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 2018 | FY 2019 | 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 Electrolyzers | $28.46M | $82.61M | $135.50M | $187.78M | |||||
| Sale Of Electrolyzers | — | — | — | — | |||||
| Sales Of Hydrogen Infrastructure | $141.53M | $183.61M | $69.12M | $26.75M | |||||
| Sale Of Hydrogen Infrastructure | — | — | — | — | |||||
| Fuel Delivered To Customers & Related Equipment | $57.20M | $66.25M | $97.88M | $133.41M | |||||
| Power Purchase Agreements | $47.18M | $63.73M | $77.84M | $107.57M | |||||
| Sales Of Fuel Cell Systems & Related Infrastructure | — | — | — | — | |||||
| Services Performed On Fuel Cell Systems & Related Infrastructure | $35.28M | $39.09M | $52.17M | $94.46M | |||||
| Sales Of Engineered Equipment | $93.49M | $32.36M | $22.09M | $6.85M | |||||
| Fuel Delivered To Customers | — | — | — | — | |||||
| Sale Of Hydrogen Installations & Other Infrastructure | — | — | — | — | |||||
| 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 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| U.S | — | $741.50M | $428.22M | $535.94M | |
| United States | $545.94M | — | — | — | |
| North America | — | — | — | — | |
| 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 2019, bringing in $230.24M of $229.98M (100%).
| Revision of Prior Period | FY 2018 | FY 2019 |
|---|---|---|
| As Previously Reported | $174.63M | $230.24M |
| Other Adjustments | $417.00K | — |
| Restatement Adjustments | -$417.00K | -$264.00K |
| Total | $174.63M | $229.98M |
Plug Power brought in $229.98M from its two revenue lines in fiscal 2019, the year ended December 31, 2019. Plug Power regrouped these revenue lines after fiscal 2018, so the total does not compare directly with that year's $174.63M. As Previously Reported was the largest at $230.24M (100.1%).
Plug Power stopped reporting Other Adjustments as a separate revenue line after fiscal 2018, when it brought in $417.00K. The total is net of Restatement Adjustments, which took $264.00K off revenue in fiscal 2019.
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 2019, bringing in $230.24M, or 100.1% of the $229.98M total across its two 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.