Plug Power Inc. (PLUG): Business Model Canvas [Dec-2025 Updated]

You're digging into Plug Power Inc.'s current strategy, trying to see past the hype and the heavy capital spending, and honestly, the late-2025 picture is one of intense focus. As someone who's mapped these energy transitions for years, I see a clear pivot: Plug Power Inc. is moving hard from being a capital-heavy developer to a focused technology supplier, targeting gross margin neutrality by Q4 2025 while shooting for roughly $\text{700 million}$ in revenue for the year. This Business Model Canvas distills exactly how they plan to make their proprietary electrolyzer and fuel cell tech work, balancing that $\sim\text{166 million}$ cash position against the massive CapEx for their gigafactories and production plants. Dive in below to see the nine blocks that define their path forward; it's a fascinating, if still challenging, roadmap, defintely worth a close look.

Plug Power Inc. (PLUG) - Canvas Business Model: Key Partnerships

You're looking at the core alliances that are keeping Plug Power Inc. (PLUG) moving forward, especially as they manage capital allocation and scale up hydrogen production. These partnerships are critical for securing supply and accessing new, high-specification markets.

Here's a breakdown of the key relationships that underpin the Plug Power strategy as of late 2025.

Hydrogen Supply and Infrastructure Agreements

• Plug Power has an enhanced multi-year hydrogen supply agreement with a major U.S.-based industrial gas company, extending the relationship through the year 2030.
• This supply deal is crucial for supporting the company's growing applications business, which currently serves over 275 hydrogen-consuming sites.
• Plug Power's existing operational hydrogen plants in Georgia, Tennessee, and Louisiana have a combined capacity of 40 tons per day of liquid hydrogen.
• The company is pursuing an aggressive expansion, planning to add more than 40 new sites by the end of 2025.

The quantitative aspects of the most significant equipment and supply deals can be summarized here:

Technology Validation and Market Entry

• The contract with NASA validates Plug Power's ability to meet stringent requirements, as NASA consumes more than 16.8 million kilograms of liquid hydrogen annually.
• The Allied Green Ammonia deal involves manufacturing and delivery of the 3 GW of electrolyzer capacity commencing in Q1 2027, pending a Final Investment Decision (FID) expected by Q2 2025.
• The data center partnership involves providing auxiliary and back-up power using Plug Power's fuel cell systems.

Regarding the partnership with Hy2gen for European electrolyzer deployment and infrastructure, the specific financial or statistical data points for late 2025 are not publicly available in the current review set.

Finance: draft 13-week cash view by Friday.

Plug Power Inc. (PLUG) - Canvas Business Model: Key Activities

You're looking at the core actions Plug Power Inc. is taking right now, late in 2025, to shift from building a business to running a profitable one. It's a mix of manufacturing, operating assets, and aggressive internal cost-cutting.

Manufacturing of modular PEM electrolyzer systems at scale

Plug Power Inc. is definitely pushing its GenEco electrolyzer manufacturing hard. The Rochester, New York, Gigafactory has a nameplate manufacturing capacity of 2.5-GW for both fuel cells and electrolyzers. This scaling is showing up in revenue, with GenEco electrolyzer revenue hitting approximately $65 million in the third quarter of 2025. That was a 46% sequential increase over the second quarter of 2025. To put the global deployment scale in perspective, over 230 MW of GenEco projects are currently being mobilized across Europe, Australia, and North America as of Q2 2025. This is backed by major contract wins, like the 5-gigawatt electrolyzer deal with Allied Green Ammonia, which fundamentally changes production planning requirements. Also, Plug Power was selected for a 55 MW supply agreement across three green hydrogen projects in the United Kingdom.

Operating and optimizing green hydrogen production plants (e.g., Georgia)

The company is focused on making its owned hydrogen supply reliable and cheaper than buying it externally. As of the second quarter of 2025, the operational hydrogen plants in Georgia, Tennessee, and Louisiana collectively have a capacity of 40 tons per day (TPD). The Louisiana liquefaction plant, a joint venture with Olin Corporation, is a 15-ton-per-day (TPD) facility commissioned in Q1 2025. Plug Power also brought online its 100 MW PEM electrolyzer plant in New York in July 2025, which is capable of producing 45 tons of green hydrogen daily. This execution is in service of a prior internal goal to reach 500 mt/d of green hydrogen production domestically by the end of 2025.

Executing Project Quantum Leap to reduce costs by up to $200 million annually

Project Quantum Leap is the internal engine driving financial discipline. This initiative is targeted to cut annual expenses by a range between $150 million and $200 million. The progress is visible in the gross margin, which improved from a loss of -92% in Q2 2024 to -31% in Q2 2025. Plug Power management has flagged that they expect to achieve gross margin neutrality by the fourth quarter of 2025 because of these actions. The execution of Quantum Leap is also reflected in large, non-cash charges; the company recorded approximately $226 million in charges predominantly associated with this platform in Q3 2025, following about $80 million in Q2 2025.

The goal is clear: gross margin neutrality by Q4 2025. These actions include workforce optimization and facility consolidation.

Research and development (R&D) for next-generation fuel cell and electrolyzer technology

Plug Power Inc. is actively managing its spending here. The company noted that cost downs were complemented by additional reductions in operational expenses for SG&A and R&D as part of its optimization efforts. This suggests a prioritization of near-term, high-return projects over broader, longer-term R&D investments for the immediate future.

Deploying GenDrive fuel cell systems for material handling customers

The material handling segment remains a bedrock, even as electrolyzers take the spotlight. Plug Power deployed over 848 fuel cell units in the first quarter of 2025, focused on this segment. Overall, the company has deployed over 72,000 fuel cell systems globally, alongside 285 fueling stations. However, you should note that demand pressure exists in legacy lines; revenues from equipment, related infrastructure, and other products, which includes GenDrive systems, declined 9.7% year over year in Q3 2025, totaling $96.8 million for the quarter. This decline was partly offset by a $10 million order in Q4 2024 that unlocked over $200 million in future equipment opportunities, with deployments commencing in Q1 2025.

• Total GenDrive Fuel Cell Systems Deployed: Over 72,000 units.
• Total Fueling Stations Deployed: Over 285.
• Q1 2025 Fuel Cell Unit Deployments: Over 848 units.
• Q3 2025 Equipment & Related Product Revenue: $96.8 million.

Finance: draft 13-week cash view by Friday.

Plug Power Inc. (PLUG) - Canvas Business Model: Key Resources

You're looking at the core assets Plug Power Inc. (PLUG) relies on to execute its strategy as of late 2025. These aren't just line items on a balance sheet; they are the engines driving their entire hydrogen ecosystem play.

The foundation rests heavily on proprietary technology, specifically their Proton Exchange Membrane (PEM) electrolyzer and GenDrive fuel cell technology. This is backed by a significant portfolio of intellectual property covering the full hydrogen ecosystem. As of the latest data points available, Plug Power Inc. has secured over 165+ patents protecting this core technology. Furthermore, the company has deployed over 72,000 fuel cell systems globally, supported by a network of 275 fueling stations. This operational history provides more than 20 years of operational data from those deployed fuel cells.

Manufacturing scale is a critical resource, centered around their high-volume production facilities. The New York Gigafactory, for instance, boasts a nameplate manufacturing capacity of 2.5 GW for fuel cells and electrolyzers. Europe is also a focus, with planned capacity additions in Finland expected to reach 2.2 GW by 2030.

The physical network for producing and distributing green hydrogen is another irreplaceable asset. Plug Power Inc. has operational hydrogen plants in Georgia, Tennessee, and Louisiana. As of Q3 2025, the total production capacity across these operational plants is 40 tons per day. This network is designed to ensure a reliable, domestically produced supply, reducing reliance on third-party hydrogen sourcing.

Financially, liquidity remains a key resource for ongoing operations and capital deployment. Plug Power Inc. ended the third quarter of 2025 with unrestricted cash and cash equivalents of approximately $166 million. This figure is confirmed by a balance sheet report showing cash and equivalents at $165.9 million at the end of September 2025.

Here's a quick look at some of the key physical and technological deployment metrics as of late 2025:

The company's ability to secure large-scale contracts also speaks to the perceived value of its resource base. For example, Plug Power Inc. was selected for an equipment supply agreement totaling 55 MW for three green hydrogen projects in the United Kingdom.

You can see the scale of their deployed assets and pipeline through these operational milestones:

• Fueling Stations Deployed: 275
• GenEco Electrolyzer Revenue (Q3 2025): Approximately $65 million
• Total Assets (Q3 2025): $3.10 billion
• Total Liabilities (Q3 2025): $1.60 billion
• Global Electrolyzer Deployment: Across five continents

Plug Power Inc. (PLUG) - Canvas Business Model: Value Propositions

Plug Power Inc. (PLUG) offers a fully integrated, end-to-end green hydrogen ecosystem solution, spanning production, storage, delivery, and power generation. This ecosystem is designed to establish green hydrogen highways across North America and Europe.

The company provides reliable, high-purity liquid hydrogen supply for mission-critical applications. Plug Power Inc. is the largest user of liquid hydrogen. The domestic production network, operational in Georgia, Tennessee, and Louisiana, has a combined capacity of 40 tons per day (TPD). The Georgia plant achieved record performance in August 2025, delivering 324 metric tons of liquid hydrogen with 97% uptime, 99.7% availability, and 92.8% efficiency. This supply supports a network for over 275 hydrogen-consuming customer sites. Furthermore, Plug Power Inc. commenced a contract with NASA to supply up to 218,000 kilograms of liquid hydrogen, valued up to $2.8 million, requiring high purity and reliability. The company has an extended multi-year hydrogen supply agreement with a key partner secured through 2030.

For zero-emission power for material handling and logistics operations, Plug Power Inc. has deployed over 72,000 fuel cell systems. The fueling infrastructure includes 275 fueling stations.

The modular, scalable GenEco electrolyzer systems for industrial hydrogen developers show significant growth. GenEco electrolyzer revenue in the third quarter of 2025 was approximately $65 million, a 46% sequential increase. As of Q3 2025, over 230 MW of GenEco programs were mobilized across Europe, Australia, and North America. Key deliveries include the first 10-MW GenEco electrolyzer system deployed at Galp's Sines refinery in Portugal, part of a full 100-MW deployment expected to replace 20% of Galp's gray hydrogen. The company has secured global contracts totaling more than 8 GW in electrolyzer capacity.

The improved gross margin trajectory, targeting neutrality by Q4 2025, is supported by operational discipline. Management reaffirmed the target of reaching run-rate gross-margin breakeven in Q4 2025. The adjusted gross loss improved to approximately ($37 million) in Q3 2025 from approximately ($86 million) in Q3 2024. Net cash used in operating activities in Q3 2025 was approximately ($90 million), representing a 53% sequential improvement.

Here's a quick look at the key financial and operational metrics supporting these value propositions as of late 2025:

The value proposition is further supported by strategic financial actions:

• LOI to monetize electricity rights expected to generate over $275 million in liquidity.
• Suspension of Department of Energy loan program activities to redeploy capital.
• Extended strategic hydrogen supply agreement through 2030.
• Deployment of over 72,000 fuel cell systems.

Plug Power Inc. (PLUG) - Canvas Business Model: Customer Relationships

You're looking at how Plug Power Inc. (PLUG) manages the ongoing relationships with the customers who rely on their hydrogen and fuel cell technology. This isn't just about selling hardware; it's about locking in the fuel supply and ensuring the systems keep running reliably.

Dedicated service and maintenance contracts for fuel cell systems

Plug Power Inc. explicitly states a Customer Obsession goal to 'provide service/maintenance above contractual commitments.' This focus is reflected in their financial reporting, where services are a distinct revenue line. For the first quarter of 2025, revenue from Services performed on fuel cell systems and related infrastructure reached $16,874 thousand.

Management is actively using pricing adjustments in service contracts to build resilience into the margin profile while keeping customer relationships strong. The company deployed over 848 fuel cell units in Q1 2025, primarily supporting the material handling segment, each unit requiring ongoing service support.

Long-term hydrogen supply agreements with price stability

Securing the fuel is paramount, so long-term supply agreements are a core relationship tool. Plug Power Inc. extended a strategic hydrogen supply agreement with a key U.S.-based industrial gas partner through 2030, which immediately reduced the cost structure and is expected to improve cash flows. This supports a growing base of over 275 hydrogen-consuming customer sites.

Furthermore, a specific, high-profile agreement was signed to supply liquid hydrogen to NASA facilities, valued up to $2.8 million. The company is focused on leveraging renegotiated supply contracts, including a new hydrogen gas agreement expected to lower the molecule cost in the second half of 2025 and onward.

Here's a look at key operational and supply milestones supporting customer needs:

Direct engagement with large industrial and utility-scale project developers

Plug Power Inc. is actively engaging with large-scale developers to secure future business before capital commitment. They are working with several projects to try to get agreements signed pre-First-Day-of-Financing (pre-FID) to secure business for projects anticipated to go FID in 2026.

Engagement is deep with major industrial players. For instance, a contract was finalized to supply a major U.S. automobile manufacturer with fuel cell solutions for their material handling operations across a campus spanning over 6 square miles. This deal includes on-site infrastructure like over 10 hydrogen dispensers.

The company also announced a strategic initiative to monetize electricity rights in New York and one other location in partnership with a major U.S. data center developer, expecting this transaction to generate more than $275 million in liquidity improvement.

Customer obsession focus, aiming to deliver above contractual commitments

The focus on customer success drives execution across all segments. The company is seeing renewed momentum in its core material handling business. One of their largest pedestal customers placed a $10 million initial order in Q1 2025, which is tied to over $200 million in future equipment opportunities under a Safe Harbor structure.

Plug Power Inc. is also expanding its footprint with new customers, such as commissioning GenDrive fuel cells and GenFuel solutions with Floor & Decor in Washington. This modular infrastructure is designed to scale easily as the customer's operations grow, showing a commitment beyond the initial sale.

• Commissioned GenDrive fuel cells with new customer Floor & Decor.
• Material handling business gained momentum with a $10 million initial order in Q1 2025.
• The goal is to deliver all projects with a high level of quality, under budget.
• Plug deployed over 848 fuel cell units in Q1 2025.

Finance: draft 13-week cash view by Friday.

Plug Power Inc. (PLUG) - Canvas Business Model: Channels

Direct sales force for large-scale electrolyzer and stationary power projects

Plug Power Inc. (PLUG) engages its direct sales force for securing large-scale equipment supply and long-term service agreements (LTSA) for its GenEco electrolyzer business.

The pipeline for these large-scale hydrogen infrastructure projects is substantial, representing more than 8 GW of opportunity globally as of late 2025. More than 230 MW of GenEco electrolyzer projects are currently being mobilized across Europe, Australia, and North America. For example, the company was selected for an equipment supply and LTSA totaling 55 MW for three green hydrogen projects being developed by Carlton Power in the United Kingdom. In France, a letter of intent was signed with Hy2gen to deliver a 5 MW PEM electrolyzer for the Sunrhyse project. This direct engagement targets industrial applications and renewable fuels, including green ammonia production.

Global distribution network for GenDrive fuel cell systems and GenFuel infrastructure

The distribution of Plug Power Inc. (PLUG) GenDrive fuel cell systems and the supporting GenFuel infrastructure relies on a mature global network, primarily serving the material handling sector.

• Deployed over 72,000 fuel cell systems globally.
• Operating 275 fueling stations globally.
• Secured partnerships with major logistics and retail customers including Walmart, Amazon, and Home Depot.
• New deployments, such as at Floor & Decor's Frederickson, WA distribution center, involve powering 77 pieces of material handling equipment.

Plug Power Inc. (PLUG) also integrates IoT-enabled monitoring and AI-powered diagnostics into its GenDrive systems, which supports remote monitoring and optimization for customers in logistics and retail channels.

Hydrogen delivery via specialized tanker fleet for liquid hydrogen

Hydrogen delivery, particularly liquid hydrogen (LH2), is managed through a specialized, scalable fleet to support both internal production needs and customer mandates.

Plug Power Inc. (PLUG) operates a fleet of 36 Multi Element Gas Containers (MEGCs) for hydrogen transport, rated at 350/380 bar pressure standards. This fleet supported the delivery of 44.5 metric tons of hydrogen to the H2CAST project in Germany between April and August 2025, with a follow-on mandate for an additional 35 metric tons. Domestically, the company's production facilities in Georgia, Tennessee, and Louisiana have a combined capacity of 40 tons per day, which feeds this delivery network.

Here's a look at some key operational scale metrics as of late 2025:

Strategic partnerships for geographic expansion, defintely in Europe

Geographic expansion channels are heavily reliant on strategic partnerships to establish local hydrogen ecosystems and secure large-scale electrolyzer off-take.

In Europe, Plug Power Inc. (PLUG) is solidifying its presence through collaborations. The company is involved in the H2 Hollandia project in the Netherlands, which targets supplying 300,000 kilograms of hydrogen annually starting in 2026. The recent 55 MW agreement with Carlton Power in the UK is subject to Final Investment Decision (FID) before the end of 2025 for two of the three projects. Furthermore, the collaboration with Hy2gen in France for the 5 MW Sunrhyse project includes Plug Power Inc. (PLUG) facilitating the transport and distribution of the produced hydrogen.

• European electrolyzer mobilization stands at over 230 MW.
• The H2CAST project in Germany involved a successful delivery of 44.5 metric tons of hydrogen.
• The company has electrolyzers deployed across five continents.

These partnerships are critical for establishing green hydrogen highways and validating technology in new regulatory environments.

Plug Power Inc. (PLUG) - Canvas Business Model: Customer Segments

You're mapping out Plug Power Inc.'s (PLUG) customer base as of late 2025. The company is clearly pushing to diversify beyond its historical core, using validated technology to enter high-specification and high-growth energy markets. The financial results for the first half of 2025 show a revenue of $307.6 million, which is a 16.7% increase year-over-year, keeping them on track for the full-year target of approximately $700 million in revenue.

Material Handling/Logistics (e.g., forklifts at distribution centers)

This remains the foundational segment, where GenDrive fuel cells offer a direct replacement for batteries in electric forklifts. The value proposition centers on productivity gains; hydrogen refueling takes two minutes versus 15 minutes per shift for battery changes, translating to over 234 hours of lost productivity saved per forklift annually in a three-shift operation.

Plug Power Inc. anticipates this material handling business to grow approximately 10-20% Year-over-Year in 2025. Key pedestal customers in this space include major logistics and retail players:

• Walmart
• Amazon
• Home Depot
• BMW
• BP

A major logistics leader, Uline, recently extended its relationship through 2030, locking in long-term demand.

Large-Scale Industrial Users (e.g., green ammonia, renewable fuels producers)

This segment is driven heavily by the sale of GenEco electrolyzer systems, which saw revenue reach approximately $45 million in the second quarter of 2025, tripling year-over-year. Plug Power Inc. has secured more than 8 GW in global Build, Develop, Own, and Operate (BDO) contracts.

The company's electrolyzer deployment pipeline is substantial:

The operational U.S. hydrogen plants in Georgia, Tennessee, and Louisiana collectively produce 40 tons per day (TPD) of hydrogen. The Louisiana joint venture with Olin Corporation has an initial capacity of 15 TPD.

Stationary Power/Data Centers (new market for backup and primary power)

Plug Power Inc. is actively pivoting non-core assets toward the data center market, which demands reliable, low-carbon power. The company announced a non-binding Letter of Intent in November 2025 with an unnamed domestic data center developer expanding nationwide.

This agreement involves selling electricity rights in New York and another location, which Plug Power Inc. expects will generate over $275 million in liquidity through asset monetization and the release of restricted cash. The company's built substations are valuable for their time-to-market advantage for these power-hungry facilities.

Government and Aerospace (e.g., NASA liquid hydrogen contracts)

The company achieved a significant validation milestone by commencing its first-ever contract with NASA. This deal is valued at up to $2.8 million.

• Supply Quantity: Up to 480,000 pounds (or 218,000 kilograms) of liquid hydrogen.
• Delivery Locations: NASA's Glenn Research Center in Cleveland, Ohio, and the Neil Armstrong Test Facility in Sandusky, Ohio.
• Market Context: NASA consumes over 37 million pounds of liquid hydrogen annually.

This contract signals Plug Power Inc.'s ability to meet stringent purity and reliability standards for mission-critical operations.

Energy Developers building hydrogen production hubs

This segment overlaps with the Large-Scale Industrial Users, as Plug Power Inc. supplies the electrolyzer equipment (GenEco) for these hubs. The company has over 230 MW of GenEco projects currently being deployed globally. Furthermore, Plug Power Inc. suspended activities under its Department of Energy loan program, redirecting capital toward higher-return opportunities.

The company is also leveraging tax incentives, noting the passage of the Section 45V Clean Hydrogen Production Tax Credit and the Section 48E Investment Tax Credit, which secure a 30% ITC for qualified fuel cell properties through 2032.

Plug Power Inc. (PLUG) - Canvas Business Model: Cost Structure

You're looking at the cost side of Plug Power Inc.'s business model as of late 2025, and honestly, it's a story of heavy upfront investment battling against aggressive cost-cutting. The cost structure is dominated by building out the physical infrastructure needed for a green hydrogen economy.

High cost of hydrogen production (molecule cost), being reduced by new supply agreements

The cost to produce the hydrogen molecule itself remains a major factor. Industry estimates for green hydrogen production costs still range between $3 and $7 per kilogram. However, Plug Power Inc. is actively working to bring this down. They recently executed a new hydrogen supply agreement with a global industrial gas leader which is expected to deliver competitively priced, long-term supply, specifically targeting a reduction in molecule cost starting in the second half of 2025 and onward. This external sourcing helps ease the immediate pressure while their own plants scale up.

Significant capital expenditure (CapEx) for building hydrogen plants and gigafactories

Building out the production and manufacturing footprint requires substantial capital expenditure. Plug Power Inc. has been limiting its overall CAPEX to near-term critical investments as part of its strategic shift. To give you a sense of the scale, completing the Department of Energy Loan Guarantee program project, which supports up to six U.S. hydrogen plants, required an estimated additional investment of approximately $600 million, with the DOE loan targeted to cover about $400M of that amount. For context on the direction of spending, the company reported a 52% reduction in CAPEX in the fourth quarter of 2024.

Operating expenses, including R&D and SG&A

Beyond the massive CapEx, the day-to-day operating costs are under intense scrutiny. The company is driving cost structure gains through various means, including reductions in professional services and software costs. Here's a look at some of the key operating expense components, keeping in mind the required figure for R&D:

The Q2 2025 gross margin loss was reported at -31%, a significant improvement from -92% in Q2 2024, showing these cost controls are starting to bite.

Costs associated with Project Quantum Leap restructuring and facility consolidation

The major driver for immediate cost reduction is Project Quantum Leap. This initiative is targeted to reduce annual expenses in the range of $150 million to $200 million. The launch of this project in Q1 2025 specifically targeted over $200 million in annualized savings. These efforts include workforce optimization and facility consolidation, but they come with upfront costs; for example, Q2 2025 included approximately $80 million in non-cash charges largely associated with this project.

Service and maintenance costs for deployed fuel cell fleets

Managing the existing deployed fleet is another cost center, though improvements here are contributing to better margins. The Q2 2025 gross margin improvement was partly a result of service cost reductions. Furthermore, Plug Power Inc. expects to generate more than $275 million in liquidity improvement through reduced maintenance expenses, among other actions. You should note that Plug deployed over 848 fuel cell units in Q1 2025, primarily for material handling, meaning the service base is growing.

Finance: draft 13-week cash view by Friday.

Plug Power Inc. (PLUG) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers for how Plug Power Inc. (PLUG) is bringing in cash as we head into the end of 2025. It's a mix of equipment sales, fuel delivery, and ongoing service agreements. Here's the quick math on what's flowing in.

The equipment side is anchored by the Sale of GenEco electrolyzer platforms. For the third quarter of 2025, revenue from these platforms hit ~$65 million. That was a 46% sequential increase over the second quarter of 2025. Looking at the first nine months of the year, GenEco revenue was $124 million year-to-date, with an expected total of around $200 million in electrolyzer sales for the full year 2025. To be fair, the company is actively mobilizing over 230 MW of these GenEco projects across Europe, Australia, and North America, supporting that pipeline which stands at $8 billion.

The overall company target remains firm; Plug Power Inc. is still targeting approximately $700 million in total revenue for the full year 2025. The third quarter total revenue was $177 million, which was up 1.89% year-over-year from the $173.7 million reported in Q3 2024.

Here's a look at the core revenue components based on recent performance and targets:

The Sale of GenDrive fuel cell systems and related infrastructure is a key part of the overall revenue, alongside the fuel and service components. Plug Power Inc. has deployed over 72,000 fuel cell systems and 275 hydrogen refueling stations globally, which underpins this revenue stream. The Section 48E Investment Tax Credit is stimulating strong customer demand for these fuel cells in material handling for 2026, with customers procuring equipment in late 2025 to qualify.

Revenue from hydrogen fuel supply contracts (GenFuel) is showing progress toward margin neutrality, which is targeted for mid-2026. The Q3 2025 revenue growth was explicitly driven by volume growth in hydrogen fuel sales. This is supported by their operational hydrogen plants in Georgia and Louisiana, which contribute to their total U.S. production capacity of approximately 40 tons per day.

The final piece is Service and maintenance revenue from long-term contracts. While specific dollar amounts for this segment aren't broken out separately in the latest reports, it is cited as a factor in the gross margin improvement seen in Q3 2025, alongside pricing discipline and operational efficiencies from Project Quantum Leap. The company's operational cash burn improved significantly, with net cash used in operating activities at approximately $90 million for Q3 2025, a 53% sequential quarterly improvement. Plug Power Inc. ended that quarter with approximately $166 million in unrestricted cash and cash equivalents.

You can see the revenue drivers here:

• GenEco Electrolyzers: $65 million in Q3 2025 revenue.
• GenFuel Contracts: Volume growth contributing to Q3 revenue.
• GenDrive Systems: Demand supported by tax credit qualification timing.
• Service/Maintenance: A factor in margin improvement efforts.

Finance: draft 13-week cash view by Friday.