Plug Power Inc (0R1J.L) Q3 2024 Earnings Report

Plug Power recorded a challenging QQ3 2024, with revenue of $173.73 million reflecting a -12.6% year-over-year decline yet a sequential rebound of +21.19% from the prior quarter. The quarter remains loss-making, as evidenced by a gross loss of $100.03 million and a negative gross margin of -57.6%, accompanied by an operating loss of $216.17 million and a net loss of $211.17 million (EPS -$0.25). These results underscore a company in the investment phase of scaling its hydrogen ecosystem, where near-term profitability remains elusive while the longer-term opportunity hinges on deployment scale, customer adoption, and cost degression across GenDrive, GenFuel, GenCare, and related technologies.