Plug Power reports modest revenue growth of 2.5% to $178.3 million

• Plug Power reported Q2 2026 revenue of $178.3 million, up 2.5% year over year and ahead of the $160.1 million FactSet consensus.
• Adjusted loss narrowed to $0.07 per share from $0.18 and beat the $0.08 consensus loss, while PLUG shares rose about 3% to $2.18.
• Plug raised 2026 revenue growth guidance to 15%–16% and reiterated its company target for positive EBITDAS in Q4 2026.

Plug Power (NASDAQ:PLUG) reported second-quarter 2026 revenue of $178.3 million, up 2.5% year over year, as gross margin improved to approximately breakeven.

Revenue increased from $174.0 million a year earlier and exceeded the $160.1 million FactSet consensus, while adjusted loss narrowed to $0.07 per share.

“Our second quarter results demonstrate that Plug is executing its transformation into a stronger, more efficient and profitable company,” said Plug Power CEO Jose Luis Crespo.

Operating expenses fell about 50% to $62 million and net cash usage improved to approximately $61 million, while unrestricted cash totaled about $162 million.

Following the announcement the Plug Power share price was up about 3% at $2.18 in Tuesday trading.

Plug secured a 50 MW electrolyzer order for Orica’s Hunter Valley Hydrogen Hub in July after the Australian project reached final investment decision.

Plug also advanced asset sales with Stream Data Centers that the company expects to provide more than $80 million of near-term liquidity toward its $275 million initiative.