Plug Power Inc. — Third Quarter 2026 Earnings Summary

Plug Power Inc. reported third-quarter 2026 revenue of approximately $201 million, representing a 13% year-over-year increase. The company achieved a significant gross margin improvement to negative 3% from negative 68% in the prior year, driven by cost reductions and lower inventory valuation adjustments. Operating expenses declined by approximately 69% year-over-year to $70 million, while net cash usage dropped to a record low of $28 million, a 54% reduction from the previous quarter. The company also advanced key commercial projects, including a 280 MW electrolyzer agreement with Arcadia eFuels and a 50 MW order from Orica.