Plug Power reported second quarter 2026 revenue of $178.3 million, exceeding analyst estimates and reflecting a 9% sequential increase. The company significantly improved its gross margin to approximately breakeven, up from negative 31% in the prior-year period, driven by operational efficiencies and reduced sourcing costs. Management raised its full-year revenue growth guidance to 15%-16% and reiterated its target to achieve positive EBITDAS by the fourth quarter of 2026.
Key Highlights
- Operating expenses were reduced by 50% year-over-year to $62.4 million, reflecting aggressive cost discipline and asset monetization.
- Material handling deployments reached 1,666 GenDrive units, a 125% increase compared to 739 units in the second quarter of 2025.
- Fuel gross margins improved to negative 48% from negative 91% year-over-year, supported by higher plant utilization and hydrogen network optimization.
- Net cash usage improved 58% sequentially to $61 million, while unrestricted cash ended the quarter at $161.9 million.