Plug Power Q1 Earnings: Revenue Beats Estimates Driven By 575% Growth In Electrolyzer Sales, EPS Falls Short, Company Highlights 'Real Progress' Toward Profitability

Plug Power Inc PLUG reported financial results for the first quarter after the market close on Monday. Here’s a rundown of the report.

Q1 Earnings: Plug Power reported first-quarter revenue of $133.67 million, beating analyst estimates of $132.16 million. Total revenue was up from $120.26 million in the prior year’s quarter.

The company reported a first-quarter loss of 21 cents per share, missing analyst estimates for a loss of 19 cents per share, according to Benzinga Pro.

Plug said its results were driven by growing electrolyzer deliveries, continued demand in material handling and ongoing deployments in the company’s cryogenic platform. The company noted that GenEco electrolyzer sales increased 575% on a year-over-year basis.

Net cash used in operations and investing activities declined to $152.1 million in the quarter, down from $288.3 million in the first quarter of 2024. Plug ended the quarter with approximately $295.8 million in unrestricted cash.

“In 2025, we are focused on three core areas: material handling, electrolyzers and hydrogen supply. These are the businesses where Plug holds competitive advantages — and where we believe we can deliver the most meaningful impact for our customers and investors,” the company said in the earnings release.

Guidance: Plug Power expects second-quarter revenue to be in the range of $140 million to $180 million versus Benzinga Pro estimates of $132.16 million.

Plug said it plans to focus on driving continued global adoption of its GenEco electrolyzer platform in 2025, while advancing financing initiatives such as investment tax credit transfers and project equity alignment to support long-term capital efficiency.

“With new capacity online in Louisiana, accelerating adoption of our GenEco electrolyzers, and improved cash flow discipline, Plug is executing with focus and urgency. We’re delivering real progress toward profitability and scaling our hydrogen ecosystem to meet growing global demand for clean energy,” said Andy Marsh, CEO of Plug Power.

Plug reported preliminary results for the first quarter at the end of April, which may help explain some of Monday’s muted reaction.

Plug’s management team will hold a conference call at 4:30 p.m. ET to further discuss the quarter with investors and analysts.

PLUG Price Action: Plug Power shares were down 3.73% after-hours, trading at 87 cents at the time of publication Monday, according to Benzinga Pro.

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Photo: courtesy of Plug Power.