Filing Flows › Plug Power (PLUG) › Q2 2025
Plug Power (PLUG) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 11, 2025
Plug Power (PLUG) reported revenue of $174M for the second quarter 2025 (Q2 2025), +21% from a year earlier and +30% from the quarter before. Operating margin was -101.7%, net loss $229M (131.5% of revenue).
Plug Power, Q2 2025: revenue $174M (+21% year over year), operating margin -101.7%, net loss $229M, operating cash flow −$192M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $174M | +30% | +21% |
| Operating profit | −$177M | — | — |
| Net earnings | −$229M | — | — |
| Operating cash flow | −$192M | — | — |
What changed
Revenue was $174.0M in Q2 2025, up 21% year over year and up 30% from the previous quarter. Sales of electrolyzers was the largest line at 26% of revenue. Sales of electrolyzers added $29.8M year over year (up 199%), 97% of the total change. Sales of engineered equipment declined 93%.
Operating costs exceeded revenue by $176.9M, an operating margin of -101.7%. Total costs fell 10% while revenue rose 21%. The fastest-growing cost line was Other operating costs (+151%). The quarter ended with a net loss of $228.7M, wider than the previous quarter's $196.9M loss. Minority interests bore $1.6M of it: to shareholders the quarter was a loss of $227.1M.
Operating cash flow was −$191.8M. Non-cash charges added back $14.8M of depreciation and amortization and $13.1M of share-based compensation. Capital expenditures of $38.6M exceeded it, leaving free cash flow of −$230.4M.
Questions
What was Plug Power's revenue in the second quarter 2025?
Plug Power (PLUG) reported revenue of $174M for the second quarter 2025 (Q2 2025), +21% from a year earlier and +30% from the quarter before.
Was Plug Power profitable in the second quarter 2025?
Operating loss was $177M (-101.7% of revenue) and net loss $229M.
Source: Plug Power 10-Q on SEC EDGAR.