Plug Power's Electrolyzer Sales Jump in Q1: Can the Momentum Sustain?

Key Takeaways PLUG saw a 581.7% YoY jump in electrolyzer revenues in Q1 2025, driven by global delivery and order growth. A 3 GW supply deal with Allied Green Ammonia marks one of PLUG's largest electrolyzer contracts to date. Despite growth, it faces pressure from negative gross margins and the capital intensity of hydrogen projects.Plug Power Inc.’s (PLUG) electrolyzer product line is emerging as a key driver of its growth, supported by the rising demand for green hydrogen solutions. In the first quarte ...