Plug Power Reports Q1 2025 Results: Revenue Growth, Lower Losses, and Strengthened Liquidity

Plug Power Inc. (NASDAQ: PLUG) announced first-quarter 2025 results, highlighting revenue of $133.7 million, up from $120.3 million in Q1 2024, driven by increased electrolyzer sales and hydrogen deliveries. The company reduced its gross margin loss to -55% from -132% year-over-year and improved net cash usage to $152.1 million from $288.3 million.
A major milestone was the commissioning of a 15-ton-per-day hydrogen plant in Louisiana, expanding Plug’s U.S. production capacity to around 40 TPD. The company also closed the first tranche of a $525 million credit facility, reducing dilution risks and boosting liquidity.
Plug saw a 575% year-over-year increase in electrolyzer revenue and continued fuel cell unit deployments. It expects Q2 revenue between $140 million and $180 million and plans to improve margins and cash flow further throughout 2025.
CEO Andy Marsh emphasized Plug’s focus on scaling its hydrogen ecosystem and achieving profitability, citing infrastructure investments, expanding partnerships, and disciplined financial execution.

Plug Power CEO Andrew Marsh Elects to Receive Half of 2025 Compensation in Stock

Slingerlands, NY – March 20, 2025 – Plug Power Inc. (Nasdaq: PLUG) announced that CEO Andrew Marsh has elected to receive 50% of his 2025 compensation—including base salary and potential bonus—in shares of Plug Power common stock under the company’s newly adopted executive equity compensation program.

The program allows executives to irrevocably elect to receive 25%, 50%, or 75% of their 2025 pay in stock. Shares will be issued monthly (for salary) and after bonus payments (no later than March 15, 2026), based on the 30-day trailing average closing price on the Nasdaq.

This move aligns executive compensation with shareholder interests and complies with Rule 10b5-1 and Rule 16b-3 under the Exchange Act. All shares issued under the program will be fully vested upon issuance.

Plug Power Inc. has announced improvements in cash flow and progress toward profitability, highlighting key strategic and operational updates for 2024. The company reported that 2024 was a pivotal year, marked by advancements in its hydrogen generation platform and the scaling of new product offerings such as electrolyzer solutions. To optimize operations, Plug took measures including workforce streamlining, facility consolidations, pricing adjustments, and reduced working capital investments. These actions contributed to a significant reduction in cash burn, particularly in the fourth quarter of 2024.

Despite these improvements, Plug determined that a slower-than-expected market development and strategic shifts warranted non-cash impairments of certain long-lived and intangible assets. In response, the company has launched "Project Quantum Leap," a cost-reduction initiative aimed at decreasing annual expenses by $150 million to $200 million through further workforce reductions, additional facility consolidations, reduced discretionary spending, inventory optimizations, and limited capital expenditures.

Financial highlights for Q4 2024 include revenue of $191.5 million, driven by increased electrolyzer deployments and hydrogen network expansion. Operating cash flow improved by 25% quarter-over-quarter and 46% year-over-year. However, the company reported a gross margin loss of 122%, influenced by non-cash adjustments, including customer warrant charges and inventory valuation adjustments. Additionally, Plug recorded $971.3 million in non-cash impairment and bad debt charges related to shifts in its business operations.

Strategically, Plug saw strong growth in its electrolyzer business, with revenue increasing 583% year-over-year, supported by major contracts, including a three-gigawatt electrolyzer agreement with Allied Green Ammonia in Australia. The company continues to expand its hydrogen production network, with its Louisiana plant nearing full operation and an expected nameplate capacity increase to over 39 tons per day.

Plug also emphasized its improved liquidity position, closing 2024 with over $200 million in unrestricted cash. The company secured a $1.66 billion Department of Energy loan guarantee, with plans to leverage project finance and potential equity investors to cover additional investment needs.

CEO Andy Marsh stated that 2024 was a year of strong execution and that Project Quantum Leap will further position Plug for near- and long-term success while optimizing its existing platforms. The company remains committed to advancing the hydrogen economy and supporting global energy goals.

Plug will hold a conference call on March 4, 2025, to review its Q4 and full-year results.

Plug Power Inc. has finalized a $1.66 billion loan guarantee agreement with the U.S. Department of Energy (DOE) to support the construction of up to six green hydrogen production facilities. The agreement, completed on January 16, 2025, involves Plug Power Energy Loan Borrower LLC and the Federal Financing Bank (FFB) and includes a promissory note for up to $387.6 million to finance the development of the Limestone Project in Texas.

The DOE loan facility will fund eligible project costs for the facilities' development, with advances bearing interest at the U.S. Treasury rate plus 2%. The final maturity date for the loan is set for 2043, with repayment, including interest and principal, starting in 2028.

Plug Power will act as guarantor for the loan and adhere to financial and operational covenants specified by the DOE Loan Program. This agreement is part of the company’s efforts to enhance its domestic manufacturing and hydrogen production capacity.