newsfilter
← Latest News
GlobeNewswire·

Plug Reports Third Quarter Revenue of ~$201 Million, ~65 Percentage Point YoY Gross Margin Improvement, Record-Low Net Cash Usage with ~54% reduction sequentially

PLUG
  • Plug Power reported third quarter 2026 revenue of approximately $201 million, a 13% year-over-year increase.
  • Gross margin improved significantly to approximately (3%) from (68%) in Q3 2025, driven by cost reductions & lower inventory adjustments.
  • Operating expenses declined approximately 69% year-over-year to ~$70 million, reflecting reduced unusual charges & execution of Project Quantum Leap.
  • Net cash usage reached a record low of approximately $28 million for the quarter, down from $61 million in Q2 2026.
  • GAAP Basic EPS was $0.07, primarily influenced by a non-cash mark-to-market gain of ~$192 million on equity instruments.
  • Material handling deployments of GenDrive fuel cell units doubled to 1,136 units, up 110% from Q3 2025, with service margins at ~31%.
  • The company secured a 280 MW electrolyzer supply agreement with Arcadia eFuels for Project ENDOR in Denmark.
  • A 50 MW GenEco electrolyzer order was finalized for Orica's Hunter Valley Hydrogen Hub in Australia following its final investment decision.
  • A 1 MW GenEco electrolyzer was shipped to HWR Hydrogen in New Zealand to support heavy-duty transportation.
  • Fuel revenue increased ~6% year-over-year to ~$38 million, while fuel gross margin improved to (52%) from (79%) in the prior year.
  • Cash & cash equivalents totaled approximately $134 million at quarter-end, with no proceeds raised from the ATM program or other capital raises.
  • The company maintains a 2026 revenue growth guidance of 15% to 16% & targets positive EBITDAS in Q4 2026.
  • Plug Symposiium 2026, a digital broadcast on energy security & hydrogen projects, is scheduled for November 19, 2026.
  • Consolidated balance sheet assets totaled $2.1 billion, while total liabilities stood at $1.39 billion as of September 30, 2026.
Company
Plug Power, Inc.
Keywords
Nasdaq:PLUG, Plug Power, Inc., HYDROGEN, energy security, energy independence, fuel cell