Sales Of Electrolyzers was Plug Power’s largest product and service line in fiscal 2025, bringing in $187.78M of $709.92M (26%).
| Product and Service | FY 2016 | FY 2017 | FY 2017 | FY 2017 | FY 2017 | FY 2018 | FY 2018 | FY 2018 | FY 2018 | FY 2019 | FY 2019 | FY 2020 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales Of Fuel Cell Systems | $207.69M | $181.17M | $52.11M | $54.01M | ||||||||||||||
| Sales Of Cryogenic Equipment & Liquefiers | $87.76M | $231.69M | $111.51M | $95.69M | ||||||||||||||
| Sales Of Cryogenic Equipment & Other | — | — | — | — | ||||||||||||||
| Sales Of Hydrogen Infrastructure | $141.53M | $183.61M | $69.12M | $26.75M | ||||||||||||||
| Sale Of Hydrogen Infrastructure | — | — | — | — | ||||||||||||||
| Sales Of Electrolyzers | $28.46M | $82.61M | $135.50M | $187.78M | ||||||||||||||
| Sale Of Electrolyzers | — | — | — | — | ||||||||||||||
| Fuel Delivered To Customers & Related Equipment | $57.20M | $66.25M | $97.88M | $133.41M | ||||||||||||||
| Sales Of Fuel Cell Systems, Related Infrastructure & Equipment | — | — | — | — | ||||||||||||||
| Sales Of Fuel Cell Systems & Related Infrastructure | — | — | — | — | ||||||||||||||
| Sales Of Engineered Equipment | $93.49M | $32.36M | $22.09M | $6.85M | ||||||||||||||
| Power Purchase Agreements | $47.18M | $63.73M | $77.84M | $107.57M | ||||||||||||||
| Services Performed On Fuel Cell Systems & Related Infrastructure | $35.28M | $39.09M | $52.17M | $94.46M | ||||||||||||||
| Fuel Delivered To Customers | — | — | — | — | ||||||||||||||
| Other | — | $10.84M | $10.59M | $3.39M | ||||||||||||||
| Other Costs Of Revenue | $2.85M | — | — | — | ||||||||||||||
| Total | $701.44M | $891.34M | $628.81M | $709.92M |
Plug Power brought in $709.92M from its nine product and service lines in fiscal 2025, the year ended December 31, 2025. That was up 12.9% from $628.81M in fiscal 2024. Sales Of Electrolyzers was the largest at $187.78M (26.5%), ahead of Fuel Delivered To Customers & Related Equipment at $133.41M (18.8%) and Power Purchase Agreements at $107.57M (15.2%). The other six lines brought in $281.16M combined.
Compared with fiscal 2024, Services Performed On Fuel Cell Systems & Related Infrastructure grew fastest, up 81.1% to $94.46M, while Sales Of Hydrogen Infrastructure fell the most, down 61.3% to $26.75M.
Plug Power stopped reporting Other Costs Of Revenue as a separate line after fiscal 2022, when it brought in $2.85M.
U.S was Plug Power’s largest region in fiscal 2025, bringing in $535.94M of $709.92M (75%).
| Geography | FY 2012 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|
| North America | — | — | — | — | ||
| U.S | — | $741.50M | $428.22M | $535.94M | ||
| United States | $545.94M | — | — | — | ||
| Other Foreign Countries | $155.50M | $149.84M | $200.60M | $173.98M | ||
| Europe | — | — | — | — | ||
| Other | — | — | — | — | ||
| Asia | — | — | — | — | ||
| Total | $701.44M | $891.34M | $628.81M | $709.92M |
Plug Power brought in $709.92M from its two regions in fiscal 2025, the year ended December 31, 2025. That was up 12.9% from $628.81M in fiscal 2024. U.S was the largest at $535.94M (75.5%), ahead of Other Foreign Countries at $173.98M (24.5%).
Compared with fiscal 2024, U.S grew 25.2% to $535.94M, while Other Foreign Countries fell 13.3% to $173.98M.
Plug Power began breaking out U.S in fiscal 2023, when it brought in $741.50M. Plug Power stopped reporting United States as a separate region after fiscal 2022, when it brought in $545.94M.
As Previously Reported was Plug Power’s largest revenue line in fiscal 2020, bringing in $151.66M of $152.09M (100%).
| Revision of Prior Period | FY 2018 | FY 2019 | FY 2019 | FY 2019 | FY 2019 | FY 2020 | FY 2020 | FY 2020 |
|---|---|---|---|---|---|---|---|---|
| As Previously Reported | $107.29M | $6.58M | $13.67M | $80.12M | $230.24M | $20.39M | $47.75M | $151.66M |
| Other Adjustments | $300.00K | $6.00K | $12.00K | $18.00K | — | — | $81.00K | $215.00K |
| Restatement Adjustments | -$117.00K | $6.00K | -$153.00K | $18.00K | -$57.00K | $81.00K | $81.00K | $215.00K |
| Total | $107.48M | $6.59M | $13.53M | $80.15M | $230.18M | $20.47M | $47.91M | $152.09M |
Plug Power brought in $152.09M from its three revenue lines in fiscal 2020, the year ended September 30, 2020. That was up 217.5% from $47.91M in fiscal 2020. As Previously Reported was the largest at $151.66M (99.7%), ahead of Other Adjustments at $215.00K (0.1%) and Restatement Adjustments at $215.00K (0.1%).
From fiscal 2018 to 2020, combined revenue from these revenue lines grew from $107.48M to $152.09M, a compound annual growth rate of 19.0%. As Previously Reported's share held steady at about 99.7%.
Plug Power (PLUG) reports its revenue by product and service, by geography and by revision of prior period. In fiscal 2025, Sales Of Electrolyzers was its largest product and service line, bringing in $187.78M (26.5% of the total), followed by Fuel Delivered To Customers & Related Equipment at $133.41M (18.8%).
Sales Of Electrolyzers was Plug Power's largest product and service line in fiscal 2025, bringing in $187.78M, or 26.5% of the $709.92M total across its nine product and service lines.
U.S was Plug Power's largest region in fiscal 2025, bringing in $535.94M, or 75.5% of the $709.92M total across its two regions.
As Previously Reported was Plug Power's largest revenue line in fiscal 2020, bringing in $151.66M, or 99.7% of the $152.09M total across its three revenue lines.
Among Plug Power's product and service lines that make up at least 2% of revenue, Services Performed On Fuel Cell Systems & Related Infrastructure grew fastest in fiscal 2025, up 81.1% from $52.17M to $94.46M.
Every figure comes from Plug Power's annual financial filings, as reported. Each line keeps the name Plug Power gives it, and years follow its fiscal calendar.
Plug Power's revenue by product and service goes back to fiscal 2016, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.