Plug Power (PLUG) Cost of Revenue (2010 - 2026)
Plug Power's Cost of Revenue came in at $179.97 million for Q2 2026, down 20.9% from $227.44 million a year earlier and down 2.8% from the prior quarter.
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Analysis
Plug Power (PLUG) Cost of Revenue (2010 - 2026) Analysis & Trends
Over the trailing twelve months to Jun 30, 2026, Plug Power reported Cost of Revenue of $882.08 million, down 22.3% year-over-year; for FY2025, it was $951.96 million, down 24.1% from FY2024.
- Cost of Revenue carries a five-year compound annual growth rate of 20.4% (FY2020 to FY2025).
- Going back by year, Cost of Revenue was $1.25 billion in FY2024 (-10.4%), $1.4 billion in FY2023 (+56.2%), $895.8 million in FY2022 (+33.0%) and $673.65 million in FY2021 (+79.1%).
- The Q2 2026 figure represents the lowest quarterly Cost of Revenue since Q1 2022.
- Year-over-year, Cost of Revenue has declined for three consecutive quarters, with an average decline of 17.2% over the last eight quarters.
- The fastest year-over-year change in Cost of Revenue over five years came in Q1 2022 (growth of 109.4%), and the weakest in Q4 2025 (a decline of 48.4%).
- Business Quant data shows PLUG's Cost of Revenue at $185.12 million (Q1 2026), $219.77 million (Q4 2025) and $297.22 million (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Plug Power | 2.65 Bn | 1.74 Bn | -1.68 Mn | 179.97 Mn |
| 2 | Rex American Resources | 1.44 Bn | 80.02 Mn | 53.30 Mn | 133.60 Mn |
| 3 | Green Plains | 1.07 Bn | 468.18 Mn | 113.03 Mn | 333.19 Mn |
| 4 | Montauk Renewables | 411.11 Mn | 338.89 Mn | - | - |
| 5 | Clean Energy Fuels | 343.76 Mn | -312.04 Mn | 30.14 Mn | 76.22 Mn |
| 6 | Gevo | 323.88 Mn | 40.86 Mn | 19.80 Mn | 19.92 Mn |
| 7 | OPAL Fuels | 304.08 Mn | 36.68 Mn | 24.47 Mn | 58.93 Mn |
| 8 | Aemetis | 123.92 Mn | 107.68 Mn | 13.52 Mn | 49.19 Mn |
| 9 | Verde Clean Fuels | 48.56 Mn | -149.91 Mn | - | - |
| 10 | Blue Biofuels | 32.35 Mn | 32.16 Mn | - | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 179.97 Mn |
| Mar 31, 2026 | 185.12 Mn |
| Dec 31, 2025 | 219.77 Mn |
| Sep 30, 2025 | 297.22 Mn |
| Jun 30, 2025 | 227.44 Mn |
| Mar 31, 2025 | 207.54 Mn |
| Dec 31, 2024 | 426.00 Mn |
| Sep 30, 2024 | 273.76 Mn |
| Jun 30, 2024 | 274.61 Mn |
| Mar 31, 2024 | 279.34 Mn |
| Dec 31, 2023 | 444.45 Mn |
| Sep 30, 2023 | 336.68 Mn |
| Jun 30, 2023 | 338.33 Mn |
| Mar 31, 2023 | 279.68 Mn |
| Dec 31, 2022 | 301.22 Mn |
| Sep 30, 2022 | 234.69 Mn |
| Jun 30, 2022 | 183.73 Mn |
| Mar 31, 2022 | 176.15 Mn |
| Dec 31, 2021 | 249.67 Mn |
| Sep 30, 2021 | 175.00 Mn |
API Access
Plug Power Cost of Revenue API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=PLUG&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "cost-of-revenue", "ticker": "PLUG", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=PLUG&period=max&api_key=YOUR_API_KEY");
const data = await res.json();