How Plug Power (PLUG) Makes Money: A Visual Guide
Plug Power (PLUG) generated $709.92M in revenue (TTM through Q4 2025) but reported a net loss of $1.63B. Its largest revenue source is Sale Of Electrolyzers (26.5% of revenue). Below is an interactive breakdown of how revenue flows through the income statement.
Plug Power (PLUG) Income Statement Flow
Frequently asked questions
How does Plug Power (PLUG) make money?
- Plug Power (PLUG) primarily makes money through Sale Of Electrolyzers, which accounts for 26.5% of total revenue. For TTM through Q4 2025, Plug Power generated $709.92M in total revenue with a net profit margin of -229.8%.
What is Plug Power (PLUG) gross profit margin?
- Plug Power (PLUG) reported a gross profit margin of -34.1% for TTM through Q4 2025, equivalent to −$242.04M in gross profit. This means Plug Power retains -34.1% 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 -114.3% for TTM through Q4 2025, equivalent to −$811.28M 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 -229.8% for TTM through Q4 2025, equivalent to −$1.63B 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 $57.96M in research and development in TTM through Q4 2025 (8.2% 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 $118.23M on capital expenditures in TTM through Q4 2025 (16.7% 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 −$654.07M in free cash flow for TTM through Q4 2025 (-92.1% 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.
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.
When was this data last updated?
- Based on company filings through TTM through Q4 2025.
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