---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-076198"
form_type: "8-K"
ticker: "PLUG"
cik: "0001093691"
company_name: "PLUG POWER INC"
filed_at: "2025-08-11T23:59:59+00:00"
generated_at: "2026-05-17T15:10:21.217804+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-25-076198
- form_type: 8-K
- ticker: PLUG
- cik: 0001093691
- company_name: PLUG POWER INC
- filed_at: 2025-08-11T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1093691/000110465925076198/0001104659-25-076198-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1093691/000110465925076198/tm2523117d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-076198
- JSON: https://secwatch.observer/filing/0001104659-25-076198.json
- Plain text: https://secwatch.observer/filing/0001104659-25-076198.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.