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

Plug Power (PLUG) has 17 years of Cost of Revenue data on file, last reported at $185.1 million in Q1 2026.

• Quarterly Cost of Revenue fell 10.8% year-over-year to $185.1 million in Q1 2026, while the trailing twelve-month figure through Mar 2026 was $929.5 million (down 21.35% YoY) and the FY2025 annual result came in at $952.0 million, down 24.07% from the prior year.
• Cost of Revenue fell 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.
• The 5-year median for Cost of Revenue is $274.6 million (2024), against an average of $275.6 million.
• The widest annual swing landed in 2022, when Cost of Revenue jumped 109.38%; it then plunged 48.41% in 2025.
• Tracing PLUG's Cost of Revenue over 5 years: stood at $301.2 million in 2022, then jumped by 47.55% to $444.4 million in 2023, then fell by 4.15% to $426.0 million in 2024, then sank by 48.41% to $219.8 million in 2025, then decreased by 15.77% to $185.1 million in 2026.
• Per Business Quant, the three latest PLUG Cost of Revenue figures stand at $185.1 million (Q1 2026), $219.8 million (Q4 2025), and $297.2 million (Q3 2025).

Peer Comparison