Plug Power (PLUG) Revenue & Revenue Breakdown

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Plug Power Revenue Highlights

Latest Revenue (Y)

$628.81M

Latest Revenue (Q)

$133.67M

Main Segment (Y)

Power Purchase Agreements

Main Geography (Y)

UNITED STATES

Plug Power Revenue by Period

Plug Power Revenue by Year

Date	Revenue	Change
2024-12-31	$628.81M	-29.45%
2023-12-31	$891.34M	27.07%
2022-12-31	$701.44M	39.63%
2021-12-31	$502.34M	-600.00%
2020-12-31	$-100.47M	-143.64%
2019-12-31	$230.24M	31.84%
2018-12-31	$174.63M	31.37%
2017-12-31	$132.93M	54.70%
2016-12-31	$85.93M	-16.81%
2015-12-31	$103.29M	60.81%
2014-12-31	$64.23M	141.46%
2013-12-31	$26.60M	1.89%
2012-12-31	$26.11M	-5.49%
2011-12-31	$27.63M	41.87%
2010-12-31	$19.47M	58.41%
2009-12-31	$12.29M	-31.33%
2008-12-31	$17.90M	10.02%
2007-12-31	$16.27M	107.65%
2006-12-31	$7.84M	-41.90%
2005-12-31	$13.49M	-16.45%
2004-12-31	$16.14M	29.11%
2003-12-31	$12.50M	5.79%
2002-12-31	$11.82M	105.84%
2001-12-31	$5.74M	-31.47%
2000-12-31	$8.38M	-23.83%
1999-12-31	$11.00M	69.23%
1998-12-31	$6.50M	-

Plug Power generated $628.81M in revenue during NA 2024, up -29.45% compared to the previous quarter, and up 273.11% compared to the same period a year ago.

Plug Power Revenue by Quarter

Date	Revenue	Change
2025-03-31	$133.67M	-30.19%
2024-12-31	$191.47M	10.21%
2024-09-30	$173.73M	21.19%
2024-06-30	$143.35M	19.20%
2024-03-31	$120.26M	-45.87%
2023-12-31	$222.16M	11.80%
2023-09-30	$198.71M	-23.63%
2023-06-30	$260.18M	23.73%
2023-03-31	$210.29M	-4.74%
2022-12-31	$220.74M	17.03%
2022-09-30	$188.63M	24.70%
2022-06-30	$151.27M	7.43%
2022-03-31	$140.80M	-13.03%
2021-12-31	$161.91M	12.49%
2021-09-30	$143.92M	15.55%
2021-06-30	$124.56M	73.10%
2021-03-31	$71.96M	-122.75%
2020-12-31	$-316.34M	-395.68%
2020-09-30	$106.99M	57.17%
2020-06-30	$68.07M	66.79%
2020-03-31	$40.81M	-58.44%
2019-12-31	$98.20M	74.19%
2019-09-30	$56.38M	-1.21%
2019-06-30	$57.07M	206.93%
2019-03-31	$18.59M	-68.92%
2018-12-31	$59.82M	12.52%
2018-09-30	$53.16M	33.16%
2018-06-30	$39.93M	37.30%
2018-03-31	$29.08M	-13.61%
2017-12-31	$33.66M	-45.20%
2017-09-30	$61.43M	171.75%
2017-06-30	$22.60M	48.37%
2017-03-31	$15.23M	-53.24%
2016-12-31	$32.58M	85.53%
2016-09-30	$17.56M	-14.17%
2016-06-30	$20.46M	33.44%
2016-03-31	$15.33M	-60.11%
2015-12-31	$38.43M	22.27%
2015-09-30	$31.43M	30.92%
2015-06-30	$24.01M	154.99%
2015-03-31	$9.42M	-56.11%
2014-12-31	$21.45M	7.91%
2014-09-30	$19.88M	14.78%
2014-06-30	$17.32M	210.75%
2014-03-31	$5.57M	-30.60%
2013-12-31	$8.03M	73.60%
2013-09-30	$4.63M	-38.28%
2013-06-30	$7.50M	16.32%
2013-03-31	$6.45M	8.83%
2012-12-31	$5.92M	24.00%
2012-09-30	$4.78M	-37.65%
2012-06-30	$7.66M	-1.20%
2012-03-31	$7.75M	-34.68%
2011-12-31	$11.87M	116.95%
2011-09-30	$5.47M	25.84%
2011-06-30	$4.35M	-26.85%
2011-03-31	$5.94M	-4.85%
2010-12-31	$6.24M	8.55%
2010-09-30	$5.75M	85.35%
2010-06-30	$3.10M	12.99%
2010-03-31	$2.75M	-29.70%
2009-12-31	$3.91M	53.71%
2009-09-30	$2.54M	-21.08%
2009-06-30	$3.22M	-

Plug Power generated $133.67M in revenue during Q1 2025, up -30.19% compared to the previous quarter, and up 60.17% compared to the same period a year ago.

Plug Power Revenue Breakdown

Plug Power Revenue Breakdown by Product

Annual Revenue by Product

Product/Service	Dec 24	Dec 23	Dec 22	Dec 21	Dec 20
Other Product And Services	$10.59M	$3.29M	-	-	-
Services Performed On Fuel Cell Systems And Related Infrastructure	$122.90M	$75.47M	-	-	-
Sales Of Fuel Cell Systems	$202.63M	$16.21M	-	-	-
Power Purchase Agreements	$356.81M	$249.06M	$178.45M	-	-
Fuel delivered to customers and related equipment	-	$95.44M	$93.80M	-	-
Power purchase agreements	-	$435.97M	$375.80M	-	-
Sale of electrolyzers	-	$301.32M	$303.04M	$49.16M	-
Sale of hydrogen infrastructure	-	$183.61M	$141.53M	$135.06M	-
Services performed on fuel cell systems and related infrastructure	-	$123.08M	$126.81M	$102.36M	-
Sales of fuel cell systems	-	$181.17M	$38.23M	$23.14M	-
Other	-	$10.84M	$2.85M	$22.75M	-
Sale of cryogenic equipment	-	-	$193.64M	$46.51M	-
Sale of solutions	-	-	-	$7.57M	-
Fuel delivered to customers	-	-	-	$61.60M	-
Sale Of Fuel Cell Systems And Other Infrastructure	-	-	-	-	$-94.30M
Sale Of Hydrogen Installations And Other Infrastructure	-	-	-	-	$28.28M
Fuel Delivered To Customers	-	-	-	-	$65.70M

Plug Power's latest annual revenue breakdown by segment (product or service), as of Dec 24: Power Purchase Agreements (51.49%), Sales Of Fuel Cell Systems (29.24%), Services Performed On Fuel Cell Systems And Related Infrastructure (17.74%), and Other Product And Services (1.53%).

Quarterly Revenue by Product

Product/Service	Dec 24	Sep 24	Mar 24	Dec 23	Jun 23	Mar 23	Dec 22	Sep 22	Jun 22	Mar 22	Dec 21	Sep 21	Jun 21	Mar 21	Dec 20	Sep 20	Jun 20	Mar 20	Dec 19	Sep 19
Sales Of Fuel Cell Systems	$10.75M	$191.87M	$23.82M	$55.35M	$66.03M	$-162.87M	$50.28M	$71.40M	$76.43M	$58.69M	$25.95M	-	-	-	-	-	-	-	-	-
Other Product And Services	$8.39M	$2.19M	$2.12M	$2.50M	$2.89M	$76.00K	$3.71M	$4.12M	$4.53M	$51.00K	$5.37M	-	-	-	-	-	-	-	-	-
Power Purchase Agreements	-	$375.12M	$9.64M	$212.36M	$196.90M	$185.43M	$6.99M	$177.72M	$151.79M	$142.00M	$6.74M	$134.87M	-	-	-	-	-	-	-	-
Services Performed On Fuel Cell Systems And Related Infrastructure	-	$131.11M	$105.55M	$103.50M	$105.85M	$-29.39M	$86.54M	$94.72M	$97.53M	$7.33M	$60.20M	-	-	-	-	-	-	-	-	-
Sale of electrolyzers	-	-	$303.13M	-	$224.30M	$281.72M	$13.89M	$266.74M	$77.06M	$51.27M	-	-	-	-	-	-	-	-	-	-
Services performed on fuel cell systems and related infrastructure	-	-	$142.11M	-	$124.77M	$121.42M	$9.81M	$121.76M	$93.37M	$98.64M	$8.31M	-	-	-	-	-	-	-	-	-
Fuel delivered to customers and related equipment	-	-	$93.69M	-	$95.18M	$92.47M	$16.91M	$90.92M	$81.78M	-	-	-	-	-	-	-	-	-	-	-
Other	-	-	$2.36M	$8.63M	$1.19M	$1.02M	$1.70M	$324.00K	$571.00K	$251.00K	$110.00K	-	-	-	-	-	-	-	-	-
Power purchase agreements	-	-	$419.41M	-	$402.75M	$385.10M	$16.45M	$319.74M	$252.00M	$255.93M	-	-	-	-	-	-	-	-	-	-
Sale of hydrogen infrastructure	-	-	$12.29M	$76.09M	$58.65M	$48.87M	$44.89M	$37.14M	$32.41M	$27.09M	-	-	-	-	-	-	-	-	-	-
Sales of fuel cell systems	-	-	$55.67M	$62.38M	$65.21M	$53.58M	$60.83M	$26.55M	$14.76M	$16.47M	$72.61M	-	-	-	-	-	-	-	-	-
Sale of cryogenic equipment	-	-	-	-	-	-	$38.85M	$50.67M	$59.60M	$62.30M	-	-	-	-	-	-	-	-	-	-
Fuel delivered to customers	-	-	-	-	-	-	-	-	-	$13.43M	$13.11M	-	-	-	-	-	-	-	-	-
Sale of oil and gas equipment	-	-	-	-	-	-	-	-	-	$73.27M	-	-	-	-	-	-	-	-	-	-
Fuel Delivered To Customers	-	-	-	-	-	-	-	-	-	-	-	$62.61M	$63.63M	$64.56M	$-40.61M	$9.83M	$7.37M	$7.33M	$7.78M	$6.56M
Sale Of Hydrogen Installations And Other Infrastructure	-	-	-	-	-	-	-	-	-	-	-	$58.43M	$52.19M	$69.68M	$-83.09M	$62.70M	$71.75M	$69.44M	$12.26M	$11.45M
Sale Of Fuel Cell Systems And Other Infrastructure	-	-	-	-	-	-	-	-	-	-	-	-	-	-	$-246.17M	-	-	-	-	-

Plug Power's latest quarterly revenue breakdown by segment (product or service), as of Dec 24: Sales Of Fuel Cell Systems (56.15%), and Other Product And Services (43.85%).

Plug Power Revenue Breakdown by Country

Annual Revenue by Country

Country	Dec 24	Dec 23	Dec 22	Dec 21
Non-US	$200.60M	-	-	-
UNITED STATES	$428.21M	-	-	-
North America	-	$751.42M	$579.22M	$476.25M
Europe	-	$112.89M	$46.03M	-
Asia	-	$13.94M	$50.50M	-
Other.	-	-	$25.69M	-
Other Member	-	-	-	$26.10M

Plug Power's latest annual revenue breakdown by geography, as of Dec 24: UNITED STATES (68.10%), and Non-US (31.90%).

Quarterly Revenue by Country

Country	Sep 24	Mar 24	Dec 23	Jun 23	Mar 23	Dec 22	Sep 22	Jun 22	Mar 22
Asia	$11.15M	$5.07M	$4.68M	$6.00M	$3.25M	-	-	-	-
North America	$107.80M	$105.91M	$354.09M	$235.52M	$161.81M	$193.60M	$157.43M	$115.21M	$113.68M
Europe	$50.96M	$8.57M	$60.60M	$12.14M	$40.15M	-	-	-	-
Other.	-	-	-	$6.52M	$5.07M	$-69.39M	-	-	-
Other Member	-	-	-	-	-	-	$31.20M	$36.05M	$27.13M

Plug Power's latest quarterly revenue breakdown by geography, as of Sep 24: North America (63.44%), Europe (29.99%), and Asia (6.57%).

PLUG Revenue FAQ

What is Plug Power’s yearly revenue?

Plug Power's yearly revenue for 2024 was $628.81M, representing a decrease of -29.45% compared to 2023. The company's yearly revenue for 2023 was $891.34M, representing an increase of 27.07% compared to 2022. PLUG's yearly revenue for 2022 was $701.44M, representing an increase of 39.63% compared to 2021.

What is Plug Power’s quarterly revenue?

Plug Power's quarterly revenue for Q1 2025 was $133.67M, a -30.19% decrease from the previous quarter (Q4 2024), and a 11.15% increase year-over-year (Q1 2024). The company's quarterly revenue for Q4 2024 was $191.47M, a 10.21% increase from the previous quarter (Q3 2024), and a -13.81% decrease year-over-year (Q4 2023). PLUG's quarterly revenue for Q3 2024 was $173.73M, a 21.19% increase from the previous quarter (Q2 2024), and a -12.57% decrease year-over-year (Q3 2023).

What is Plug Power’s revenue growth rate?

Plug Power's revenue growth rate for the last 3 years (2022-2024) was -10.35%, and for the last 5 years (2020-2024) was -725.88%.

What are Plug Power’s revenue streams?

Plug Power's revenue streams in c 24 are Other Product And Services, Services Performed On Fuel Cell Systems And Related Infrastructure, Sales Of Fuel Cell Systems, and Power Purchase Agreements. Other Product And Services generated $10.59M in revenue, accounting 1.53% of the company's total revenue, up 221.37% year-over-year. Services Performed On Fuel Cell Systems And Related Infrastructure generated $122.9M in revenue, accounting 17.74% of the company's total revenue, up 62.85% year-over-year. Sales Of Fuel Cell Systems generated $202.62M in revenue, accounting 29.24% of the company's total revenue, up 1150.08% year-over-year. Power Purchase Agreements generated $356.82M in revenue, accounting 51.49% of the company's total revenue, up 43.26% year-over-year.

What is Plug Power’s main source of revenue?

For the fiscal year ending Dec 24, the largest source of revenue of Plug Power was Power Purchase Agreements. This segment made a revenue of $356.82M, representing 51.49% of the company's total revenue.

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