Short answer
PLUG POWER INC (PLUG) filed its fiscal 2025 10-K annual report with the SEC on Mar 2, 2026. It reported revenue of $710M (+12.9% year over year) and net income of −$1.6B.
- Top risk flagged: Regulatory risk: potential delays or changes in permitting and green certification for hydrogen production facilities impacting operations and expansion
FY2025 key financial metrics · XBRL
- Revenue
- $710M
- +12.9% YoY
- Net income
- −$1.6B
- +22.5% YoY
- Operating margin
- -206.7%
- +114.5 pp YoY
- EPS (diluted)
- −$1.42
- +47.0% YoY
- ROE
- -166.8%
- −45.4 pp YoY
- Operating cash flow
- −$536M
- +26.5% YoY
Source: XBRL data from the PLUG POWER INC (PLUG) FY2025 10-K on SEC EDGAR. USD.
PLUG POWER INC FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
- Strategic shift: Expanding geographic hydrogen production network notably into Europe and Australia; divested 49% stake in SK Plug Hyverse joint venture for $6.5 million cash
- Quantitative highlight: Over 74,000 fuel cell systems deployed; orders totaled $724.1 million as of year-end 2025; Walmart accounted for 24.2% of revenues including a $29.2 million warrant charge
- Noteworthy fact: Joint ventures in North America (Hidrogenii) and Europe (AccionaPlug) accelerating hydrogen infrastructure; supply chain and labor challenges impacting costs and operational efficiency
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%)
- Best performing segment: Services performed on fuel cell systems with $94.5M revenue and 25.5% gross margin; worst: Fuel delivered to customers with $133.4M revenue and -85.9% margin
- Operating cash flow deficit improved to -$535.8M in 2025 from -$728.6M in 2024; investing cash use $139M down from $402.4M; financing cash inflow $630M down from $983.2M
- Management pursuing liquidity via infrastructure sale ($132.5-$142M expected proceeds) and equity programs; risks include supply chain constraints, inflation, and labor shortages impacting costs and margins
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
- Operational/supply chain risk: reliance on limited suppliers for platinum, titanium, and iridium; shortages caused volume constraints and delayed deployments
- Competitive risk: competition from established energy firms and alternative technologies such as advanced batteries and non-hydrogen power solutions
- Financial risk: customer concentration risk with a few large customers whose order reductions or financial distress could materially affect revenue and cash flow
Generated from the filing text; verify against the original. How to read a 10-K
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