Dec. 24 at 12:05 PM
$PLUG — How do analysts still cover this without demanding real breakouts?
Look at what trackable transparency looks like:
$FCEL says its Torrington factory is running at 41 MW annualized (as of Oct 31, 2025), with 100 MW existing capacity and a path to ~350 MW with added capital — and management ties 100 MW to a pathway toward positive Adjusted EBITDA.
$BE is also giving investors measurable scale signals (e.g., 400+ MW already supplying data centers, and aiming for 2 GW annual production capacity).
Now compare
$PLUG: electrolyzer revenue is clearly growing (~
$45M in Q2’25 after “tripling YoY,” and ~
$65M in Q3’25), but they still don’t disclose electrolyzer gross profit as its own line item. The closest proxy is the “equipment” bucket (which includes electrolyzers) at -77.2% gross margin in Q3’25 (
$96.773M revenue vs
$171.501M cost).
Meanwhile, even the hydrogen fuel line is still brutal: Q3’25 was
$35.912M revenue vs
$64.392M cost (-79.3%)
