Plug Power (PLUG) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue rose 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 and 71% improvement, mainly due to increased electrolyzer sales and cost reductions.

• Adjusted EPS for Q1 2026 was -$0.08, improved from -$0.17 in Q1 2025, while GAAP EPS was -$0.18, impacted by ~$140 million in non-cash charges.

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

• 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.

• Hydrogen fuel sales grew 10%–22% year-over-year; material handling platform grew 15%; electrolyzer platform grew 343%.

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

• Operating cash outflow was $150.0 million, up from $105.6 million in Q1 2025; CapEx was $7 million.

• Working capital stood at $734.1 million; weighted average shares outstanding: 1.39 billion.

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.

• Inventory reduction of at least $100 million targeted for 2026, with most progress in the second half.

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