Plug Power (PLUG) Cost of Revenue (2010 - 2026)

Plug Power (PLUG) has reported Cost of Revenue for 17 consecutive years, with $185.1 million the latest figure, recorded in Q1 2026.

• In Q1 2026, Cost of Revenue fell 10.8% year-over-year to $185.1 million; the TTM figure through Mar 2026 stood at $929.5 million (down 21.35% YoY), while the FY2025 annual figure was $952.0 million, down 24.07% from the prior year.
• Cost of Revenue slipped to $185.1 million in Q1 2026 per PLUG's latest filing, from $219.8 million in the prior quarter.
• Across five years, Cost of Revenue topped out at $444.4 million in Q4 2023 and bottomed at $176.2 million in Q1 2022.
• Historically, Cost of Revenue has averaged $275.6 million across 5 years, with a median of $274.6 million in 2024.
• Annual changes were most pronounced in 2022 — Cost of Revenue soared 109.38% — and 2025, when it slumped 48.41%.
• Plug Power's Cost of Revenue stood at $301.2 million in 2022, then jumped by 47.55% to $444.4 million in 2023, then slipped by 4.15% to $426.0 million in 2024, then plunged by 48.41% to $219.8 million in 2025, then declined by 15.77% to $185.1 million in 2026.
• Business Quant data shows PLUG's Cost of Revenue at $185.1 million in Q1 2026, $219.8 million in Q4 2025, and $297.2 million in Q3 2025.