PLUG POWER INC
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $709.9M | $628.8M | $891.3M | $701.4M | $502.3M |
| Cost of revenue | $952.0M | $1.3B | $1.4B | $895.8M | $673.7M |
| Gross profit | -$242.0M | -$624.9M | -$507.8M | -$194.4M | -$171.3M |
| Selling, general & administrative | $379.6M | $376.1M | $422.5M | $363.9M | $179.9M |
| Research and development | $58.0M | $77.2M | $113.7M | $99.6M | $64.8M |
| Operating expenses | $1.2B | $1.4B | $835.7M | $485.2M | $266.0M |
| Operating income | -$1.5B | -$2.0B | -$1.3B | -$679.5M | -$437.3M |
| Interest expense | $65.1M | $46.6M | $45.2M | $39.0M | $43.2M |
| Pretax income | -$1.7B | -$2.1B | -$1.4B | -$723.2M | -$476.2M |
| Income tax expense | $356,000 | -$2.7M | -$7.4M | $839,000 | -$16.2M |
| Net income | -$1.6B | -$2.1B | -$1.4B | -$724.0M | -$460.0M |
| Balance Sheet | |||||
| Cash and equivalents | $368.5M | $205.7M | $135.0M | $690.6M | $2.5B |
| Current assets | $1.4B | $1.5B | $1.8B | $3.3B | $4.4B |
| Total assets | $2.6B | $3.6B | $4.9B | $5.8B | $6.0B |
| Current liabilities | $610.6M | $748.5M | $964.8M | $635.3M | $420.6M |
| Total liabilities | $1.6B | $1.8B | $2.0B | $1.7B | $1.3B |
| Total debt | — | $2.1M | $5.5M | $11.4M | — |
| Stockholders' equity | $978.1M | $1.7B | $2.9B | $4.1B | $4.6B |
| Cash Flow Statement | |||||
| Cash from operations | -$535.8M | -$728.6M | -$1.1B | -$828.6M | -$358.2M |
| Depreciation and amortization | $37.6M | $61.1M | $52.0M | $30.4M | $20.9M |
| Stock-based compensation | $50.5M | $82.2M | $162.9M | $179.6M | $76.5M |
| Capital expenditure | $111.2M | $287.1M | $665.2M | $436.6M | $172.2M |
| Free cash flow | -$647.0M | -$1.0B | -$1.8B | -$1.3B | -$530.3M |
| Impairments | $785.4M | $949.3M | $269.5M | $800,000 | $0 |
Shares outstanding 1.4B · Free float 91.2%
Annual filing data through FY ended December 31, 2025; float as of July 12, 2026.