PLUG · Plug Power Inc.

Plug Power Inc. delivered Q1 2026 results reflecting disciplined execution across its hydrogen ecosystem, with revenue growth of 22% to $163.5 million driven by material handling, electrolyzer, and hydrogen fuel sales up 22% YoY. GAAP gross margin expanded dramatically to (13%) from (55%) in Q1 2025, a 71% improvement attributed to sales growth, cost optimization, enhanced service execution, and fuel sourcing efficiencies; hydrogen fuel margins specifically improved 54 percentage points from higher volumes leveraging fixed production costs. GAAP EPS of ($0.18) included $140 million in non-cash charges from convertible debt and warrant valuations due to stock price changes, while adjusted EPS improved to ($0.08) from ($0.17). CEO Jose Luis Crespo highlighted exceeding revenue expectations, meeting margin and EPS targets, and positioning for Q4 2026 EBITDAS positivity. Liquidity stood at over $802 million total cash, with $223 million unrestricted and $579 million restricted (expected quarterly releases of ~$50 million). Upcoming inflows include $275 million from hydrogen asset monetizations (first $142 million in June) and $39.2 million from an investment tax credit sale by end-May. Business updates showed material handling service costs down over 30% YoY, 320+ MW electrolyzer capacity deployed with $8 billion pipeline, and 40 TPD production capacity supporting demand growth. These factors underscore progress toward profitability through scale, efficiency, and project conversion in the energy transition.