Plug Power Q2 revenue $174M (+21% YoY); sees gross margin breakeven in Q4 2025

PLUG POWER INC

2025-Q2 EPS reported -$0.41 vs consensus -$0.16 ▼ miss (-160.3%)

Revenue of $174M (+21% YoY) driven by GenDrive, GenFuel, and GenEco; electrolyzer revenue tripled to ~$45M.
Gross margin improved to -31% from -92% YoY; $80M non-cash charges from Project Quantum Leap.
Exited Q2 with >$140M cash; access to >$300M additional debt capacity; plans to monetize 45V/48E tax credits.
Guide: targeting gross margin breakeven on a run-rate basis in Q4 2025; reaffirms cost discipline.
Passage of One Big Beautiful Bill solidified 45V/48E tax credits, supporting hydrogen growth.

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