Plug Power (PLUG) Research & Development (2010 - 2026)
Plug Power (PLUG) posted Research & Development of $13.42 million for Q2 2026, up 10.1% from $12.19 million a year earlier and up 10.8% from the prior quarter.
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Analysis
Plug Power (PLUG) Research & Development (2010 - 2026) Analysis & Trends
For the trailing twelve months through Jun 30, 2026, Research & Development at Plug Power was $53.94 million, down 13.8% year-over-year; for FY2025, it came in at $57.96 million, down 24.9% from FY2024.
- Annual Research & Development shows a five-year compound annual growth rate of 15.8% (FY2020 to FY2025).
- In prior years, Plug Power's Research & Development was $77.23 million in FY2024 (-32.1%), $113.75 million in FY2023 (+14.2%), $99.58 million in FY2022 (+53.8%) and $64.76 million in FY2021 (+132.6%).
- Quarterly Research & Development has run from a low of $12.11 million in Q1 2026 to a high of $30.31 million in Q4 2023 over five years.
- On a year-over-year basis, Research & Development increased in 1 of the last eight quarters, with an average decline of 24.7%.
- The strongest year-over-year quarter for Research & Development in the past five years was Q4 2021, with growth of 150.9%; the weakest was Q4 2024, with a decline of 56.1%.
- According to Business Quant data, Research & Development for the three prior quarters was $12.11 million (Q1 2026), $12.29 million (Q4 2025) and $16.12 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | Plug Power | 2.60 Bn | 1.68 Bn | -1.68 Mn | 13.42 Mn |
| 2 | Rex American Resources | 1.41 Bn | 57.46 Mn | 53.30 Mn | - |
| 3 | Green Plains | 1.04 Bn | 438.04 Mn | 113.03 Mn | - |
| 4 | Montauk Renewables | 401.08 Mn | 328.86 Mn | - | - |
| 5 | Clean Energy Fuels | 350.37 Mn | -305.43 Mn | 30.14 Mn | - |
| 6 | Gevo | 331.30 Mn | 48.28 Mn | 19.80 Mn | 440,000.00 |
| 7 | OPAL Fuels | 314.56 Mn | 47.17 Mn | 24.47 Mn | 3.30 Mn |
| 8 | Aemetis | 133.29 Mn | 117.04 Mn | 13.52 Mn | - |
| 9 | Verde Clean Fuels | 50.79 Mn | -147.69 Mn | - | 165,000.00 |
| 10 | Blue Biofuels | 35.59 Mn | 35.40 Mn | - | 431,198.00 |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 13.42 Mn |
| Mar 31, 2026 | 12.11 Mn |
| Dec 31, 2025 | 12.29 Mn |
| Sep 30, 2025 | 16.12 Mn |
| Jun 30, 2025 | 12.19 Mn |
| Mar 31, 2025 | 17.36 Mn |
| Dec 31, 2024 | 13.29 Mn |
| Sep 30, 2024 | 19.71 Mn |
| Jun 30, 2024 | 18.94 Mn |
| Mar 31, 2024 | 25.28 Mn |
| Dec 31, 2023 | 30.31 Mn |
| Sep 30, 2023 | 27.65 Mn |
| Jun 30, 2023 | 29.25 Mn |
| Mar 31, 2023 | 26.54 Mn |
| Dec 31, 2022 | 27.46 Mn |
| Sep 30, 2022 | 28.11 Mn |
| Jun 30, 2022 | 23.56 Mn |
| Mar 31, 2022 | 20.46 Mn |
| Dec 31, 2021 | 27.14 Mn |
| Sep 30, 2021 | 16.63 Mn |
API Access
Plug Power Research & Development 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=research-and-development&ticker=PLUG&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "research-and-development", "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=research-and-development&ticker=PLUG&period=max&api_key=YOUR_API_KEY");
const data = await res.json();