Plug Power reported QQ1 2025 revenue of $133.674 million, up 11.2% year-over-year but down 30.2% quarter-over-quarter, underscoring a volatile top-line in a capital-intensive hydrogen ecosystem. The quarter featured a significant operating loss with gross margin at -55.3% and EBITDA of -$171.2 million, driving a net loss of -$196.7 million (-$0.21 per share). The negative profitability reflects continued cost of revenue pressures, ongoing operating expenditures, and a heavy cost structure relative to a modest revenue base in the near term. Management commentary is not included in the supplied transcript data, limiting direct quotes from the earnings call; nonetheless, liquidity remains a strength due to financing activity, with ending cash of $1.077 billion and a sizable cash position against total liabilities of $1.701 billion. Despite near-term earnings challenges, Plug Power maintains a balanced liquidity profile (current ratio ~1.95) and a diversified hydrogen ecosystem strategy with strategic partnerships, albeit with elevated leverage and working capital needs.