SLINGERLANDS, N.Y., Aug. 10, 2026 (GLOBE NEWSWIRE) -- Plug Power Inc. $(PLUG)$, a global leader in comprehensive hydrogen solutions for the hydrogen economy, today reported second quarter 2026 results. As compared to the prior year and prior quarter, the Company delivered higher revenue, significant gross margin expansion, substantially lower operating expenses, and lower net cash usage. This was coupled with ongoing disciplined capital management and continued commercial execution across its core businesses.
"Our second quarter results demonstrate that Plug is executing its transformation into a stronger, more efficient and profitable company," said Jose Luis Crespo, Chief Executive Officer of Plug Power. "We delivered revenue growth, improved gross margins, reduced operating expenses, strengthened liquidity, and advanced major commercial milestones across our core businesses. We continue to expand our installed material handling base, which also builds our recurring revenues through equipment replacements, service, and hydrogen fuel. Our electrolyzer pipeline continues to expand, and we see an increasing conversion rate. Given the historically second-half-weighted cadence of our business and the strength of our commercial backlog, we are raising our full-year 2026 revenue growth guidance to a range of 15% to 16%. We believe we are on track to achieve our positive EBITDAS target in the fourth quarter of 2026."
Key Second Quarter Highlights
Second quarter results reflect continued execution of Plug's strategy to improve profitability while continuing to grow our revenue streams across our core businesses in material handling, hydrogen production, and electrolyzers.
-- Gross margin improved to breakeven compared to (31%) in the prior-year
period and (13%) in the first quarter of 2026. Equally important, this
demonstrates that our breakeven threshold continues to lower as we
improve margins.
-- Operating expenses declined 50% year over year to $62 million,
representing continued execution of cost discipline coupled with our
ongoing focus on asset monetization.
-- Net revenue was $178 million, which reflects quarterly growth
sequentially of 9%.
-- GAAP EPS was $(0.14) compared to prior year of $(0.20).
-- Adjusted EPS was ($0.07) compared to prior year adjusted EPS of ($0.18)
(see the reconciliation in the attached financial tables).
Commercial & Operational Execution
Plug continued translating its commercial pipeline into executed projects while expanding its global hydrogen platform.
Material Handling
Plug's material handling business continues to demonstrate strong commercial momentum, supported by an expanding installed base and increasing recurring revenue.
Quarter Highlights
-- Deployed 1,666 GenDrive fuel cell units in the quarter, more than
doubling deployments of 739 units in Q2 2025 (up 125% year over year).
-- Two of Plug's largest material handling customers are planning to refresh
more than 20,000 GenDrive units over the next three years, creating a
significant recurring revenue opportunity as customers upgrade to Plug's
newest generation fuel cell technology.
-- Service revenue grew 82% year over year to $30 million, demonstrating
the increasing value of Plug's expanding installed base and growing
recurring aftermarket revenue.
-- Service margin was 27% positive for the quarter. The Company has seen
continued improvement in unit performance, driven from increased
reliability and in turn this is enabling the Company to increase units
per service tech profiles, which drives improved overhead leverage.
GenEco Electrolyzers
Plug continued converting its commercial pipeline into executable projects, demonstrating increasing customer confidence in large-scale PEM electrolyzer deployments.
Quarter Highlights
-- We announced the FID of the 30 MW Barrow Green Hydrogen project for
Carlton Power in the UK. This is part of the 55 MW awarded in November
2025. We expect the additional 25 MW to reach FID in 2026.
-- We announced the selection for the 275 MW GenEco FEED scope on Hy2gen's
Courant Project in Québec.
-- On July 7, 2026 we announced that Plug secured a 50 MW GenEco
electrolyzer order following Final Investment Decision for Orica's Hunter
Valley Hydrogen Hub, Australia's largest renewable hydrogen project to
reach FID which builds on the commercial momentum in Q2.
-- Advanced execution on major deployments, with the 100 MW GALP project in
Portugal and the 25 MW Iberdrola and BP project in Spain continuing to
progress through commissioning activities.
Hydrogen Production
Plug continued strengthening its vertically integrated hydrogen platform, supporting growing customer demand while improving production efficiency and expanding recurring fuel revenue.
Quarter Highlights
-- Fuel revenue increased 15% year over year to $39 million, reflecting
continued growth in hydrogen consumption across Plug's expanding customer
base.
-- Fuel gross margin improved to (48%) from (91%) in the prior-year
quarter, reflecting improved plant utilization, production efficiency,
and hydrogen network optimization.
Balance Sheet & Liquidity
Plug continued strengthening its liquidity position with improvements in margin, continued focus on reducing capex, increasing leverage on working capital, and progressing on its asset monetization initiatives.
Quarter Highlights
-- Unrestricted cash was $162 million at quarter end, with net cash usage
improving to $61 million for the quarter, down 58% sequentially.
-- Subsequent to quarter end, Plug announced transactions expected to
generate $80 million of near-term liquidity through the sale of the
Graham, Texas project and the staged closing of the New York Gateway
project. Over July and August to date, $47 million has been received
given a release of associated escrowed funds and the sale of certain
power assets. This brings the total since inception of this effort of
funds collected to $52 million. These collective transactions further
advance the effort to unlock the $275 million total target for this asset
monetization and non-dilutive financing initiative.
Outlook
For the balance of 2026, Plug remains focused on:
-- Growing and converting its sales pipeline to achieve an updated full-year
2026 revenue growth target of 15% to 16% and position 2027 for continued
growth.
-- Improving margins and maintaining cost discipline to achieve positive
EBITDAS target in Q4 2026.
-- Strengthening liquidity through additional non-dilutive financing
initiatives, including unlocking the incremental proceeds for the $275
million total target through our data center asset monetization
initiatives.
Plug believes long-term hydrogen demand continues to be supported by energy security, industrial decarbonization, and accelerating global power demand. Combined with continued execution across its core businesses, the Company believes it is increasingly well positioned to deliver sustainable profitable growth and long-term shareholder value.
Earnings Call Details
Management will host a conference call to discuss results and business outlook.
-- Date: August 10, 2026
-- Time: 4:30 PM ET
-- Toll-free: 877-407-9221 / +1 201-689-8597
-- Direct webcast:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=78Bu4HFq
A live webcast will be available on the Plug Investor Relations website at www.ir.plugpower.com, and a playback will remain available online following the call.
About Plug Power
Plug designs, builds, and operates a fully integrated hydrogen ecosystem spanning production, storage, delivery, and power generation, enabling the global hydrogen economy. A first mover in the industry, Plug delivers electrolyzers, fuel cells, and hydrogen production plants to customers across material handling, industrial applications, and energy markets, advancing energy resilience and industrial decarbonization.
Plug's GenEco electrolyzers span five continents, and the Company has more than 76,000 GenDrive fuel cell systems and 280+ hydrogen-powered material handling sites deployed to date. Plug also operates its own hydrogen generation network to ensure a reliable, domestically produced supply, with production facilities currently operational in Georgia, Tennessee, and Louisiana, representing a combined capacity of approximately 40 tons per day.
With employees and state-of-the-art manufacturing facilities around the world, Plug serves global leaders including Walmart, Amazon, Home Depot, BMW, and BP.
For more information, visit www.plugpower.com.
Safe Harbor Statement
This press release contains statements that are considered forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding the Company's expectations, beliefs, plans, projections, and anticipated results of operations, including statements regarding the Company's updated full-year 2026 revenue growth guidance of 15% to 16%, its target of achieving positive EBITDAS in the fourth quarter of 2026, anticipated margin improvement and cost reductions, liquidity and capital resources, the timing and anticipated proceeds of asset monetization and non-dilutive financing initiatives, electrolyzer and hydrogen production capacity, utilization, and project pipeline
conversion; the Company's target of unlocking more than $275 million in aggregate liquidity through asset monetization and non-dilutive financing initiatives; anticipated benefits of Project Quantum Leap; anticipated customer fleet refresh, upgrade, and replacement programs, including expected GenDrive unit volumes; the Company's beliefs regarding long-term hydrogen demand and the growth of the hydrogen economy, including with respect to energy security, industrial decarbonization, and power demand trends; the Company's plans and expectations for 2027 and beyond; and the Company's long-term growth strategy and market opportunity. Forward-looking statements are based on management's current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These forward-looking statements are not guarantees of future performance, and you should not place undue reliance on them. Factors that could cause actual results to differ materially include, but are not limited to: the Company's history of operating losses and negative cash flows and its ability to achieve or sustain profitability; the Company's need for additional capital and the availability of financing on acceptable terms; the timing and ability to complete the asset monetization and non-dilutive financing transactions described in this press release, satisfy applicable closing conditions, and realize the anticipated liquidity benefits therefrom in the amounts and within the timeframes currently anticipated; the Company's ability to achieve anticipated revenue growth, margin improvement, and cost reductions, including in light of the historically second-half-weighted cadence of its business; the Company's ability to convert its commercial and electrolyzer project pipeline into revenue-generating projects and achieve anticipated deployment and utilization levels; delays or disruptions in project development, permitting, construction, or commissioning; the availability, timing, and cost of hydrogen supply and production inputs; fluctuations in the Company's operating results due to non-cash changes in the fair value of its convertible debt instruments and warrant liabilities; customer and counterparty concentration and the timing of customer orders and deployments, including the risk that anticipated customer fleet refresh, upgrade, or replacement programs are delayed, reduced in scope, or do not materialize as currently planned; competitive, regulatory, and macroeconomic conditions, including changes in government incentives, tariffs, and trade policy; and other risks described in the Company's filings with the Securities and Exchange Commission (the "SEC"), including its most recent Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and its other subsequent filings with the SEC. All forward-looking statements included in this press release are based on information available to the Company as of the date of this release and speak only as of that date. The Company assumes no obligation to, and expressly disclaims any obligation to, update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
Plug Power Inc. and Subsidiaries
Consolidated Balance Sheets
(In thousands, except share and per share amounts)
(Unaudited)
June 30, 2026 December 31, 2025
--------------- ---------------------
Assets
Current assets:
Cash and cash equivalents $ 161,894 $ 368,540
Restricted cash 155,523 186,746
Accounts receivable, net of
allowance of $39,278 as of
June 30, 2026 and $46,805 as
of December 31, 2025 125,861 134,758
Inventory, net 493,445 520,968
Contract assets 103,178 105,268
Prepaid expenses, tax credits,
and other current assets 106,436 93,988
---------- --------------
Total current assets 1,146,337 1,410,268
Restricted cash 354,111 438,698
Property, plant, and equipment,
net 243,995 281,001
Right of use assets related to
finance leases, net 35,938 44,852
Right of use assets related to
operating leases, net 157,370 182,206
Equipment related to power
purchase agreements and fuel
delivered to customers, net 142,350 122,926
Contract assets 18,493 24,137
Intangible assets, net 27,292 29,228
Investments in non-consolidated
entities and non-marketable
securities 50,705 46,909
Other assets 15,975 14,343
---------- --------------
Total assets $ 2,192,566 $ 2,594,568
========== ==============
Liabilities and Stockholders'
Equity
Current liabilities:
Accounts payable $ 144,259 $ 168,744
Accrued expenses 105,692 128,010
Deferred revenue and other
contract liabilities 60,304 66,742
Operating lease liabilities 56,200 70,407
Finance lease liabilities 9,523 10,934
Finance obligations 57,670 76,160
Current portion of convertible
debt instruments, net -- 2,583
Current portion of long-term
debt 314 626
Contingent consideration, loss
accrual for service
contracts, and other current
liabilities (of which $1,971
was measured at fair value as
of June 30, 2026 and $4,871
was measured at fair value as
of December 31, 2025) 59,921 86,382
---------- --------------
Total current liabilities 493,883 610,588
Deferred revenue and other
contract liabilities 26,145 34,203
Operating lease liabilities 158,512 194,709
Finance lease liabilities 19,343 17,627
Finance obligations 156,181 191,806
Warrant liabilities 136,254 52,323
Convertible debt instruments, net 577,998 431,014
Long-term debt 1,210 1,306
Contingent consideration, loss
accrual for service contracts,
and other liabilities (of which
$6,012 was measured at fair value
as of June 30, 2026 and $6,906
was measured at fair value as of
December 31, 2025) 35,750 57,678
Total liabilities 1,605,276 1,591,254
Stockholders' equity:
Common stock, $.01 par value
per share; 3,000,000,000
shares authorized as of June
30, 2026 and 1,500,000,000
shares authorized as of
December 31, 2025; Issued
(including shares in
treasury): 1,397,924,047 as
of June 30, 2026 and
1,394,241,538 as of December
31, 2025 13,980 13,943
Additional paid-in capital 9,227,977 9,186,314
Accumulated other
comprehensive income 2,450 6,796
Accumulated deficit (8,659,550) (8,226,039)
Less common stock in treasury:
1,025,649 as of June 30, 2026
and 970,588 as of December
31, 2025 (3,104) (2,945)
---------- --------------
Total Plug Power Inc.
stockholders' equity 581,753 978,069
---------- --------------
Non-controlling interest 5,537 25,245
---------- --------------
Total stockholders' equity 587,290 1,003,314
---------- --------------
Total liabilities and
stockholders' equity $ 2,192,566 $ 2,594,568
========== ==============
Plug Power Inc. and Subsidiaries
Consolidated Statements of Operations
(In thousands, except share and per share amounts)
(Unaudited)
Three months ended June 30, Six months ended June 30,
-------------------------------- ----------------------------------
2026 2025 2026 2025
--------------- --------------- --------------- -----------------
Net revenue:
Sales of
equipment,
related
infrastructure
and other $ 81,898 $ 99,173 $ 160,920 $ 162,679
Services performed
on fuel cell
systems and
related
infrastructure 29,844 16,367 51,814 33,241
Power purchase
agreements 26,932 23,633 53,222 46,843
Fuel delivered to
customers and
related
equipment 39,472 34,399 75,267 63,856
Other 153 398 589 1,025
------------- ------------- ------------- -------------
Net revenue 178,299 173,970 341,812 307,644
Cost of revenue:
Sales of
equipment,
related
infrastructure
and other 80,326 117,280 165,653 191,836
Services performed
on fuel cell
systems and
related
infrastructure 21,724 9,996 36,145 24,458
Benefit for loss
contracts related
to service (15,674) (10,832) (23,488) (1,944)
Power purchase
agreements 35,000 45,272 75,148 95,204
Fuel delivered to
customers and
related
equipment 58,495 65,636 111,387 124,990
Other 103 83 249 426
------------- ------------- ------------- -------------
Total cost of
revenue 179,974 227,435 365,094 434,970
Gross loss (1,675) (53,465) (23,282) (127,326)
Operating expenses:
Research and
development 13,420 12,193 25,533 29,550
Selling, general
and
administrative 29,267 87,893 99,475 168,732
Restructuring 184 2,964 1,609 20,118
Impairment 19,365 20,599 23,221 21,663
Change in fair
value of
contingent
consideration 197 (168) 477 (11,987)
Total operating
expenses 62,433 123,481 150,315 228,076
------------- ------------- ------------- -------------
Operating loss (64,108) (176,946) (173,597) (355,402)
Interest income 2,592 5,845 6,437 10,998
Interest expense (16,889) (15,938) (34,240) (27,424)
Other
(expense)/income,
net (7,199) 3,817 (6,113) 5,107
(Loss)/gain on
extinguishment of
convertible debt
instruments and
finance
obligations (90) (5,475) 1,715 (9,127)
Change in fair
value of
convertible debt
instruments (74,235) 9,240 (145,017) 1,902
Change in fair
value of debt -- (3,408) -- (3,408)
Change in fair
value of warrant
liabilities (29,291) -- (83,931) --
Loss on equity
method
investments (675) (45,850) (1,145) (48,220)
Loss before income
taxes $ (189,895) $ (228,715) $ (435,891) $ (425,574)
Income tax expense (207) (12) (248) (12)
------------- ------------- ------------- -------------
Net loss $ (190,102) $ (228,727) $ (436,139) $ (425,586)
============= ============= ============= =============
Net loss
attributable to
non-controlling
interest (1,895) (1,628) (2,628) (1,831)
------------- ------------- ------------- -------------
Net loss
attributable to
Plug Power Inc. $ (188,207) $ (227,099) $ (433,511) $ (423,755)
============= ============= ============= =============
Net loss per share
attributable to
Plug Power Inc.:
Basic and diluted $ (0.14) $ (0.20) $ (0.31) $ (0.41)
============= ============= ============= =============
Weighted average
number of common
stock
outstanding 1,391,212,670 1,126,627,283 1,390,446,779 1,036,697,246
============= ============= ============= =============
Plug Power Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Six months ended June 30,
-------------------------------
2026 2025
--------------- --------------
Operating activities
Net loss $ (436,139) $ (425,586)
Adjustments to reconcile net loss to
net cash used in operating activities:
Depreciation of long-lived assets 12,871 24,910
Amortization of intangible assets 1,822 4,008
Lower of cost or net realizable value
inventory adjustments and provision
for excess and obsolete inventory 15,166 21,166
Stock-based compensation 26,888 24,167
(Gain)/loss on extinguishment of
convertible debt instruments and
finance obligations (1,715) 9,127
Provision for losses on accounts
receivable 2,394 4,672
Amortization of discount/(premium) of
debt issuance costs on convertible
debt instruments and long-term debt 2,081 (214)
Provision for common stock warrants 18,950 18,599
Impairment 23,221 21,663
Recovery on service contracts (35,175) (25,806)
Change in fair value of contingent
consideration 477 (11,987)
Change in fair value of convertible
debt instruments 145,017 (1,902)
Change in fair value of debt -- 3,408
Change in fair value of warrant
liabilities 83,931 --
Loss on equity method investments 1,145 48,220
Changes in operating assets and
liabilities that provide/(use) cash:
Accounts receivable 6,503 13,829
Inventory 3,530 16,356
Contract assets (6,942) (5,210)
Prepaid expenses and other assets (11,189) 41,691
Accounts payable, accrued expenses,
and other liabilities (49,394) (4,077)
Deferred revenue and other contract
liabilities (13,910) (54,938)
Payments of contingent
consideration (1,918) (8,341)
Payments of operating lease
liabilities, net (31,719) (11,133)
Net cash used in operating
activities (244,105) (297,378)
---------- ----------
Investing activities
Purchases of property, plant and
equipment (8,711) (79,069)
Proceeds from sale of property,
plant and equipment 1,035 --
Proceeds from sale of investment
tax credit 36,148 --
Purchases of equipment related to
power purchase agreements and
equipment related to fuel
delivered to customers (30,064) (7,409)
Cash paid for non-consolidated
entities and non-marketable
securities (6,600) (838)
Net cash used in investing
activities (8,192) (87,316)
---------- ----------
Financing activities
Payments of contingent
consideration (2,330) --
Proceeds from public and private
offerings, net of transaction
costs -- 276,192
Payments of tax withholding on
behalf of employees for net stock
settlement of stock-based
compensation (159) (207)
Proceeds from exercise of stock
options 1,636 --
Contributions by non-controlling
interest 300 750
Distributions to non-controlling
interest (16,474) --
Principal payments on convertible
debt instruments (2,413) (185,962)
Premium on principal of convertible
debt instruments settled in cash -- (3,832)
Proceeds from debt issuance -- 199,500
Principal payments on long-term
debt (692) (688)
Cash paid for capitalized closing
fees related to DOE loan
guarantee -- (13,414)
Principal repayments of finance
obligations and finance leases (47,788) (46,275)
Net cash (used in)/provided by
financing activities (67,920) 226,064
---------- ----------
Effect of exchange rate changes on cash (2,239) (5,278)
Decrease in cash and cash equivalents (206,646) (64,957)
Decrease in restricted cash (115,810) (98,951)
Cash, cash equivalents, and restricted
cash beginning of period 993,984 1,040,709
---------- ----------
Cash, cash equivalents, and restricted
cash end of period $ 671,528 $ 876,801
========== ==========
Plug Power Inc. and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
(In thousands, except per share amounts)
(Unaudited)
For the three months ended June 30,
-----------------------------------------
2026 2025
-------------------- -------------------
Reconciliation of net loss
attributable to Plug Power
Inc. and adjusted net loss
attributable to Plug Power
Inc. (Non-GAAP):
-----------------------------
Net loss attributable to Plug
Power Inc. (GAAP): $ (188,207) $ (227,099)
Adjustments, net of estimated
tax effect:
Impairment 19,365 20,599
Restructuring and supplier
contract modification 184 8,318
Transaction fees related to
investment tax credit 3,140 --
Change in fair value of
contingent consideration 197 (168)
Recovery of previously
impaired assets (39,701) --
Losses on extinguishment
and changes in fair value
of convertible debt
instruments, finance
obligations and warrant
liabilities, net 103,616 (357)
Adjusted net loss
attributable to Plug Power
Inc. (Non-GAAP): $ (101,406) $ (198,707)
=============== ===============
Adjusted basic and diluted
net loss per share
attributable to Plug Power
Inc. (Non-GAAP): $ (0.07) $ (0.18)
=============== ===============
Weighted average number of
common stock outstanding 1,391,212,670 1,126,627,283
=============== ===============