Core Insights - Plug Power Inc. (PLUG) is targeting approximately $700 million in revenues by 2025, driven by increasing demand for hydrogen solutions [1][4] - In the first half of 2025, PLUG reported revenues of $307.6 million, reflecting a year-over-year increase of 16.7% [1][8] - The surge in electrolyzer sales, which increased by 230.1% year-over-year, is a significant contributor to revenue growth [2][8] Revenue Growth Drivers - Strong demand for GenDrive fuel cells, GenFuel hydrogen infrastructure, and GenEco electrolyzer platforms is supporting PLUG's top-line performance [1] - The company is expanding its green hydrogen capacity in Georgia and has formed a joint venture with Olin Corporation in Louisiana, along with a three-gigawatt deal with Allied Green Ammonia in Australia [2] - Government incentives such as the 45V production tax credit and 48E investment tax credit are providing additional support for hydrogen production and infrastructure projects [3] Future Projections - To meet the $700 million revenue target, Plug Power needs to generate approximately $392 million in the second half of 2025 [4] - The company is well-positioned for growth due to expanding project opportunities and rising global interest in clean hydrogen [4] Peer Comparison - Flux Power Holdings, Inc. reported revenues of $16.7 million in Q3 of fiscal 2025, with a 16% year-over-year increase [5] - Bloom Energy Corporation's product and service revenues rose by 25.9% year-over-year in Q2 of 2025, with total revenues increasing by 19.5% [6] Valuation Metrics - Plug Power is currently trading at a forward price-to-earnings ratio of negative 3.54X, compared to the industry average of 22.46X [10]

Core Insights - Plug Power Inc. is a global leader in hydrogen solutions, participating in the Canaccord Growth Conference to strengthen ties with the financial community [1][2] Company Overview - Plug Power is building a fully integrated hydrogen economy, offering products such as electrolyzers, fuel cell systems, and fueling infrastructure to various industries [3] - The company is a first mover in the hydrogen sector, focusing on energy independence and large-scale decarbonization [3] Production and Infrastructure - Plug Power has deployed over 72,000 fuel cell systems and 275 fueling stations, making it the largest user of liquid hydrogen [4] - The company operates hydrogen plants in Georgia, Tennessee, and Louisiana, with a production capacity of 40 tons per day [4] Clientele and Partnerships - Plug Power serves major global companies including Walmart, Amazon, Home Depot, BMW, and BP, showcasing its extensive reach in the market [5]

Investment Rating - The report maintains a positive outlook on Plug Power, indicating a strong revenue performance driven by GenDrive fuel cell demand, despite a net loss in Q2 2025 [2][3]. Core Insights - Plug Power reported a net loss of $227 million in Q2 2025, which was worse than the consensus estimate of a $163 million loss, but revenue of $174 million exceeded expectations of $158 million, primarily due to strong demand for GenDrive fuel cells [2][3]. - The company reiterated its annual cost reduction target of $150 million to $200 million and its long-term strategic plan, aiming for operational profitability by the end of FY 2027 and overall profitability by FY 2028 [2][3]. - Plug Power expects to achieve a gross margin breakeven in Q4 2025, with a Q2 2025 gross margin of -31%, better than the expected -36% [2][3]. Financial Performance - For Q2 2025, Plug Power's revenue was $174 million, a 30% increase quarter-over-quarter and a 22% increase year-over-year [4]. - The operating costs for Q2 2025 were $227 million, reflecting a 9% increase from the previous quarter but a 17% decrease year-over-year [4]. - The adjusted net income for Q2 2025 was -$227 million, a 15% improvement from the previous quarter but a 13% decline year-over-year [4]. Cash Position and Project Progress - The company holds over $140 million in unrestricted cash and cash equivalents, with an additional debt financing capacity of over $300 million [3]. - Plug Power's packaging and liquefier technology has gained customer recognition, with revenue contributions expected from renewable diesel and sustainable aviation fuel businesses in the second half of 2025 [3].

Core Viewpoint - Plug Power is making progress on its strategic plan but still faces significant challenges in achieving sustainable profitability [1] Financial Performance - Plug Power reported $174 million in second-quarter revenue, representing a 21% year-over-year increase driven by strong demand for its GenDrive fuel cells, GenFuel hydrogen infrastructure, and GenEco electrolyzer platforms [2] - Electrolyzer revenue tripled year-over-year to $45 million as the company expanded its global platform [2] - The gross margin improved significantly from -92% to -31%, attributed to rising revenue, service cost reductions, equipment cost improvements, and better hydrogen pricing [3] Cost Management Initiatives - The company made significant progress on its Project Quantum Leap structural cost savings initiative, optimizing its workforce, consolidating facilities, cutting professional services and software costs, and renegotiating supply contracts [4] - A strategic hydrogen supply agreement with a leading U.S. industrial gas company was extended through 2030, securing a reliable, lower-cost hydrogen supply [4] Cash Flow and Capital Needs - Higher revenue and improved margins reduced the cash burn rate by over 40% compared to last year, decreasing the need for outside capital [5] - Despite a reduction in cash burn, the company consumed $385 million in cash over the past six months [7] - Plug Power sold $280 million of stock in March and closed a $525 million secured credit facility in May to address its balance sheet needs, ending the second quarter with $140 million in cash and access to over $300 million of additional debt capacity [8] Future Outlook - At the current cash burn rate, Plug Power has enough liquidity to operate for only a couple of quarters, indicating a continued need for outside capital until profitability is achieved, which is not expected until 2028 [9] - The company plans to avoid selling more stock this year but may need to issue equity in the coming years, which could further dilute existing shares [9] - The significant increase in the company's share count due to dilutive equity issuances has pressured the stock value, with a 99% decline since its IPO in 1999 [11] - The share price may continue to decline as the company sells more stock to bridge the revenue-cost gap, which is expected to take a couple of years to close [12]

Core Viewpoint - JPMorgan analyst Bill Peterson maintains a Neutral rating on Plug Power despite the company beating revenue estimates for the second quarter, citing ongoing margin uncertainty and challenging market conditions [1][5]. Financial Performance - Plug Power reported second-quarter revenue of $174 million, surpassing the estimate of $150 million and the consensus of $159 million [1]. - Cash burn for the quarter was $230 million, exceeding the consensus estimate of $161 million [1]. - The company narrowed its full-year revenue guidance to approximately $700 million, slightly below pre-call estimates of $730 million to $723 million, indicating a 12% year-over-year growth [2]. Margin and Cost Management - Second-quarter gross margins were reported at -37%, aligning with Peterson's forecast of -37.5% [3]. - The company aims to achieve breakeven gross margins by the end of the fourth quarter, with expectations of sequential gross margin improvement driven by higher volumes and cost-cutting measures [3]. Operational Updates - Plug Power is ramping up operations in Louisiana and plans to restart construction in Texas by year-end, potentially supported by a Department of Energy loan [4]. - The company is targeting $200 million annually in unlocked restricted cash and over $100 million in inventory reduction to mitigate cash burn [4]. Market Outlook - While there are signs of progress in material handling and other projects, the company faces ongoing margin uncertainty and the need for balance sheet clarity [5]. - Plug Power shares were trading lower by 9.89% at $1.44 at the time of publication [5].

Core Insights - Plug Power reported $173.97 million in revenue for the quarter ended June 2025, marking a year-over-year increase of 21.4% and exceeding the Zacks Consensus Estimate of $151.2 million by 15.06% [1] - The company posted an EPS of -$0.16, an improvement from -$0.36 a year ago, but fell short of the consensus EPS estimate of -$0.15 by 6.67% [1] Revenue Breakdown - Sales of equipment, related infrastructure, and other generated $99.17 million, surpassing the average estimate of $87.53 million by analysts, reflecting a year-over-year increase of 29.2% [4] - Revenue from services performed on fuel cell systems and related infrastructure was $16.37 million, exceeding the estimated $13.66 million, representing a 25.6% increase year-over-year [4] - Power purchase agreements contributed $23.63 million, above the $18.91 million estimate, indicating a 20.1% year-over-year growth [4] - Fuel delivered to customers and related equipment generated $34.4 million, exceeding the average estimate of $30.69 million, with a year-over-year increase of 15.1% [4] - Other revenue was reported at $0.4 million, significantly below the average estimate of $2.91 million, showing a drastic decline of 90% year-over-year [4] Gross Profit Analysis - Gross profit from sales of equipment, related infrastructure, and other was -$18.11 million, worse than the average estimate of -$10.33 million [4] - Gross profit from services performed on fuel cell systems and related infrastructure was $6.37 million, significantly better than the average estimate of -$1.34 million [4] - Gross profit from power purchase agreements was -$21.64 million, compared to the average estimate of -$14.27 million [4] - Gross profit from fuel delivered to customers and related equipment was -$31.24 million, worse than the average estimate of -$23.51 million [4] - Gross profit from other sources was $0.32 million, below the estimated $1.06 million [4] Stock Performance - Over the past month, Plug Power's shares have returned -6.8%, contrasting with the Zacks S&P 500 composite's +2.7% change [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Plug Power (PLUG) came out with a quarterly loss of $0.16 per share versus the Zacks Consensus Estimate of a loss of $0.15. This compares to a loss of $0.36 per share a year ago. These figures are adjusted for non-recurring items. Ahead of this earnings release, the estimate revisions trend for Plug Power was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stoc ...

Financial Data and Key Metrics Changes - The company reported revenue of $174 million for Q2 2025, representing a 21% increase year-over-year, driven by strong demand across its platforms [6][10] - Gross margins improved significantly from negative 92% in Q2 2024 to negative 31% in Q2 2025, attributed to operational efficiencies and better pricing [6][7] - Net cash in operating and investing activities declined over 40% year-over-year, ending the quarter with over $140 million in cash and access to more than $300 million in additional debt capacity [10] Business Line Data and Key Metrics Changes - Electrolyzer sales more than tripled year-over-year, reaching approximately $45 million in the quarter, highlighting the growing demand for GenEco in industrial applications [6][10] - The service performance is improving due to unit-level enhancements and pricing adjustments, contributing to the overall margin profile [7][10] Market Data and Key Metrics Changes - The company is actively pursuing pre-FID agreements to secure value earlier in the process, with a robust electrolyzer pipeline expected to close additional deals this year [8][10] - Recent congressional legislation has provided long-term clarity on production and investment tax credits, which is expected to benefit the company's hydrogen production strategy [9][10] Company Strategy and Development Direction - The company is focused on six key priorities under Project Quantum Leap, including driving gross margin improvements, streamlining operations, and expanding the hydrogen generation network [4][5] - The company aims to achieve gross margin neutrality by Q4 2025, with tangible steps already in place to reach this goal [7][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to begin construction on DOE-supported projects by the end of the year, which will accelerate the expansion of the hydrogen generation network [10] - The management team is optimistic about the second half of the year, expecting sequential growth and continued improvements in gross margins [74][75] Other Important Information - The company has removed the equivalent of a medium-sized power plant from the grid as customers transition to hydrogen solutions, enhancing energy reliability and sustainability [9] - The company is maintaining strict cash discipline, with a focus on bridging to positive EBITDAS by 2026 [5][10] Q&A Session Summary Question: Can you talk about the electrolyzer pipeline and project cadence? - Management indicated a strong sales funnel for electrolyzers, with projects expected to close before the end of the year and others moving towards FID in 2026 [13][16] Question: What can you tell us about hydrogen production uptime and yield? - Management reported strong performance from hydrogen plants in Georgia and Louisiana, with expectations for continued improvement [19][20] Question: Can you discuss recent changes and customer conversations regarding tax credits? - Management noted that recent tax credit legislation has reignited customer interest and strengthened business cases for electrolyzers and material handling [28][29] Question: How do you expect margin improvement to play out over the next two quarters? - Management expects gradual improvement in margins, with significant benefits anticipated in Q4 due to increased sales and operational efficiencies [70][73] Question: What is the status of the Texas facility and potential partnerships? - Construction is expected to commence by the end of the year, with plans to bring in a partner by mid-Q4 [61][63] Question: How are tariffs impacting the business? - Management stated that the hydrogen generation business is unaffected by tariffs, while the impact on the electrolyzer business is minimal [56][58] Question: Are customers delaying orders to take advantage of the ITC? - Management indicated that many customers are mobilizing early to procure equipment, which allows them to benefit from the ITC upon commissioning [80][84] Question: What is the outlook for equipment cost improvements? - Management confirmed that improvements in equipment costs are expected, driven by volume growth and operational efficiencies [91][92]

PART I. FINANCIAL INFORMATION [Item 1 – Interim Condensed Consolidated Financial Statements (Unaudited)](index=4&type=section&id=Item%201%20%E2%80%93%20Interim%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) This section presents Plug Power Inc.'s unaudited interim condensed consolidated financial statements and detailed notes for Q2 2025 [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets decreased to **$3.35 billion** from **$3.60 billion**, and total liabilities decreased to **$1.59 billion** Condensed Consolidated Balance Sheet Summary (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Current Assets** | | | | Cash and cash equivalents | $140,736 | $205,693 | | Inventory, net | $643,926 | $682,642 | | Total current assets | $1,329,997 | $1,477,484 | | **Total Assets** | **$3,353,780** | **$3,602,846** | | **Current Liabilities** | | | | Accounts payable | $152,060 | $180,966 | | Current portion of convertible debt | $145,318 | $58,273 | | Total current liabilities | $835,766 | $748,489 | | **Total Liabilities** | **$1,589,820** | **$1,795,090** | | **Total Stockholders' Equity** | **$1,763,960** | **$1,807,756** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For Q2 2025, net revenue increased to **$174.0 million**, and net loss improved to **$227.1 million**, or **($0.20) per share**, from **($0.36) per share** in Q2 2024 Statement of Operations Summary (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | Net revenue | $173,970 | $143,350 | $307,644 | $263,614 | | Gross loss | $(53,465) | $(131,255) | $(127,326) | $(290,330) | | Operating loss | $(176,946) | $(244,673) | $(355,402) | $(504,082) | | Net loss attributable to Plug Power Inc. | $(227,099) | $(262,333) | $(423,755) | $(558,109) | | Net loss per share (Basic and diluted) | $(0.20) | $(0.36) | $(0.41) | $(0.81) | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash used in operating activities improved to **$297.4 million**, while investing cash use decreased and financing cash provided declined Cash Flow Summary for Six Months Ended June 30 (in thousands) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(297,378) | $(422,466) | | Net cash used in investing activities | $(87,316) | $(268,658) | | Net cash provided by financing activities | $226,064 | $526,751 | | **Decrease in cash and cash equivalents** | **$(64,957)** | **$(72,674)** | [Notes to Interim Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Interim%20Condensed%20Consolidated%20Financial%20Statements) These notes detail the company's operations, liquidity, accounting policies, and financial items, including ongoing net losses, financing, and restructuring plans - The company incurred net losses of **$228.7 million** for Q2 2025 and **$425.6 million** for the first six months of 2025, with working capital of **$494.2 million** and **$140.7 million** in unrestricted cash as of June 30, 2025[23](index=23&type=chunk) - The company believes its current working capital, cash position, and access to financing, including an ATM program and Secured Debenture Purchase Agreement, are sufficient to fund operations for at least the next 12 months[32](index=32&type=chunk) - In March 2025, the company initiated a restructuring plan to reduce its workforce and realign its manufacturing footprint, expecting significant annual savings from the second half of 2025[31](index=31&type=chunk)[159](index=159&type=chunk) [Item 2 – Management's Discussion and Analysis of Financial Condition and Results of Operations](index=57&type=section&id=Item%202%20%E2%80%93%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's Q2 2025 financial condition and results of operations, analyzing revenue, costs, operating expenses, liquidity, and capital resources [Overview](index=61&type=section&id=Overview) Plug Power focuses on hydrogen and fuel cell solutions, offering a vertically integrated product ecosystem for industrial mobility and clean hydrogen production - The company's core focus is on industrial mobility applications and the production of clean hydrogen[177](index=177&type=chunk) - Plug Power provides a vertically integrated product ecosystem including fuel cells, fueling infrastructure, service, electrolyzers, and liquefaction systems[178](index=178&type=chunk)[179](index=179&type=chunk)[180](index=180&type=chunk)[182](index=182&type=chunk)[183](index=183&type=chunk) [Results of Operations](index=63&type=section&id=Results%20of%20Operations) For Q2 2025, net revenue increased **21.4%** to **$174.0 million**, gross loss improved to **($53.5) million**, and operating loss narrowed to **($176.9) million** Net Revenue and Gross Profit/(Loss) by Segment (Q2 2025 vs Q2 2024, in thousands) | Segment | Net Revenue Q2 2025 | Net Revenue Q2 2024 | Gross Profit/(Loss) Q2 2025 | Gross Profit/(Loss) Q2 2024 | | :--- | :--- | :--- | :--- | :--- | | Sales of equipment, related infrastructure and other | $99,173 | $76,788 | $(18,107) | $(53,123) | | Services performed on fuel cell systems | $16,367 | $13,034 | $6,371 | $(696) | | Power purchase agreements | $23,633 | $19,674 | $(21,639) | $(34,638) | | Fuel delivered to customers | $34,399 | $29,887 | $(31,237) | $(28,430) | | **Total** | **$173,970** | **$143,350** | **$(53,465)** | **$(131,255)** | - Revenue from sales of equipment increased **29.2%** year-over-year in Q2 2025, primarily due to a **$29.8 million** increase in electrolyzer system sales[195](index=195&type=chunk) - Gross margin on services improved to **38.9%** in Q2 2025 from **(5.3%)** in Q2 2024, driven by higher service rates and improved unit performance[211](index=211&type=chunk) - The company recorded an other-than-temporary impairment loss of **$42.5 million** on an equity method investment in Q2 2025 due to declining market conditions[241](index=241&type=chunk) [Liquidity and Capital Resources](index=79&type=section&id=Liquidity%20and%20Capital%20Resources) Despite ongoing net losses, the company bolstered liquidity in 2025 through a **$267.5 million** direct offering and a **$210.0 million** secured debenture, maintaining sufficient resources - In March 2025, the company raised **$267.5 million** in net proceeds from a registered direct offering of common stock, pre-funded warrants, and common warrants[256](index=256&type=chunk) - In May 2025, the company issued an initial tranche of a **15.00%** Secured Debenture for **$199.5 million** in proceeds, with commitments for a second tranche of up to **$105.0 million**[257](index=257&type=chunk) - The company has an 'at-the-market' (ATM) equity offering program with **$986.2 million** of aggregate gross sales price available as of June 30, 2025[254](index=254&type=chunk) - On January 16, 2025, a subsidiary finalized a loan guarantee of up to **$1.66 billion** with the U.S. Department of Energy (DOE) to finance the construction of up to six green hydrogen production facilities[148](index=148&type=chunk)[296](index=296&type=chunk) [Item 3 – Quantitative and Qualitative Disclosures About Market Risk](index=99&type=section&id=Item%203%20%E2%80%93%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) There have been no material changes to the quantitative and qualitative market risk disclosures from the 2024 Form 10-K - There has been no material change from the market risk disclosures provided in the Company's 2024 Form 10-K[313](index=313&type=chunk) [Item 4 – Controls and Procedures](index=99&type=section&id=Item%204%20%E2%80%93%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that as of June 30, 2025, the company's disclosure controls and procedures were effective[317](index=317&type=chunk) - No material changes to the internal control over financial reporting occurred during the quarter ended June 30, 2025[318](index=318&type=chunk) PART II. OTHER INFORMATION [Item 1 – Legal Proceedings](index=102&type=section&id=Item%201%20%E2%80%93%20Legal%20Proceedings) The company is involved in several securities class actions and stockholder derivative litigations alleging false statements, with some cases dismissed and others pending motions to dismiss - The 2021 Securities Action was dismissed with prejudice, and the related derivative litigation was also dismissed, with plaintiffs voluntarily dismissing their appeal in June 2025[139](index=139&type=chunk)[140](index=140&type=chunk) - The company is facing a consolidated 2023 Securities Action and a 2024 Securities Litigation, both alleging misstatements about business operations, revenue goals, and hydrogen production progress, which the company is actively defending[141](index=141&type=chunk)[145](index=145&type=chunk) [Item 1A – Risk Factors](index=102&type=section&id=Item%201A%20%E2%80%93%20Risk%20Factors) There have been no material changes to the risk factors identified in the 2024 Form 10-K and the Q1 2025 Form 10-Q - There have been no material changes to the risk factors identified in the 2024 Form 10-K and the Q1 2025 Form 10-Q[321](index=321&type=chunk) [Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds](index=102&type=section&id=Item%202%20%E2%80%93%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) On July 8, 2025, the company issued an unregistered warrant to YA II PN, Ltd. to purchase **31.5 million** common shares at **$1.37 per share**, under the Secured Debenture Purchase Agreement - On July 8, 2025, the Company issued a warrant to YA II PN, Ltd. to purchase **31.5 million** shares of common stock at an exercise price of **$1.37 per share**, expiring July 10, 2028[322](index=322&type=chunk) - The warrant was issued as an unregistered security under the exemption provided by Section 4(a)(2) of the Securities Act[322](index=322&type=chunk) [Item 6 – Exhibits](index=105&type=section&id=Item%206%20%E2%80%93%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including corporate governance documents, warrants, and CEO/CFO certifications

[Q2 2025 Financial & Operational Highlights](index=1&type=section&id=Q2%202025%20Financial%20%26%20Operational%20Highlights) [Financial Performance](index=1&type=section&id=Financial%20Performance) Plug Power's Q2 2025 revenue grew **21%** to **$174 million**, with gross margin improving to **-31%** due to cost reductions | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | **Revenue** | $174 million | ~$143.8 million | +21% YoY | | **Gross Margin** | -31% | -92% | +61 p.p. | | **Electrolyzer Revenue** | ~$45 million | ~$15 million | +200% YoY | - The company's cost-saving initiative, **Project Quantum Leap**, contributed to margin improvements through workforce optimization, facility consolidation, reduced professional services, and renegotiated supply contracts[4](index=4&type=chunk) - The second quarter included approximately **$80 million** in non-cash charges primarily associated with **Project Quantum Leap**, a significant increase from the **$6 million** in similar charges in Q2 2024[4](index=4&type=chunk) [Cash Flow and Liquidity](index=1&type=section&id=Cash%20Flow%20and%20Liquidity) Cash management improved with **over 40%** reduction in net cash used for operations and investing, ending Q2 with **over $140 million** unrestricted cash - Net cash used in operating and investing activities saw a year-over-year decline of **over 40%**[4](index=4&type=chunk) - The company exited Q2 with a strong liquidity position, holding **over $140 million** in unrestricted cash and cash equivalents[4](index=4&type=chunk) - Plug has a platform to access **over $300 million** in additional debt capacity from its secured debt facility and is positioned to benefit from the monetization of tax credits under **Sections 45V and 48E**[4](index=4&type=chunk) [Strategic and Market Highlights](index=2&type=section&id=Strategic%20and%20Market%20Highlights) [GenEco Electrolyzer Growth and Global Expansion](index=2&type=section&id=GenEco%20Electrolyzer%20Growth%20and%20Global%20Expansion) GenEco electrolyzer business shows strong global demand, mobilizing **over 230 megawatts** of programs and setting a production record at the Georgia plant - **Over 230 MW** of GenEco electrolyzer programs are currently being mobilized in Europe, Australia, and North America[7](index=7&type=chunk) - The Georgia hydrogen plant set a U.S. production record using GenEco systems, showcasing the technology's scalability and reliability[7](index=7&type=chunk) - The sales funnel for GenEco electrolyzers remains strong, with multiple large-scale projects moving toward final investment decisions in **2026**[7](index=7&type=chunk) [Business Segment Developments](index=2&type=section&id=Business%20Segment%20Developments) Increased GenDrive demand from ITC extension and expansion into renewable diesel and SAF markets are expected to drive new revenue in **H2 2025** - The extension of the **Investment Tax Credit (ITC) through 2026** is stimulating customer demand for GenDrive fuel cells, with new bookings expected in **H2 2025**[5](index=5&type=chunk) - The Energy Transition business is gaining traction by supporting customers in renewable diesel and sustainable aviation fuel (SAF) industries, with new revenue opportunities anticipated in **H2 2025**[5](index=5&type=chunk) - A major hydrogen supply agreement was extended with improved economics, which is expected to support better margins in the second half of the year[7](index=7&type=chunk) [Regulatory Impact and Outlook](index=2&type=section&id=Regulatory%20Impact%20and%20Outlook) Solidified tax credits (Sections **45V** and **48E**) create a favorable regulatory environment, with the company targeting **gross margin breakeven on a run-rate basis** in **Q4 2025** - The passage of the "**One Big Beautiful Bill**" in July solidified the **Section 45V Clean Hydrogen Production Tax Credit** and the **Section 48E Investment Tax Credit**, providing significant policy support[8](index=8&type=chunk) - Plug Power expects to achieve **gross margin breakeven on a run-rate basis** in **Q4 2025**, driven by cost discipline, service execution, and scale benefits[8](index=8&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets decreased to **$3.35 billion** and total liabilities to **$1.59 billion** | (In thousands) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $140,736 | $205,693 | | **Total current assets** | $1,329,997 | $1,477,484 | | **Total assets** | $3,353,780 | $3,602,846 | | **Total current liabilities** | $835,766 | $748,489 | | **Total liabilities** | $1,589,820 | $1,795,090 | | **Total stockholders' equity** | $1,763,960 | $1,807,756 | [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2025 net revenue reached **$174.0 million**, with gross loss significantly reduced and net loss improving to **$227.1 million** | (In thousands, except per share) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | | :--- | :--- | :--- | | **Net revenue** | $173,970 | $143,350 | | **Gross loss** | $(53,465) | $(131,255) | | **Operating loss** | $(176,946) | $(244,673) | | **Net loss attributable to Plug Power Inc.** | $(227,099) | $(262,333) | | **Net loss per share (Basic and diluted)** | $(0.20) | $(0.36) | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities improved to **$297.4 million** for the six months ended June 30, 2025, with investing activities significantly lower at **$87.3 million** | (In thousands) | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | | **Net cash used in operating activities** | $(297,378) | $(422,466) | | **Net cash used in investing activities** | $(87,316) | $(268,658) | | **Net cash provided by financing activities** | $226,064 | $526,751 | [Company Information and Disclosures](index=3&type=section&id=Company%20Information%20and%20Disclosures) [About Plug](index=3&type=section&id=About%20Plug) Plug Power is a key player in the global hydrogen economy, offering an integrated ecosystem from production to power generation - Plug Power provides a fully integrated hydrogen ecosystem, including electrolyzers, liquid hydrogen, fuel cell systems, and fueling infrastructure[10](index=10&type=chunk) - The company has deployed **over 72,000 fuel cell systems** and **275 fueling stations** and has a hydrogen production capacity of **40 tons per day** from its plants in Georgia, Tennessee, and Louisiana[11](index=11&type=chunk) [Earnings Call Details](index=3&type=section&id=Earnings%20Call%20Details) A conference call and live webcast to discuss Q2 2025 financial results are scheduled for **August 11, 2025, at 4:30 PM ET** - An earnings call is scheduled for **August 11, 2025, at 4:30 PM ET** to discuss the financial results[15](index=15&type=chunk) [Safe Harbor](index=3&type=section&id=Safe%20Harbor) This report contains forward-looking statements regarding the company's financial profile, strategic objectives, and anticipated benefits of initiatives and tax credits - The document includes forward-looking statements concerning **Project Quantum Leap**, financial outlook, sales growth, and the impact of tax credits[14](index=14&type=chunk) - Investors are cautioned that these statements are not guarantees of future performance and are subject to risks outlined in the company's SEC filings, including its **Form 10-K and 10-Q reports**[14](index=14&type=chunk)