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.