Plug Power Inc. reported third‑quarter 2025 revenue of $177 million, falling $6.1 million short of the $183.1 million consensus estimate, while adjusted earnings per share of –$0.12 surpassed the –$0.13 forecast by $0.01. The revenue miss reflects a modest decline in the company’s non‑electrolyzer business, offset by a 46% sequential jump in electrolyzer revenue to $65 million, the largest segment of the company’s portfolio.
Electrolyzer sales grew 46% from $44 million in Q2 2025, driven by strong demand from U.S. commercial and industrial customers. The remaining $112 million of revenue came from the company’s legacy fuel‑cell and hydrogen‑storage segments, which saw a 3% decline versus the prior quarter, illustrating the shift in the company’s revenue mix toward higher‑margin electrolyzer products.
GAAP gross loss for the quarter was $120 million, but the adjusted gross loss narrowed to $37 million from $86 million in Q3 2024. The improvement reflects better cost control and a more favorable mix of higher‑margin electrolyzer sales, while the GAAP figure remains high due to one‑time restructuring charges associated with the company’s Project Quantum Leap initiative.
Cash burn fell 50% year‑over‑year to $45 million, a result of tighter working‑capital management and pricing discipline. Plug Power also announced a $275 million liquidity boost from the monetization of electricity rights and a $370 million capital raise, reinforcing its balance‑sheet resilience. Management reiterated its $700 million revenue target for 2025 and reiterated a goal of achieving EBITDA positivity in the second half of 2026.
CEO Jose Luis Crespo said the quarter “demonstrates Plug’s global growth and commercial traction,” noting that the company’s focus on high‑margin electrolyzer deployments is accelerating. He also highlighted the company’s progress toward Project Quantum Leap, which aims to improve operational efficiency and reduce capital intensity. Analyst coverage noted that the EPS beat and cash‑burn improvement were key factors behind the 11.7% aftermarket rally, while the revenue miss was largely absorbed by the market’s confidence in the company’s long‑term growth trajectory.
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