Plug Power — Third Quarter 2026 Earnings Summary

Financial Performance

• Preliminary, unaudited estimates indicate Q3 2026 net cash usage of approximately $28 million, described as a record low for the year.
• The company ended Q3 2026 with approximately $134 million in cash and cash equivalents, excluding restricted cash.
• No proceeds were raised through the at-the-market (ATM) offering program or other equity or debt capital raises during the quarter.
• Gross margin improvement was demonstrated over the past two quarters, with continued year-over-year progress expected in Q3 2026.
• Revenue growth in Q3 2026 is expected to be greater than 10% versus Q3 2025.
• The company remains on track to achieve full-year 2026 revenue growth guidance of approximately 15% to 16%.

Guidance and Future Outlook

• The company expects continued improvement in Q4 2026 net cash usage based on overall operating results and fundamental improvements.
• Management remains focused on improving operating leverage, managing cash, and minimizing capital expenditures in the fourth quarter and beyond.
• The company is building a pipeline for 2027 and beyond while delivering on commercial commitments.
• The company anticipates converting its global electrolyzer opportunity funnel, valued at approximately $8 billion, into revenue to support near- and mid-term growth objectives.

Business Segments and Product Lines

• Electrolyzers: Progress is being made across material handling, electrolyzers, and hydrogen supply.
• GenEco Pipeline: Recent developments include a 280 MW GenEco electrolyzer supply agreement for Project ENDOR in Denmark with Arcadia eFuels, alongside a strategic cooperation for over 1 GW of potential e-SAF projects in Europe and the Americas.
• Ammonia Production: The company is advancing front-end engineering design (FEED) for the 275 MW Courant project in Québec, Canada, with Hy2gen.
• Industrial Hydrogen: A 50 MW GenEco electrolyzer order was secured for the Hunter Valley Hydrogen Hub in Australia with Orica following the project's final investment decision.
• Project Execution: Commissioning activities continue for a 25 MW project in Spain with Iberdrola and bp, and a 100 MW project in Portugal with Galp.

Market and Competitive Landscape

• The company positions itself as a global leader in comprehensive hydrogen solutions and the world's largest user of liquid hydrogen.
• Plug has deployed electrolyzers on five continents, along with more than 76,000 fuel cell systems and 280 fueling stations.
• The company's generation network has a production capacity of 40 tons of hydrogen per day.
• Major customers include BMW, BP, Walmart, Amazon, and Home Depot.

Risks and Challenges

• Actual results may differ from preliminary estimates due to quarter-end close procedures, independent accounting reviews, final adjustments, or subsequent events.
• Risks include the ability to achieve anticipated revenue growth, margin improvement, operating leverage, profitability, liquidity, and cash flow objectives.
• Uncertainties involve the sustainability of recent cash burn reductions, working capital management, and the ability to manage operating expenses and capital expenditures.
• Potential delays or cancellations of customer projects may occur due to customers failing to reach final investment decisions, secure financing, or obtain permits.
• Risks related to the availability and price of key inputs (hydrogen, electricity, natural gas), supply chain disruptions, inflationary pressures, and labor availability.
• The company notes its history of net losses and negative cash flows from operations, along with the need for additional capital and potential dilution from future financing.

Management Commentary and Tone

• CEO Jose Luis Crespo stated the company has remained focused on strengthening the financial foundation through disciplined execution.
• Management highlighted that progress across sales, margin, and cash burn demonstrates that actions are delivering results.
• Crespo emphasized a focus on improving operating leverage, managing cash, and delivering on commercial commitments while building the 2027 pipeline.
• The tone regarding the hydrogen market is positive, noting that its role is increasingly defined by real projects and customer needs.

Other Key Points

• Earnings Call: The third quarter 2026 earnings call is scheduled for November 9, 2026, at 4:30 p.m. ET.
• Plug Symposium 2026: The annual global symposium, themed "Resilient Energy, Real Solutions," is scheduled for November 19, 2026, as a digital broadcast.
• Symposium Topics: Discussions will cover energy security, rising electricity demand, grid resilience, evolving regulations, and emerging hydrogen markets.
• Media Contact: Teal Hoyos (media@plugpower.com).