Plug Power (PLUG) investor relations material

Executive summary

• Q2 2026 revenue reached $178.3 million, up 9% sequentially and 2.5% year-over-year, with gross margin improving to -0.9% from -30.7% year-over-year and operating expenses down 50% to $62 million.

• Net cash usage improved to $61 million, a 58% reduction from Q1, with unrestricted cash at $161.9 million at quarter end.

• Full-year 2026 revenue growth guidance raised to 15%-16%, with positive EBITDA/EBITDAS targeted for Q4.

• Restructuring, asset monetization, and cost discipline drove improved results, including a $37 million gain from a resolved contract dispute.

• DOE loan guarantee was terminated in August 2026, with no amounts drawn and no material near-term impact.

Financial highlights

• H1 2026 revenue totaled $342 million, up 11% year-over-year and slightly ahead of prior guidance.

• Adjusted EPS loss narrowed to $0.07 from $0.18 year-over-year; GAAP EPS loss was $0.14, impacted by non-cash charges.

• Net loss for Q2 2026 was $190.1 million, improved from $228.7 million in Q2 2025.

• Inventory reduced by $28 million since year-end, with at least $100 million reduction targeted for the full year.

• Capital spending remained light at under $9 million for H1.

Outlook and guidance

• Full-year revenue growth guidance increased to 15%-16% based on strong H1 and H2 visibility.

• Positive EBITDA/EBITDAS targeted for Q4 2026, with operating income positive in Q4 2027 and overall profitability in 2028.

• Focused on margin improvement, cost discipline, and unlocking $275 million in liquidity through asset monetization and non-dilutive financing.

• Management expects sufficient liquidity for at least 12 months, supported by cash, restricted cash, and available equity programs.

• Majority of H2 growth expected in Q4, driven by equipment sales and year-end deployment cycles.