Companies /Industrials

Plug Power Inc

NASDAQ: PLUG Electrical Equipment & Parts
$2.17
▼ $0.09 (−3.98%) today
Markets closed · 6:20pm ET

Q1 2026 Earnings

Reported May 11, 2026, 4:01pm ET · SEC source
$-0.08
Beat +22.56%
EPS · est. $-0.10
$163.5M
Beat +16.99%
Revenue · est. $139.8M
−23.0%
Trailing market
PLUG vs S&P since report
4 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
0+6%+12%May 11May 12report 4:01pm ETearnings−0.3%+4.1%
0+6%+12%May 11May 12earnings−0.3%+4.1%
PLUG +4.1%S&P 500 −0.3%
0+6%+12%May 11May 12report 4:01pm ETearnings−1.1%+4.1%
0+6%+12%May 11May 12earnings−1.1%+4.1%
PLUG +4.1%NASDAQ −1.1%
−14%−7%0May 11May 19report 4:01pm ETearnings−0.7%−13.2%
−14%−7%0May 11May 19earnings−0.7%−13.2%
PLUG −13.2%S&P 500 −0.7%
−14%−7%0May 11May 19report 4:01pm ETearnings−1.5%−13.2%
−14%−7%0May 11May 19earnings−1.5%−13.2%
PLUG −13.2%NASDAQ −1.5%
+1.14%
Day of report
+11.24%
Next session
−7.02%
One week
−22.47%
30 days

S&P 500 over the same 30 days: +0.48%.

Did PLUG Beat Earnings? Q1 2026 Results

Plug Power delivered a cleaner-than-expected first quarter for fiscal 2026, beating Wall Street on both top and bottom lines as the hydrogen fuel cell company continues its gradual financial rehabilitation. Revenue climbed 22.3% year-over-year to $163.51 million, well ahead of the $139.76 million consensus estimate, while an adjusted loss of $0.08 per share came in notably better than the $0.10 analysts had projected, a 22.56% positive surprise. The most material driver behind the improvement was a dramatic narrowing of gross margin losses, with GAAP gross margin recovering to negative 13% from negative 55% a year ago, reflecting cost optimization, improved service execution, and better fuel sourcing across the material handling and electrolyzer businesses. That progress had investors closely watching ahead of the report, given Plug Power's recent positive gross profit trajectory. The company reiterated its target to reach positive EBITDAS in Q4 2026, and expects roughly $275 million in proceeds from hydrogen project asset monetization to help manage liquidity through the balance of the year.

Key Takeaways
  • 22% revenue growth year-over-year driven by material handling and electrolyzer businesses
  • GAAP gross margin improved by 42 percentage points year-over-year from cost optimization, improved service execution, and fuel sourcing efficiencies
  • GenDrive per-unit quarterly service costs down over 30% year-over-year
  • Hydrogen fuel sales increased 22% year-over-year driven by customer growth, increasing prices, and reduced customer warrant charges
  • Hydrogen fuel margin rate improved by 54 percentage points year-over-year from greater leverage on production network and reduced third-party sourcing costs

“Our first quarter results reflect strong commercial execution and continued progress improving the underlying economics of the business and positions us to achieve our EBITDAS positive target in Q4 2026.”

Plug Power CEO, on the earnings call

Forward Guidance & Outlook

Plug Power reiterated its target to achieve positive EBITDAS in Q4 2026. The company expects sequential improvement in cash usage over the balance of 2026. Approximately $275 million in anticipated proceeds from hydrogen project asset monetization initiatives, including ~$142 million from Stream Data Centers expected to close in June 2026 and $39.2 million from an investment tax credit sale targeted to close by end of May 2026. Restricted cash of ~$579 million is expected to release approximately $50 million per quarter over the next few years.

PLUG YoY Financials

Q1 2026 vs Q1 2025 · SEC filings Q1 2025 Q1 2026
$-200,000,000$0$133.7M$163.5MRevenue$-12,654,173$-21,607,000Gross Profit$-78,967,905$-109,489,000Operating Income$-325,942,067$-245,304,000Net Income
$-200,000,000$0RevenueGross ProfitOperating IncomeNet Income

PLUG Revenue by Segment

Sales of equipment, related infrastructure and other$79.0M+24.4%
GenEco Electrolyzers
Fuel delivered to customers and related equipment$35.8M+21.5%
Power purchase agreements$26.3M+13.3%
Services performed on fuel cell systems and related infrastructure$22.0M+30.2%

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