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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Plug Power
Plug Power (PLUG) investor relations material
Plug Power Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary9 Nov, 2026
Executive summary
Q3 revenue was $200.6M, up 13% YoY; gross margin improved to -2.7%, while net cash use fell to $28M.
Priorities remain sales growth, margin improvement and lower cash use; positive EBITDAS is targeted for Q4.
Financial highlights
Nine-month revenue was $542.4M, up 11.9% YoY; Q3 operating loss narrowed to $75.3M from $348.8M.
Q3 gross loss narrowed to $5.4M from $120.2M YoY; gross margin improved to -2.7% from -67.9%, but was slightly below Q2.
Operating expenses were ~$70M versus ~$229M a year earlier; Q3 SG&A was $68.3M versus $110.6M.
Net income attributable to shareholders was $99.8M, or $0.07 basic EPS; results included ~$192M in non-cash fair-value gains.
Net cash use was $28M, down 54% QoQ from $61M; nine-month operating cash use was $320.5M.
Outlook and guidance
Reaffirmed FY2026 revenue growth guidance of 15%-16%; implied Q4 revenue is ~$280M, with full-year guidance requiring substantial Q4 growth.
Positive Q4 EBITDAS remains the target; delivery depends on execution, sales volume and mix, margins, cost discipline and commercial closeouts.
Q4 net cash use is forecast to be relatively flat versus Q3; no Stream proceeds were included in the forecast.
Electrolyzer revenue is expected to be slightly lower for FY2026; Q4 equipment margins are expected to improve on material-handling volume.
Q4 Walmart refreshes are expected to cover 2,000-2,500 GenDrive units; the 20,000-unit opportunity is expected over two to three years.
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Latest events from Plug Power
- Revenue up, margins near breakeven, costs down, and 2026 growth guidance raised to 15%-16%.PLUG
Q2 2026 - Directors elected, all proposals approved, and growth strategy reaffirmed with profitability targeted by 2028.PLUGAGM 2026
- Compensation reforms and operational improvements drive renewed pay-for-performance alignment.PLUGProxy filing
- Amendment clarifies Compensation Committee membership and director attendance for 2025.PLUGProxy filing
- Q1 2026 delivered 22% revenue growth, major margin gains, and improved adjusted EPS.PLUGQ1 2026
- Sharpened strategy, customer focus, and innovation drive growth and profitability in hydrogen.PLUGPlug Power Symposium 2025
- 2025 targets $850M–$950M revenue, margin gains, and cost cuts, with profitability by 2028.PLUGStatus Update
- Q3 revenue reached $173.7M with improved liquidity, but losses and negative margins persisted.PLUGQ3 2024
- Cost-cutting and strategic focus target positive gross margin by Q4 2025 amid revenue growth and improvements.PLUGQ4 2024
Next Plug Power earnings date
Plug Symposium 202619 Nov, 2026
Plug Power
Next Plug Power earnings date
Plug Symposium 202619 Nov, 2026
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Frequently asked questions
With sites and technologies across the globe, Plug Power Inc. has paved their way to success by providing hydrogen fuel cell technology turnkey solutions for the material handling, stationary power, and mobility markets. The company designs and manufactures industry-leading hydrogen fuel cell electric vehicles. The company's fuel cells are being sold around the world in customers' forklifts to address material handling for all industries.