Q2 26 EPS Adjusted
$-0.07
BEAT +12.50%
Est. $-0.08
Q2 26 Revenue
$178.3M
BEAT +5.43%
Est. $169.1M
vs S&P Since Q2 26
+1.2%
BEATING MARKET
PLUG +1.0% vs S&P -0.2%
Market Reaction
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. Th… Read more 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
PLUG 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, source: SEC Filings
PLUG Revenue by Segment
With YoY comparisons, source: SEC Filings
“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.”
— Jose Luis Crespo, Q2 2026 Earnings Press Release
PLUG Earnings Trends
PLUG vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
PLUG EPS Trend
Earnings per share: estimate vs actual
PLUG Revenue Trend
Quarterly revenue: estimate vs actual
PLUG Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $-0.08 | $-0.07 | +12.50% | $178.3M | +5.43% |
| Q1 26 BEAT | $-0.10 | $-0.08 | +22.56% | $163.5M | +16.99% |
| Q4 25 BEAT FY | $-0.11 | $-0.06 | +43.93% | $225.2M | +3.60% |
| FY Full Year | $-0.67 | $-1.42 | -110.46% | $709.9M | +1.13% |
| Q3 25 BEAT | $-0.13 | $-0.12 | +8.19% | $177.1M | +0.57% |
| Q2 25 MISS | $-0.16 | $-0.20 | -27.06% | $174.0M | -5.26% |
| Q1 25 MISS | $-0.20 | $-0.21 | -6.82% | $133.7M | +1.43% |