Plug Power reported third-quarter 2026 revenue of approximately $201m, up 13% year on year, as the hydrogen technology company continued to reduce cash usage and improve its gross margin.
Gross margin improved for the quarter to ~3%, compared with ~68% in the third quarter of 2025. Plug attributed the improvement to cost reductions, operating leverage and lower inventory valuation adjustments.
Operating expenses fell 69% to approximately $70m, compared with $229m a year earlier, reflecting lower unusual charges and continued implementation of its Project Quantum Leap cost-reduction programme.
Net cash usage was approximately $28m during the quarter, down from $61m in Q2 2026. Cash and cash equivalents, excluding restricted cash, stood at approximately $134m at the end of September. Plug said it did not raise capital through its at-the-market programme or other equity or debt offerings during the quarter.
GAAP basic earnings per share were approximately $0.07, compared with a loss of $0.31 a year earlier. Plug said a non-cash mark-to-market gain of about $192m on equity instruments contributed approximately $0.12 to quarterly EPS.
In its material-handling business, Plug deployed 1,136 GenDrive fuel-cell units, more than double the 540 units deployed in Q3 2025. Service gross margin was approximately 31%.
The company also reported progress on electrolyser projects, including a 280 MW supply agreement for Arcadia eFuels’ Project ENDOR in Denmark and a 50 MW order from Orica for the Hunter Valley Hydrogen Hub in Australia. Plug also shipped a 1 MW electrolyser to New Zealand. Plug’s electrolyser activity comes as large-scale projects continue to expand, including its agreement to supply 55 MW of electrolysers for UK industrial decarbonisation.
Hydrogen fuel revenue increased about 6% year on year to approximately $38m, while fuel gross margin improved to ~52% from ~79%.
Plug maintained its 2026 revenue growth guidance of 15–16% and continues to target positive EBITDAS in the fourth quarter. It said Q4 cash usage could remain broadly flat based on its current forecast.
