Plug Power (PLUG) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue grew 22% year-over-year to $163.5 million, driven by strong performance in electrolyzers, hydrogen infrastructure, and material handling, partially offset by lower cryogenic equipment and fuel cell system sales.

• Gross margin improved from -55% to -13% year-over-year, a 42 percentage point gain, mainly due to increased electrolyzer sales and cost reductions.

• Net loss widened to $246.0 million from $196.9 million in Q1 2025, reflecting higher operating losses and significant non-cash charges related to warrants and convertible notes.

• Project Quantum Leap cost actions and restructuring plans are driving margin improvements, with further sequential gains expected through 2026.

• Focus remains on achieving positive EBITDA/EBITDAS in Q4 2026 and long-term profitability.

Financial highlights

• Electrolyzer revenue surged from $9.2 million in Q1 2025 to $40.8 million in Q1 2026.

• Adjusted EPS for Q1 2026 was -$0.08, up from -$0.17 in Q1 2025, excluding ~$140 million in non-cash charges; GAAP EPS was -$0.18.

• Ended Q1 with $223 million in unrestricted cash and $579 million in restricted cash, totaling $802 million.

• Working capital stood at $734.1 million; accumulated deficit reached $8.5 billion.

• Operating cash outflow was $150.0 million, up from $105.6 million in Q1 2025.

Outlook and guidance

• Full-year 2026 sales growth expected at 13%-15%.

• Q2 revenue projected to grow sequentially from Q1, with margin rates expected to improve quarter-over-quarter.

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

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

• Monetization of hydrogen project assets expected to generate ~$275 million, with $142 million closing in June; sale of investment tax credit for $39.2 million targeted to close by end of May 2026.