Plug Power, Inc. ( PLUG ) traded lower in early Tuesday action after revealing third-quarter results that showed improving operational discipline and narrowing losses.

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The company continues to push toward profitability as it scales its hydrogen network and tightens spending.

Also Read: Plug Power Stock Grapples With Dilution Fears Amid Major Expansion Deals

Executives pointed to improving fundamentals, stronger customer activity and expanding electrolyzer deployments.

Revenue Rises, Loss Narrows

The hydrogen fuel cell developer posted a quarterly loss of 12 cents per share, beating expectations by one cent.

Revenue reached $177.05 million, slightly below analyst targets but up from $173.73 million a year ago.

Management highlighted balanced momentum across its hydrogen ecosystem, including progress in fuel cells and electrolyzer shipments.

The GenEco electrolyzer division generated $124 million in revenue so far in 2025, said Jose Luis Crespo, President and Incoming CEO, during the earnings call.

Plug expects about $200 million in electrolyzer sales this year and continues to work through an $8 billion funnel of global projects.

Liquidity Boost And Efficiency Push

Plug reduced operating cash burn by more than half from the prior quarter as pricing, execution and working capital improved.

Management reaffirmed plans to approach gross-margin breakeven by the end of 2025.

They also noted that EBITDA positive remains a target for the second half of 2026, with the possibility of achieving it sooner if demand accelerates.

To strengthen the balance sheet, the company plans to monetize its electricity rights with a U.S. data-center partner. The transaction is expected to deliver more than $275 million and includes releasing restricted cash.

Plug also suspended work under the DOE loan program to shift capital toward higher-return projects.

Hydrogen Supply And Market Expansion

The company signed a long-term supply arrangement with a major industrial gas provider, securing cost-competitive hydrogen. Executives said the agreement reduces the need for near-term self-development of new hydrogen plants.

Material handling activity is building. Major pedestal customers such as Amazon and Walmart are planning 2026 deployments following the reinstated investment tax credit for fuel cells.

Plug also installed systems for Florian Décor, which executives see as a future large customer.

Production Network And Global Projects

The Georgia Green Hydrogen Plant delivered 324 tons of fuel in August with 97% uptime and nearly 93% efficiency.

Plug has roughly 230 megawatts of electrolyzer programs in motion across Europe, Australia and North America. The company shipped its first 10-megawatt electrolyzer array to GALP in Portugal and expects most of the 100-megawatt order to be delivered before year-end.

According to Benzinga Pro, PLUG stock has gained over 28% in the past year. Investors can gain exposure to the stock via the Global X Hydrogen ETF ( HYDR ) .

PLUG Price Action: Plug Power ( PLUG ) shares were down 0.78% at $2.54 at the time of publication on Tuesday, according to Benzinga Pro data.

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