Quarterly ResultMay 11, 2026, 04:02 PM
Plug Power Q1 Revenue +22% to $163.5M; Gross Margin Improves
AI Summary
Plug Power Inc. reported strong first-quarter 2026 results, with revenue increasing 22% year-over-year to $163.5 million, exceeding internal expectations. The company achieved meaningful margin improvement, with GAAP gross margin improving to (13%) from (55%) in the prior-year period, and adjusted EPS improving to ($0.08). Plug Power is on track to achieve its EBITDAS positive target in Q4 2026, driven by disciplined execution across its integrated hydrogen platform and continued demand in core markets.
Key Highlights
- Revenue increased 22% year-over-year to $163.5 million.
- GAAP gross margin improved to (13%) from (55%) in the prior-year period.
- Adjusted EPS improved to ($0.08) in Q1 2026 from ($0.17) in Q1 2025.
- Q1 2026 GAAP EPS was ($0.18), including approximately $140 million in non-cash charges.
- Hydrogen fuel sales increased by 22% for Q1 2026 compared to Q1 2025.
- Ended the quarter with over $802 million in total cash.
- Over 320 MW of electrolyzer capacity deployed globally.
- Anticipates approximately $275 million from hydrogen project asset monetization initiatives.