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Plug Power primarily serves manufacturers and distribution centers in North America and Europe that operate large forklift and other material-handling fleets across multiple shifts. Customers buy its GenDrive fuel-cell systems to power those vehicles, GenFuel equipment to store and dispense hydrogen, and GenCare maintenance services. Plug also sells the hydrogen those fleets consume. Its GenKey package combines power equipment, hydrogen fueling and maintenance; some existing customers make monthly payments to access that solution rather than buying equipment outright.
Equipment and related infrastructure sales bring in most of Plug’s revenue. Beyond vehicle power, it sells GenEco electrolyzers, which use electricity to split water and produce hydrogen, allowing industrial customers and refueling stations to make hydrogen on site. Walmart is its largest customer, and revenue depends substantially on Walmart and another large customer.
Keeping customers supplied depends on reliable, competitively priced hydrogen from Plug’s own plants and outside suppliers. Plug also needs access to capital to keep operating and fund its infrastructure, while customers’ access to financing affects purchases. Hydrogen production, transport and installation require permits and compliance with local safety codes, which can restrict operations or delay deployments.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Ballard Power Systems competes with Plug for customers buying hydrogen fuel-cell systems to power material-handling equipment and stationary installations. Watch Ballard’s sales in those applications for signs of hydrogen-powered equipment adoption, rather than its broader bus and truck business.
Bloom Energy competes with Plug to sell customers equipment that makes hydrogen from electricity and fuel-cell systems that supply stationary power, including to data centers. Nearly all Bloom product revenue has come from its Energy Server power systems, so that revenue is a closer signal of stationary-power competition than of demand for Plug’s electrolyzers.
Linde competes with Plug’s expanding hydrogen supply business by selling hydrogen and equipment to produce it to industrial customers. Its hydrogen-plant business is the relevant area to watch, rather than total sales spanning many other industrial gases.
Electrovaya Inc. gives industrial fleet customers a battery alternative to Plug’s hydrogen-powered forklifts, directly competing for material-handling spending. Material-handling vehicles accounted for more than 95% of Electrovaya’s sales over the three years described in its annual information form, making those sales a focused measure of the battery competition Plug faces.
EnerSys competes with Plug’s fuel cells by selling batteries for forklifts and automated guided vehicles, plus stationary backup-power systems for customers such as telecom operators and data centers. Its Motive Power business is the clearest area to watch for competition with Plug’s material-handling offering.
Flux Power Holdings, Inc. sells lithium-ion packs that forklift and airport ground-equipment customers can choose instead of Plug’s hydrogen fuel-cell systems. Its new forklift-manufacturer approval in fiscal 2026 is a concrete development to watch in that battery alternative.
Plug depends heavily on Walmart, the retailer that buys its hydrogen and fuel-cell solutions for its operations: Walmart accounted for 24.2% of Plug’s consolidated revenue in the year ended December 31, 2025, including a $29.2 million provision for warrant charge. Watch Walmart’s purchases of those solutions, rather than its overall retail sales.
Olin is Plug’s partner in supplying liquid hydrogen: each owns half of Hidrogenii, whose St. Gabriel, Louisiana plant forms part of Plug’s production network. The plant began operating in April 2025 with capacity of 15 tons per day, making its operations more relevant to Plug than Olin’s broader chemical and ammunition sales.
FuelCell Energy competes with Plug in stationary fuel-cell power and contracts under which customers pay for electricity or long-term service, though their technologies and main markets differ. FuelCell Energy’s electricity and service revenue chiefly reflects a business whose largest historical customers are utilities and independent power producers, not Plug’s core material-handling market.
Bloom Energy Corporation earningsBE
Bloom Energy’s report will show demand for its Energy Server stationary-power systems, offering a read on the market where it competes with Plug Power’s stationary-power business.
Focus on any sales or order information for Bloom Energy’s Energy Server business, not its overall results as a proxy for stationary-power demand. Strength would show customers still buying stationary-power systems, keeping competition active for Plug Power’s related offerings. Weakness would point to softer demand or buying in this market, but would not establish a change in Plug Power’s own sales.
Linde plc earningsLIN
Linde’s report will show conditions in its hydrogen and hydrogen-production equipment businesses, a read on the market competing with Plug Power’s expanding hydrogen supply business.
Look for Linde’s discussion of demand, pricing or projects in hydrogen and hydrogen-production equipment; total sales across many industrial gases are not a substitute. Strength would show industrial customers still buying hydrogen or production equipment, leaving Plug Power to compete for customers and price. Weakness would indicate a tougher market, not prove that Plug Power’s own volumes or prices have fallen.
Olin Corp. earningsOLN
If Olin’s report discusses the St. Gabriel liquid-hydrogen plant it co-owns with Plug Power, it will show how this source in Plug Power’s supply network is operating.
If Olin reports on the St. Gabriel plant’s operations, output or supply, focus on whether it can keep providing hydrogen. Steady operations and supply would support the reliability of one source of Plug Power’s liquid hydrogen. A shutdown, restricted output or interruption would mean less hydrogen may be available for Plug Power’s customers, or greater reliance on other suppliers.
EnerSys, Inc. earningsENS
EnerSys’s report will show how its Motive Power battery business is doing, a measure of competition for forklift and other material-handling customers that Plug Power serves with fuel cells.
Focus on sales or demand in EnerSys’s Motive Power business, not all its batteries and backup-power products. Strength would show customers continuing to buy batteries for forklifts and other material-handling equipment, keeping a strong alternative to Plug Power’s fuel cells in the market. Weakness would suggest less momentum for that battery option, but would not prove customers switched to Plug Power.
Plug Power Inc. earningsThis company
Plug Power’s report will show whether the cost of delivering its equipment, hydrogen and power still outweighs the revenue those businesses bring in.
Read gross profit or loss for equipment and related infrastructure, delivered hydrogen, and power purchase agreements alongside services. Gross profit is what remains after the direct costs of delivering a sale. Narrower losses in the first businesses, with services still profitable, would show improving economics for Plug Power’s products and energy deliveries. If those businesses still lose heavily, more revenue would not yet mean that delivery has become more economical.
Walmart Inc. earningsWMT
If Walmart’s report discusses its purchases of hydrogen and fuel-cell solutions from Plug Power, it will show whether demand from this major customer is continuing.
Look for any disclosed change in Walmart’s purchases of hydrogen, fuel cells or related services from Plug Power; retail sales are not a substitute. Continued or higher purchases would show this major customer still bringing business to Plug Power. Lower, delayed or canceled purchases could reduce Plug Power’s revenue and future deliveries. Walmart accounted for 24.2% of Plug Power’s 2025 consolidated revenue, including a $29.2 million warrant-charge provision.
