# Plug Power Inc. (PLUG)

**Exchange:** NASDAQ  
**Sector:** Industrials  
**Market cap:** $3.25B  
**Price:** $2.83 (-1.05%)

> Plug Power Inc. is a provider of alternative energy technology, specializing in the design, development, commercialization, and manufacture of hydrogen and fuel cell systems. These systems serve primarily the material handling and stationary power markets, offering solutions to replace traditional lead-acid batteries in electric material handling vehicles and industrial trucks used by distribution and manufacturing businesses. Key product lines include GenKey, which supports customers transitioning material handling vehicles to fuel cell power; GenDrive for on-board fuel cell systems; GenFuel for hydrogen fueling infrastructure; GenCare for aftermarket service and support; and ReliOn, a stationary fuel cell solution providing scalable, modular PEM fuel cell power for backup and grid-support needs in telecommunications, transportation, and utility sectors. Plug Power Inc. also engages in hydrogen production and supply through integrated fueling solutions. Founded in 1997 and headquartered in Slingerlands, New York, the company plays a vital role in advancing clean energy technologies for industrial off-road and stationary power applications.

## Income Statement (Annual, USD)

| Fiscal Year | Revenue | Gross Profit | Operating Income | Net Income | EPS (dil.) |
| --- | --- | --- | --- | --- | --- |
| 2025 | $710M | -$242M | -$1.47B | -$1.63B | — |
| 2024 | $629M | -$625M | -$2.02B | -$2.10B | — |
| 2023 | $891M | -$508M | -$1.34B | -$1.37B | — |
| 2022 | $701M | -$194M | -$680M | -$724M | — |
| 2021 | $502M | -$171M | -$437M | -$460M | — |
| 2020 | -$93M | -$469M | -$584M | -$596M | — |
| 2019 | $230M | $11M | -$48M | -$84M | — |
| 2018 | $174M | -$26M | -$76M | -$86M | — |
| 2017 | $100M | -$28M | -$102M | -$127M | — |
| 2016 | $83M | $4M | -$52M | -$57M | — |
| 2015 | $103M | -$10M | -$59M | -$56M | — |
| 2014 | $64M | -$5M | -$38M | -$88M | — |
| 2013 | $27M | -$11M | -$29M | -$63M | — |
| 2012 | $26M | -$12M | -$37M | -$32M | — |
| 2011 | $28M | -$3M | -$31M | -$27M | — |

## Balance Sheet (Annual, USD)

| Fiscal Year | Total Assets | Total Liabilities | Equity | Cash | Long-term Debt |
| --- | --- | --- | --- | --- | --- |
| 2025 | $2.59B | $1.59B | $978M | $369M | — |
| 2024 | $3.60B | $1.80B | $1.73B | $206M | — |
| 2023 | $4.90B | $2.00B | $2.90B | $135M | $4M |
| 2022 | $5.76B | $1.70B | $4.06B | $691M | $9M |
| 2021 | $5.95B | $1.34B | $4.61B | $2.48B | — |
| 2020 | $2.25B | $784M | $1.47B | $1.31B | — |
| 2019 | $660M | $528M | $130M | $139M | — |
| 2018 | $390M | $356M | -$4M | $39M | $133,000 |
| 2017 | $271M | $196M | $70M | $25M | $13M |
| 2016 | $241M | $146M | $85M | $46M | $21M |
| 2015 | $209M | $84M | $125M | $64M | — |
| 2014 | $204M | $45M | $158M | $146M | — |
| 2013 | $35M | $51M | -$18M | $5M | — |
| 2012 | $39M | $24M | $15M | $9M | — |
| 2011 | $56M | $27M | $29M | $14M | — |

## Cash Flow (Annual, USD)

| Fiscal Year | Operating Cash Flow | CapEx | Free Cash Flow |
| --- | --- | --- | --- |
| 2025 | -$536M | $111M | -$647M |
| 2024 | -$729M | $287M | -$1.02B |
| 2023 | -$1.11B | $665M | -$1.77B |
| 2022 | -$829M | $437M | -$1.27B |
| 2021 | -$358M | $172M | -$530M |
| 2020 | -$155M | $23M | -$178M |
| 2019 | -$53M | $6M | -$59M |
| 2018 | -$58M | $5M | -$63M |
| 2017 | -$60M | $4M | -$64M |
| 2016 | -$30M | $3M | -$32M |
| 2015 | -$47M | $4M | -$51M |
| 2014 | -$41M | $1M | -$42M |
| 2013 | -$27M | $111,000 | -$27M |
| 2012 | -$20M | $77,527 | -$20M |
| 2011 | -$33M | -$1M | -$35M |

Source: [CompaniesByCap](https://companiesbycap.com/company/PLUG)