Quarterly Report: Plug Power Grows Revenue in Q2 2025 – Electrolyzer Business Expands – Losses Remain High – Stock Under Pressure

Latham (USA) – U.S.-based hydrogen specialist Plug Power reported revenue of $174 million for the second quarter of 2025, marking a 21% increase compared to the same quarter last year (Q2 2024: $143.4 million). The company benefited from solid demand for its fuel cell and electrolyzer systems, exceeding analysts’ average revenue expectations of $157 million.

Revenue in the electrolyzer segment (GenEco) reached approximately $45 million, about three times higher than in the previous year. While still at a relatively modest level, Plug Power views growing demand as a strategically significant growth driver: Over 230 MW of GenEco projects are currently being deployed globally, including in Europe, North America, and Australia.

At the same time, the company made progress on its cost structure as part of its internal efficiency initiative Project Quantum Leap. The gross margin improved sharply to –31% in Q2 2025, compared to –92% in Q2 2024. According to Plug, this improvement is due to lower service costs, optimized supply contracts, and better hydrogen pricing. "Our team continues to execute with discipline and the results we’re sharing today reflect meaningful progress toward the long‑term goals we’ve outlined", said CEO Andy Marsh. The company aims to achieve gross margin neutrality by Q4 2025.

Nevertheless, Plug Power remained in the red: Net loss for the quarter was $227 million, compared to $262 million in the previous year. This equates to a diluted loss per share of –$0.20, versus –$0.36 in Q2 2024. Despite these improvements, Plug Power fell short of analyst expectations, who had projected a loss of –$0.15 per share.

The recently passed U.S. tax credits (§ 45V, § 48E) were described by Plug as a “major policy win.” These measures secure 30% investment tax credits for fuel cells through 2032 and facilitate direct pay options for hydrogen projects started before 2028. Plug sees this as a strong growth catalyst for key business segments.

On Monday, Plug Power shares initially rose 6.2% to €1.38 (closing price on August 11, 2025, Stuttgart Stock Exchange). However, following the earnings release, the stock came under pressure and fell sharply by 10.9% to €1.23 (closing price on August 12, 2025, Stuttgart Stock Exchange).

Source: IWR Online, 13 Aug 2025