Plug Power Inc. (PLUG) Earnings
Plug Power Inc. is expected to report next earnings on November 9, 2026 (in NaN days), with a consensus EPS estimate of $-0.07. PLUG has beaten EPS estimates in 2 of its last 12 reported quarters (average surprise -176.6% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 10, 2026 | $-0.08 | $-0.14 | -80.1% | $178M | +5.4% |
| May 11, 2026 | $-0.09 | $-0.08 | +11.1% | $164M | +16.9% |
| Mar 3, 2025 | $-0.23 | $-1.65 | -617.4% | $191M | +11.9% |
| Aug 8, 2024 | $-0.30 | $-0.36 | -20.0% | $143M | -22.5% |
| May 9, 2024 | $-0.32 | $-0.43 | -34.4% | $120M | -23.7% |
| Mar 1, 2024 | $-0.56 | $-1.07 | -91.1% | $222M | +0.0% |
| Nov 9, 2023 | $-0.32 | $-0.47 | -46.9% | $199M | -51.8% |
| Mar 1, 2023 | $-0.26 | $-0.38 | -46.2% | $221M | -21.5% |
| Mar 1, 2022 | $-0.12 | $-0.32 | -166.7% | $162M | +2.7% |
| Aug 5, 2021 | $-0.07 | $-0.18 | -157.1% | $125M | +0.0% |
| Jun 22, 2021 | $-0.08 | $-0.12 | -50.0% | $72M | -6.9% |
| Feb 25, 2021 | $-0.08 | $-0.05 | +37.5% | $316M | +262.3% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · August 10, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Overall Quarterly Financial Performance * Q2 2026 total net revenue was $178.3 million, up 9% sequentially from Q1 2026, with first half 2026 revenue reaching $342 million, up 11% year-over-year. * Gross margin improved to approximately negative 0.9% (near break-even), a 29.8 percentage point improvement from negative 30.7% in Q2 2025 and a 12.1 percentage point improvement from negative 13% in Q1 2026. * GAAP operating expenses declined 50% year-over-year to $62 million; including a $37 million gain from a resolved customer contract dispute, the adjusted run-rate remains on track to hit the previously guided ~$75 million quarterly OpEx target. * GAAP EPS was a loss of $0.14, compared to a loss of $0.20 year-over-year; adjusted EPS was a loss of $0.07, compared to a loss of $0.18 year-over-year. * Net cash usage improved 58% sequentially to $61 million in Q2; the company ended the quarter with $161.9 million in unrestricted cash and $510 million in restricted cash, for $672 million total cash. - Operational & Strategic Progress * The Quantum Leap restructuring program has delivered structural operational discipline that drove margin improvements and lower break-even revenue thresholds, putting positive EBITDA in Q4 2026 within reach. * The company has a $275 million target for non-dilutive liquidity from asset monetization; it has already received $47 million of the $80 million expected near-term from the recently announced Graham, Texas and New York project sales, with $52 million total received to date. * Inventory has reduced by $28 million from year-end 2025, with a full-year target of at least $100 million in inventory reduction, weighted to the second half of 2026. Capital spending remained light at under $9 million in the first half. * Two of the company's largest material handling customers have committed to refresh 20,000 GenDrive units over the next three years, creating a durable multi-year embedded revenue opportunity. * Strong regulatory tailwinds are building for electrolyzers in Europe: Spain's new draft RED3 framework could drive ~10 gigawatts of electrolyzer demand by 2030, the European Commission approved a 780 million euro Dutch electrolyzer subsidy scheme, and a 500 million euro European hydrogen auction is scheduled for December 2026, creating a multi-year growth runway for the segment.
Guidance
- Full year 2026 revenue growth guidance was raised from the previous 13% to 15% range to 15% to 16% year-over-year growth, driven by stronger than expected first half results and improved visibility into second half performance. - The company reaffirmed its target of achieving positive Adjusted EBITDA in Q4 2026, driven by 40% higher second half revenue compared to the first half (mostly from equipment volume), continued manufacturing cost reductions, service margin expansion, and further fuel network efficiency improvements. - The company maintains prior long-term guidance of operating income positive in 2027 and full overall profitability (positive EPS) in 2028, with no new long-term guidance issued on this call. - The historical pattern of second half weighted full year results, with Q4 benefiting from year-end deployment cycles, is expected to hold in 2026, with the majority of 2026 second half volume expected to be realized in Q4 2026.
Segment performance
1. Material Handling: 1,666 GenDrives deployed in Q2 2026, more than double the 739 units deployed in Q2 2025. Service revenue reached $29.8 million, growing 82% year-over-year, with a 27% service margin. This segment is a key driver of recurring durable revenue. 2. Electrolysis: The segment saw strong commercial momentum, with multiple large projects reaching FID: a 30 megawatt Barrow Green hydrogen project for Carlton Power (UK), a 50 megawatt Gen-Eco electrolyzer order for Orica at the Hunter Valley Hydrogen Hub (Australia, the largest renewable hydrogen project to reach FID in Australia to date), and the company was selected for a 275 megawatt feed on the H2Gen project in Quebec. Equipment margin turned positive, driven by volume leverage, manufacturing cost optimization, and supply chain improvements. The 100 megawatt GALP project (Portugal) and 25 megawatt Iberdrola MVP project (Spain) are progressing positively through commissioning. 3. Hydrogen Fuel: Revenue grew 15% year-over-year to $39.5 million. Fuel margin improved to negative 48% from negative 91% year-over-year, driven by improved plant utilization, production efficiency, and network optimization across the company's Georgia, Tennessee, and Louisiana production facilities.
Risks & headwinds
- Large electrolyzer project FID and execution timelines are inherently fluid, and projects may be delayed beyond current estimated timelines. - The ongoing asset monetization process for the Texas project is subject to regulatory review following the Texas governor's new request for review of new data center projects, which could delay the transaction or change its terms. - Forward-looking results, including the Q4 2026 positive EBITDA target, are subject to uncertainties that could cause actual results to differ materially from projections, including changes in project timelines, regulatory changes, and market dynamics, as outlined in the company's SEC filings. - The hydrogen fuel segment still requires further margin improvement to reach profitability, with continued work needed on plant efficiency and logistics optimization.
Analyst Q&A
Q: What share of service margin improvement comes from improved contracting vs better asset performance in the field? What is the timeline for FIDs on European electrolyzer projects?
A: Service margin improvement is structural and driven by both factors: improved GenDrive unit and stack reliability lets technicians service more units with lower overhead, and the company has incrementally increased service pricing to align with actual service costs over the past several years. Multiple large European projects are on track to reach FID by the end of 2026 or early 2027, with the 25 megawatt extension of the UK Carlton Power project expected to reach FID before the end of 2026.
Q: Are the 20,000 unit material handling refresh commitments with two large customers ahead of previous expectations, and will this be just existing fleet refreshes or include additional growth?
A: This refresh cycle aligns with the natural timing of fleet replacement, with ~2,000 units to be refreshed in 2026 and the full 20,000 completed over three years. This is the existing fleet refresh cycle starting on schedule, and will be incremental to continued organic growth as these customers add new material handling sites, leading to a step function increase in refresh activity going forward.
Q: What are the key drivers to push gross margin into positive territory in the second half, and what is the timeline for converting electrolyzer feed scopes like the Quebec project to FID?
A: The primary driver of positive second half margin is 40% higher sales volume than the first half (mostly from equipment), which is highly accretive since fixed overhead is already covered. Additional drivers include ongoing manufacturing cost optimization for electrolyzers, continued service reliability improvements that boost margin, and further fuel network efficiency gains. The Quebec H2Gen project is targeting FID in early 2027, though timelines for large projects can shift slightly.
Q: Will the company use incoming cash from inventory reductions and asset monetization to pay down debt, and how much visibility does management have into the raised 2026 growth guidance?
A: The company's only major debt is low-interest, long-term unsecured convertible debt with no near-term amortization, so there is no immediate pressure to reduce debt. As the company achieves positive operating cash flow, it will open up access to lower-cost capital solutions in the future. Management raised guidance because it has sufficient commercial visibility into second half execution to meet the new 15% to 16% growth target.