Plug Power Inc revenue
Plug Power Inc's revenue was $710m in fiscal 2025, up 12.9% on the year before. Since fiscal 2009 ($12.3m) it has grown at a compound 28.9% a year. Over the last twelve months it was $744m.
Revenue history
| Fiscal year | 2009Dec 2009 | 2010Dec 2010 | 2011Dec 2011 | 2012Dec 2012 | 2013Dec 2013 | 2014Dec 2014 | 2015Dec 2015 | 2016Dec 2016 | 2017Dec 2017 | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMJun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 12 | 19 | 28 | 26 | 27 | 64 | 103 | 83 | 100 | 174 | 230 | −93 | 502 | 701 | 891 | 629 | 710 | 744 |
| Growth on the year before | — | +58.4% | +41.9% | −5.5% | +1.9% | +141.5% | +60.8% | −19.8% | +20.9% | +73.9% | +32.0% | −140.5% | — | +39.6% | +27.1% | −29.5% | +12.9% | — |
| Gross profit | 5 | −4 | −3 | −12 | −11 | −5 | −10 | 4 | −28 | −26 | 11 | −469 | −171 | −194 | −508 | −625 | −242 | −138 |
| Gross margin | 41.1% | −18.7% | −11.0% | −44.2% | −42.3% | −7.6% | −9.6% | 4.8% | −28.0% | −14.9% | 4.6% | — | −34.1% | −27.7% | −57.0% | −99.4% | −34.1% | −18.5% |
Where the revenue comes from
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Sales of Equipment and Related Infrastructure | $371M | 52.2% | ▼ 4.9% |
| Sale of Electrolyzers (part of Sales of Equipment and Related Infrastructure) | $188M | 50.6% | ▲ 38.6% |
| Services Performed On Fuel Cell Systems and Related Infrastructure (part of Sales of Equipment and Related Infrastructure) | $94.5M | 25.5% | ▲ 81.1% |
| Sales of Fuel Cell Systems (part of Sales of Equipment and Related Infrastructure) | $54M | 14.6% | ▲ 3.6% |
| Sale of Hydrogen Infrastructure (part of Sales of Equipment and Related Infrastructure) | $26.8M | 7.2% | ▼ 61.3% |
| Sale of Engineered Equipment (part of Sales of Equipment and Related Infrastructure) | $6.9M | 1.8% | ▼ 69.0% |
| Fuel Delivered To Customers and Related Equipment | $133M | 18.8% | ▲ 36.3% |
| Power Purchase Agreements | $108M | 15.1% | ▲ 38.2% |
| Sale of Cryogenic Equipment | $95.7M | 13.5% | ▼ 14.2% |
| Other Product and Services | $3.4M | 0.5% | ▼ 67.9% |
| Region | Revenue | Share | YoY |
|---|---|---|---|
| United States | $536M | 75.5% | ▲ 25.2% |
| Outside the US | $174M | 24.5% | ▼ 13.3% |
From Plug Power Inc's 10-K filed March 2, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
Revenue against peers
| Company | Revenue | Growth | 3-year growth a year |
|---|---|---|---|
| Plug Power Inc | $744m | 10.6% | -5.4% |
| Preformed Line Products Co | $772m | 16.3% | 3.6% |
| LSI Industries Inc | $689m | 20.2% | 11.5% |
| Shoals Technologies Group, Inc. | $588m | 46.9% | 12.8% |
| Allient Inc | $575m | 10.6% | 1.0% |
| Vicor Corp | $561m | 27.0% | 10.3% |
Compare with peers
- Preformed Line Products Co revenue
- LSI Industries Inc revenue
- Shoals Technologies Group, Inc. revenue
- Allient Inc revenue
- Vicor Corp revenue
Head to head: PLPC vs PLUGLYTS vs PLUGPLUG vs SHLS
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