"What mattered more than the headline miss was what the numbers revealed about the underlying business: electrolyzer revenue surged 46% sequentially, but the company's gross losses actually narrowed. That's the real story here. The GenEco electrolyzer segment delivered the quarter's bright spot. Revenue hit $65M, up 46% from Q2 2025, with over 230 MW of electrolyzers now mobilized globally. This is exactly what management has been banking on to drive future profitability. The segment's sequential growth suggests real commercial traction in hydrogen production equipment."
"GAAP gross loss widened to -$120M in the quarter. On an adjusted basis, gross losses improved to -$37M, benefiting from pricing and cost improvements. Translation: the company is still losing money on every unit sold, though the rate of loss is narrowing. Operating cash flow remained deeply negative at -$191.8M, a reminder that revenue growth alone won't solve Plug's fundamental problem. The company burned through cash to fund operations and capital expenditure despite raising $370M through warrant exercises after quarter-end."
Plug Power reported Q3 2025 revenue of $177.0M, missing the $183.1M estimate by 3.3%, while adjusted EPS was -$0.12 versus an expected -$0.13. The GenEco electrolyzer segment generated $65M in revenue, up 46% sequentially, with over 230 MW mobilized globally, indicating commercial traction in hydrogen equipment. GAAP gross loss widened to -$120M, while adjusted gross loss narrowed to -$37M due to pricing and cost improvements. Operating cash flow was deeply negative at -$191.8M. Cash on hand was $166M at quarter end, and a post-quarter warrant exercise raised $370M. Total debt stood at $546.7M against $1.68B equity, leaving runway dependent on further capital access.
Read at 24/7 Wall St.
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