SLINGERLANDS, New York, September 2, 2026, 09:43 EDT — Plug Power stock declined after the company reported it has enough cash to last 2.7 quarters at its second-quarter burn rate.
- Shares of Plug Power were at $2.08, slipping 0.5%, as of 09:42:57 EDT.
- At the end of the quarter, unrestricted cash was sufficient to cover 2.7 quarters of net cash usage from the second quarter.
- Gross margin rose to minus 0.9%, up from minus 31.0% in the previous year.
Plug Power Inc. (NASDAQ:PLUG) eased 0.5% to $2.08 in early Wednesday trading, after falling 3.2% on Tuesday as investors considered the company’s limited cash reserves.
As of June 30, unrestricted cash stood at $162 million. This amount would be sufficient to fund 2.7 quarters at the current quarterly cash burn rate of $61 million, if spending remains stable.
The ratio remains significant even with strong margin improvements. Plug continues to rely on asset sales and alternative non-dilutive financing to lengthen its runway.
Plug stays below Tuesday’s close
Dollars per share, late premarket through the first 13 regular-session minutes
As of . Source: Yahoo Finance. Premarket quotes may show zero volume.
Plug ended Tuesday at $2.09, with trading volume reaching 46.5 million shares. This figure was lower than the three-month daily average of 56.2 million, according to Yahoo Finance.
The company had a market value of around $2.92 billion at the previous close, which represents 4.1 times its annualized revenue from the second quarter based on a straightforward run rate calculation.
Revenue for the second quarter stood at $178.3 million. Gross loss slimmed to $1.7 million, resulting in a margin just under break-even.
Gross margin moves close to zero
Company gross margin; red bars show the size of each loss
Source: Plug Power Form 10-Q and August 10 results release.
Operating expenses dropped nearly 50% to $62 million. The GAAP loss per share narrowed to $0.14 from $0.20 in the same period last year.
Plug CEO Jose Luis Crespo stated the company was “executing its transformation into a stronger, more efficient and profitable company.” The earnings release lifted its 2026 revenue growth outlook to 15%–16%.
The gains were not uniform. Service posted a 27.2% margin, but delivered hydrogen recorded a 48.2% loss per revenue dollar.
Service offsets hydrogen-delivery losses
Second-quarter 2026 revenue and gross margin by operating stream
Excludes $0.2 million of other revenue and a service loss-contract benefit. Source: Plug Power Form 10-Q for the quarter ended June 30, 2026.
Asset monetization acts as the link. Plug secured roughly $47 million after the quarter closed and is aiming for over $275 million through the expanded initiative.
The company additionally canceled a $1.66 billion federal loan guarantee without tapping the funds. Plug noted in its quarterly filing that the termination incurred no repayment or termination fee.
The company maintains its forecast for positive earnings before interest, taxes, depreciation, amortization and stock compensation in the fourth quarter.
Risks: Timing of asset sales may slip, or sales may generate less than anticipated. Hydrogen expenses, reliance on a small number of customers, and additional financing could impact margins or result in shareholder dilution.
The upcoming test is focused on cash rather than just revenue. Ongoing improvements in margins need to reduce usage prior to the current balance losing its strategic importance.
Related articles: NASDAQ:PLUG
