NEW YORK, August 4, 2026, 10:13 EDT
- U.S. markets traded with Plug Power Inc. NASDAQ:PLUG rising 3.1% to $2.15 during early deals.
- Plug is scheduled to release its second-quarter earnings on August 10. Analysts forecast revenue to be around $168 million.
- Preliminary unrestricted cash declined by 27% in Q2. Anticipated near-term liquidity amounts to slightly more than half of Q1 operating cash consumption.
Shares of Plug Power Inc. NASDAQ:PLUG gained 3.1% to reach $2.15 at the start of trading on Tuesday. The company scheduled its second-quarter earnings release for August 10. U.S. stock markets were open and generally trading higher.
The increase was part of a broader trend. Other hydrogen stocks also climbed while leading U.S. indexes gained. That makes the move less indicative of Plug alone.
The most recent quotes around 10 a.m. EDT indicated these changes.
| Company | Price | Day change | Market value |
|---|---|---|---|
| Plug Power Inc. NASDAQ:PLUG | $2.15 | +3.1% | $2.98 billion |
| Bloom Energy Corp. NYSE:BE | $224.51 | +2.8% | $72.63 billion |
| Ballard Power Systems Inc. NASDAQ:BLDP | $2.79 | +4.3% | $0.83 billion |
| FuelCell Energy Inc. NASDAQ:FCEL | $22.04 | +3.3% | $1.19 billion |
Cash consumption is the key measure for discerning investors. Plug reported $150.0 million in net cash used for operating activities in Q1, up 42% from the same period last year. Revenue increased by 22.3%, and the company’s gross margin advanced by 42 percentage points.
Company data reveal a disparity between accounting gains and ongoing cash usage.
| Q1 metric | 2025 | 2026 | Change |
|---|---|---|---|
| Revenue | $133.7 million | $163.5 million | +22.3% |
| GAAP gross margin | −55% | −13% | increase of 42 percentage points |
| Operating cash use | $105.6 million | $150.0 million | +42.1% |
Second-quarter revenue is unlikely to resolve that tension. Analysts surveyed by Benzinga project $168.26 million, while Zacks forecasts $167.74 million. Both see the per-share loss at about eight cents. These figures are analyst projections, not company forecasts.
The projected revenue figures are set against the company’s latest quarterly results.
| Metric | Q2 2025 actual | Q1 2026 actual | Q2 2026 estimate |
|---|---|---|---|
| Revenue | $174.0 million | $163.5 million | $167.74 million–$168.26 million |
| Revenue growth year-on-year | +21.0% | +22.3% | Roughly −3.3% to −3.6% |
| GAAP gross margin | −31% | −13% | Not available |
| Status of data | Reported | Reported | Analyst estimate |
At the midpoint of the estimate range, sales are up approximately 2.7% compared to Q1, but down about 3.4% from the second quarter a year ago. This provides only modest support for overall revenue.
At the close of Q1, Plug reported total cash holdings of $802 million, of which approximately $579 million was restricted. This left unrestricted cash at $223 million. By June 30, preliminary figures showed unrestricted cash had dropped to roughly $162 million, a decrease of 27%.
This comparison is based on Q1 operating cash usage as the denominator.
| Liquidity benchmark | Amount | Multiple of Q1 operating cash use |
|---|---|---|
| Unrestricted cash as of March 31 | $223.2 million | 1.49 times |
| Unrestricted cash as of June 30, preliminary | About $162 million | 1.08 times |
| Anticipated improvement in near-term liquidity | More than $80 million | More than 0.53 times |
| Wider liquidity plan | More than $275 million | More than 1.83 times |
The immediate plan is set to address slightly more than 50% of Q1 operating cash outflows. The overall objective is 1.8 times higher. These figures should not be interpreted as runway projections.
The final two amounts represent targets and are not actual cash inflows. Plug’s July announcement indicated that the Texas deal was subject to closing requirements. The New York deal carries an outside deadline of March 31, 2027. Monday’s announcement referenced only the timing of earnings.
CEO Jose Luis Crespo stated in July that “monetizing these assets was a key part of our strategy this year.” He attributed the asset sales to improvements in both margins and cash flow. SEC
Plug maintains its aim for positive EBITDAS, a non-GAAP metric, in the fourth quarter of 2026. This figure omits interest, taxes, depreciation, amortization, as well as share-based compensation. Demonstrating reduced cash consumption would be more significant than another slight revenue beat.
The August 10 results call is scheduled for 4:30 p.m. ET. Key areas to monitor are final cash position, gross margin, operating cash outflows, and proceeds from closed assets. Revenue in the area of $168 million would be roughly in line with prevailing forecasts.
Risks: Asset closures may be postponed. Higher hydrogen expenses, softer demand or issuing more shares could push back profitability and reduce shareholder value.
A strong sales result may boost the shares. Ongoing upside depends on demonstrating that every revenue dollar is costing less cash.
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