How does Plug Power (PLUG) make money?

Plug Power (PLUG) primarily makes money through Sale Of Electrolyzers, which accounts for 29.7% of total revenue. For TTM through Q1 2026, Plug Power generated $739.76M in total revenue with a net profit margin of -227.1%.

What is Plug Power (PLUG) gross profit margin?

Plug Power (PLUG) reported a gross profit margin of -25.7% for TTM through Q1 2026, equivalent to −$189.79M in gross profit. This means Plug Power retains -25.7% of each revenue unit after direct costs of production.

What is Plug Power (PLUG) operating profit margin?

Plug Power (PLUG) reported an operating profit margin of -82.7% for TTM through Q1 2026, equivalent to −$611.44M in operating profit. This reflects profitability after operating expenses such as R&D, sales, and administration, but before taxes and non-operating items.

What is Plug Power (PLUG) net profit margin?

Plug Power (PLUG) reported a net profit margin of -227.1% for TTM through Q1 2026, equivalent to −$1.68B in net profit. This is the share of revenue that remains as profit after all expenses, taxes, and non-operating items.

How much does Plug Power (PLUG) invest in R&D?

Plug Power (PLUG) invested $52.72M in research and development in TTM through Q1 2026 (7.1% of total revenue). R&D spending reflects investment in future products, services, and technologies.

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

Plug Power (PLUG) spent $85.89M on capital expenditures in TTM through Q1 2026 (11.6% of total revenue). Capital expenditures represent investments in physical assets such as property, equipment, and infrastructure.

What is Plug Power (PLUG) free cash flow?

Plug Power (PLUG) generated −$666.20M in free cash flow for TTM through Q1 2026 (-90.1% of total revenue). Free cash flow is the cash remaining after capital expenditures and represents the company's ability to fund growth, pay dividends, or reduce debt.

What are Plug Power (PLUG) main revenue segments?

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. The full segment-by-segment breakdown is shown in the revenue-by-segment table on this page.

Where does Plug Power (PLUG) generate most of its revenue?

Geographically, 75.5% of Plug Power (PLUG) revenue came from UNITED STATES in the most recent annual filing. The full regional split is shown in the revenue-by-geography table on this page.

How Plug Power (PLUG) Makes Money: A Visual Guide

Plug Power (PLUG) generated $739.76M in revenue but reported a net loss of $1.68B. Its largest revenue source is Sale Of Electrolyzers (29.7% of revenue). Below is an interactive breakdown of how revenue flows through the income statement.

In TTM through Q1 2026, Plug Power (PLUG) generated revenue across 9 reportable product segments; the largest contributor was Sale Of Electrolyzers at 29.7%, followed by Fuel Delivered To Customers (18.9%) and Power Purchase Agreements (15%). Geographically, UNITED STATES accounted for 75.5% of revenue, followed by Non-US (24.5%).

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

Calculated from the four most recent reported quarters, ending March 31, 2026 (reported March 2, 2026).

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

Sale Of Electrolyzers
Revenue
$219.45M
% of total
29.7%
Fuel Delivered To Customers
Revenue
$139.75M
% of total
18.9%
Power Purchase Agreements
Revenue
$110.65M
% of total
15%
Services Performed On Fuel Cell Systems And Related Infrastructure
Revenue
$99.56M
% of total
13.5%
Sale of cryogenic equipment
Revenue
$77.74M
% of total
10.5%
Sales Of Fuel Cell Systems
Revenue
$49.15M
% of total
6.6%
Sale Of Hydrogen Infrastructure
Revenue
$33.71M
% of total
4.6%
Sale Of Engineered Equipment
Revenue
$6.54M
% of total
0.9%
Other segments
Revenue
$3.20M
% of total
0.4%
Total
Revenue
$739.76M
% of total
100%

Segment	Revenue	% of total
Sale Of Electrolyzers	$219.45M	29.7%
Fuel Delivered To Customers	$139.75M	18.9%
Power Purchase Agreements	$110.65M	15%
Services Performed On Fuel Cell Systems And Related Infrastructure	$99.56M	13.5%
Sale of cryogenic equipment	$77.74M	10.5%
Sales Of Fuel Cell Systems	$49.15M	6.6%
Sale Of Hydrogen Infrastructure	$33.71M	4.6%
Sale Of Engineered Equipment	$6.54M	0.9%
Other segments	$3.20M	0.4%
Total	$739.76M	100%

View Plug Power (PLUG) revenue history

Plug Power (PLUG) Revenue by Geography — FY 2025 (period end December 31, 2025)

Quarterly geographic data is unavailable for this period, so the table reflects the company's last annual disclosure (FY 2025 (period end December 31, 2025)). The income statement above uses TTM through Q1 2026, so regional dollars and percentages will not match line-for-line.

UNITED STATES
Revenue
$535.94M
% of total
75.5%
Non-US
Revenue
$173.98M
% of total
24.5%
Total
Revenue
$709.92M
% of total
100%

Region	Revenue	% of total
UNITED STATES	$535.94M	75.5%
Non-US	$173.98M	24.5%
Total	$709.92M	100%

View Plug Power (PLUG) revenue history

Frequently asked questions

How does Plug Power (PLUG) make money?: Plug Power (PLUG) primarily makes money through Sale Of Electrolyzers, which accounts for 29.7% of total revenue. For TTM through Q1 2026, Plug Power generated $739.76M in total revenue with a net profit margin of -227.1%.
What is Plug Power (PLUG) gross profit margin?: Plug Power (PLUG) reported a gross profit margin of -25.7% for TTM through Q1 2026, equivalent to −$189.79M in gross profit. This means Plug Power retains -25.7% of each revenue unit after direct costs of production.
What is Plug Power (PLUG) operating profit margin?: Plug Power (PLUG) reported an operating profit margin of -82.7% for TTM through Q1 2026, equivalent to −$611.44M in operating profit. This reflects profitability after operating expenses such as R&D, sales, and administration, but before taxes and non-operating items.
What is Plug Power (PLUG) net profit margin?: Plug Power (PLUG) reported a net profit margin of -227.1% for TTM through Q1 2026, equivalent to −$1.68B in net profit. This is the share of revenue that remains as profit after all expenses, taxes, and non-operating items.
How much does Plug Power (PLUG) invest in R&D?: Plug Power (PLUG) invested $52.72M in research and development in TTM through Q1 2026 (7.1% of total revenue). R&D spending reflects investment in future products, services, and technologies.
How much does Plug Power (PLUG) spend on capital expenditures?: Plug Power (PLUG) spent $85.89M on capital expenditures in TTM through Q1 2026 (11.6% of total revenue). Capital expenditures represent investments in physical assets such as property, equipment, and infrastructure.
What is Plug Power (PLUG) free cash flow?: Plug Power (PLUG) generated −$666.20M in free cash flow for TTM through Q1 2026 (-90.1% of total revenue). Free cash flow is the cash remaining after capital expenditures and represents the company's ability to fund growth, pay dividends, or reduce debt.
What are Plug Power (PLUG) main revenue segments?: 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. The full segment-by-segment breakdown is shown in the revenue-by-segment table on this page.
Where does Plug Power (PLUG) generate most of its revenue?: Geographically, 75.5% of Plug Power (PLUG) revenue came from UNITED STATES in the most recent annual filing. The full regional split is shown in the revenue-by-geography table on this page.

Data & methodology

What is a Sankey diagram?: A Sankey diagram shows how money flows through a company from revenue to net profit. The width of each flow represents its proportion.
How is the data calculated?: We use the income statement from company filings. For TTM (Trailing Twelve Months), we use a pre-aggregated twelve-month view aligned with our latest four quarterly periods. Revenue flows to cost of revenue and gross profit, then to operating expenses (R&D, S&M, G&A) and operating profit.
Where do segment and geographic numbers come from?: Product-segment shares come from the same TTM income statement that powers the Sankey chart. Geographic splits are first rebuilt from the four most recent quarterly geographic-segmentation filings so they align with the same TTM window; if quarterly geo data is missing, we fall back to the latest annual disclosure (the table heading shows which one is in use).
When was this data last updated?: Based on company filings through TTM through Q1 2026.