Plug Power beats Q2 forecasts, raises 2026 revenue guidance to 16%

Plug Power reported Q2 revenue of $178.3 million, beating consensus by $9.5 million, and narrowed its adjusted loss to $0.07 a share.

"Revenue was $178.3 million in the second quarter, up approximately 9% sequentially from the first quarter," Chief Executive Jose Luis Crespo said. "This is continued proof that our commercial engine is accelerating."

Metric	Actual	Consensus	Beat/Miss
Revenue	$178.3M	$168.76M	+5.65%
Adjusted EPS	-$0.07	-$0.08	+$0.01

Gross margin improved to about negative 0.9%, from negative 13% in Q1 and negative 30.7% a year earlier. Operating expenses fell 50% year over year to $62 million, and net cash usage dropped 58% sequentially to $61 million. Service revenue rose 82% to $29.8 million, while fuel revenue grew 15% to $39.5 million with fuel margin improving to negative 48% from negative 91%.

Shares closed at $2.11, down 3.21%, then climbed 7.11% to $2.26 after hours. Management raised full-year revenue growth guidance to 15%-16% from 13%-15%, and reiterated a target of positive EBITDA in the fourth quarter.

Margin gains drive cash burn lower

The company deployed 1,666 GenDrive units in the quarter, more than double the 739 a year earlier, and said two large material handling customers plan to refresh more than 20,000 units over three years. First-half revenue reached $342 million, up 11% year over year.

Plug ended the quarter with $161.9 million of unrestricted cash and more than $670 million in total cash including restricted. It has received $47 million of an expected $80 million from selling its Graham, Texas project and New York Gateway site, part of a $275 million asset monetization program.

Electrolyzer pipeline builds

The company reached final investment decisions on a 30-megawatt project with Carlton Power in the U.K. and a 50-megawatt order from Orica's Hunter Valley hub in Australia. Management said Spain's draft hydrogen framework could drive about 10 gigawatts of electrolyzer demand by 2030.

The guidance raise shows management expects demand to accelerate through the second half, with volume about 40% higher than the first half. Investors will watch the Q4 earnings call for confirmation of the positive EBITDA target, with operating income expected to turn positive in 2027.

This article is for informational purposes only and does not constitute investment advice.