Plug Power Cuts Net Cash Use to $28 Million in Third Quarter

Key Facts

Plug Power cut net cash use to about $28 million in the third quarter of 2026, and the company said cash and cash equivalents, excluding restricted cash, totaled about $134 million at quarter-end. Quarterly filings with the U.S. Securities and Exchange Commission showed revenue of $200.602 million, compared with $177.055 million in the same period of 2025. The company said lower costs and improved operating leverage helped lift gross margin to about negative 3%, from negative 68% a year earlier. The results show progress in revenue, margin and cash use, while gross margin remained below break-even. The company raised no proceeds during the quarter from its at-the-market offering program or other equity or debt issuances.

Revenue was $200.602 million, compared with $177.055 million in the third quarter of 2025, according to quarterly filings with the commission. Plug disclosed on October 15 an unaudited preliminary estimate indicating growth of more than 10% year over year. It said then that sales progress and growth in its opportunity pipeline put it on track to achieve its annual revenue growth guidance of about 15% to 16%. The company maintained that range for its 2026 guidance in its results. This puts the quarter's performance on the path targeted by the company for the year, while achieving revenue growth alongside improved operating profitability remains an area to watch.

Gross margin improved to about negative 3% in the third quarter, compared with about negative 68% in the same period a year earlier. The company attributed the improvement to cost reductions, better operating leverage and lower inventory valuation adjustments. Operating expenses also fell by about 69% to nearly $70 million, from about $229 million a year earlier. Plug said the decline in expenses reflected lower unusual items and continued execution of Project Quantum Leap. In the fuel business, revenue grew by about 6% to nearly $38 million, and fuel gross margin improved to about negative 52% from negative 79%. The company attributed this to higher average selling prices, lower fuel procurement costs, improved facility operations and greater production efficiency.

Basic earnings per share under U.S. accounting rules were about $0.07 in the third quarter, compared with a loss of $0.31 per share a year earlier. The results included about $192 million in non-cash gains from the revaluation of equity instruments. The company said these gains added about $0.12 to earnings per share. These non-cash items put part of reported earnings per share in the context of revaluation, alongside improvements in revenue and margins and lower expenses. On liquidity, the company ended the quarter with about $134 million in cash and cash equivalents, excluding restricted cash, without issuing equity or debt to raise financing during the period.

On the business front, Plug said it signed a supply agreement for 280 megawatts of electrolyzers for the e-methanol project in Denmark to produce sustainable aviation fuel. It also entered into a cooperation agreement making it a preferred supplier for more than 1 gigawatt of potential projects to produce this fuel in Europe and the Americas. The company estimated in an update issued on October 15 that its global electrolyzer opportunity pipeline was about $8 billion. These figures represent the scale of the opportunities and projects cited by the company, while their impact depends on project progress and conversion into actual business. The company deployed 1,136 GenDrive units in the quarter, compared with 540 units in the same period of 2025, an annual increase of 110%.

The company said that, based on its current outlook, cash use is expected to be relatively stable in the fourth quarter of 2026. It also maintained its target of achieving positive adjusted earnings before interest, taxes, depreciation and amortization in the fourth quarter, with annual revenue growth guidance of 15% to 16%. Among upcoming commercial milestones, Plug set November 19, 2026, for the digital broadcast of Plug Symposium 2026, from 9 a.m. to 12 p.m. Eastern Time. The company's shares closed at $1.50 on November 9, 2026. Upcoming results will be watched for execution of announced contracts, continued margin improvement and the path of cash use toward year-end.