Plug Power (PLUG) revenue breakdown
By product, Sales of electrolyzers is the largest at 26% of fiscal 2025 revenue, growing 114% a year over 5 years.
By region, U.S. is the largest at 75% of fiscal 2025 revenue; Other foreign countries grew fastest, 4% a year over 3 years.
Revenue by product
Fiscal years, as Plug Power reports them in its 10-K filings; fiscal 2025 total $710M.
| Products | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Share |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales of electrolyzers | — | — | — | — | $4M | $17M | $28M | $83M | $136M | $188M | 26% |
| Fuel delivered to customers and related equipment | $11M | $8M | $22M | $29M | -$16M | $47M | $57M | $66M | $98M | $133M | 19% |
| Power purchase agreements | $14M | $13M | $23M | $26M | $27M | $35M | $47M | $64M | $78M | $108M | 15% |
| Sales of cryogenic equipment and liquefiers | — | — | — | — | — | $8M | $88M | $232M | $112M | $96M | 13% |
| Services performed on fuel cell systems and related infrastructure | $17M | $16M | $22M | $25M | -$10M | $27M | $35M | $39M | $52M | $94M | 13% |
| Sales of fuel cell systems | — | $49M | $75M | $131M | -$55M | $225M | $208M | $181M | $52M | $54M | 8% |
| Sales of hydrogen infrastructure | — | $13M | $32M | $19M | -$43M | $135M | $142M | $184M | $69M | $27M | 4% |
| Sales of engineered equipment | — | — | — | — | — | $8M | $93M | $32M | $22M | $7M | 1% |
| Other | — | $284,000 | — | $186,000 | $311,000 | $789,000 | $3M | $11M | $11M | $3M | 0% |
| Sales of fuel cell systems and related infrastructure | $40M | — | — | — | — | — | — | — | — | — | — |
| Other | $884,000 | — | — | — | — | — | — | — | — | — | — |
Revenue by region
Fiscal years, as Plug Power reports them in its 10-K filings; fiscal 2025 total $710M.
| Regions | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Share |
|---|---|---|---|---|---|---|---|---|
| U.S. | — | — | — | $546M | $741M | $428M | $536M | 75% |
| Other foreign countries | — | — | — | $155M | $150M | $201M | $174M | 25% |
| North America | $228M | -$101M | $476M | — | — | — | — | — |
| Europe | — | $4M | $21M | — | — | — | — | — |
| Other | $2M | $3M | $5M | — | — | — | — | — |
| Asia | — | $147,000 | $718,000 | — | — | — | — | — |
Questions
Where does Plug Power make its money?
In fiscal 2025, by product: Sales of electrolyzers $188M, Fuel delivered to customers and related equipment $133M, Power purchase agreements $108M, Sales of cryogenic equipment and liquefiers $96M, Services performed on fuel cell systems and related infrastructure $94M.
From Plug Power's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.