New York, August 11, 2026, 09:10 EDT
- Shares of Plug Power climbed 12% to $2.37 in premarket trading following its quarterly earnings release.
- Revenue for the second quarter totaled $178.3 million, surpassing the FactSet consensus estimate of $160.1 million.
- Gross margin rose to negative 0.9%, compared with negative 30.7% in the same period last year.
- Management increased its 2026 revenue growth outlook to 15%-16%, up from the previous range of 13%-15%.
Shares of Plug Power Inc. NASDAQ:PLUG rose 12% to $2.37 ahead of Tuesday’s opening bell. The company surpassed revenue forecasts, saw a smaller adjusted loss, and reported a gross margin close to break-even.
The margin turnaround is evident. Plug reported a quarterly gross loss of $1.7 million, down from $53.5 million. Operating expenses were reduced by 50%, and both service alongside hydrogen-fuel sales posted double-digit growth.
Cash remains the constraint. Plug closed June holding $161.9 million in unrestricted cash, which covers about 2.7 quarters based on its recent net cash usage rate of $61 million—this is a snapshot, not a projection.
Chief Executive José Luis Crespo reaffirmed the year-end profitability target. “We believe we are on track to achieve our positive EBITDAS target in the fourth quarter of 2026,” he said. Plug Power earnings release filed with the SEC
| Second-quarter measure | Q2 2026 | Q2 2025 | Analyst forecast |
|---|---|---|---|
| Revenue | $178.3m | $174.0m | $160.1m |
| Adjusted loss per share | $0.07 | $0.18 | $0.08 |
| Gross margin | -0.9% | -30.7% | Not disclosed |
| 2026 revenue-growth guidance | 15%-16% | Not applicable | Previous company estimate: 13%-15% |
The filing verifies both the reported and adjusted numbers. Barron’s referenced market estimates from FactSet. Revenue exceeded expectations by 11.4%, and the adjusted loss came in one cent lower than analysts had projected.
The shift in sales composition accounts for some of the gains. Equipment revenue declined by 17.4%, while service revenue jumped by 82.3%. Revenue from fuel and power purchases was also higher.
| Revenue stream | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Equipment and infrastructure | $81.9m | $99.2m | -17.4% |
| Services | $29.8m | $16.4m | +82.3% |
| Power purchase agreements | $26.9m | $23.6m | +14.0% |
| Hydrogen fuel and related equipment | $39.5m | $34.4m | +14.7% |
Plug’s 10-Q details the revenue breakdown. Recurring service, fuel, and power-purchase streams accounted for 54.0% of revenue in the quarter, up from 42.8% in the same period last year. This shift in mix occurred despite overall sales increasing by just 2.5%.
The cost base increased more quickly. Selling, general and administrative expenses fell to $29.3 million from $87.9 million. Operating loss was reduced by nearly two-thirds.
| Cash and profitability measure | Q2 2026 | Comparison | Change |
|---|---|---|---|
| Gross loss | $1.7m | $53.5m in Q2 2025 | -96.9% |
| Operating expenses | $62.4m | $123.5m in Q2 2025 | -49.4% |
| Operating loss | $64.1m | $176.9m in Q2 2025 | -63.8% |
| GAAP net loss attributable to Plug | $188.2m | $227.1m in Q2 2025 | -17.1% |
| Unrestricted cash | $161.9m | $368.5m at Dec. 31, 2025 | -56.1% |
| Weighted average shares | 1.391bn | 1.127bn in Q2 2025 | +23.5% |
The statutory accounts highlight the importance of considering context for the adjusted result. Quarterly expenses increased by $103.5 million due to fair-value changes in convertible debt and warrants. In addition, the share count climbed 23.5%, reducing the value of each dollar of potential profit.
The company is seeking to cover its cash shortfall without issuing new shares. It anticipates raising $80 million from selling assets in the near future. Plug reported that it received approximately $47 million in July and early August.
| Analyst | Rating | Price target | Upside or downside from $2.37 |
|---|---|---|---|
| David Arcaro, Morgan Stanley | Underweight | $1.65 | -30.4% |
| Ryan Pfingst, B. Riley | Buy | $5.00 | +111.0% |
Wall Street is still split. Arcaro argued that increased volumes need to deliver greater operating leverage. Pfingst cited ongoing business momentum and maintained his elevated target. Both analysts repeated their stances following the results.
Shares ended Monday at $2.11 after falling 3.2%. Trading volume totaled 123.8 million shares, surpassing double the 50-day average. In premarket trading on Tuesday, the stock regained that loss prior to the market open.
Risks: The fourth-quarter objective is based on non-GAAP metrics and cannot be matched beforehand. Order schedules are still inconsistent. Delays are possible in asset-sale proceeds, while ongoing cash outflows might require additional debt or equity financing.
The next focus is conversion. Plug needs to achieve 15%-16% yearly sales growth, finish its asset sales, and shift its near-flat gross margin to positive cash flow. Failure in any of these areas would make the 2.7-quarter cash reserve the critical figure.
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