Plug Power (PLUG) Gross Margin (2010 - 2026)
Plug Power's Gross Margin was -0.94% in Q2 2026, up 29.79 percentage points from -30.73% a year earlier and up 12.27 percentage points from the prior quarter.
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Analysis
Plug Power (PLUG) Gross Margin (2010 - 2026) Analysis & Trends
On a trailing twelve-month basis, Plug Power's Gross Margin was -18.55% through Jun 30, 2026, up 50.10 percentage points year-over-year; for FY2025, it was -34.09%, up 65.28 percentage points from FY2024.
- Gross Margin shows a five-year change of +469.37 percentage points (FY2020 to FY2025).
- In earlier years, Gross Margin was -99.38% in FY2024 (-42.41 pp), -56.97% in FY2023 (-29.26 pp), -27.71% in FY2022 (+6.39 pp) and -34.10% in FY2021 (+469.36 pp).
- Quarterly Gross Margin has moved between -132.27% (Q1 2024) and 2.42% (Q4 2025) over five years.
- Compared with a year earlier, Gross Margin has increased for three straight quarters, with an average year-over-year change of +39.21 percentage points over the last eight quarters.
- The best year-over-year quarter for Gross Margin over five years was Q4 2025 (a gain of 124.91 percentage points); the worst was Q1 2024 (a drop of 99.27 percentage points).
- Per Business Quant data, PLUG's Gross Margin in the three quarters before Q2 2026 was -13.21% (Q1 2026), 2.42% (Q4 2025) and -67.87% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Plug Power | 2.60 Bn | 1.68 Bn | -1.68 Mn | -0.94% |
| 2 | Rex American Resources | 1.41 Bn | 57.46 Mn | 53.30 Mn | 31.63% |
| 3 | Green Plains | 1.04 Bn | 438.04 Mn | 113.03 Mn | 25.33% |
| 4 | Montauk Renewables | 401.08 Mn | 328.86 Mn | - | - |
| 5 | Clean Energy Fuels | 350.37 Mn | -305.43 Mn | 30.14 Mn | 28.34% |
| 6 | Gevo | 331.30 Mn | 48.28 Mn | 19.80 Mn | 42.58% |
| 7 | OPAL Fuels | 314.56 Mn | 47.17 Mn | 24.47 Mn | 29.34% |
| 8 | Aemetis | 133.29 Mn | 117.04 Mn | 13.52 Mn | 21.56% |
| 9 | Verde Clean Fuels | 50.79 Mn | -147.69 Mn | - | - |
| 10 | Blue Biofuels | 35.59 Mn | 35.40 Mn | - | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | -0.94% |
| Mar 31, 2026 | -13.21% |
| Dec 31, 2025 | 2.42% |
| Sep 30, 2025 | -67.87% |
| Jun 30, 2025 | -30.73% |
| Mar 31, 2025 | -55.25% |
| Dec 31, 2024 | -122.49% |
| Sep 30, 2024 | -57.57% |
| Jun 30, 2024 | -91.56% |
| Mar 31, 2024 | -132.27% |
| Dec 31, 2023 | -100.06% |
| Sep 30, 2023 | -69.43% |
| Jun 30, 2023 | -30.03% |
| Mar 31, 2023 | -33.00% |
| Dec 31, 2022 | -36.46% |
| Sep 30, 2022 | -24.42% |
| Jun 30, 2022 | -21.46% |
| Mar 31, 2022 | -25.11% |
| Dec 31, 2021 | -54.21% |
| Sep 30, 2021 | -21.59% |
API Access
Plug Power Gross Margin 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=gross-margin&ticker=PLUG&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "gross-margin", "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=gross-margin&ticker=PLUG&period=max&api_key=YOUR_API_KEY");
const data = await res.json();