Plug Power said it expects third-quarter 2026 revenue to rise more than 10% from the same period a year earlier, keeping it on pace for full-year revenue growth of about 15% to 16%.
The company also reported a sharp improvement in cash usage. Net cash usage in the third quarter was about $28 million, down to a record low for the company’s 2026 progress update. Plug ended the quarter with about $134 million in cash and cash equivalents, excluding restricted cash.
Management said gross margin improved over the past two quarters and is expected to post further year-over-year gains in the third quarter, helped by cost cuts and better operating leverage.
On the commercial side, Plug highlighted several hydrogen and electrolyzer wins and project advances. It signed a 280 MW GenEco electrolyzer supply agreement for Arcadia eFuels’ Project Endor in Denmark and a strategic cooperation agreement tied to more than 1 GW of potential e-SAF projects across Europe and the Americas. It also advanced front-end engineering design on Hy2gen’s 275 MW Courant project in Quebec, secured a 50 MW order for Orica’s Hunter Valley hydrogen hub in Australia, and continued execution on the 25 MW Iberdrola and bp project in Spain and the 100 MW Galp project in Portugal.
Plug said these developments contribute to an approximately $8 billion global electrolyzer opportunity funnel.
The company scheduled its third-quarter 2026 earnings call for November 9 at 4:30 p.m. ET and its annual Plug Symposium for November 19, running from 9:00 a.m. to noon ET as a digital broadcast. The market has reacted to these announcements by moving the company's shares -7.05% to a price of $1.45. For the full picture, make sure to review PLUG POWER INC's 8-K report.
