Plug Power Inc. 2026 Q2 Earnings Call
Review the key takeaways and the transcript of this earnings call.
- Plug Power reported Q2 2026 revenue of $178.3 million, up approximately 9% sequentially from Q1 2026.
- Gross margin improved to approximately break even, a significant improvement from -30.7% a year ago and -13% last quarter.
- Operating expenses declined approximately 50% year over year to $62 million.
- Net cash usage improved to $61 million in Q2, a reduction of about 58% compared to Q1 2026.
- Material handling deployments reached 1,666 GM drive units in Q2, more than double the 739 units deployed in Q2 2025.
- Service revenue grew 82% year over year to $29.8 million with a 27% service margin.
- Hydrogen fuel revenue grew approximately 15% year over year to $39.5 million, with fuel gross margin improving to -48% from -91% a year ago.
- Plug Power ended Q2 with $161.9 million of unrestricted cash and $510 million of restricted cash, totaling over $670 million.
- The company announced asset monetization efforts expected to generate approximately $80 million of near-term liquidity, with $47 million already received.
- GAAP operating expenses included a $39.7 million recovery from a customer contract dispute settlement.
- GAAP EPS loss was $0.14 versus a loss of $0.20 a year ago; adjusted EPS loss was $0.07 versus $0.18 a year ago.
- Plug Power is on track to deliver positive EBITDA in Q4 2026, marking a key milestone toward profitability.
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Transcript
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It's now my pleasure to turn the call over to Vice President of Marketing and Communications, Teal Hoyos. Please go ahead, Tio. Thank you.
Welcome to the 2026 second quarter earnings call. This call will include forward-looking statements. These forward-looking statements contain projections of future results of operations or of our financial position or other forward-looking information. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We believe that it is important to communicate our future expectations to investors. However, investors are cautioned not to unduly rely on forward-looking statements, and such statements should not be read or understood as a guarantee of future performance or results.
Such statements are subject to risks and uncertainties that could cause actual results or performance to differ materially from those discussed as a result of various factors, including, but not limited to, risks and uncertainties discussed under Item 1A Risk Factors in our annual report on Form 10-K for the fiscal year ending December 31st, 2025. Our quarterly reports on Form 10-Q for the quarter ending March 31st, 2026, as well as other reports we file from time to time with the SEC. These forward-looking statements speak only of the day that the statements are made, and we do not undertake or intend to update any forward-looking statements after this call or as a result of new information. At this point, I would like to turn the call over to Plug's CEO, Jose Luis Crespo.
Good afternoon, everyone, and thank you for joining our second earnings call of 2026. Also thank you for your continued confidence in the Plug team. Q2 was a strong step forward and is giving us real conviction about the rest of the year. We are executing, our numbers are moving in the right direction across the board, and today we're raising our full-year revenue growth guidance as a result. Paul will walk through the financial details in a moment, but let me start with why we are excited. Revenue was $178.3 million in the second quarter, up approximately 9% sequentially from the first quarter. This is continued proof that our commercial engine is accelerating. Gross margin improved to approximately break even. It was about negative 0.9%, compared to a negative 30.7% a year ago and a negative 13% just last quarter.
That's a meaningful step in a single quarter, and it's the direct result of the operational discipline we have built into Project Quantum Leap, which is our restructuring program, combined with improving service margins and better plant utilization in hydrogen production. Just as important, our break-even revenue thresholds keep on coming down, which puts positive EBITDAs in the fourth quarter squarely within reach. Operating expenses declined approximately 50% year-over-year to $62 million. Again, a direct reflection of the discipline we have driven through Project Quantum Leap and our continued asset monetization efforts. On the cash side, net cash usage improved to $61 million this quarter, a reduction in cash usage of about 58% compared to the first quarter. Our cash burn is coming down, and the trend line matters enormously as we head towards profitability.
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