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Where the tokens are
Standardised from the company’s filings, newest period first, labelled with the company’s own fiscal calendar. A line the company does not report is left off rather than shown as zero; margins and free cash flow are worked out here, and only where every input is present.
| Line item | Q2 FY262026-06-30 | Q1 FY262026-03-31 | Q4 FY252025-12-31 | Q3 FY252025-09-30 | Q2 FY252025-06-30 | Q1 FY252025-03-31 | Q4 FY242024-12-31 | Q3 FY242024-09-30 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $178.30M | $163.51M | $225.22M | $177.06M | $173.97M | $133.67M | $191.47M | $173.73M |
| Cost of revenue | $179.97M | $185.12M | $219.77M | $297.22M | $227.44M | $207.54M | $426.00M | $273.76M |
| Gross profit | −$1.68M | −$21.61M | $5.45M | −$120.17M | −$53.47M | −$73.86M | −$234.53M | −$100.03M |
| Gross margin | -0.9% | -13.2% | 2.4% | -67.9% | -30.7% | -55.3% | -122.5% | -57.6% |
| Research and development | $13.42M | $12.11M | $12.29M | $16.12M | $12.19M | $17.36M | $13.29M | $19.71M |
| Selling, general and administrative | $29.27M | $70.21M | $100.25M | $110.59M | $87.89M | $80.84M | $121.42M | $91.59M |
| Operating expenses | $62.43M | $87.88M | $768.65M | $228.62M | $123.48M | $104.60M | $1.07B | $116.14M |
| Operating income | −$64.11M | −$109.49M | −$763.19M | −$348.79M | −$176.95M | −$178.46M | −$1.30B | −$216.17M |
| Operating margin | -36.0% | -67.0% | -338.9% | -197.0% | -101.7% | -133.5% | -678.7% | -124.4% |
| EBITDA | −$38.91M | −$96.99M | −$78.09M | −$236.74M | −$142.61M | −$146.10M | −$334.68M | −$189.53M |
| Interest income | $2.59M | $3.85M | $4.12M | $4.32M | $5.85M | $5.15M | $6.22M | $7.42M |
| Interest expense | −$16.89M | −$17.35M | −$21.24M | −$16.46M | −$15.94M | −$11.49M | −$16.64M | −$9.15M |
| Income before taxes | −$189.90M | −$246.00M | −$904.33M | −$363.41M | −$228.72M | −$196.86M | −$1.34B | −$211.07M |
| Income taxes | $207.00K | $41.00K | $252.00K | $92.00K | $12.00K | $0 | −$2.57M | $95.00K |
| Net income | −$190.10M | −$246.04M | −$904.58M | −$363.51M | −$228.73M | −$196.86M | −$1.34B | −$211.17M |
| Net margin | -106.6% | -150.5% | -401.6% | -205.3% | -131.5% | -147.3% | -697.6% | -121.5% |
| EPS, basic | −$0.14 | −$0.18 | −$0.62 | −$0.31 | −$0.20 | −$0.21 | −$1.48 | −$0.25 |
| EPS, diluted | −$0.14 | −$0.18 | −$0.62 | −$0.31 | −$0.20 | −$0.21 | −$1.48 | −$0.25 |
| Diluted shares | 1.39B | 1.39B | 1.36B | 1.16B | 1.13B | 945.77M | 903.55M | 858.44M |
Figures describe Plug Power shares, not any token. As of Aug 10, 2026, from Massive's standardised financials. The company reports these figures; a token's issuer holds the shares and reports nothing of its own here.