PLUG PLUG POWER INC
Price Chart
Executive Summary
Plug Power reported Q1 2026 revenue of $163.5M (+22% YoY) and GAAP EPS of ($0.18), both beating consensus estimates of $139.8M and ($0.10) respectively. The company posted a 71% gross margin improvement to (13%) from (55%) a year ago, driven by cost optimization and higher volumes, while maintaining its Q4 2026 EBITDAS-positive target.
Key Financial Metrics
Actionable Insight
The 22% revenue beat and 42pp gross margin improvement confirm the operational turnaround is on track. Watch for the $142M asset monetization close in June and Q2 cash burn trajectory — if cash usage continues to improve sequentially, the path to Q4 EBITDAS-positive becomes credible. The stock has historically rallied on these execution beats (avg +31% T+20 on prior reports).
Key Facts
- Q1 2026 revenue of $163.5M, up 22% YoY from $133.7M, beating consensus of $139.8M
- GAAP EPS of ($0.18) vs consensus ($0.10) — headline miss, but adjusted EPS improved to ($0.08) from ($0.17) YoY
- GAAP gross margin improved to (13%) from (55%) in Q1 2025, a 42 percentage point improvement
- Operating cash burn of $150M in Q1 2026 vs $106M in Q1 2025, but capex fell sharply to $2.4M from $40.5M
- Ended quarter with $802M total cash ($223M unrestricted + $579M restricted); expects ~$50M restricted cash release per quarter
- Anticipates $275M from asset monetization (first $142M tranche expected to close in June 2026)
- Targeting positive EBITDAS in Q4 2026, positive operating income by end of 2027, full profitability by end of 2028
- Hydrogen fuel sales up 22% YoY; GenDrive per-unit service costs down >30% YoY
- Over $8B electrolyzer project pipeline; 320+ MW deployed globally
Financial Impact
Revenue beat consensus by ~17% ($163.5M vs $139.8M). Adjusted EPS improved 53% YoY to ($0.08). Gross margin improvement of 42pp is the key operational milestone.
Risk Factors
- Still GAAP-unprofitable with operating cash burn of $150M in Q1; liquidity runway depends on asset sales and restricted cash releases
- GAAP EPS of ($0.18) missed consensus ($0.10) due to $140M in non-cash mark-to-market charges on convertible debt and warrants
- Revenue still heavily dependent on project-timing (equipment sales); subscription/recurring revenue not separately disclosed
- Target of positive EBITDAS by Q4 2026 remains aspirational until demonstrated
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-058615 |
| Document: tm2614034d1_8k.htm | 0001104659-26-058615 |
| Document: 0001104659-26-058615-index-headers.html | 0001104659-26-058615 |
| Document: 0001104659-26-058615-index.html | 0001104659-26-058615 |
| Document: 0001104659-26-058615.txt | 0001104659-26-058615 |
| 8-K Data (Synthetic) | 0001104659-26-058615 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 4, 2026
5d ago
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DEFA14A
| $3.50 awaiting T+5 | awaiting T+5 | — | $3.19 (+8.86%) |
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Jun 4, 2026
5d ago
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DEFA14A
| $3.50 awaiting T+5 | awaiting T+5 | — | $3.19 (−8.86%) |
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May 11, 2026
29d ago
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8-K
| $3.55 $3.45 | ▼ −2.71% | ▼ −2.78% | $3.19 (−10.04%) |
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Apr 2, 2026
9w ago
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Press Release
| $2.41 $2.74 | ▲ +13.72% | ▲ +10.10% | $3.19 (+32.59%) |
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Mar 23, 2026
11w ago
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Press Release
| $2.30 $2.13 | ▼ −7.40% | ▼ −3.84% | $3.19 (+38.94%) |
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Mar 2, 2026
14w ago
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Press Release
| $2.21 $2.11 | ▼ −4.53% | ▼ −4.06% | $3.19 (+44.61%) |
US Market Status
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