Plug Power Inc. stock slipped 3.5% on Friday, even after the hydrogen provider posted its first approximately break-even quarterly gross margin in four years.
| Measure | Q2 2026 | Change |
|---|---|---|
| Revenue | ~$178M | +9% q/q |
| Operating expenses | ~$62M | −50% y/y |
| Net cash usage | ~$61M | −58% q/q |
| Unrestricted cash | ~$162M | quarter end |
| Business | Revenue | Gross margin |
|---|---|---|
| Service | ~$30M | +27% |
| Fuel | ~$39M | −48% |
Service economics turned positive. Fuel losses remain the largest visible drag.
1,666 GenDrive units were deployed, up 125% year over year. Two major customers plan more than 20,000 refreshes over three years.
| Indicator | Current reading | Investor interpretation |
|---|---|---|
| 2026 revenue-growth guide | 15%–16% | Growth accelerated enough for management to raise guidance. |
| Q4 target | Positive EBITDAS | Execution must improve before liquidity tightens. |
| Analyst consensus | Hold; $3.55 average | Targets span $0.75–$7.00, showing unusually wide outcome risk. |
| 52-week range | $1.41–$4.58 | Friday's close sits 52% below the high and 55% above the low. |
Sources: Plug Power Q2 2026 release; StockAnalysis market data; MarketScreener analyst consensus. Multiples and cash coverage are calculations from disclosed figures. Market data timestamp: Aug. 28, 2026, 16:00 EDT. Financial data reported Aug. 10, 2026.
