Hydrogen fuel cell solutions provider Plug Power’s revenue went up by 1.89% year-over-year (YoY) to $177 million in the third quarter (Q3) of the financial year 2025, from $173.7 million.

The company attributed the increase to gains in electrolyzer sales, volume growth in hydrogen fuel sales, and price improvements across operating segments.

Net loss for the quarter rose 72% to $363.5 million from $211.1 million last year.

Adjusted earnings per share (EPS) improved to a loss of $0.12 from a loss of $0.23 last year.

Operating expenses for Q3 rose sharply to $228.6 million from $116.1 million last year. The increase was driven by impairment charges of $97.5 million, compared to $4.1 million in the same period last year, and restructuring expenses of $5.5 million, compared to $0.5 million in 2024.

Selling, general, and administrative expenses increased to $110.6 million from $91.6 million, while research and development expenses decreased to $16.1 million from $19.7 million in the prior year. Consequently, the operating loss widened to $348.8 million from $216.1 million in 2024.

Incoming CEO Jose Luis Crespo stated, “This was a strong quarter that demonstrates Plug’s global growth and commercial traction. Our revenue performance reflects accelerating customer adoption and sets a solid foundation to meet our year-end goals as we continue driving the hydrogen economy forward.”

9 Month Performance

For the nine months ended September 30, 2025, Plug Power reported a net loss of $789 million compared to $769 million in the same period last year.

Financing activities contributed $313 million in cash inflows, compared to $779 million in the prior year period. Plug’s cash, cash equivalents, and restricted cash totaled $849 million at the end of the nine-month period, compared to $1 billion as of September 2024.

Jose Luis Crespo, who also serves as President and Chief Revenue Officer, emphasized that the company is on track for a record year in electrolyzer sales, with $124 million in revenue recorded year-to-date—up 33% year-over-year—and an expected total of around $200 million by year-end.

“We continue to see big opportunities for green hydrogen, particularly in replacing gray hydrogen in refineries like Galp and BP and in producing e-fuels such as e-methanol, synthetic jet fuel, and ammonia,” Crespo said.

He added that with policy clarity improving in Europe and sustained government support in Australia, the company expects increased adoption of green hydrogen across industrial sectors.

He highlighted that Plug’s $8 billion electrolyzer project pipeline remains highly active, with strong prospects for final investment decisions across key markets, particularly Europe and Australia.

Business Highlights

For Q3, the company’s GenEco electrolyzer business generated approximately $65 million in revenue, representing a 46% sequential increase over the second quarter of 2025 and a 13% YoY growth.

Plug reported that the growth was driven by higher hydrogen fuel sales, stronger demand across its electrolyzer portfolio, and pricing enhancements. During the quarter, Plug advanced several large-scale electrolyzer projects, expanding its global footprint. The company reported that over 230 MW of GenEco electrolyzer projects are now being mobilized across Europe, Australia, and North America.

Plug also delivered the first 10 MW GenEco PEM electrolyzer to Galp Energia’s Sines project in Portugal, part of a planned 100 MW installation. The company said it is also advancing multiple multi-megawatt projects across its global markets, representing over 8 GW of opportunity.

In hydrogen fuel production, Plug’s Georgia Green Hydrogen Plant achieved a record output in August, producing 324 tons of liquid hydrogen, with 97% uptime and 99.7% availability.

Plug extended a multi-year hydrogen supply contract with a key domestic partner, securing supply reliability through 2030 and supporting improvements in cost and cash flow.

The company’s hydrogen production network includes 15 TPD live capacity each in Georgia and Louisiana, 10 TPD in Tennessee, and an additional 45 TPD expected from Texas. It had a record production at its Georgia green hydrogen plant in August, achieving 324 tons with 97% uptime and 99.7% availability.

Outlook

The company reaffirmed its strategic roadmap, laid out under Project Quantum Leap, which aims to achieve gross-margin neutrality by the end of 2025, EBITDA positivity in 2026, operating income positivity in 2027, and full profitability in 2028.

Plug continues to prioritize material handling, electrolyzers, and hydrogen fuel businesses while streamlining investments toward mid-term markets, such as stationary power and mobility.

Management noted improving policy support in the U.S., Europe, and Australia, including production tax credits, RED III mandates, and national-level hydrogen subsidies.

In the second quarter, Plug Power reported a revenue of $174 million, up 21% from $143 million in the same period the previous year.

The company posted a revenue of $133.67 million in the first quarter of 2025, an 11% YoY increase from $120.26 million.