Plug Power, Inc.
Plug Power, Inc. is classed by the SEC under Electrical Industrial Apparatus (industry code 3620), based in Slingerlands, NY. In its latest annual figures on file, for the fiscal year ended 2025-12-31, it reported revenue of $710 million and a loss of $1.7 billion (its filed statements).
vs its business-model standard
Three tenses, nine metrics. Unseen metrics stay unseen; the grade never fakes a number. Proxy era: provisional values, marked. Weighed as a product business: prior from its industry code (SEC 3620, Electrical Industrial Apparatus); the filing read can change it. All three tenses have at least two readings, so the archetype blend applies as printed.
The grade, in three tenses
Headline 3.1 out of ten, 8 of 9 metrics filed and 1 estimated: past 3.2 out of ten, present 3.5 out of ten, future 2.3 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.
The nine metrics
- Surviving crises (past): 1.1 out of ten. 6 warning events since 2017; the latest 2022-03-21. 11th percentile among 9 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
- Track record (past): 4.5 out of ten. +27% a year over 10 filed years; profitable in 0 of 10. 46th percentile among 7 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
- Shareholder treatment (past): 3.6 out of ten. CrossAssetData estimate 3.6/10, confidence 35 of 100 (one part). 36th percentile among 8 sector filers. A CrossAssetData estimate, not a filed reading: one part, confidence 35 of 100; a filing that carries the missing parts replaces this estimate with the filed reading.
- Financial health (present): 2.6 out of ten. ROE -167%: lost 167¢ per shareholder dollar. Leverage 62%: owes 62¢ per asset dollar. 26th percentile among 8 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
- Industry position (present): 2.6 out of ten. bottom 26% of 7 in its family; net margin -229.8%. 26th percentile among 7 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
- Leadership (present): 6.7 out of ten. top 33% of 5 in its family for leadership. 67th percentile among 5 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-09).
- Room to expand (future): 2.8 out of ten. bottom 28% of 7 in its family for room to expand. 28th percentile among 7 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
- Growth drivers (future): 1.6 out of ten. bottom 16% of 7 in its family for growth drivers. 16th percentile among 7 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
- Expectations vs reality (future): 2.5 out of ten. bottom 25% of 6 in its family for expectations against reality. 25th percentile among 6 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
The filing record
Newest annual report: Form 10-K filed 2026-03-02 for the period ended 2025-12-31 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-08-10 for the period ended 2026-06-30 (on EDGAR). Newest results release: Form 8-K filed 2026-08-10 (on EDGAR). Newest filing: Form 4, 2026-10-02. Filings on record since 1999. Read from EDGAR 2026-10-12.
Where the revenue comes from
Product and service lines in fiscal 2025: Sale of Electrolyzers 27%, Fuel Delivered to Customers and Related Equipment 19%, Power Purchase Agreements 15%, Sale of Cryogenic Equipment 14%, Services Performed On Fuel Cell Systems and Related Infrastructure 13%, Sales of Fuel Cell Systems 8%. By geography: United States 76%, Other foreign countries 25%. As tagged in its annual report (Form 10-K, filed 2026-03-02).
Who runs it
Marsh, Andrew (CEO); Mcnamee, George C (Chairman of the Board); Crespo, Jose Luis (President & Chief Revenue Officer); Middleton, Paul B (CFO & Executive VP); Fullerton, Dean (Chief Operating Officer); Haycraft, Benjamin (CSO & GM EMEA); Conway, Gerard L Jr (Gen. Coun, Corp Sec., Exec. VP); Angle, Colin M (director); Bonney, Mark J (director); Joggerst, Patrick (director); and 4 more. 14 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-10-02.
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