Plug Power's Equipment Revenues Decline: Is the Risk Priced In?

Key Takeaways PLUG's Q1 revenues from key legacy products fell 7% year over year to $63.5 million. Sales of hydrogen infrastructure, GenDrive units and cryogenic gear all declined in the quarter. Electrolyzer revenues surged 581.7% on global demand, boosted by major deals and new project deliveries.Plug Power Inc. (PLUG) is facing headwinds in some of its core product categories. In the first quarter of 2025, revenues from equipment, related infrastructure and other products declined 7% year over year to ...