Plug Power (PLUG) Q3 2026 earnings summary

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.