Plug Power reported its Q3 2025 results with a modest year-over-year revenue uptick but a continued and material negative profitability profile that underscores a heavy cost structure and ongoing cash burn. Revenue for the quarter stood at $177.1 million, up roughly 1.9% from Q3 2024 and approximately 1.8% sequentially versus Q2 2025. However, gross profit was negative at -$120.2 million, producing a gross margin of -67.9%, widening from the prior-year period and signaling sustained cost of revenue pressures despite top-line growth. The company also posted an operating loss of -$348.8 million and a net loss of -$361.9 million, with EPS of -$0.31 on a weighted-average share count of about 1.159 billion shares. EBITDA was -$348.8 million, with an EBITDARatio of -1.97x, illustrating that scale alone is not yet translating into meaningful profitability.
Near-term profitability remains constrained by a large fixed and semi-fixed cost base: Research and Development totaled $16.1 million, and Selling, General & Administrative expenses were $110.6 million for the quarter, coupled with other operating expenses of $101.9 million. Interest expense was $16.46 million. The QoQ and YoY deterioration in gross margin and operating metrics highlights ongoing execution risks as Plug Power advances its hydrogen ecosystem strategy and expands its customer and partner footprint. Management commentary (where available) would typically address the path to operating leverage, cost-out programs, and readiness for commercialization milestones; however, the dataset provided does not include earnings-call transcripts for direct quotes. Investors should monitor whether forthcoming filings (and any updated guidance) shed light on liquidity, cash burn reductions, and potential capital needs. Overall, the quarter reinforces a cautious stance on near-term profitability while underscoring the strategic importance of scale and partnerships in Plug Power’s long-term hydrogen platform strategy.