Plug Power Q3 Results: Revenue Up, Cash Use Falls

Plug Power Inc. reported third-quarter 2026 results on Nov. 9, showing narrower gross losses and record-low net cash usage. The company reaffirmed its 2026 revenue-growth guidance and maintained a target of positive EBITDAS (earnings before interest, taxes, depreciation, amortization, and stock-based compensation) in the fourth quarter.

Quarterly Results and Cash Flow

For the quarter ended Sept. 30, 2026, Plug Power reported revenue of approximately $200.6 million, up about 13% from $177 million a year earlier. Gross margin improved sharply to negative 2.7% from negative 68%, a roughly 65-percentage-point swing. Operating expenses fell to approximately $70 million, down 69% from $229 million in Q3 2025, driven by lower unusual charges and Project Quantum Leap cost reductions.

Net cash usage—the quarterly net change in cash and equivalents excluding restricted cash—declined 54% sequentially to about $28 million, which management described as a record low. GAAP basic earnings per share turned positive at approximately $0.07, compared with a loss of $0.31 in the prior-year quarter. The company attributed this mainly to noncash mark-to-market gains on equity instruments of about $192 million, or $0.12 per share.

Guidance and Commercial Developments

Plug Power reaffirmed its 2026 revenue-growth guidance of 15%–16% and kept its target for positive EBITDAS in Q4 2026. The company expects fourth-quarter revenue to exceed third-quarter levels, noting that this contribution is necessary to meet the full-year target, subject to risks outlined in its SEC filings.

Management said the company did not raise capital through its at-the-market program or other equity or debt offerings during the quarter. Cash and cash equivalents excluding restricted cash stood at approximately $134 million at quarter-end.

Commercially, Plug Power deployed 1,136 GenDrive fuel-cell units in Q3 2026, more than double the 540 units deployed in the same quarter last year. Fuel revenue rose about 6% year over year to approximately $38 million, with fuel gross margin improving to negative 52% from negative 79% in Q3 2025. The company also announced a 280-megawatt GenEco supply agreement with Arcadia eFuels for a Denmark project and secured a 50-megawatt electrolyzer order from Orica for an Australian Hunter Valley project. These deals are part of a strategic cooperation covering more than 1 gigawatt of potential projects.

The company’s ability to translate improved margins and sharply reduced cash burn into sustained profitability depends on the revenue contribution in the upcoming quarter, which is critical to achieving its full-year growth guidance.