Filing Flows › Plug Power (PLUG) › Q1 2025
Plug Power (PLUG) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 12, 2025
Plug Power (PLUG) reported revenue of $134M for the first quarter 2025 (Q1 2025), +11% from a year earlier and -30% from the quarter before. Operating margin was -133.5%, net loss $197M (147.3% of revenue).
Plug Power, Q1 2025: revenue $134M (+11% year over year), operating margin -133.5%, net loss $197M, operating cash flow −$106M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $134M | -30% | +11% |
| Operating profit | −$178M | — | — |
| Net earnings | −$197M | — | — |
| Operating cash flow | −$106M | — | — |
What changed
Revenue was $133.7M in Q1 2025, up 11% year over year and down 30% from the previous quarter. Sales of cryogenic equipment and liquefiers was the largest line at 23% of revenue. Fuel delivered to customers and related equipment added $11.2M year over year (up 61%), 83% of the total change. Other declined 73%.
Operating costs exceeded revenue by $178.5M, an operating margin of -133.5%. Total costs fell 18% while revenue rose 11%. The quarter ended with a net loss of $196.9M, narrower than the previous quarter's $1,335.6M loss. Minority interests bore $203K of it: to shareholders the quarter was a loss of $196.7M.
Operating cash flow was −$105.6M. Non-cash charges added back $14.1M of depreciation and amortization and $11.1M of share-based compensation. Working capital and other items added $66.1M. Capital expenditures of $40.5M exceeded it, leaving free cash flow of −$146.0M.
Questions
What was Plug Power's revenue in the first quarter 2025?
Plug Power (PLUG) reported revenue of $134M for the first quarter 2025 (Q1 2025), +11% from a year earlier and -30% from the quarter before.
Was Plug Power profitable in the first quarter 2025?
Operating loss was $178M (-133.5% of revenue) and net loss $197M.
Source: Plug Power 10-Q on SEC EDGAR.