Plug Power revenue reaches $163.5M as management eyes year-end EBITDA breakeven

Plug Power (NASDAQ:PLUG) delivered first-quarter 2026 revenue of $163.5 million, a 22% increase over the $133.7 million reported in the same period last year.

The company’s GAAP gross margin improved to negative 13%, a substantial move from the negative 55% recorded in the first quarter of 2025.

On a per-share basis, the GAAP net loss was $0.18, while the adjusted loss improved to $0.08 per share, outperforming several analyst estimates.

The quarter’s performance was underpinned by a 22% rise in hydrogen fuel sales, which benefited from a 54-percentage-point margin-rate improvement as the company transitioned away from high-priced third-party hydrogen sourcing toward its own internal production network.

Plug’s green hydrogen plants in Georgia, Tennessee, and Louisiana are now providing approximately 40 tons per day of capacity, significantly lowering the cost of goods sold for its material handling customers, including Amazon and Walmart.

Plug Power ended the quarter with $802 million in total cash and marketable securities, including $223 million in unrestricted cash.

To further bolster its balance sheet without dilutive equity raises, management is executing a series of hydrogen project asset monetization initiatives, including a $132.5 million property sale to Stream Data Centers.

The company expects to realize approximately $275 million in total proceeds from these strategic sales through the first half of 2026.

CEO Jose Luis Crespo, in his first full quarter since taking the helm in March, reaffirmed the company’s target of achieving positive EBITDAS (Earnings Before Interest, Taxes, Depreciation, Amortization, and Stock-based compensation) by the fourth quarter of 2026.