Companies /Industrials

Plug Power Inc

NASDAQ: PLUG Electrical Equipment & Parts
$2.25
▲ $0.08 (+3.69%) today
Markets open · 3:41pm ET

Q2 2026 Earnings

Reported Aug 10, 2026, 4:01pm ET · SEC source
$-0.07
Beat +12.50%
EPS · est. $-0.08 Adjusted
$178.3M
Beat +5.43%
Revenue · est. $169.1M
4 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−5%0+5%Aug 10Aug 11report 4:01pm ETearnings−0.2%−1.3%
−5%0+5%Aug 10Aug 11earnings−0.2%−1.3%
PLUG −1.3%S&P 500 −0.2%
−5%0+5%+10%Aug 10Aug 11report 4:01pm ETearnings−0.3%−1.3%
−5%0+5%+10%Aug 10Aug 11earnings−0.3%−1.3%
PLUG −1.3%NASDAQ −0.3%
−5%0+5%Aug 10Aug 18report 4:01pm ETearnings−0.7%−5.7%
−5%0+5%Aug 10Aug 18earnings−0.7%−5.7%
PLUG −5.7%S&P 500 −0.7%
−5%0+5%Aug 10Aug 18report 4:01pm ETearnings−0.6%−5.7%
−5%0+5%Aug 10Aug 18earnings−0.6%−5.7%
PLUG −5.7%NASDAQ −0.6%
+5.21%
Day of report
+3.15%
Next session
−2.70%
One week

Did PLUG Beat Earnings? Q2 2026 Results

Plug Power delivered a cleaner-than-feared second quarter, beating Wall Street on both the top and bottom lines and quieting, at least temporarily, the persistent concerns about its cash runway that had weighed on the stock heading into the print. The hydrogen fuel cell company posted adjusted EPS of negative $0.07, ahead of the negative $0.08 consensus by 12.50%, while revenue of $178.30 million topped estimates of $169.12 million by 5.43% and edged 2.5% higher year over year. The single most telling data point was the near-disappearance of the gross loss, which narrowed to just $1.68 million compared to a loss of $53.47 million a year ago, as a 125% surge in GenDrive fuel cell unit deployments and an 82% jump in service revenue to roughly $30.00 million demonstrated real operational traction. Management raised full-year 2026 revenue growth guidance to 15% to 16% and reiterated its target for positive EBITDAS in Q4 2026, supported by post-quarter asset monetization transactions expected to generate $80.00 million in near-term liquidity.

Key Takeaways
  • Gross margin improved to approximately breakeven from ~(31%) year over year driven by cost structure improvements
  • GenDrive deployments increased 125% year over year to 1,666 units
  • Service revenue grew 82% year over year to ~$30 million with 27% positive service margin
  • Fuel revenue increased ~15% year over year to ~$39 million
  • Operating expenses declined ~50% year over year through cost discipline and asset monetization
  • Net cash usage improved to ~$61 million, down ~58% sequentially

“Our second quarter results demonstrate that Plug is executing its transformation into a stronger, more efficient and profitable company. We delivered revenue growth, improved gross margins, reduced operating expenses, strengthened liquidity, and advanced major commercial milestones across our core businesses.”

Plug Power CEO, on the earnings call

Forward Guidance & Outlook

Plug raised its full-year 2026 revenue growth guidance to 15%–16% (previously unspecified lower range), citing strong commercial backlog and historically second-half-weighted business cadence. The company targets positive EBITDAS in Q4 2026 and plans to strengthen liquidity through additional non-dilutive financing initiatives, targeting $275 million in aggregate liquidity from data center asset monetization. Management believes long-term hydrogen demand is supported by energy security, industrial decarbonization, and accelerating global power demand, and expects to position 2027 for continued growth.

PLUG YoY Financials

Q2 2026 vs Q2 2025 · SEC filings Q2 2025 Q2 2026
$-200,000,000$0$174.0M$178.3MRevenue$-850,815$-1,675,000Gross Profit$-39,145,143$-64,108,000Operating Income$-160,682,148$-188,207,000Net Income
$-200,000,000$0RevenueGross ProfitOperating IncomeNet Income

PLUG Revenue by Segment

Sales of equipment, related infrastructure and other$81.9M−17.4%
GenEco Electrolyzers
Fuel delivered to customers and related equipment$39.5M+14.7%
Power purchase agreements$26.9M+14.0%
Services performed on fuel cell systems and related infrastructure$29.8M+82.3%

Figures from SEC filings and company reports. Not investment advice.