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Get filing alertsPlug Power raises 2026 revenue guidance to 15%-16%, reports Q2 revenue ~$178M with breakeven gross margin
Filed August 10, 2026 · Period ending August 10, 2026 · ~1 min read
Key Changes
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Raised full-year 2026 revenue growth guidance to 15%-16%, citing second-half weighting and strong commercial backlog; Q2 revenue ~$178M, up 9% sequentially.
Exhibit 99.1 view on EDGAR → -
high
Gross margin improved to approximately breakeven from negative 31% in prior-year Q2 and negative 13% in Q1 2026; operating expenses down ~50% year-over-year to ~$62M.
Exhibit 99.1 view on EDGAR → -
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Deployed 1,666 GenDrive fuel cell units (up 125% year-over-year); service revenue grew 82% to ~$30M with 27% positive service margin, reflecting expanding installed base.
Exhibit 99.1 view on EDGAR → -
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Unrestricted cash ~$162M at quarter end; net cash usage ~$61M (down ~58% sequentially). Post-quarter asset sales generated ~$47M toward $275M monetization target.
Exhibit 99.1 view on EDGAR → -
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Announced electrolyzer project wins: 30 MW UK FID (part of 55 MW award), 275 MW Québec FEED scope, and 50 MW Australia order following FID.
Exhibit 99.1 view on EDGAR →
Summary
Plug Power reported Q2 2026 results that show meaningful operational progress and raised full-year revenue growth guidance to 15%-16%. Revenue of approximately $178 million grew 9% sequentially, while gross margin reached approximately breakeven—a sharp improvement from negative 31% in the prior-year quarter and negative 13% in Q1 2026.
Operating expenses fell roughly 50% year-over-year to about $62 million, and adjusted EPS improved to $(0.07) from $(0.18) in the prior year. The company deployed 1,666 GenDrive fuel cell units (up 125% year-over-year), and service revenue grew 82% to approximately $30 million with a 27% positive margin, demonstrating the value of the expanding installed base. Liquidity remains a key watch item.
Plug ended the quarter with approximately $162 million in unrestricted cash and reduced net cash usage to about $61 million (down roughly 58% sequentially). Post-quarter asset monetization transactions generated approximately $47 million toward a $275 million target, bringing total funds collected to about $52 million. The company also announced several electrolyzer project wins, including a 30 MW UK project reaching FID and a 50 MW order for Australia's largest renewable hydrogen project. The guidance raise and margin improvement signal execution momentum, but sustained progress on the asset monetization program and path to cash flow breakeven will be critical for retail holders to monitor.
Section-by-Section Diff
Event · Item 2.02 — Results of Operations and Financial Condition
Plug Power announced Q2 2026 financial results via press release; detailed figures not disclosed in the 8-K body.
Added in current filing · verify on EDGAR →
On August 10, 2026, Plug Power Inc., a Delaware corporation, issued a press release regarding its financial results for the second quarter ended June 30, 2026.
Plug Power disclosed Q2 2026 financial results through a press release attached as Exhibit 99.1. The 8-K body does not contain specific revenue, earnings, or operational metrics; investors must review the exhibit for quantitative results.
Event · Exhibit 99.1
Added in current filing · view on EDGAR → · paraphrased
Net revenue was ~$178 million, which reflects quarterly growth sequentially of ~9%. ... Gross margin improved to ~breakeven compared to ~(31%) in the prior-year period and ~(13%) in the first quarter of 2026. ... Operating expenses declined ~50% year over year to ~$62 million ... GAAP EPS was $(0.14) compared to prior year of $(0.20). ... Adjusted EPS was ($0.07) compared to prior year adjusted EPS of ($0.18)
Plug Power delivered Q2 2026 revenue of approximately $178 million, up 9% sequentially, with gross margin improving to approximately breakeven from negative 31% in the prior-year quarter and negative 13% in Q1 2026. Operating expenses fell roughly 50% year-over-year to about $62 million. GAAP EPS improved to $(0.14) from $(0.20) in the prior year, while adjusted EPS improved to $(0.07) from $(0.18).
Added in current filing · view on EDGAR →
Unrestricted cash was ~$162 million at quarter end, with net cash usage improving to ~$61 million for the quarter, down ~58% sequentially. ... Subsequent to quarter end, Plug announced transactions expected to generate $80 million of near-term liquidity through the sale of the Graham, Texas project and the staged closing of the New York Gateway project. Over July and August to date, ~$47 million has been received given a release of associated escrowed funds and the sale of certain power assets. This brings the total since inception of this effort of funds collected to ~$52 million. These collective transactions further advance the effort to unlock the $275 million total target for this asset monetization and non-dilutive financing initiative.
Plug ended Q2 2026 with approximately $162 million in unrestricted cash and reduced net cash usage to about $61 million for the quarter, down roughly 58% sequentially. Post-quarter, the company announced transactions expected to generate $80 million in near-term liquidity, with approximately $47 million received through July and August to date, bringing total funds collected since inception to about $52 million toward a $275 million asset monetization target.
Added in current filing · view on EDGAR →
We announced the FID of the 30 MW Barrow Green Hydrogen project for Carlton Power in the UK. This is part of the 55 MW awarded in November 2025. We expect the additional 25 MW to reach FID in 2026. ... We announced the selection for the 275 MW GenEco FEED scope on Hy2gen's Courant Project in Québec. ... On July 7, 2026 we announced that Plug secured a 50 MW GenEco electrolyzer order following Final Investment Decision for Orica's Hunter Valley Hydrogen Hub, Australia's largest renewable hydrogen project to reach FID
Plug announced final investment decision (FID) on a 30 MW electrolyzer project for Carlton Power in the UK (part of a 55 MW award), selection for a 275 MW FEED scope on Hy2gen's Courant Project in Québec, and a 50 MW electrolyzer order for Orica's Hunter Valley Hydrogen Hub in Australia following FID. These wins demonstrate continued conversion of the electrolyzer pipeline into executable projects.
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Figures/quotes linked to EDGAR · Narrative written by AI · Aug 18, 2026 · How we verify