Electrolyzer sales more than tripled year-over-year, reaching approximately $45 million in the quarter.
Gross margins improved significantly from negative 92% in Q2 2024 to negative 31% in Q2 2025 due to operational efficiencies, pricing discipline, and cost reductions.
Net cash from operating and investing activities declined over 40% year-over-year, ending the quarter with over $140 million in cash and access to more than $300 million in additional debt capacity.
Plug Power reported Q2 2025 revenue of $174 million, a 21% increase year-over-year, driven by strong demand across GenDrive, GenFuel, and GenEco platforms.
Adjusted EBITDA for the quarter totaled $231 million.
Closed Q2 with $186 million in cash and undrawn $500 million revolver; no senior note maturities until 2028.
Completion Services segment revenue was $719 million with adjusted gross profit of $100 million.
Drilling Products revenue totaled $88 million with adjusted gross profit of $39 million.
Drilling Services segment revenue was $404 million with adjusted gross profit of $149 million.
Generated $70 million of adjusted free cash flow in the first half of the year.
Net loss attributable to common shareholders was $49 million or $0.13 per share, including a $28 million impairment related to drilling operations in Colombia.
Reduced net debt, including leases, by nearly $200 million and paying a dividend currently annualized at 5% of share price.
Reduced share count by 8% since NexTier merger and Ulterra acquisition, repurchasing more than 37 million shares.
Reported SG&A expenses were $64 million in Q2, expected to decline slightly in Q3.
Returned $46 million to shareholders in Q2, including $0.08 per share dividend and $16 million for share repurchases.
Total CapEx was $144 million in Q2; expected capital expenditures net of proceeds to be less than $600 million for 2025.
Total depreciation, depletion, amortization and impairment expense was $262 million including the $28 million impairment; expected to be approximately $230 million in Q3.
Total reported revenue for the quarter was $1.219 billion.
U.S. Contract Drilling averaged 104 operating rigs with 9,465 operating days.
Dafinchi