Plug Power Revenue Rises 13% to $201 Million in Third Quarter of 2026
Key Facts
Plug Power reported third-quarter 2026 results on November 9, posting revenue of about $201 million, up about 13% year over year, according to a filing with the U.S. Securities and Exchange Commission. Gross margin rose to about negative 3%, compared with about negative 68% in the same period of 2025. CEO Jose Luis Crespo said the results reflect "continued progress toward a stronger, more profitable company." The company attributed the margin improvement to cost reductions, improved operating leverage and lower inventory valuation adjustments. It also cited lower operating expenses and increased fuel-cell unit deliveries as it continues to focus on liquidity and operating profitability.
Operating expenses were about $70 million, down about 69% from about $229 million in the third quarter of 2025. The company said the decline reflected lower unusual items and continued execution of Project Quantum Leap. On the product side, Plug delivered about 1,136 GenDrive units during the quarter, compared with 540 units in the same period a year earlier, an annual increase of 110%. The services margin was about 31% positive. The company attributed continued improvement in services to better unit performance and an increase in the number of units serviced by each technician, supporting lower overhead costs.
The results showed U.S. GAAP basic earnings of about $0.07 per share, compared with a loss of $0.31 per share in the same period of 2025. However, the results included non-cash gains of about $192 million from the revaluation of equity instruments. The company estimated that these gains had a positive impact of about $0.12 per share, making them a key component of reported profitability. Cash and cash equivalents, excluding restricted cash, were about $134 million at quarter-end. The company said it received no proceeds during the quarter from its at-the-market offering program or from other increases in equity or debt capital.
The results reflect operational improvement in revenue, margins and expenses, while the company's ability to continue reducing cash use and achieve operating profitability remains in focus in the coming quarters. EL7 data showed the stock closed at $1.50 on November 9, the latest price available in the evidence for this story. Plug reaffirmed its guidance for revenue growth of 15% to 16% in 2026. It said it is targeting positive EBITDAS in the fourth quarter and expects net cash use to be roughly stable during the period. The company scheduled its digital Plug Symposium for November 19, from 9 a.m. to noon Eastern time, to discuss energy security, grid resilience, regulation and hydrogen projects.
In an earlier update issued on October 15, the company said it had signed an agreement to supply 280 megawatts of electrolyzers for the ENDOR project in Denmark, alongside a collaboration agreement making it a preferred supplier for more than 1 gigawatt of potential sustainable e-fuel projects in Europe and the Americas. Crespo said at the time that the company's fourth-quarter focus included improving operating leverage, managing cash and meeting customer commitments. He added that the company was building a project pipeline for 2027 and beyond. These priorities put revenue guidance and fourth-quarter targets at the center of evaluating the operational transformation outlined in the company's results. The upcoming digital symposium is set to give the company an opportunity to discuss energy security, grid resilience, regulation and hydrogen projects.