Hydrogen fuel cell systems provider developing green hydrogen technology for material handling and stationary power applications.
Profile & Fundamentals
Plug Power: Company identity, ownership, reported financial performance, balance sheets, and corporate actions.
Profile & Fundamentals
Plug Power Profile & Fundamentals
Examine company identity, ownership, reported performance, valuation, balance-sheet resilience, dividends, buybacks, and material corporate events.
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Company and Market Context
Company Profile & Ownership
Plug Power Inc. designs, develops, and sells hydrogen products and solutions in Europe, Australia, North America, and internationally. The company offers GenDrive, a hydrogen fueled PEM fuel cell system, which powers material handling EVs, including Class 1, 2, 3 and 6 electric forklifts, automated guided vehicles, and ground support equipment; GenFuel, a liquid hydrogen fueling, delivery, generation, storage, and dispensing system; and GenCare, an Internet of Things based maintenance and on-site service program. It also provides GenKey, a turn-key solution; GenEco electrolyzers for clean hydrogen production; liquefaction systems; cryogenic equipment, such as trailers and mobile storage equipment for the distribution of liquified hydrogen, oxygen, argon, nitrogen, and other cryogenic gases; GenSure, a stationary fuel cell solution; and liquid hydrogen. The company serves customers in material handling operations, fuel cell electric vehicle fleets, and stationary power applications through its direct sales force, original equipment manufacturers, and dealer networks. Plug Power Inc. was incorporated in 1997 and is based in Slingerlands, New York.
Company profile record
Plug Power Inc
Common Stock · Industrials · Electrical Components & Equipment
Company
- Company / asset
- Plug Power Inc
- Security type
- Common Stock
- Sector
- Industrials
- Industry
- Electrical Components & Equipment
- HQ
- 🇺🇸 United States
- Head office
- 125 Vista Boulevard, Slingerlands, NY, United States, 12159
Leadership & scale
- Chief executive
- Mr. Jose Luis Crespo
- CEO year born
- 1970
- Full-time employees
- 2.3K
- Fiscal year end
- December
- IPO date
- 1999-10-29
Fundamentals snapshot
- Market Cap
- USD 2.6B
- P/E
- --
- Revenue (Q2 26)
- USD 178.3M
- Profit (Q2 26)
- USD -188.2M
- Dividend Yield
- --
- Revenue (FY 25)
- USD 709.9M
- Shares in public float
- 1.3B
- Insider ownership
- 4.52%
Reporting & identifiers
- Symbol
- PLUG.NASDAQ
- Listing
- 🇺🇸 United States | Dividend Tax: 30%
- Ticker Currency
- USD
- Income Statement Currency
- USD
- Balance Sheet Currency
- USD
- Cash Flow Currency
- USD
- EPS Currency
- USD
- Contract Type
- SPOT
- ISIN
- US72919P2020
- Asset ID
- equity_e5bc02f3-153b-5ec8-8cd6-db352bba01db
Ownership
Shares Outstanding
Latest: 1.4B | Max: 1.4B | Min: 218.7M
Latest reported ownership snapshot
As of Oct 1, 2026Float Shares
95.86%
1.3B latest reported shares
Insider Ownership
4.52%
Latest reported insider stake
Short Float
0.23%
Latest reported short interest / float
Top Holders
Source tablesView ownership tables
Shares Outstanding
Annual reported shares outstanding; up to 10 reporting dates.
Scroll the table to see every column.
| Reporting date | Shares outstanding |
|---|---|
| 2017-01-01 | 228,117,000 |
| 2018-01-01 | 218,736,700 |
| 2019-01-01 | 237,152,800 |
| 2020-01-01 | 458,051,400 |
| 2021-01-01 | 576,839,300 |
| 2022-01-01 | 583,102,900 |
| 2023-01-01 | 606,135,700 |
| 2024-01-01 | 913,896,900 |
| 2025-01-01 | 1,158,516,200 |
| 2026-01-01 | 1,391,212,700 |
Top Holders
Available reported ownership records.
Scroll the table to see every column.
| Holder | Shares | Ownership | Reported date |
|---|---|---|---|
| BlackRock Inc | 152,093,275 | 10.89% | 2026-03-31 |
| Vanguard Capital Management, LLC | 62,550,438 | 4.48% | 2026-03-31 |
| Vanguard Portfolio Management, LLC | 59,603,806 | 4.27% | 2026-03-31 |
| iShares Global Clean Engy Trns ETF $Dist | 46,290,485 | 3.31% | 2026-08-28 |
| Vanguard MStar Total Stk Mkt Idx Invest | 44,473,354 | 3.18% | 2026-08-31 |
| UBS Group AG | 41,593,479 | 2.98% | 2026-03-31 |
| State Street Corp | 36,549,102 | 2.62% | 2026-03-31 |
| iShares Russell 2000 ETF | 35,100,980 | 2.51% | 2026-08-31 |
| Geode Capital Management, LLC | 34,708,817 | 2.48% | 2026-03-31 |
| Vanguard Small Cap Index | 32,078,584 | 2.3% | 2026-08-31 |
| iShares Global Clean Energy ETF | 28,476,301 | 2.04% | 2026-08-31 |
| Renaissance Technologies Corp | 27,738,500 | 1.99% | 2026-03-31 |
| Citadel Advisors Llc | 24,149,952 | 1.73% | 2026-06-30 |
| Two Sigma Investments LLC | 22,610,124 | 1.62% | 2026-06-30 |
| D. E. Shaw & Co LP | 21,943,120 | 1.57% | 2026-06-30 |
Earnings, Profitability & Valuation
Earnings, Profitability & Valuation
Earnings & Revenue
Earnings and Revenue Trajectory
AI Review
The latest financial statements tell a story of operational healing battling heavy historical deficits. For the twelve months through mid-2026, revenue held steady near $744 million, but net losses remained very large at $1.64 billion due to heavy non-cash accounting adjustments and legacy plant costs. However, second-quarter 2026 performance demonstrated meaningful progress: revenue reached $178 million while net cash burn dropped to $61 million. Producing its own hydrogen rather than purchasing expensive molecules allowed the business to stop bleeding cash on each unit sold, though company-wide profitability remains distant.
The latest financial statements tell a story of operational healing battling heavy historical deficits. For the twelve months through mid-2026, revenue held steady near $744 million, but net losses remained very large at $1.64 billion due to heavy non-cash accounting adjustments and legacy plant costs. However, second-quarter 2026 performance demonstrated meaningful progress: revenue reached $178 million while net cash burn dropped to $61 million. Producing its own hydrogen rather than purchasing expensive molecules allowed the business to stop bleeding cash on each unit sold, though company-wide profitability remains distant.
Revenue, Net Income, and Free Cash Flow
Latest: USD 709.9M | Max: USD 891.3M | Min: USD -2.1B
Valuation
P/E Ratio (TTM)iPublished valuation snapshots use the earnings basis recorded with each observation. Source tables retain that basis.
Latest: --
No history available.
Profitability & Margins
Margins and Operating Efficiency
AI Review
The profit margin trajectory provides the most encouraging evidence of operational turnaround. Consolidated gross margins improved from a catastrophic negative 99% in 2024 to approximately breakeven in the second quarter of 2026. This dramatic rebound was driven by opening internal production plants in Georgia and Louisiana, replacing punitive market prices with lower-cost internal fuel. However, overall operating margins remain stuck deeply negative near negative 70% due to corporate overhead, maintenance, and research expenses. While unit manufacturing economics have been repaired, the company must significantly expand sales before gross profits can cover enterprise overhead.
The profit margin trajectory provides the most encouraging evidence of operational turnaround. Consolidated gross margins improved from a catastrophic negative 99% in 2024 to approximately breakeven in the second quarter of 2026. This dramatic rebound was driven by opening internal production plants in Georgia and Louisiana, replacing punitive market prices with lower-cost internal fuel. However, overall operating margins remain stuck deeply negative near negative 70% due to corporate overhead, maintenance, and research expenses. While unit manufacturing economics have been repaired, the company must significantly expand sales before gross profits can cover enterprise overhead.
Profitability Margins
Latest: -34.1% | Max: >100.0% | Min: <-100.0%
Latest Profitability Ratios as of 2025-12-31
Gross Margin
-34.1%
Gross profit / revenue
Operating Margin
-95.7%
Operating income / revenue
Net Margin
-229.8%
Net income / revenue
FCF Margin
-93.2%
Free cash flow / revenue
Source tablesView earnings, profitability & valuation tables
Revenue, Net Income, and Free Cash Flow
Annual reported results, using the source statement's recorded USD conversion. Up to 10 reporting periods; missing values are not estimated.
Scroll the table to see every column.
| Period end | Revenue (USD) | Net income (USD) | Free cash flow (USD) |
|---|---|---|---|
| 2016-12-31 | 85,928,000 | -57,487,000 | -87,711,000 |
| 2017-12-31 | 132,929,000 | -127,080,000 | -104,545,000 |
| 2018-12-31 | 174,215,000 | -78,115,000 | -77,189,000 |
| 2019-12-31 | 229,975,000 | -85,465,000 | -65,539,000 |
| 2020-12-31 | -93,237,000 | -596,155,000 | -205,697,000 |
| 2021-12-31 | 502,342,000 | -459,965,000 | -551,442,000 |
| 2022-12-31 | 701,440,000 | -724,008,000 | -1,084,707,000 |
| 2023-12-31 | 891,340,000 | -1,368,833,000 | -1,802,696,000 |
| 2024-12-31 | 628,814,000 | -2,104,701,000 | -1,062,891,000 |
| 2025-12-31 | 709,919,000 | -1,631,594,000 | -661,475,000 |
Published P/E Ratio
Published valuation snapshots retain each observation's earnings basis.
No reported records are available in this preview.
Profitability Margins
Matching annual reporting dates. Values are percentages.
Scroll the table to see every column.
| Period end | Gross margin (%) | Operating margin (%) | Net margin (%) | Free cash flow margin (%) |
|---|---|---|---|---|
| 2016-12-31 | 4.59 | -59.96 | -66.9 | -102.07 |
| 2017-12-31 | 1.19 | -76.58 | -95.6 | -78.65 |
| 2018-12-31 | 1.27 | -39.88 | -44.84 | -44.31 |
| 2019-12-31 | 12.05 | -21.76 | -37.16 | -28.5 |
| 2020-12-31 | Not reported | Not reported | Not reported | Not reported |
| 2021-12-31 | -34.1 | -87.06 | -91.56 | -109.77 |
| 2022-12-31 | -27.71 | -96.88 | -103.22 | -154.64 |
| 2023-12-31 | -56.97 | -150.73 | -153.57 | -202.25 |
| 2024-12-31 | -99.38 | -321.21 | -334.71 | -169.03 |
| 2025-12-31 | -34.09 | -95.73 | -229.83 | -93.18 |
Public data excerpt created by iPulse AI and published by Future Edge Group FZE. Source: eodhd. Snapshot retrieved 2026-09-29.
Use is subject to the iPulse AI Terms of Service and applicable source rights. Missing inputs are not estimated. Full access includes the remaining records, research and interactive tools.
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