Plug Power Inc. PLUG has been benefiting from robust demand for the electrolyzer product line. In the second quarter of 2025, revenues from the electrolyzer product line surged approximately 200% on a year-over-year basis, constituting 26% of PLUG’s total business. This uptick was driven by higher shipment volumes and new orders from customers in both North America and Europe.
Demand for the company’s GenEco proton exchange membrane (PEM) electrolyzers continues to increase across global industrial and energy applications. This momentum is supported by favorable policy support in Europe, where government funding and faster permitting are helping accelerate green hydrogen deployment.
Also, in October 2025, Plug Power signed a deal with Allied Biofuels to deliver a maximum of 2 GW of GenEco PEM electrolyzer systems. This takes its total contracted electrolyzer capacity with Allied partners to 5 GW. In the same month, the company delivered a 10-megawatt (MW) GenEco electrolyzer to Galp’s Portugal-based Sines Refinery, which is Europe’s largest PEM hydrogen project. It plans to deploy a total of 10 GenEco electrolyzer arrays with Hydrogen Processing Units at the site by early 2026.
Also, in June 2025, PLUG expanded its partnership with Allied Green Ammonia with a new two-gigawatt electrolyzer project in Uzbekistan. This builds on their existing three-gigawatt partnership in Australia and supports Plug Power’s growing presence in large-scale hydrogen solutions.
Overall, rising electrolyzer demand positions Plug Power well for stronger revenue growth in the third quarter of 2025. This momentum is expected to continue supporting the company’s growth trajectory going forward.
Snapshot of Plug Power’s Peers
Among its major peers, Flux Power Holdings, Inc. FLUX reported revenues of $16.7 million in the fourth quarter of fiscal 2025 (ended June 2025). Flux Power’s total revenues increased 25% year over year in the same period, driven by strong demand in both material handling and ground support markets. Flux Power continues to expand its lithium-ion energy storage solutions and SkyEMS software platform.
In the third quarter of 2025, another PLUG peer, Bloom Energy Corporation’s BE product and service revenues rose 55.7% year over year. Bloom Energy’s total revenues surged 57.1% year over year. The growth was fueled by robust demand for Bloom Energy’s solid oxide fuel cell systems and expanding adoption of hydrogen-capable solutions.
The Zacks Rundown for PLUG
Shares of Plug Power have gained 18.3% in the year-to-date period compared with the industry’s growth of 35.2%.
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From a valuation standpoint, Plug Power is trading at a forward price-to-earnings ratio of 3.51X compared with the industry average of 4.86X. PLUG carries a Value Score of F.
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The Zacks Consensus Estimate for PLUG’s bottom line for third-quarter 2025 has remained the same in the past 60 days.
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The company currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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This article originally published on Zacks Investment Research (zacks.com).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
