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Plug Power Inc. — Third Quarter 2026 Earnings Summary

  • Revenue rose 13% year-over-year to ~$201 million, while gross margin improved 65 percentage points to (3%) and operating expenses fell 69% to ~$70 million; GAAP EPS was $0.07, though this included ~$192 million in non-cash mark-to-market gains.
  • Net cash usage decreased 54% sequentially to $28 million, with cash and cash equivalents totaling ~$134 million at quarter-end and no new equity or debt proceeds raised.
  • The company maintains 2026 revenue growth guidance of 15% to 16% and targets positive EBITDAS in Q4 2026, with net cash usage expected to remain flat for the quarter.
  • Significant commercial progress includes an 110% year-over-year increase in GenDrive deployments to 1,136 units, a 280 MW supply agreement with Arcadia eFuels, and secured orders totaling 50 MW from Orica and 1 MW from HWR Hydrogen.
Company
PLUG POWER INC
Sector
Industrials
Industry
Electrical Equipment & Parts