Plug Power Inc. reported net revenue of $133.67 million for the first quarter ended March 31, 2025, an increase from $120.26 million in the prior-year period. This growth was driven by a 61.1% increase in fuel delivered and a 29.6% rise in services revenue.
The company's gross loss improved substantially, decreasing to $73.86 million (55.3% of revenue) in Q1 2025 from $159.08 million (132.3% of revenue) in Q1 2024. Net loss for Q1 2025 was $196.66 million, an improvement from the $295.78 million net loss in Q1 2024.
Net cash used in operating activities decreased by nearly 50% to $105.57 million in Q1 2025 from $167.73 million in Q1 2024, signaling a significant reduction in cash burn. Plug projects Q2 2025 revenue between $140 million and $180 million, anticipating further improvements in gross margin and working capital.
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