Key Highlights

  • Revenue was about USD 201 million, up about 13% year over year.
  • Gross Margin was negative 2.7%, compared with about negative 68%.
  • Net cash usage fell to about USD 28 million.
  • The company deployed 1,136 GenDrive units, compared with 540.

Plug Power, Inc. (NASDAQ:PLUG) reported third quarter 2026 Revenue of approximately USD 201 million, up about 13% year over year and about 13% from the second quarter, the highest revenue quarter of 2026 so far. Reported EPS was USD 0.00 and revenue was USD 200.60 million, compared with estimates of EPS of negative USD 0.07 and revenue of USD 198.36 million.

Revenue has grown each quarter this year, from USD 163.5 million in the first quarter to USD 178.3 million in the second and approximately USD 201 million in the third. Through nine months, revenue was USD 542 million, up about 12%.

Margins and Costs

Gross margin was negative 2.7%, compared with approximately negative 68% in the third quarter of last year and slightly below the second quarter. It moved from approximately negative 13% in the first quarter to near breakeven over the last two quarters. Operating expenses were approximately USD 70 million, compared with roughly USD 229 million a year ago, which management tied to lower unusual charges and a structurally lower cost base.

Management reported GAAP basis Earnings Per Share of approximately USD 0.07, compared with negative USD 0.31 a year ago. It said the positive figure was driven by noncash Fair Value gains on convertible notes and warrants.

Cash and Priorities

Net cash usage fell to approximately USD 28 million, a record low and a reduction of about 54% from the second quarter. Management said the company set three priorities for the year: grow sales, enhance margins and improve cash flow. It reaffirmed full year revenue growth guidance of 15% to 16% and cited a focus on positive EBITDAS in the fourth quarter of 2026, with net cash usage in the fourth quarter approximately flat.

Equipment and Electrolyzer Activity

Equipment revenue was USD 106 million, up from USD 97 million, driven by material handling. GenDrive deployments more than doubled to 1,136 units, and the company recognized nine hydrogen site installations, compared with none a year ago. Electrolyzer revenue was down. Management said the quarter was affected by unplanned downtime at some of its plants, with improvement cited for the fourth quarter.

In September, the company signed a 280 megawatt GenEco Supply agreement with Arcadia eFuels for Project ENDOR in Denmark, described as producing roughly 110 tons of renewable hydrogen per day. It also signed a strategic cooperation agreement naming it the preferred electrolyzer supplier for four additional Arcadia projects, representing more than 1 gigawatt of potential capacity.

In July, the company secured a 50 megawatt order from Orica following the final Investment decision on the Hunter Valley Hydrogen Hub in Australia. It shipped a 1 megawatt GenEco system to HWR Hydrogen in New Zealand and continues front end engineering work on the 275 megawatt Courant project in Quebec. Commissioning continues on a 25 megawatt project with Iberdrola and bp in Spain and a 100 megawatt project with Galp in Portugal.

Priorities, Projects and Symposium

Plug framed the year around three priorities: growing sales, enhancing margins and improving cash flow. The quarter's figures include gross margin of negative 2.7%, net cash usage of approximately USD 28 million, 1,136 GenDrive deployments and the 280 megawatt GenEco supply agreement with Arcadia eFuels for Project ENDOR. The company scheduled its Plug Symposium 2026 for November 19.