Plug Power (PLUG) Research & Development (2010 - 2026)
Plug Power (PLUG) posted quarterly 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% quarter-over-quarter from $12.3 million in Q4 2025.
Plug Power (PLUG) Research & Development (2010 - 2026) Analysis & Trends
Plug Power (PLUG) has reported Research & Development for 17 consecutive years, with $12.1 million the latest figure, recorded in Q1 2026.
- In Q1 2026, Research & Development fell 30.21% year-over-year to $12.1 million; the TTM figure through Mar 2026 stood at $52.7 million (down 23.93% YoY), while the FY2025 annual figure was $58.0 million, down 24.95% from the prior year.
- Research & Development slipped 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.
- Historically, Research & Development has averaged $21.2 million across 5 years, with a median of $20.5 million in 2022.
- Annual changes were most pronounced in 2022 — Research & Development surged 110.03% — and 2024, when it tumbled 56.14%.
- Plug Power's Research & Development stood at $27.5 million in 2022, then rose by 10.39% to $30.3 million in 2023, then slumped by 56.14% to $13.3 million in 2024, then fell by 7.54% to $12.3 million in 2025, then declined by 1.46% to $12.1 million in 2026.
- Business Quant data shows PLUG's Research & Development at $12.1 million in Q1 2026, $12.3 million in Q4 2025, and $16.1 million in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | Vertiv Holdings | 101.35 Bn | 98.24 Bn | 1.23 Bn | - |
| 2 | Bloom Energy | 58.17 Bn | 55.50 Bn | 355.57 Mn | 58.87 Mn |
| 3 | nVent Electric | 24.99 Bn | 24.74 Bn | 558.00 Mn | 24.50 Mn |
| 4 | Hubbell | 24.90 Bn | 24.51 Bn | 613.00 Mn | - |
| 5 | Advanced Energy Industries | 11.37 Bn | 9.96 Bn | 236.10 Mn | 65.00 Mn |
| 6 | Acuity Inc. (De) | 10.36 Bn | 9.95 Bn | 606.40 Mn | - |
| 7 | Powell Industries | 7.22 Bn | 6.58 Bn | 95.30 Mn | 4.30 Mn |
| 8 | EnerSys | 6.93 Bn | 6.40 Bn | 313.36 Mn | - |
| 9 | Hayward Holdings | 3.18 Bn | 2.70 Bn | 155.05 Mn | 7.67 Mn |
| 10 | Plug Power | 3.05 Bn | 2.74 Bn | -1.68 Mn | 13.42 Mn |
Historic Data
Download 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 |