Plug Power (PLUG) Revenue & Revenue Breakdown

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Plug Power Revenue Highlights

Latest Revenue (Y)

$709.92M

Latest Revenue (Q)

$177.06M

Main Segment (Y)

Sale Of Electrolyzers

Main Geography (Y)

UNITED STATES

Plug Power Revenue by Period

Plug Power Revenue by Year

Date	Revenue	Change
2025-12-31	$709.92M	12.90%
2024-12-31	$628.81M	-29.45%
2023-12-31	$891.34M	27.07%
2022-12-31	$701.44M	39.63%
2021-12-31	$502.34M	-638.78%
2020-12-31	$-93.24M	-140.54%
2019-12-31	$229.97M	31.69%
2018-12-31	$174.63M	31.37%
2017-12-31	$132.93M	54.70%
2016-12-31	$85.93M	-16.81%
2015-12-31	$103.29M	60.81%
2014-12-31	$64.23M	141.46%
2013-12-31	$26.60M	1.89%
2012-12-31	$26.11M	-5.49%
2011-12-31	$27.63M	41.87%
2010-12-31	$19.47M	58.41%
2009-12-31	$12.29M	-31.33%
2008-12-31	$17.90M	10.02%
2007-12-31	$16.27M	107.65%
2006-12-31	$7.84M	-41.90%
2005-12-31	$13.49M	-16.45%
2004-12-31	$16.14M	29.11%
2003-12-31	$12.50M	5.79%
2002-12-31	$11.82M	105.84%
2001-12-31	$5.74M	-31.47%
2000-12-31	$8.38M	-23.83%
1999-12-31	$11.00M	69.23%
1998-12-31	$6.50M	-

Plug Power generated $709.92M in revenue during NA 2025, up 12.90% compared to the previous quarter, and up -761.41% compared to the same period a year ago.

Plug Power Revenue by Quarter

Date	Revenue	Change
2025-09-30	$177.06M	1.77%
2025-06-30	$173.97M	30.14%
2025-03-31	$133.67M	-30.19%
2024-12-31	$191.47M	10.21%
2024-09-30	$173.73M	21.19%
2024-06-30	$143.35M	19.20%
2024-03-31	$120.26M	-45.87%
2023-12-31	$222.16M	11.80%
2023-09-30	$198.71M	-23.63%
2023-06-30	$260.18M	23.73%
2023-03-31	$210.29M	-4.74%
2022-12-31	$220.74M	17.03%
2022-09-30	$188.63M	24.70%
2022-06-30	$151.27M	7.43%
2022-03-31	$140.80M	-13.03%
2021-12-31	$161.91M	12.49%
2021-09-30	$143.92M	15.55%
2021-06-30	$124.56M	73.10%
2021-03-31	$71.96M	-122.75%
2020-12-31	$-316.34M	-395.68%
2020-09-30	$106.99M	57.17%
2020-06-30	$68.07M	66.79%
2020-03-31	$40.81M	-58.44%
2019-12-31	$98.20M	74.19%
2019-09-30	$56.38M	-1.21%
2019-06-30	$57.07M	206.93%
2019-03-31	$18.59M	-68.92%
2018-12-31	$59.82M	12.52%
2018-09-30	$53.16M	33.16%
2018-06-30	$39.93M	37.30%
2018-03-31	$29.08M	-13.61%
2017-12-31	$33.66M	-45.20%
2017-09-30	$61.43M	171.75%
2017-06-30	$22.60M	48.37%
2017-03-31	$15.23M	-53.24%
2016-12-31	$32.58M	85.53%
2016-09-30	$17.56M	-14.17%
2016-06-30	$20.46M	33.44%
2016-03-31	$15.33M	-60.11%
2015-12-31	$38.43M	22.27%
2015-09-30	$31.43M	30.92%
2015-06-30	$24.01M	154.99%
2015-03-31	$9.42M	-56.11%
2014-12-31	$21.45M	7.91%
2014-09-30	$19.88M	14.78%
2014-06-30	$17.32M	210.73%
2014-03-31	$5.57M	-30.60%
2013-12-31	$8.03M	73.60%
2013-09-30	$4.63M	-38.29%
2013-06-30	$7.50M	16.33%
2013-03-31	$6.45M	8.84%
2012-12-31	$5.92M	23.99%
2012-09-30	$4.78M	-37.65%
2012-06-30	$7.66M	-1.20%
2012-03-31	$7.75M	-34.68%
2011-12-31	$11.87M	116.94%
2011-09-30	$5.47M	25.85%
2011-06-30	$4.35M	-26.85%
2011-03-31	$5.94M	-4.85%
2010-12-31	$6.24M	8.55%
2010-09-30	$5.75M	85.35%
2010-06-30	$3.10M	12.98%
2010-03-31	$2.75M	-29.69%
2009-12-31	$3.91M	53.71%
2009-09-30	$2.54M	-21.08%
2009-06-30	$3.22M	22.88%
2009-03-31	$2.62M	-50.33%
2008-12-31	$5.28M	30.17%
2008-09-30	$4.05M	-16.11%
2008-06-30	$4.83M	29.33%
2008-03-31	$3.74M	-26.70%
2007-12-31	$5.10M	-

Plug Power generated $177.06M in revenue during Q3 2025, up 1.77% compared to the previous quarter, and up 123.51% compared to the same period a year ago.

Plug Power Revenue Breakdown

Plug Power Revenue Breakdown by Product

Annual Revenue by Product

Product/Service	Dec 25	Dec 24	Dec 23	Dec 22	Dec 21
Services Performed On Fuel Cell Systems And Related Infrastructure	$94.46M	$52.17M	-	-	-
Fuel Delivered To Customers	$133.41M	$97.88M	-	-	-
Other Product And Services	$3.39M	$10.59M	-	-	-
Power Purchase Agreements	$107.57M	$77.84M	$249.06M	-	-
Sale of cryogenic equipment	$95.69M	$111.51M	$193.64M	$46.51M	-
Sales Of Fuel Cell Systems	$54.01M	$202.63M	-	-	-
Sale Of Electrolyzers	$187.78M	$135.50M	-	-	-
Sale Of Engineered Equipment	$6.85M	$22.09M	-	-	-
Sale Of Hydrogen Infrastructure	$26.75M	$69.12M	-	-	-
Sale Of Fuel Cell Systems And Other Infrastructure	-	$52.11M	-	-	-
Sale of hydrogen infrastructure	-	-	$183.61M	$141.53M	$135.06M
Sale of electrolyzers	-	-	$301.32M	$303.04M	$49.16M
Other	-	-	$10.84M	$2.85M	$22.75M
Fuel delivered to customers and related equipment	-	-	$95.44M	$93.80M	-
Sales of fuel cell systems	-	-	$181.17M	$38.23M	$23.14M
Power purchase agreements	-	-	$435.97M	$375.80M	-
Services performed on fuel cell systems and related infrastructure	-	-	$123.08M	$126.81M	$102.36M
Sale of solutions	-	-	-	-	$7.57M
Fuel delivered to customers	-	-	-	-	$61.60M

Plug Power's latest annual revenue breakdown by segment (product or service), as of Dec 25: Sale Of Electrolyzers (26.45%), Fuel Delivered To Customers (18.79%), Power Purchase Agreements (15.15%), Sale of cryogenic equipment (13.48%), Services Performed On Fuel Cell Systems And Related Infrastructure (13.31%), Sales Of Fuel Cell Systems (7.61%), Sale Of Hydrogen Infrastructure (3.77%), Sale Of Engineered Equipment (0.97%), and Other Product And Services (0.48%).

Quarterly Revenue by Product

Product/Service	Dec 25	Sep 25	Jun 25	Mar 25	Dec 24	Sep 24	Mar 24	Dec 23	Jun 23	Mar 23	Dec 22	Sep 22	Jun 22	Mar 22	Dec 21	Sep 21	Jun 21	Mar 21	Dec 20	Sep 20
Services Performed On Fuel Cell Systems And Related Infrastructure	$41.48M	$19.74M	$16.37M	$16.87M	-	$131.11M	$105.55M	$103.50M	$105.85M	$-29.39M	$86.54M	-	-	-	-	-	-	-	-	-
Sale Of Hydrogen Infrastructure	$8.75M	$753.00K	$11.60M	$5.65M	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Sale Of Engineered Equipment	$3.43M	$1.59M	$301.00K	$1.53M	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Sale Of Electrolyzers	$68.29M	$65.41M	$44.87M	$9.21M	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Sale of cryogenic equipment	$19.98M	$18.40M	$26.84M	$38.85M	$50.67M	$59.60M	$62.30M	-	-	-	-	-	-	-	-	-	-	-	-	-
Power Purchase Agreements	$36.13M	$24.60M	$23.63M	$23.21M	-	$375.12M	$9.64M	$212.36M	$196.90M	$185.43M	$6.99M	$177.72M	-	-	-	-	-	-	-	-
Other Product And Services	$2.34M	$24.00K	$398.00K	$627.00K	$8.39M	$2.19M	$2.12M	$2.50M	$2.89M	$76.00K	$3.71M	-	-	-	-	-	-	-	-	-
Fuel Delivered To Customers	$33.64M	$35.91M	$34.40M	$62.61M	$63.63M	$64.56M	$-40.61M	$9.83M	-	-	-	-	-	-	-	-	-	-	-	-
Sales Of Fuel Cell Systems	$11.17M	$10.62M	$15.56M	$16.66M	$10.75M	$191.87M	$23.82M	$55.35M	$66.03M	$-162.87M	$50.28M	-	-	-	-	-	-	-	-	-
Sale Of Cryogenic Equipment	-	-	-	$30.46M	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Fuel Delivered To Customers And Related Equipment	-	-	-	$29.46M	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Services performed on fuel cell systems and related infrastructure	-	-	-	-	-	-	$142.11M	-	$124.77M	$121.42M	$9.81M	$121.76M	$93.37M	$98.64M	$8.31M	-	-	-	-	-
Sales of fuel cell systems	-	-	-	-	-	-	$55.67M	$62.38M	$65.21M	$53.58M	$60.83M	$26.55M	$14.76M	$16.47M	$72.61M	-	-	-	-	-
Sale of hydrogen infrastructure	-	-	-	-	-	-	$12.29M	$76.09M	$58.65M	$48.87M	$44.89M	$37.14M	$32.41M	$27.09M	-	-	-	-	-	-
Sale of electrolyzers	-	-	-	-	-	-	$303.13M	-	$224.30M	$281.72M	$13.89M	$266.74M	$77.06M	$51.27M	-	-	-	-	-	-
Power purchase agreements	-	-	-	-	-	-	$419.41M	-	$402.75M	$385.10M	$16.45M	$319.74M	$252.00M	$255.93M	-	-	-	-	-	-
Other	-	-	-	-	-	-	$2.36M	$8.63M	$1.19M	$1.02M	$1.70M	$324.00K	$571.00K	$251.00K	$110.00K	-	-	-	-	-
Fuel delivered to customers and related equipment	-	-	-	-	-	-	$93.69M	-	$95.18M	$92.47M	$16.91M	$90.92M	$81.78M	-	-	-	-	-	-	-
Fuel delivered to customers	-	-	-	-	-	-	-	-	-	-	-	-	-	$13.43M	$13.11M	-	-	-	-	-
Sale of oil and gas equipment	-	-	-	-	-	-	-	-	-	-	-	-	-	$73.27M	-	-	-	-	-	-
Sale Of Hydrogen Installations And Other Infrastructure	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	$58.43M	$52.19M	$69.68M	$-83.09M	$62.70M
Sale Of Fuel Cell Systems And Other Infrastructure	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	$-246.17M	-

Plug Power's latest quarterly revenue breakdown by segment (product or service), as of Dec 25: Sale Of Electrolyzers (30.32%), Services Performed On Fuel Cell Systems And Related Infrastructure (18.42%), Power Purchase Agreements (16.04%), Fuel Delivered To Customers (14.94%), Sale of cryogenic equipment (8.87%), Sales Of Fuel Cell Systems (4.96%), Sale Of Hydrogen Infrastructure (3.89%), Sale Of Engineered Equipment (1.52%), and Other Product And Services (1.04%).

Plug Power Revenue Breakdown by Country

Annual Revenue by Country

Country	Dec 25	Dec 24	Dec 23	Dec 22	Dec 21
Non-US	$173.98M	$200.60M	-	-	-
UNITED STATES	$535.94M	$428.21M	-	-	-
North America	-	-	$751.42M	$579.22M	$476.25M
Asia	-	-	$13.94M	$50.50M	-
Europe	-	-	$112.89M	$46.03M	-
Other.	-	-	-	$25.69M	-
Other Member	-	-	-	-	$26.10M

Plug Power's latest annual revenue breakdown by geography, as of Dec 25: UNITED STATES (75.49%), and Non-US (24.51%).

Quarterly Revenue by Country

Country	Dec 25	Mar 25	Sep 24	Mar 24	Dec 23	Jun 23	Mar 23	Dec 22	Sep 22	Jun 22	Mar 22
UNITED STATES	$414.57M	$121.36M	-	-	-	-	-	-	-	-	-
Non-US	$161.67M	$12.31M	-	-	-	-	-	-	-	-	-
North America	-	-	$107.80M	$105.91M	$354.09M	$235.52M	$161.81M	$193.60M	$157.43M	$115.21M	$113.68M
Europe	-	-	$50.96M	$8.57M	$60.60M	$12.14M	$40.15M	-	-	-	-
Asia	-	-	$11.15M	$5.07M	$4.68M	$6.00M	$3.25M	-	-	-	-
Other.	-	-	-	-	-	$6.52M	$5.07M	$-69.39M	-	-	-
Other Member	-	-	-	-	-	-	-	-	$31.20M	$36.05M	$27.13M

Plug Power's latest quarterly revenue breakdown by geography, as of Dec 25: UNITED STATES (71.94%), and Non-US (28.06%).

Plug Power Peer Comparison by Revenue

Ticker	Company	Last Year Revenue	Last Quarter Revenue
GTLS	Chart Industries	$4.26B	$1.10B
MATX	Matson	$3.34B	$880.10M
AIR	AAR	$2.78B	$795.30M
HAFN	Hafnia	$2.77B	$763.04M
KFY	Korn Ferry	$2.76B	$725.04M
HAYW	Hayward	$1.12B	$244.34M
KAI	Kadant	$1.05B	$271.57M
PLUG	Plug Power	$709.92M	$177.06M
EAF	GrafTech	$504.13M	$144.00M
EOSE	Eos Energy Enterprises	$114.20M	$15.24M
AMPX	Amprius	$73.01M	$21.43M

PLUG Revenue FAQ

What is Plug Power’s yearly revenue?

Plug Power's yearly revenue for 2025 was $709.92M, representing an increase of 12.90% compared to 2024. The company's yearly revenue for 2024 was $628.81M, representing a decrease of -29.45% compared to 2023. PLUG's yearly revenue for 2023 was $891.34M, representing an increase of 27.07% compared to 2022.

What is Plug Power’s quarterly revenue?

Plug Power's quarterly revenue for Q3 2025 was $177.06M, a 1.77% increase from the previous quarter (Q2 2025), and a 1.91% increase year-over-year (Q3 2024). The company's quarterly revenue for Q2 2025 was $173.97M, a 30.14% increase from the previous quarter (Q1 2025), and a 21.36% increase year-over-year (Q2 2024). PLUG's quarterly revenue for Q1 2025 was $133.67M, a -30.19% decrease from the previous quarter (Q4 2024), and a 11.15% increase year-over-year (Q1 2024).

What is Plug Power’s revenue growth rate?

Plug Power's revenue growth rate for the last 3 years (2023-2025) was -20.35%, and for the last 5 years (2021-2025) was 41.32%.

What are Plug Power’s revenue streams?

Plug Power's revenue streams in c 25 are Services Performed On Fuel Cell Systems And Related Infrastructure, Fuel Delivered To Customers, Other Product And Services, Power Purchase Agreements, Sale of cryogenic equipment, Sales Of Fuel Cell Systems, Sale Of Electrolyzers, Sale Of Engineered Equipment, and Sale Of Hydrogen Infrastructure. Services Performed On Fuel Cell Systems And Related Infrastructure generated $94.46M in revenue, accounting 13.31% of the company's total revenue, up 81.07% year-over-year. Fuel Delivered To Customers generated $133.41M in revenue, accounting 18.79% of the company's total revenue, up 36.30% year-over-year. Other Product And Services generated $3.39M in revenue, accounting 0.48% of the company's total revenue, down -67.95% year-over-year. Power Purchase Agreements generated $107.57M in revenue, accounting 15.15% of the company's total revenue, up 38.19% year-over-year. Sale of cryogenic equipment generated $95.68M in revenue, accounting 13.48% of the company's total revenue, down -14.19% year-over-year. Sales Of Fuel Cell Systems generated $54.01M in revenue, accounting 7.61% of the company's total revenue, down -73.34% year-over-year. Sale Of Electrolyzers generated $187.78M in revenue, accounting 26.45% of the company's total revenue, up 38.58% year-over-year. Sale Of Engineered Equipment generated $6.85M in revenue, accounting 0.97% of the company's total revenue, down -68.98% year-over-year. Sale Of Hydrogen Infrastructure generated $26.75M in revenue, accounting 3.77% of the company's total revenue, down -61.30% year-over-year.

What is Plug Power’s main source of revenue?

For the fiscal year ending Dec 25, the largest source of revenue of Plug Power was Sale Of Electrolyzers. This segment made a revenue of $187.78M, representing 26.45% of the company's total revenue.