How does Plug Power (PLUG) make money?

Plug Power (PLUG) generates revenue primarily from Sale Of Electrolyzers, which accounted for 29.7% of total revenue in TTM through Q1 2026. The company reported $740M in revenue and converted -227.1% of it into net profit, equivalent to roughly -$1.68B in net income — what's left after the cost of revenue, operating expenses, interest, and income taxes.

What is the gross profit margin of Plug Power (PLUG)?

Plug Power (PLUG) reported a gross profit margin of -25.7% in TTM through Q1 2026, equivalent to -$190M in gross profit on $740M in revenue. Gross margin measures how much of each dollar of revenue remains after the direct cost of producing or delivering the product — a higher figure typically signals pricing power, scale, or a less capital-intensive business model.

What is the operating profit margin of Plug Power (PLUG)?

Plug Power (PLUG) reported an operating profit margin of -82.7% in TTM through Q1 2026, equivalent to -$611M in operating income. Operating margin captures profitability after research & development, sales & marketing, and general & administrative expenses — but before interest, taxes, and one-off items — and is the cleanest single read on the underlying business's efficiency.

What is the net profit margin of Plug Power (PLUG)?

Plug Power (PLUG) reported a net profit margin of -227.1% in TTM through Q1 2026, equivalent to -$1.68B in net income. Net margin is the bottom-line share of revenue that survives every expense — operating costs, interest, and income taxes — and is the figure that flows directly into earnings per share.

Is Plug Power (PLUG) profitable?

Plug Power (PLUG) reported a net loss of $1.68B for TTM through Q1 2026, a net profit margin of -227.1%. Combined operating expenses, interest, and income taxes exceeded revenue, so the period closed in the red on a reported basis.

How much does Plug Power (PLUG) invest in research and development?

Plug Power (PLUG) invested $52.7M in research and development during TTM through Q1 2026, roughly 7.1% of total revenue. R&D spending funds the company's future product pipeline and is expensed in full on the income statement rather than capitalised, which makes the operating margin sensitive to how aggressively management chooses to reinvest in innovation.

How much does Plug Power (PLUG) spend on capital expenditures?

Plug Power (PLUG) spent $85.9M on capital expenditures (CapEx) during TTM through Q1 2026, roughly 11.6% of total revenue. CapEx represents long-lived investment in property, equipment, data centres, and other physical infrastructure, and is subtracted from operating cash flow to arrive at free cash flow.

How much free cash flow does Plug Power (PLUG) generate?

Plug Power (PLUG) generated -$666M in free cash flow during TTM through Q1 2026, a free-cash-flow margin of -90.1%. Free cash flow is the cash left after capital expenditures and represents the discretionary pool the company can use to pay dividends, repurchase shares, repay debt, or fund acquisitions without raising external capital.

What are the main business segments of Plug Power (PLUG)?

Plug Power (PLUG) reports revenue across 9 reportable product segments, led by Sale Of Electrolyzers at 29.7% of total revenue in TTM through Q1 2026. See the revenue-by-segment table on this page for the full breakdown and how each segment feeds into the income-statement waterfall above.

How Plug Power Makes Money: 2026 Visual Revenue Map

Plug Power (PLUG) Income Statement Flow — TTM through Q1 2026

Calculated from the four most recent reported quarters, ending March 31, 2026 (reported May 11, 2026).

Plug Power discloses geographic revenue only in annual filings. to view the full breakdown.

Plug Power (PLUG) Revenue by Product Segment — TTM through Q1 2026

Aggregated from the four quarterly disclosures behind this TTM. Minor differences vs the company's annual filing can occur if reported segments changed mid-year.

Revenue contribution by product segment for Plug Power (PLUG), TTM through Q1 2026.
Segment	Revenue (USD)	% of total
Sale Of Electrolyzers	$219M	29.7%
Fuel Delivered To Customers	$140M	18.9%
Power Purchase Agreements	$111M	15%
Services Performed On Fuel Cell Systems And Related Infrastructure	$99.6M	13.5%
Sale of cryogenic equipment	$77.7M	10.5%
Sales Of Fuel Cell Systems	$49.1M	6.6%
Sale Of Hydrogen Infrastructure	$33.7M	4.6%
Sale Of Engineered Equipment	$6.54M	0.9%
Other segments	$3.2M	0.4%
Total	$740M	100%

Sale Of Electrolyzers$219M
Fuel Delivered To Customers$140M
Power Purchase Agreements$111M
Services Performed On Fuel Cell Systems And Related Infrastructure$99.6M
Sale of cryogenic equipment$77.7M
Sales Of Fuel Cell Systems$49.1M
Sale Of Hydrogen Infrastructure$33.7M
Sale Of Engineered Equipment$6.54M
Other segments$3.2M
Total$740M

Revenue Breakdown — TTM through Q1 2026

In TTM through Q1 2026, Plug Power (PLUG) reports revenue across 9 reportable product segments; the largest segment was Sale Of Electrolyzers at 29.7%, followed by Fuel Delivered To Customers (18.9%) and Power Purchase Agreements (15%).

Frequently asked questions

Data & methodology

Plug Power (PLUG) Key Financials

Charts, filings, and peer comparison for every metric

Explore more

Deep-dives across the income statement, cash flow, capital return, and valuation

Overview

PLUG Overview

Counters

Income Statement

Cash Flow

Capital Return

How this company returns cash to shareholders — buybacks, dividends, and stock splits.

Forecast & Valuation