Plug Power reports $201m Q3 revenue and 65-point gross-margin improvement
- Q3 revenue rose 13% year on year to approximately $201m, from $177m.
- Gross margin improved to approximately -3%, versus -68% a year earlier.
- Net cash use fell to approximately $28m from $61m in Q2; quarter-end cash was $134m.
- Plug signed a 280 MW electrolyzer supply agreement with Arcadia eFuels and secured a 50 MW order from Orica.
Financial results
Plug Power reported third-quarter 2026 revenue of approximately $201m, up 13% year on year. Gross margin improved to approximately -3% from -68%, while operating expenses fell 69% to approximately $70m.
Net cash use was approximately $28m, down 54% sequentially from $61m in Q2. Cash and cash equivalents, excluding restricted cash, totaled approximately $134m at quarter-end. The company raised no funds through equity or debt offerings during the quarter. It expects cash use to be relatively flat in Q4, based on its current forecast.
GAAP basic EPS was approximately $0.07, including a non-cash mark-to-market gain of approximately $192m on equity instruments, which contributed about $0.12 per share.
Business updates
Plug deployed 1,136 GenDrive fuel-cell units in material handling, more than double the 540 units deployed a year earlier. Service margin was approximately 31%.
The company signed a 280 MW GenEco electrolyzer supply agreement with Arcadia eFuels for a Danish e-SAF project, alongside a cooperation agreement covering more than 1 GW of potential projects. It also secured a 50 MW order from Orica for Australia’s Hunter Valley Hydrogen Hub and shipped a 1 MW electrolyzer to HWR Hydrogen in New Zealand.
Fuel revenue rose 6% year on year to approximately $38m. Fuel gross margin improved to approximately -52% from -79% a year earlier.
Outlook
Plug maintained its 2026 revenue growth guidance of 15% to 16% and its target of positive EBITDAS in Q4 2026.
Source: Plug Power