EarningsQ2 2026 Earnings Report
MX:PLUG Q2 2026 EPS Results
Actual EPS-$2.37
Consensus EPS-$1.32
Beat/MissMissed by -$1.05
One Year Ago EPS-$3.39
MX:PLUG Q2 2026 Revenue Results
Actual Revenue$3.02B
Expected Revenue$2.87B
Beat/MissBeat by +$155.68M
YoY Revenue Growth+2.49%
Earnings Announcement Details
QuarterQ2 2026
Date08/10/2026
TimeAfter Close
Conference CallMonday, August 10, 2026
MX:PLUG Upcoming Earnings
Plug Power's next earnings date is estimated for November 10, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:PLUG Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed clear and measurable operational improvement: stronger revenue, significant sequential and year-over-year margin improvements, sharp reductions in cash burn, meaningful commercial wins in electrolyzers and material handling, and concrete near-term liquidity via asset monetization. Balancing this, several material challenges remain — notably deeply negative fuel and PPA margins, GAAP losses driven in part by non-cash charges, some one-time drivers to OpEx improvement, and execution/timing risk on large electrolyzer projects and asset sales. Overall the momentum and visibility into the second half, coupled with raised guidance and demonstrated cash burn reduction, outweigh the remaining issues.Company Guidance
Revenue Growth and Raised Guidance
Q2 revenue of $178.0M, up ~9% sequentially and contributing to H1 revenue of $342M (up ~11% YoY). Management raised full-year revenue growth guidance to 15%–16% (previously 13%–15%).
Large Gross Margin Improvement
Company exited Q2 at roughly breakeven gross margin (~-0.9%), a ~30 percentage-point improvement versus -30.7% a year ago and a meaningful improvement from -13% in the prior quarter, attributed to Quantum Leap restructuring, better plant utilization and service margin gains.
Material Handling Momentum
Deployed ~1,670 GenDrive units in Q2 (versus 39 in Q2 last year). Service revenue grew 82% YoY to $29.8M with service margin of 27%. Two large customers plan to refresh >20,000 GenDrive units over the next 3 years, creating multi-year recurring revenue opportunity.
Electrolyzer Commercial Wins and Regulatory Tailwinds
Notable awards/FIDs: 30 MW Barro project (UK) reached FID, 50 MW order for Eric's Hunter Valley hub (Australia), selected for a 275 MW FEED in Quebec, and ongoing 100 MW (Galp) and 25 MW (Iberdrola) projects. Management highlighted EU regulatory developments (e.g., Spain RED III implementation and Dutch/EU subsidy programs) that could materially expand electrolyzer demand (internal estimate: Spain ~10 GW by 2030).
Fuel Business Volume and Margin Trajectory
Fuel revenue grew ~15% YoY to $39.5M. Fuel gross margin improved to ~-48.8% from -91% a year ago driven by improved plant utilization, production efficiency and network optimization; PPA loss rates improved to ~-30% from -92% YoY.
Improving Cash Flow and Asset Monetization
Net cash usage improved to ~$61M in Q2, a ~58% reduction sequentially. Unrestricted cash was ~$162M and total cash (including restricted) exceeded ~$670M. Asset monetization program (STREAM and other sales) expected to generate ~ $80M near-term liquidity (already received $47M to date) with a plan to unlock >$275M through asset monetizations and non-dilutive financings.
Operating Expense and Inventory Progress
Reported GAAP operating expenses of $62M (down ~50% YoY). Inventory down ~$28M since year end with a target of at least $100M inventory reduction for the full year; CapEx remained light (under $9M in the first half).
Near-term Profitability Targets
Management reiterated expectation to reach positive EBITDA in Q4 2026 and previously stated targets for operating income positive in Q4 2027 and overall profitability in 2028, driven primarily by second-half volume growth and further margin improvement.
MX:PLUG Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed