Plug Power beats revenue estimates, raises guidance

Investing.com -- Plug Power Inc. (NASDAQ: PLUG) reported second quarter results that exceeded analyst expectations, with revenue of $178.3 million surpassing the consensus estimate of $168.76 million. The hydrogen solutions provider posted adjusted earnings per share of -$0.07, beating the analyst estimate of -$0.08.

Revenue increased 2.5% YoY from $174.0 million in the second quarter of 2025. The company raised its full-year 2026 revenue growth guidance to a range of 15% to 16%, with the midpoint of 15.5% above its previous outlook. Plug Power attributed the stronger performance to improved gross margins, reduced operating expenses, and commercial execution across its material handling, electrolyzer, and hydrogen production businesses.

Shares rose 5% following the announcement, reflecting investor optimism about the revenue beat and raised guidance.

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

Gross margin improved to approximately breakeven compared to negative 31% in the prior-year period and negative 13% in the first quarter of 2026. Operating expenses declined approximately 50% YoY to $62 million. GAAP EPS was -$0.14 compared to -$0.20 in the prior year.

The company’s material handling business deployed 1,666 GenDrive fuel cell units in the quarter, up 125% YoY from 739 units. Service revenue grew 82% YoY to $30 million with a service margin of 27%. Fuel revenue increased approximately 15% YoY to $39 million.

Plug Power targets achieving positive EBITDAS in the fourth quarter of 2026.

You May Also Be Interested In

• Morgan Stanley cuts Global-e rating to equal-weight, raises price target to $44
• Rocket Lab misses EPS estimate despite record revenue
• HSBC downgrades Akamai to hold, cuts target price to $123