Plug Power Q3 revenue $177M, adjusted EPS loss narrows to $0.12, cash burn improves 49%

PLUG POWER INC

2025-Q3 EPS reported -$0.73 vs consensus -$0.13 ▼ miss (-478.9%)

Revenue $177M; GenEco electrolyzer revenue ~$65M (+46% seq, +13% YoY).
GAAP net loss per share $0.31 vs $0.25 in Q3 2024; adjusted EPS loss $0.12 vs $0.23.
Cash from ops burn ~$90M, down 49% YoY; unrestricted cash $166M; subsequent ~$370M warrant exercise.
Adjusted gross loss improved to $37M from $86M in Q3 2024; GAAP gross loss $120M.
~$226M in non-cash Project Quantum Leap charges; company targets EBITDAS-positive H2 2026.

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