Plug Power is building a vertically integrated green hydrogen business, with two core businesses: hydrogen fuel cells for forklifts and PEM electrolyzers for industrial-scale green hydrogen production. Plug's GenDrive fuel cells replace batteries in electric forklifts at large distribution centers and manufacturing facilities, with Walmart and Amazon together accounting for roughly 38% of revenue. Plug typically sells a bundled "GenKey" solution combining the fuel cell, hydrogen fuel supply, and ongoing maintenance, creating recurring revenue across all three components. Plug's electrolyzer business sells modular PEM systems to refineries, chemical producers, fertilizer and steel manufacturers, and e-fuel producers looking to replace gray hydrogen with green hydrogen. Plug also produces and sells liquid hydrogen directly, operating plants in Tennessee, Georgia, and Louisiana, which supports its material handling customers and demonstrates operational expertise when selling electrolyzers. Plug's revenue comes from equipment sales, recurring hydrogen fuel delivery, service contracts, and a legacy portfolio of power purchase agreements that Plug is winding down in favor of direct sales. Plug's near-term priorities center on reaching gross margin breakeven by end of FY25 and EBITDA breakeven in the second half of FY26 through a restructuring program targeting $150M–$200M in annualized cost savings. Longer-term growth is focused on European electrolyzer deployments driven by EU renewable hydrogen mandates, accelerated U.S. material handling deployments supported by a reinstated investment tax credit, and an emerging opportunity in hydrogen fuel cell backup power for data centers.