Plug Power Inc. (NASDAQ: PLUG) reported first quarter 2026 revenue of $163.5 million, representing a 22% increase from the same period in 2025. The hydrogen solutions company said the growth came from its material handling and electrolyzer businesses.

The company's GAAP gross margin improved to negative 13% from negative 55% in the prior year period. GAAP earnings per share was negative $0.18, compared to negative $0.21 in the first quarter of 2025. The current quarter included approximately $140 million in non-cash charges related to convertible debt and warrant valuation adjustments.

Adjusted earnings per share, which excludes certain non-cash charges, improved to negative $0.08 from negative $0.17 in the year-ago quarter.

"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," said Jose Luis Crespo, Chief Executive Officer.

The company's material handling business expanded with existing customers including Amazon and Walmart. Service costs for GenDrive units decreased more than 30% year-over-year on a per-unit quarterly basis.

In the electrolyzer division, Plug has deployed more than 320 MW of capacity globally and maintains an $8 billion project pipeline. Current projects include a 100 MW system with Galp Energia in Portugal and a 25 MW system with Iberdrola and BP in Spain.

Hydrogen fuel sales increased 22% compared to the first quarter of 2025, with margin rates improving by 54 percentage points year-over-year. The company's production facilities in Georgia, Tennessee, and Louisiana provide approximately 40 tons per day of total capacity.

Plug ended the quarter with $802 million in total cash, including $223 million unrestricted and approximately $579 million restricted. The company expects approximately $275 million in proceeds from hydrogen project asset monetization initiatives.