Plug Power (PLUG) Research & Development (2010 - 2026)
Plug Power (PLUG) reported Research & Development of $12.1 million for Q1 2026, down 30.21% year-over-year from $17.4 million in Q1 2025, and down 1.46% on a QoQ basis from $12.3 million in Q4 2025.
Plug Power (PLUG) has 17 years of Research & Development data on file, last reported at $12.1 million in Q1 2026.
- Quarterly Research & Development fell 30.21% year-over-year to $12.1 million in Q1 2026, while the trailing twelve-month figure through Mar 2026 was $52.7 million (down 23.93% YoY) and the FY2025 annual result came in at $58.0 million, down 24.95% from the prior year.
- Research & Development fell to $12.1 million in Q1 2026 per PLUG's latest filing, from $12.3 million in the prior quarter.
- Across five years, Research & Development topped out at $30.3 million in Q4 2023 and bottomed at $12.1 million in Q1 2026.
- The 5-year median for Research & Development is $20.5 million (2022), against an average of $21.2 million.
- The widest annual swing landed in 2022, when Research & Development soared 110.03%; it then sank 56.14% in 2024.
- Tracing PLUG's Research & Development over 5 years: stood at $27.5 million in 2022, then climbed by 10.39% to $30.3 million in 2023, then tumbled by 56.14% to $13.3 million in 2024, then slipped by 7.54% to $12.3 million in 2025, then decreased by 1.46% to $12.1 million in 2026.
- Per Business Quant, the three latest PLUG Research & Development figures stand at $12.1 million (Q1 2026), $12.3 million (Q4 2025), and $16.1 million (Q3 2025).
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | Vertiv Holdings | 125.39 Bn | 122.89 Bn | 999.70 Mn | - |
| 2 | Bloom Energy | 85.22 Bn | 82.75 Bn | 225.54 Mn | 56.85 Mn |
| 3 | nVent Electric | 26.63 Bn | 26.44 Bn | 445.60 Mn | 22.70 Mn |
| 4 | Hubbell | 25.22 Bn | 24.72 Bn | 505.30 Mn | - |
| 5 | Advanced Energy Industries | 12.25 Bn | 12.25 Bn | 200.90 Mn | 62.40 Mn |
| 6 | Powell Industries | 10.16 Bn | 9.61 Bn | 87.94 Mn | 4.29 Mn |
| 7 | Acuity Inc. (De) | 8.82 Bn | 8.55 Bn | 520.40 Mn | - |
| 8 | EnerSys | 8.70 Bn | 8.26 Bn | 290.87 Mn | - |
| 9 | Plug Power | 5.25 Bn | 4.87 Bn | -21.61 Mn | 12.11 Mn |
| 10 | Hayward Holdings | 3.01 Bn | 2.78 Bn | 118.70 Mn | 6.76 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| 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 |
| Jun 30, 2021 | 11.25 Mn |
| Mar 31, 2021 | 9.74 Mn |
| Dec 31, 2020 | 10.82 Mn |
| Sep 30, 2020 | 7.39 Mn |
| Jun 30, 2020 | 4.87 Mn |
| Mar 31, 2020 | 4.77 Mn |
| Dec 31, 2019 | 4.88 Mn |
| Sep 30, 2019 | 3.56 Mn |
| Jun 30, 2019 | 3.61 Mn |
| Mar 31, 2019 | 3.01 Mn |
| Dec 31, 2018 | -12.73 Mn |
| Sep 30, 2018 | 8.40 Mn |
| Jun 30, 2018 | 8.43 Mn |
| Mar 31, 2018 | 8.65 Mn |
| Dec 31, 2017 | 8.63 Mn |
| Sep 30, 2017 | 7.44 Mn |
| Jun 30, 2017 | 6.63 Mn |
| Mar 31, 2017 | 6.00 Mn |
| Dec 31, 2016 | 6.15 Mn |
| Sep 30, 2016 | 5.00 Mn |
| Jun 30, 2016 | 5.20 Mn |
| Mar 31, 2016 | 4.83 Mn |
| Dec 31, 2015 | 4.49 Mn |
| Sep 30, 2015 | 4.13 Mn |
| Jun 30, 2015 | 3.43 Mn |
| Mar 31, 2015 | 2.90 Mn |
| Dec 31, 2014 | 2.17 Mn |
| Sep 30, 2014 | 1.64 Mn |
| Jun 30, 2014 | 1.40 Mn |
| Mar 31, 2014 | 1.25 Mn |
| Dec 31, 2013 | 777,970.00 |
| Sep 30, 2013 | 768,965.00 |
| Jun 30, 2013 | 823,581.00 |
| Mar 31, 2013 | 750,484.00 |
| Dec 31, 2012 | 1.34 Mn |
| Sep 30, 2012 | 1.28 Mn |
| Jun 30, 2012 | 1.58 Mn |
| Mar 31, 2012 | 1.23 Mn |
| Dec 31, 2011 | 2.01 Mn |
| Sep 30, 2011 | 1.48 Mn |
| Jun 30, 2011 | 1.11 Mn |
| Mar 31, 2011 | 1.06 Mn |
| Dec 31, 2010 | 947,017.00 |
| Sep 30, 2010 | 2.09 Mn |
| Jun 30, 2010 | 4.38 Mn |