Can Plug Power's Cost Discipline Deliver Long-Term Margin Growth?

Key Takeaways Plug Power's gross margin improved from negative 92% to negative 31% year over year.The Quantum Leap program is cutting costs through supply-chain and workforce efficiencies.Retiring old PPAs and reducing inventory are expected to free over $300 million in cash.Plug Power Inc. (PLUG) has made significant progress in cost-cutting initiatives and improving margins. The company’s gross margin improved from negative 92% in the second quarter of 2024 to negative 31% in the second quarter of 2025. T ...