Plug Power Inc. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Revenue increased approximately 13% year-over-year to ~$201 million, compared to ~$177 million in Q3 2025.
• Gross margin improved significantly to approximately (3%), a 65 percentage point improvement from (68%) in Q3 2025, driven by cost reductions, improved operating leverage, and lower inventory valuation adjustments.
• Operating expenses declined approximately 69% year-over-year to ~$70 million, compared to ~$229 million in Q3 2025, reflecting reduced unusual charges and execution of Project Quantum Leap.
• GAAP Basic EPS was approximately $0.07, compared to $(0.31) in the prior-year period; this included non-cash mark-to-market gains on equity instruments of $192 million ($0.12 per share).
• Net cash usage improved to approximately $28 million, a 54% reduction sequentially from ~$61 million in Q2 2026.
• Fuel revenue increased ~6% year-over-year to ~$38 million.
• Fuel gross margin improved to (52%) from (79%) in the prior-year quarter.
• Cash and cash equivalents (excluding restricted cash) totaled approximately $134 million at quarter-end.
• No proceeds were raised through the ATM program or other equity/debt capital raises during the quarter.

Guidance and Future Outlook:

• Maintains 2026 revenue growth guidance of 15% to 16%.
• Targets positive EBITDAS in Q4 2026.
• Anticipates net cash usage to remain relatively flat for Q4 2026 based on current forecasts.
• Plans to host "Plug Symposium 2026" on November 19, 2026, to discuss energy security, grid resilience, and hydrogen projects.

Business Segments and Product Lines:

• Material Handling: Deployed 1,136 GenDrive fuel cell units in Q3 2026, up 110% year-over-year from 540 units in Q3 2025. Service margin was ~31% positive.
• GenEco Electrolyzers: Signed a 280 MW supply agreement with Arcadia eFuels for Project ENDOR in Denmark; secured a strategic cooperation agreement positioning Plug as the preferred supplier for over 1 GW of potential e-SAF projects. Secured a 50 MW order from Orica for Australia's Hunter Valley Hydrogen Hub. Shipped a 1 MW GenEco electrolyzer to HWR Hydrogen in New Zealand. Continued execution on the 25 MW Iberdrola-bp project in Spain and 100 MW Galp project in Portugal.
• Hydrogen Production: Optimizing integrated hydrogen production network to improve fuel economics and support recurring demand.
• Innovation: Advanced development of next-generation GenDrive fuel cell solutions designed to improve efficiency, stack life, and reliability.

Market and Competitive Landscape:

• Europe remains a strategic growth market driven by Renewable Energy Directive (RED III), energy security, and energy independence priorities.
• Plug is positioned to compete in refining, transportation, and sustainable aviation fuels with established relationships including Galp, Iberdrola-bp, and Carlton Power.
• Growing energy demand and European regulations continue to drive hydrogen adoption.

Risks and Challenges:

• Forward-looking statements regarding revenue growth, margin improvement, profitability, and liquidity are subject to risks including the ability to achieve substantial fourth-quarter revenue growth required to meet full-year guidance.
• Risks include the timing of customer collections, vendor payments, inventory purchases, and capital expenditures affecting net cash usage.
• Potential delays in customer projects, failure to reach final investment decisions, or secure financing/permits.
• Risks related to the development, testing, and commercialization of next-generation products.
• Dependence on the availability and price of hydrogen, electricity, and natural gas.
• Potential impairment charges, restructuring costs, and changes in inventory valuation estimates.
• Pending litigation, including securities litigation and the First Solar judgment under appeal.

Management Commentary and Tone:

• CEO Jose Luis Crespo stated results reflect continued progress toward a "stronger, more profitable Plug" through disciplined execution, revenue growth, margin improvement, and reduced cash usage.
• Management highlighted advancing key customer projects, including the Arcadia eFuels agreement and broader partnerships covering over 1 GW of potential projects.
• Focus remains on improving operating leverage, delivering on customer commitments, and building sustainable growth.

Other Key Points:

• Project Quantum Leap execution contributed to the reduction in operating expenses.
• The company is the world's largest user of liquid hydrogen with 40 tons of hydrogen production capacity per day.
• Deployed electrolyzers on five continents, with over 76,000 fuel cell systems and 280+ fueling stations.
• Major customers include BMW, BP, Walmart, Amazon, and Home Depot.
• The earnings call and webcast were scheduled for November 9, 2026, at 4:30 p.m. ET.