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)

Core Insights - Plug Power reported a quarterly loss of $0.20 per share, missing the analyst estimate of a $0.16 loss [1] - Quarterly revenue was $173.97 million, exceeding the Street estimate of $157.1 million and up from $143.35 million in the same period last year [1] Financial Performance - Electrolyzer revenue tripled year-over-year, reaching approximately $45 million in the second quarter [4] - Gross margin improved to -31% from -92% year-over-year, attributed to service cost reductions, equipment cost improvements, and better hydrogen pricing [4] - Net cash used in operating and investing activities declined over 40% year-over-year [4] - The company exited the second quarter with over $140 million in unrestricted cash and cash equivalents [4] Outlook - Plug Power expects to achieve gross margin breakeven on a run-rate basis in the fourth quarter of this year due to continued cost discipline, enhanced service execution, and scale benefits [2]

Revenue Growth and Financial Performance - Plug Power reported Q2 revenue of $174 million, a 21% increase year-over-year, driven by strong demand for GenDrive fuel cells, GenFuel hydrogen infrastructure, and GenEco electrolyzer platforms [4] - Electrolyzer revenue tripled year-over-year, reaching approximately $45 million in Q2, indicating significant global scaling [4] - Gross margin improved to -31% in Q2 2025 from -92% in Q2 2024, attributed to service cost reductions and improved hydrogen pricing [4] Cost Management and Cash Flow - The execution of Project Quantum Leap led to cost structure gains through workforce optimization, facility consolidation, and renegotiated supply contracts [4] - Non-cash charges for Q2 were approximately $80 million, compared to $6 million in Q2 2024 [4] - Net cash used in operating and investing activities declined over 40% year-over-year, with over $140 million in unrestricted cash and access to over $300 million in additional debt capacity [4] Strategic Initiatives and Market Position - Over 230 megawatts of GenEco electrolyzer programs are being mobilized across Europe, Australia, and North America, reflecting strong global demand [4] - A major hydrogen supply agreement was extended with improved economics, supporting better margins in the second half of 2025 [4] - The extension of the Investment Tax Credit through 2026 is expected to stimulate customer demand for Plug's GenDrive fuel cells [5] Future Outlook and Growth Potential - Plug expects to achieve gross margin breakeven on a run-rate basis in Q4 2025, supported by continued cost discipline and scale benefits from GenEco deployments [11] - The GenEco electrolyzer sales funnel remains strong, with additional customer commitments expected and multiple large-scale projects moving toward final investment decisions in 2026 [4] - Plug's Energy Transition business is gaining traction, leveraging expertise in skid packaging and liquefier technology to support industries like renewable diesel and sustainable aviation fuel [5]

Core Insights - Plug Power Inc. (PLUG) is focusing on expanding its business in the green hydrogen energy market, which is projected to reach $30 billion by 2030 [1] - The company has secured a $1.66 billion loan guarantee from the U.S. Department of Energy for constructing six green hydrogen production plants, enhancing its domestic manufacturing capabilities [2] - Despite facing challenges such as a high cash burn rate and negative gross margins, investments in the green hydrogen market and the Quantum Leap project are expected to drive long-term performance [3] Company Developments - PLUG is enhancing its green hydrogen production capacity with a new facility in Georgia and a joint venture with Olin Corporation in Louisiana [1][7] - The Senate's revision of the tax bill is anticipated to provide two-year tax credit extensions for the hydrogen industry, aiding Plug Power's business scaling efforts [2] Industry Context - Among peers, FuelCell Energy, Inc. is investing in solid oxide fuel cell technology and has secured a contract for a 7.4 MW fuel cell power plant, expected to generate over $160 million in future revenues [4] - Bloom Energy Corporation is expanding its commercial capabilities and has strengthened its partnership with Equinix to provide sustainable on-site power for data centers [5] Financial Performance - PLUG's shares have increased by 75.5% over the past three months, outperforming the industry growth of 18.6% [6] - The company is currently trading at a forward price-to-earnings ratio of negative 3.45X, compared to the industry average of 22.08X, indicating a challenging valuation [9] - The Zacks Consensus Estimate for PLUG's bottom line for 2025 has remained stable over the past 60 days, with projected losses of -0.59 for the current year and -0.34 for the next year [10][11]

Core Insights - Plug Power is expected to announce earnings on August 11, 2025, with historical trends indicating a likelihood of a negative one-day stock reaction following earnings announcements [2][3] - Analysts project a revenue of $158 million and an adjusted loss of $0.16 per share for the upcoming quarter, which is an improvement compared to the previous year's revenue of $143 million and an adjusted loss of $0.34 per share [3] - The company has a market capitalization of $1.4 billion, with $642 million in revenue over the past twelve months, but has incurred significant operational losses of -$988 million and a net loss of -$2.0 billion [4] Historical Performance - Over the last five years, Plug Power has experienced a one-day decrease in stock price following earnings announcements 61% of the time, with a median loss of -5.9% and a maximum decline of -40.5% [2][7] - In the last three years, the probability of positive one-day returns drops to 36%, with a median of 10% for positive returns and -5.9% for negative returns [7] Post-Earnings Strategies - Traders can assess historical odds and establish positions ahead of earnings reports, as well as investigate the relationship between immediate and medium-term returns following announcements [6] - A strategy involving the correlation between short-term and medium-term returns can be employed, where a positive one-day return could lead to a long position for the next five days if the correlation is strong [8] Peer Performance Impact - The performance of peers can influence Plug Power's stock reaction post-earnings, with historical data showing that peer stock returns may affect pricing before earnings announcements [9]

Core Insights - Plug Power (PLUG) is expected to report a quarterly loss of -$0.15 per share, reflecting a 58.3% increase in losses compared to the same period last year [1] - Analysts forecast revenues of $151.2 million, indicating a year-over-year increase of 5.5% [1] - The consensus EPS estimate has been revised upward by 0.9% over the past 30 days, showing analysts' reappraisal of projections [1] Revenue Estimates - Analysts project 'Net revenue- Sales of equipment, related infrastructure and other' to reach $87.53 million, a 14% increase from the previous year [4] - The estimate for 'Net revenue- Services performed on fuel cell systems and related infrastructure' is expected to be $13.66 million, reflecting a 4.8% increase year over year [4] - 'Net revenue- Power purchase agreements' is estimated at $18.91 million, suggesting a decline of 3.9% compared to the prior year [5] - The consensus for 'Net revenue- Fuel delivered to customers and related equipment' stands at $30.69 million, indicating a 2.7% year-over-year increase [5] - Analysts estimate 'Net revenue- Other' at $2.91 million, reflecting a significant decline of 26.6% year over year [5] Stock Performance - Over the past month, Plug Power shares have increased by 8.5%, outperforming the Zacks S&P 500 composite, which saw a 0.5% change [6] - Plug Power holds a Zacks Rank of 3 (Hold), suggesting that its performance is expected to align with the overall market in the near term [6]

Core Viewpoint - Plug Power Inc. is set to announce its second quarter results for 2025 on August 11, 2025, highlighting its ongoing leadership in the hydrogen economy [1]. Company Overview - Plug Power is a pioneer in the hydrogen economy, offering a fully integrated ecosystem that includes production, storage, delivery, and power generation [3]. - The company provides essential components such as electrolyzers, liquid hydrogen, fuel cell systems, storage tanks, and fueling infrastructure, catering to various industries including material handling and energy production [3]. Production and Capacity - Plug Power has deployed over 72,000 fuel cell systems and 275 fueling stations globally, making it the largest user of liquid hydrogen [4]. - The company operates hydrogen production plants in Georgia, Tennessee, and Louisiana, with a total production capacity of 40 tons per day [4]. Clientele and Partnerships - Plug Power supports major global companies such as Walmart, Amazon, Home Depot, BMW, and BP, leveraging its skilled workforce and advanced manufacturing facilities [5].

Core Insights - Plug Power Inc. (PLUG) and FuelCell Energy, Inc. (FCEL) are key players in the fuel cell technology market, focusing on innovative product solutions and electrolysis platforms [1][2] Group 1: Plug Power (PLUG) - PLUG has experienced a high cash burn rate and negative gross margins, with lower revenues from hydrogen equipment sales impacting performance [3][11] - The company is investing in hydrogen plants, anticipating the green hydrogen market to grow to $30 billion by 2030 [4] - PLUG aims to increase green hydrogen production through a new plant in Georgia and a joint venture with Olin Corporation in Louisiana, supported by a $1.66 billion loan guarantee from the U.S. Department of Energy [5][20] - The deployment of proton exchange membrane (PEM) electrolyzer systems highlights PLUG's expertise in the sector [6] - Cost management efforts have reduced the cash burn rate by nearly 50% year-over-year in Q1 2025, with Project Quantum Leap targeting over $200 million in annualized savings [7][8] Group 2: FuelCell Energy (FCEL) - FCEL continues to receive orders for clean energy solutions, including a contract for a 7.4 MW fuel cell power plant expected to generate over $160 million in future revenues [9] - The company's backlog reached $1.26 billion, reflecting an 18.7% year-over-year growth [9] - FCEL is restructuring operations to lower costs and enhance its competitive position, despite facing negative gross margins of -26% in the first half of fiscal 2025 [10][11] - The company's long-term debt stands at $124.1 million, raising concerns given its cash and cash equivalents of $116.1 million [12] - The Zacks Consensus Estimate for FCEL's fiscal 2025 sales is approximately $144.6 million, indicating a year-over-year growth of 28.9% [13] Group 3: Market Performance and Valuation - Over the past three months, Plug Power's shares surged by 91.8%, while FuelCell Energy's stock gained 37.4% [17] - PLUG is trading at a forward price-to-earnings ratio of -4.13X, compared to FCEL's -1.06X [18] - Both companies hold a Zacks Rank 3 (Hold), complicating the decision for investors [19]