Plug Reports First Quarter 2025 Financial Results
May 12, 2025
Commissioning of Louisiana hydrogen plant, global electrolyzer momentum, and improved cash flow positions Plug for continued commercial growth
SLINGERLANDS, N.Y., May 12, 2025 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions, today announced its financial results and operational milestones for the first quarter ended March 31, 2025. The Company delivered improvements in cash flow and continued execution across its electrolyzer, hydrogen generation, and fuel cell businesses, while advancing its leadership in global decarbonization and U.S. energy security.
First-Quarter Results
Revenue: Plug reported revenue of $133.7 million for Q1 2025 versus $120.3 million in Q1 2024. Sales in Q1 2025 represent growing electrolyzer deliveries, continued demand in material handling, and ongoing deployments in our cryogenic platform.
Gross Margin: The Company reported gross margin loss of -55% in Q1 2025 versus a gross margin loss of -132% in Q1 2024. The improvement year over year reflects ongoing optimization of internal supply chains, continued cost reductions, price increases, and progress in leveraging the Company’s hydrogen platform.
Cash Flow: Net cash used in operating activities plus net cash used in investing activities declined to $152.1 million in Q1 2025 versus $288.3 million in Q1 2024. Plug ended the quarter with $295.8 million in unrestricted cash. The launch of Project Quantum Leap in Q1 2025—targeting over $200 million in annualized savings—combined with anticipated sales growth, strategic pricing actions, disciplined inventory and capex management, and increasing leverage of Plug’s hydrogen production platform, positions the Company for continued improvement in cash utilization in the near term as these initiatives take full effect across operations.
Liquidity Enhancements: In May of 2025, the Company closed the first tranche of a $525 million secured credit facility with Yorkville Advisors, drawing $210 million in aggregate principal. This financing was established commensurate with retiring $82.5 million of principal for the existing convertible debenture with Yorkville Advisors, which had approximately 55 million associated underlying shares given the conversion price and therefore this refinancing has reduced potential dilution risk. As Plug has commented previously, we anticipate no additional dilutive equity offerings this fiscal year.
In 2025, we are focused on three core areas: material handling, electrolyzers, and hydrogen supply. These are the businesses where Plug holds competitive advantages—and where we believe we can deliver the most meaningful impact for our customers and investors.
https://www.ir.plugpower.com/press-releases/...l-Results/default.aspx
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