Hydrogen fuel cell solutions provider Plug Power reported a revenue of $133.67 million in the first quarter (Q1) of 2025, an 11% year-over-year (YoY) increase compared to $120.26 million. This growth was driven by rising demand for electrolyzers, consistent material handling activity, and continued deployment within its cryogenic platform.

The revenue exceeded analysts’ expectations by $1.88 million.

The company’s net loss fell to $196.65 million from a net loss of $295.77 million in the corresponding period last year.

Its loss per share came in at $0.21, missing the analysts’ estimate by $0.02.

Plug Power commissioned a 15-ton-per-day hydrogen liquefaction project in St. Gabriel, Louisiana, through its joint venture with Olin Corporation. This commissioning brings the company’s total U.S. hydrogen production capacity to approximately 40 tons daily.

In Q1, the company deployed over 848 fuel cell units, primarily supporting its material handling operations.

Outlook

For Q2 2025, Plug Power forecasts revenue between $140 million and $180 million, expecting continued gross margin and working capital improvements. It aims to build on Q1 momentum by utilizing its new infrastructure, such as the Louisiana project, to improve margins and reduce dependence on third-party fuel sources.

One of the company’s key strategic focuses remains the GenEco electrolyzer platform, which it plans to scale globally. Plug Power is also pursuing financing initiatives such as investment tax credit transfers and project equity arrangements to support long-term capital efficiency.

Andy Marsh, CEO, Plug Power emphasized the company’s commitment to profitability and growth. He said, “With new capacity online in Louisiana, growing demand for our GenEco electrolyzers, and tighter cash flow discipline, we are executing with urgency and focus.” Marsh confirmed that Plug Power met its financial and operational targets in a “turbulent macro environment,” with revenue “in line with guidance.”

The company said it secured a $10 million initial order in the material handling sector, opening the door to over $200 million in future opportunities and new partnerships, such as with Stephan Spain, are expanding Plug Power’s global footprint in hydrogen-powered logistics.

The company’s Quantum Leap program, launched to cut over $200 million in annualized costs, has delivered most of these savings. In Q1, the company’s cash burn fell by nearly 50% YoY, with further reductions anticipated.

Plug Power raised $280 million in equity and secured a $525 million structured financing facility, part of which was used to retire convertible debt. The company also received a $1.66 billion loan guarantee from the U.S. Department of Energy. “We do not anticipate raising further equity in 2025 and remain committed to that,” said Marsh.

He outlined a four-part mitigation strategy addressing increased tariffs on Chinese imports, noting the minimal impact on the company’s electrolyzer platform despite 145% tariffs.

Regarding U.S. policy changes amid a government transition, Marsh emphasized active engagement with policymakers and confidence in a stable, long-term hydrogen policy framework.

Marsh identified electrolyzer market opportunities worth over $21 billion in 2025–2026 in Europe. He said, “Europe is real, the funnel is live, and Plug is well-positioned.”