PLUG PLUG POWER INC
FY2025 10-K
PLUG POWER INC (PLUG) filed its fiscal year 2025 10-K annual report with the SEC on Mar 2, 2026. This page provides AI-powered analysis of the filing, including business overview, management discussion, risk factors, and key financial metrics from XBRL data.
AI Filing AnalysisFY2025 10-K
Business Overview
- • Core business model: Vertically integrated clean hydrogen solutions including production, storage, delivery, fuel cells, and electrolyzers serving material handling, logistics, stationary power
- • New emphasis: Commissioned liquid hydrogen production plant in St. Gabriel, Louisiana in April 2025; expanding electrolyzer gigafactory capabilities and modular 5MW/10MW electrolyzers targeting gigawatt-scale
Management Discussion & Analysis
- • Revenue $709.9M in 2025, up 13% YoY from $628.8M in 2024, driven by services (+81.1%) and power purchase agreements (+38.2%)
- • Gross margin (loss) improved to -34.1% in 2025 from -99.4% in 2024, largest margin improvement in services segment (25.5% vs -10.7%)
Risk Factors
- • Regulatory risk: potential delays or changes in permitting and green certification for hydrogen production facilities impacting operations and expansion
- • Geopolitical/macroeconomic risk: inflationary pressures and higher interest rates increasing costs of raw materials, labor, and transportation, squeezing margins
Financial SummaryXBRL
Revenue
$710M
Net Income
-$1.6B
Operating Margin
-206.7%
Net Margin
-229.8%
ROE
-166.8%
Total Assets
$2.6B
EPS (Diluted)
$-1.42
Operating Cash Flow
-$536M
Source: XBRL data from PLUG POWER INC FY2025 10-K filing on SEC EDGAR. All figures in USD.
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