10-Q · May 11, 2026
Plug Power Inc. reported a strong Q1 2026 performance with revenues of $163.5 million, a notable year-over-year increase of 22% compared to $133.7 million in Q1 2025. Gross loss narrowed to $(21.6) million from $(73.9)…
Earnings analysis · 10-Q
PLUG earnings analysis
Filed August 10, 2026 · Our reading of the company's report
The latest report
Plug delivered a modest revenue recovery and a substantial year-over-year improvement in gross and operating margins, helped by restructuring, improved stack reliability, lower production costs and a $39.7 million asset…
Read full summary
Plug delivered a modest revenue recovery and a substantial year-over-year improvement in gross and operating margins, helped by restructuring, improved stack reliability, lower production costs and a $39.7 million asset recovery. However, the company remains deeply loss-making, with a $190.102 million quarterly net loss, $244.105 million of six-month operating cash burn and only $161.894 million of unrestricted cash at quarter-end. Near-term liquidity was supported by $36.1 million of ITC proceeds and a subsequent $40.0 million infrastructure sale, but the DOE loan guarantee termination, elevated fair-value liabilities and ongoing impairments keep the risk profile high.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.14
- Gross margin
- -0.9%
- Operating margin
- -36.0%
- Segment
- Single reportable segment: hydrogen products and solutions; Q2 revenue $178.299 million, up 2.5% year over year and 8.7% sequentially. Product revenue: equipment and infrastructure $81.898 million; services $29.844 million; power purchase agreements $26.932 million; fuel delivered $39.472 million.
What stood out
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Revenue Rebounded and Beat Consensus
Revenue was $178.299 million, up $14.3 million, or 8.7%, from $164 million in Q1 2026 and up $4.329 million, or 2.5%, from $173.970 million in Q2 2025. Revenue exceeded consensus of $168.845 million by 5.6%.
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Gross Margin Improved Sharply
Gross loss narrowed to $1.675 million, or a negative 0.9% gross margin, from a $53.465 million loss and negative 30.7% margin a year earlier. Management attributed the improvement to lower labor and overhead costs, improved stack reliability, higher internal hydrogen production and lower fuel costs.
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Operating Loss Narrowed Materially
Operating loss improved to $64.108 million from $176.946 million in Q2 2025, with operating margin improving to negative 36.0% from negative 101.7%. SG&A fell 66.7% year over year to $29.267 million, partly due to $39.7 million of recoveries on previously impaired assets.
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Services and Recurring Revenue Grew
Services revenue increased 82.3% year over year to $29.844 million, supported by alterations and upgrades, higher pricing and an increase in average GenDrive units under maintenance to 26,368 from 23,846. Fuel revenue rose 14.7% to $39.472 million and PPA revenue rose 14.0% to $26.932 million.
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Cash Burn and Core Capex Declined
Operating cash outflow improved to $244.105 million for the six months ended June 30, 2026, from $297.378 million a year earlier. Property, plant and equipment purchases fell to $8.711 million from $79.069 million, while the company received $36.148 million from an investment tax credit sale.
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Asset Monetization Added Liquidity
Plug received $40.0 million on August 7, 2026 from the sale of high-voltage infrastructure at its Graham, Texas project. The company also received $36.1 million of net proceeds from the Louisiana investment tax credit sale during Q2 and stated that these proceeds support near-term liquidity.
What to watch
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Liquidity Remains a Major Risk
Unrestricted cash declined to $161.894 million from $368.540 million at December 31, 2025, while six-month operating cash use was $244.105 million. Management reported a $436.139 million six-month net loss and an accumulated deficit of $8.7 billion, underscoring continued funding dependence.
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Fair-Value Losses and Dilution
Convertible debt instruments increased to $577.998 million from $431.014 million, and $7.75 warrant liabilities increased to $136.254 million from $52.323 million. Q2 included non-cash fair-value losses of $74.235 million on convertible debt and $29.291 million on warrants, creating substantial earnings volatility.
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DOE Loan Guarantee Terminated
The DOE terminated the Loan Guarantee Agreement effective upon the expected August 18, 2026 release date; no amounts were advanced under the facility, which had provided for up to $1.66 billion of loan guarantees. The termination removes a potential source of project financing and is a newly highlighted risk factor.
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Strategic Exits Are Driving Impairments
The company recorded $19.365 million of Q2 impairment charges, including $11.7 million related to the strategic exit from material-handling investments and $5.2 million related to finance-lease right-of-use assets. This signals continued risk of asset write-downs as the company reshapes operations.
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Inventory Obsolescence Risk
Inventory remained elevated at $493.445 million despite declining from $520.968 million at year-end, and cumulative reductions for excess and obsolete inventory were $135.1 million. The company also recorded $6.7 million of Q2 inventory valuation adjustments in equipment-related cost of revenue.
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Tariff Environment Remains Uncertain
The company received $10.9 million of tariff refunds and recognized a further $3.8 million receivable, with a $14.7 million inventory-cost reduction. Management does not anticipate significant further refunds, while future tariff measures could increase supply-chain costs or disrupt component access.
Management's outlook
The 10-Q provides no numeric revenue or EPS guidance. Management states it expects $40.0 million of proceeds from the August 7, 2026 high-voltage infrastructure sale to provide additional near-term liquidity and believes available liquidity is sufficient to fund operations for at least 12 months.
Earlier filings 4
10-K · March 2, 2026
Plug Power presents itself as a vertically integrated hydrogen platform — electrolyzers, liquefaction, production, fuel cells and turnkey GenKey solutions — and is scaling production capacity (commissioned the St.…
10-Q · November 12, 2024
Plug Power reported Q3 net revenue of $173.73M and GAAP net loss of $211.17M (EPS -$0.25). Revenue and gross/operating margins remain deeply negative year‑over‑year, though sequential margin and EPS trends show…
10-Q · August 8, 2024
Plug reported Q2 net revenue of $143.35M and GAAP net loss per share of $(0.36). Revenue improved versus the prior quarter but declined sharply year-over-year; gross and operating margins remain deeply negative despite…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.