Plug Power Inc. filed its quarterly report on Form 10-Q with the SEC on August 10, 2026, covering the fiscal period ended June 30, 2026, and reporting a narrowed gross loss alongside significant changes in its balance sheet compared to year-end 2025.

Key Highlights

  • Net revenue rose year-over-year: The company reported net revenue of $178,299 thousand for the three months ended June 30, 2026, compared to $173,970 thousand for the same period in 2025.
  • Gross loss narrowed sharply: Gross loss for the three months ended June 30, 2026 was $1,675 thousand, compared to a gross loss of $53,465 thousand in the prior-year quarter.
  • Six-month gross loss also improved: For the six months ended June 30, 2026, gross loss was $23,282 thousand, versus $127,326 thousand in the first half of 2025.
  • Total assets declined: Total assets were $2,192,566 thousand as of June 30, 2026, down from $2,594,568 thousand as of December 31, 2025.
  • Accumulated deficit widened: The accumulated deficit reached $8,659,550 thousand as of June 30, 2026, compared to $8,226,039 thousand at December 31, 2025.
  • Shares outstanding increased: Common shares outstanding as of August 6, 2026 were 1,397,195,278, and authorized shares doubled to 3,000,000,000 from 1,500,000,000 at December 31, 2025.
  • Cash decreased: Cash and cash equivalents were $161,894 thousand at June 30, 2026, down from $368,540 thousand at December 31, 2025.

Plug Power Q2 2026: Revenue, Losses, and Balance Sheet Shifts

According to the filing, Plug Power Inc. (NASDAQ: PLUG) reported net revenue of $178,299 thousand for the three months ended June 30, 2026, reflecting growth from $173,970 thousand in the second quarter of 2025. For the six-month period, net revenue was $341,812 thousand, up from $307,644 thousand in the comparable prior-year period. Revenue categories included sales of equipment, related infrastructure and other; services performed on fuel cell systems and related infrastructure; power purchase agreements; and fuel delivered to customers and related equipment.

The company's gross loss narrowed considerably compared to 2025 levels. Total cost of revenue for the second quarter of 2026 was $179,974 thousand, down from $227,435 thousand in the same quarter of 2025, contributing to a gross loss of $1,675 thousand for the quarter versus $53,465 thousand a year earlier. A benefit for loss contracts related to service of $15,674 thousand in Q2 2026 and $23,488 thousand for the first half of 2026 is reported within cost of revenue. For the six months ended June 30, 2026, the gross loss was $23,282 thousand, compared to $127,326 thousand for the same period in 2025.

On the balance sheet, the filing disclosed that total stockholders' equity fell to $587,290 thousand as of June 30, 2026, from $1,003,314 thousand at December 31, 2025. Warrant liabilities increased to $136,254 thousand from $52,323 thousand over the same period, while convertible debt instruments, net, rose to $577,998 thousand from $431,014 thousand. The filing also notes that the company's common stock authorization was increased to 3,000,000,000 shares as of June 30, 2026, from 1,500,000,000 as of December 31, 2025. Selling, general and administrative expenses declined to $29,267 thousand in Q2 2026 from $87,893 thousand in Q2 2025.

What Was Disclosed

The Form 10-Q covers Plug Power's financial condition and results for the quarter and six months ended June 30, 2026, including condensed consolidated balance sheets, statements of operations, and notes on variable interest entities, among other items.