Plug Power Plug Power, a fuel cell and hydrogen manufacturer, reported a $196 million loss in Q1 2025, causing its stock to decline by 10%. Despite this, the company highlighted progress towards profitability, including margin improvements, cost reductions, and enhanced execution across business lines. A significant milestone was the completion and start of operations at Plug Power's St. Gabriel, Louisiana hydrogen plant, its second-largest facility. CEO Andy Marsh emphasized the firm's disciplined approach under its $200 million cost-cutting initiative, Project Quantum Leap, which includes laying off 261 workers. To boost financial flexibility, Plug Power raised $280 million through equity in March. However, new U.S. tariffs on China have increased costs for certain components, prompting the company to halve its dependence on Chinese parts within six months. 4.