Plug Power (PLUG) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached $178.3 million, up 9% sequentially and 2.5% year-over-year, with gross margin improving to near breakeven from -30.7% last year and -13% last quarter.

• Operating expenses declined 50% year-over-year to $62 million, reflecting restructuring, cost discipline, and asset monetization efforts.

• 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.

• Major contract dispute resolved, resulting in $50 million cash inflow and $37 million gain.

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.

• Service revenue grew 82% year-over-year to $29.8 million, with a 27% service margin.

• Fuel revenue rose 15% year-over-year to $39.5 million; fuel gross margin improved to -48% from -91%.

• Operating loss for Q2 2026 was $64 million, improved from $177 million in Q2 2025.

Outlook and guidance

• Full-year revenue growth guidance increased to 15%-16%, up from 13%-15% previously.

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

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

• 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.