Filing Flows › Plug Power (PLUG) › Q3 2025
Plug Power (PLUG) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 10, 2025
Plug Power (PLUG) reported revenue of $177M for the third quarter 2025 (Q3 2025), +2% from a year earlier and +2% from the quarter before. Operating margin was -197.0%, net loss $364M (205.3% of revenue).
Plug Power, Q3 2025: revenue $177M (+2% year over year), operating margin -197.0%, net loss $364M, operating cash flow −$89.8M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $177M | +2% | +2% |
| Operating profit | −$349M | — | — |
| Net earnings | −$364M | — | — |
| Operating cash flow | −$89.8M | — | — |
What changed
Revenue was $177.1M in Q3 2025, up 2% year over year and up 2% from the previous quarter. Sales of electrolyzers was the largest line at 37% of revenue. Sales of electrolyzers added $7.6M year over year (up 13%), 229% of the total change. Other declined 99%.
Operating costs exceeded revenue by $348.8M, an operating margin of -197.0%. Total costs grew 35% against revenue growth of 2%. The fastest-growing cost line was Other operating costs (+2003%). The quarter ended with a net loss of $363.5M, wider than the previous quarter's $228.7M loss. Minority interests bore $1.6M of it: to shareholders the quarter was a loss of $361.9M.
Operating cash flow was −$89.8M. Non-cash charges added back $10.1M of depreciation and amortization and $12.2M of share-based compensation. Working capital and other items added $251.3M. Capital expenditures of $27.7M exceeded it, leaving free cash flow of −$117.5M.
Questions
What was Plug Power's revenue in the third quarter 2025?
Plug Power (PLUG) reported revenue of $177M for the third quarter 2025 (Q3 2025), +2% from a year earlier and +2% from the quarter before.
Was Plug Power profitable in the third quarter 2025?
Operating loss was $349M (-197.0% of revenue) and net loss $364M.
Source: Plug Power 10-Q on SEC EDGAR.