Plug Power Inc. filed its quarterly report on Form 10-Q with the SEC on November 9, 2026, covering the fiscal quarter and nine months ended September 30, 2026.

Key Highlights

  • Net revenue rose year-over-year: The company reported net revenue of $200,602 thousand for the three months ended September 30, 2026, compared with $177,055 thousand for the same period in 2025, according to the filing.
  • Gross loss narrowed sharply: Gross loss for the third quarter of 2026 was $(5,358) thousand, a significant improvement from $(120,165) thousand in the third quarter of 2025, as disclosed in the filing.
  • Nine-month gross loss also improved: For the nine months ended September 30, 2026, the company reported a gross loss of $(28,640) thousand, compared with $(247,491) thousand for the same period in 2025.
  • Total assets declined: Total assets were $2,104,006 thousand as of September 30, 2026, down from $2,594,568 thousand as of December 31, 2025, the filing stated.
  • Accumulated deficit increased: The accumulated deficit stood at $(8,559,784) thousand as of September 30, 2026, compared with $(8,226,039) thousand as of December 31, 2025.
  • Cash position decreased: Cash and cash equivalents were $134,131 thousand as of September 30, 2026, down from $368,540 thousand as of December 31, 2025.
  • Shares outstanding: As of November 4, 2026, the company reported 1,398,871,823 shares of common stock outstanding, with authorized shares increased to 3,000,000,000 from 1,500,000,000 as of December 31, 2025.

Plug Power's Third-Quarter 2026 Financial Results: Revenue Growth and Narrowing Losses

According to the Form 10-Q filed November 9, 2026, Plug Power Inc. (NASDAQ:PLUG) reported total net revenue of $200,602 thousand for the three months ended September 30, 2026, an increase from $177,055 thousand in the year-ago quarter. For the nine-month period, net revenue was $542,414 thousand, up from $484,699 thousand in the first nine months of 2025. Revenue categories included sales of equipment and related infrastructure, services on fuel cell systems, power purchase agreements, and fuel delivered to customers.

The company's gross loss for the third quarter of 2026 narrowed to $(5,358) thousand from $(120,165) thousand in the third quarter of 2025. Total cost of revenue fell to $205,960 thousand from $297,220 thousand in the prior-year quarter. The filing shows a benefit for loss contracts related to service of $(10,393) thousand in Q3 2026, compared with $(4,343) thousand in Q3 2025. For the nine months ended September 30, 2026, the gross loss was $(28,640) thousand versus $(247,491) thousand in the comparable 2025 period.

On the balance sheet, total stockholders' equity was $711,381 thousand as of September 30, 2026, down from $1,003,314 thousand at December 31, 2025. Total liabilities were $1,392,625 thousand, compared with $1,591,254 thousand at year-end 2025. Convertible debt instruments, net, stood at $470,690 thousand as of September 30, 2026. The filing also disclosed that the company has a consolidated variable interest entity, with assets that can only be used to settle the VIE's own obligations of $13,772 thousand as of September 30, 2026.

What Was Disclosed

Plug Power Inc. filed its unaudited quarterly financial statements for the period ended September 30, 2026, disclosing revenue growth, a narrower gross loss versus the prior year, decreased total assets and cash, a higher accumulated deficit, and an increase in authorized common shares to 3,000,000,000.