Hydrogen fuel cell solutions provider Plug Power reported a revenue of $174 million in the second quarter (Q2) of 2025, a 21% year-over-year (YoY) increase from $143 million and surpassing analysts’ expectations by $15.98 million.

The revenue growth was driven by rising demand for the company’s GenDrive fuel cells, GenFuel hydrogen infrastructure, and GenEco electrolyzer platforms.

The company’s net loss fell to $227 million, a 13.35% decrease from a net loss of $262 million in the corresponding period last year.

Its loss per share came in at $0.20 compared to a loss per share of $0.36 in Q2 2024.

The loss per share missed the analysts’ estimates by $0.02.

During the quarter, Plug Power’s electrolyzer sales more than tripled, reaching roughly $45 million.

1H Results

In the first half (1H) of 2025, Plug Power reported a 16.46% YoY rise in revenue to $307 million from $263.6 million.

The company’s net loss dropped to $424 million, a 241% drop from $558 million in the same period of the previous year.

Its loss per share came in at $0.41 in 1H 2025 compared to a loss per share of $0.81 in 1H 2024.

Business Highlights

Plug Power ended Q2 2025 with more than $140 million in unrestricted cash and cash equivalents. It also had a platform to access over $300 million in additional debt capacity from its secured debt facility.

The company is mobilizing over 230 MW of its GenEco electrolyzer platforms across Europe, Australia, and North America.

It aims to commence construction of its green hydrogen facility in Texas by the end of this year.

In April 2025, Plug Power’s Georgia hydrogen plant set a U.S. production record using GenEco systems.

The company is anticipating additional customer commitments this year for the GenEco electrolyzers. It is also expecting multiple large-scale projects to advance toward final investment decisions in 2026.

Plug Power is pursuing pre-final investment decision agreements to secure long-term value earlier in the development cycle.

It said the extension of the Investment Tax Credit through 2026 is expected to drive demand for the GenDrive fuel cells in material handling applications. The company anticipates the new demand to drive bookings in 2H 2025, paving the way for significant growth in 2026.

In Q1 2025, Plug Power reported a revenue of $133.67 million, an 11% YoY increase compared to $120.26 million. This growth was driven by rising demand for electrolyzers, consistent material handling activity, and continued deployment within its cryogenic platform. The revenue exceeded analysts’ expectations by $1.88 million.