Plug Power reported mixed second-quarter 2025 results, with revenue climbing 21% year-over-year to $174 million, surpassing analyst estimates of $158 million. Strong electrolyzer sales and recovering demand for forklift fuel cells drove growth. However, losses widened to $0.20 per share, missing expectations of $0.154, while gross margins remained deeply negative at -77.54%. The stock initially dipped nearly 6% after hours but later recovered slightly to $1.61, reflecting investor caution.
Path to Profitability Remains Elusive
Despite the revenue beat, persistent losses and cash burn overshadow progress. Analysts note potential catalysts in the latter half of 2025, including cost-cutting measures and scaled-up production, but emphasize the company’s precarious financial health. Shares, down 26% year-to-date, hinge on whether these efforts can deliver promised margin improvements. For now, Plug Power’s turnaround story remains a high-stakes gamble for investors.
