Plug Power posts $178M in Q2 revenue, raises 2026 guidance

Plug Power Inc. (NASDAQ: PLUG) reported second-quarter 2026 net revenue of approximately $178 million, up roughly 9% from the prior quarter and about 2.5% from the year-ago period, according to a company press release. Gross margin improved to near breakeven, compared with approximately negative 31% in the second quarter of 2025.

The company posted a GAAP net loss attributable to Plug Power of $188.2 million, or $(0.14) per share, compared with a loss of $227.1 million, or $(0.20) per share, in the same period a year earlier. On an adjusted non-GAAP basis, the loss was $(0.07) per share, versus $(0.18) in the prior-year quarter. Total operating expenses fell approximately 50% year over year to about $62 million.

Unrestricted cash stood at approximately $162 million at quarter end, with net cash usage of roughly $61 million for the quarter, down about 58% sequentially. The company said transactions announced after the quarter closed are expected to generate $80 million in near-term liquidity through the sale of its Graham, Texas project and the staged closing of the New York Gateway project, with approximately $47 million already received.

In its material handling segment, Plug deployed 1,666 GenDrive fuel cell units in the quarter, up 125% year over year. Service revenue rose 82% year over year to approximately $30 million, with a service margin of 27%. Fuel revenue increased about 15% year over year to approximately $39 million, while fuel gross margin improved to roughly negative 48% from approximately negative 91% in the prior-year quarter.

On the electrolyzer front, the company announced a final investment decision for a 30 MW project for Carlton Power in the United Kingdom and was selected for a 275 MW front-end engineering and design scope on a project in Québec. A 50 MW electrolyzer order for a project in Australia was disclosed after the quarter closed.

Plug raised its full-year 2026 revenue growth guidance to a range of 15% to 16% and said it targets positive EBITDAS in the fourth quarter of 2026. The company defines EBITDAS as earnings before interest, income tax, depreciation, amortization, and share-based expense.

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