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GlobeNewswire·

Plug Reports Revenue of ~$178 Million, ~Break-Even Gross Margin, Net Cash Usage of ~$61 Million and Increases Revenue Guidance for 2026

PLUG
  • Plug Power Inc. reported second quarter 2026 results with higher revenue, significant gross margin expansion, lower operating expenses, & reduced net cash usage compared to the prior year & quarter.
  • The company raised its full-year 2026 revenue growth guidance to a range of 15% to 16% & targets positive EBITDAS in the fourth quarter of 2026.
  • Gross margin improved to approximately breakeven in Q2 2026, a significant recovery from a 31% loss in the prior-year period & a 13% loss in Q1 2026.
  • Operating expenses declined approximately 50% year over year to roughly $62 million, driven by cost discipline & asset monetization.
  • Net revenue reached approximately $178 million, reflecting a 9% sequential growth from the first quarter of 2026.
  • GAAP earnings per share (EPS) were $(0.14) compared to $(0.20) in the prior year, while adjusted EPS improved to ($0.07) from ($0.18).
  • Material handling deployments of GenDrive fuel cell units doubled year over year to 1,666 units in the quarter, up 125% from 739 units in Q2 2025.
  • Service revenue grew 82% year over year to approximately $30 million with a positive 27% margin, while two major customers plan to refresh over 20,000 units over the next three years.
  • The company announced the Final Investment Decision (FID) for the 30 MW Barrow Green Hydrogen project in the UK & secured a 50 MW GenEco electrolyzer order for Orica's Hunter Valley Hydrogen Hub in Australia.
  • Hydrogen fuel revenue increased approximately 15% year over year to roughly $39 million, with fuel gross margin improving to a 48% loss from a 91% loss in the prior-year quarter.
  • Unrestricted cash stood at approximately $162 million at quarter end, with net cash usage improving by 58% sequentially to roughly $61 million.
  • Plug announced asset monetization transactions expected to generate $80 million in near-term liquidity, with approximately $47 million received between July & August 2026.
  • The company continues to pursue a $275 million target for non-dilutive financing & asset monetization initiatives to strengthen its balance sheet.
  • Management highlighted long-term demand drivers including energy security, industrial decarbonization, & accelerating global power demand.