Section 48E Investment Tax Credit; and Plug鈥檚 ability to advance financing initiatives which will support long-term capital efficiency. 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 risk that Plug鈥檚 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 that the funding of the Department of Energy loan may be delayed or cancelled; 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, and supply chain disruptions, may adversely affect Plug鈥檚 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鈥檚 qualification to utilize the PTC and ITC; the risk that volatility in commodity prices and product shortages may adversely affect Plug鈥檚 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鈥檚 public filings with the Securities and Exchange Commission, including the 鈥淩isk Factors鈥� section of Plug鈥檚 Annual Report on Form 10-K for the year ended December 31, 2024, Plug鈥檚 Quarterly Report on Form 10-Q for the quarter ended March 31, 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
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