Plug Power (PLUG) — Revenue by Product Line (FY2015–FY2025)
Revenue and cost of revenue broken out by product line, annual. Sourced from the FY2015, FY2016, FY2018, FY2020, FY2022, and FY2025 10-K filings on SEC EDGAR. Uses restated figures for 2018 onward, pre-restatement for 2015–2017.
Net Revenue by Product Line
Stacked annual bars — click a year to see the GM mix below
Equipment & infrastructure
Services (fuel-cell maintenance)
Power purchase agreements
Fuel delivered
Other
Gross Margin by Product Line
Gross profit % computed as (Revenue − COGS) ÷ Revenue; negative values are loss-making
Where losses concentrate. Fuel delivery and PPA have been the deepest and most persistent negative-margin lines since at least 2017. Equipment sales turned positive only briefly (2018, 2019, pre-warrant 2022). Services swung from heavily negative (loss-contract provisions 2015 and 2019–2023) to positive in 2025 following the $24.6M loss-contract benefit reversal.
The service loss-contract line. Plug books a provision for loss contracts related to service separately within services COGS. The chart combines this line into the services bar so the margin matches the as-reported financial-statement logic.
FY2020 gaps. Equipment, Services, Fuel, and Total gross-margin series are intentionally blank in FY2020 because the warrant contra-revenue charge turned line-level revenue negative. Computing a percentage against a negative denominator produces a figure that describes the warrant accounting, not operating margin economics. PPA, which was not warrant-exposed, remains plotted.
Revenue Mix Evolution
Product-line share of net revenue — shows the shift from equipment-heavy to services/fuel
The mix tells a story. In 2015–2017, equipment sales were 60–80% of revenue. The 2020 contra-revenue hit distorted the picture. 2021–2023 saw equipment push back up to 78–80% as the electrolyzer push took off. By 2024–2025, equipment share fell to 52–62% while services, PPA, and fuel rose proportionally — reflecting the growing installed fleet (service/PPA revenue is annuity-like) and the commissioning of the three new liquid-H2 plants (fuel revenue). Plug's business is gradually migrating from transactional equipment sales toward recurring cash flows.
Annual Revenue & COGS Detail
As reported — all figures in $ millions| Year | Equipment rev | Services rev | PPA rev | Fuel rev | Other rev | Total rev | Total COGS | Gross P/(L) | GM% |
|---|
Services COGS includes the separately disclosed "provision/(benefit) for loss contracts related to service" line. FY2015–2017 from original 10-K filings; FY2018–2020 from restated FY2020 10-K (filed May 14, 2021); FY2021–2022 from FY2022 10-K; FY2023–2025 from FY2025 10-K. Small reclassification differences exist for 2016 services/other between the FY2016 and FY2018 filings (~$3M); this view uses the later filing's reclassified figures.
What the Revenue Picture Reveals
Read-through to the rest of the business
Equipment is the cyclical engine. Each year's revenue print is driven more by equipment-sale timing than by the services/PPA/fuel recurring book. FY2023 stood out because of a concentration of cryogenic-trailer and electrolyzer deliveries (new-customer builds). FY2024–2025 equipment revenue fell 45% from peak. The 10-K's customer-concentration footnote indicates a single-digit group of customers drove the lump.
Fuel and PPA are value-destructive as disclosed. Cumulatively 2015–2025, fuel and PPA have posted ~$1.0B of gross losses combined. These lines are fixed-price (or fixed-margin) long-duration commitments made when Plug expected lower hydrogen costs via the DOE-funded green-H2 plants. The §45V PTC and bringing own-H2 production onstream is the primary path to get these lines to break-even.
Services has structurally improved. The FY2025 service-line gross profit (with the $24.6M loss-contract benefit) is the first positive services GM since 2014. Whether this sticks depends on (a) the accuracy of the new loss-contract reserve baseline, and (b) fleet composition — newer GenDrive systems have lower service cost than the 2015–2019-vintage fleet. The 10-K disclosed that Plug shortened contract terms and raised prices on new services contracts in 2024, which should flow through as older contracts roll off.