Plug Power, US72919P2020

Plug Power stock: Q3 revenue rises as cash usage falls

Published on 11/13/2026 at 22:15 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Plug Power stock enters the final quarter with higher revenue and lower cash usage. Management kept its 2026 growth target and Q4 EBITDAS goal.

Margin recovery and liquidity progress

Third-quarter revenue rose 13 percent year over year to 200.6 million US dollars.
Net cash usage fell 54 percent sequentially to 28 million US dollars.
Management maintained 2026 revenue growth guidance of 15 to 16 percent and targets positive EBITDAS in the fourth quarter.

Plug Power, US72919P2020, Illustration mit AI erstellt.

Plug Power reported its third-quarter 2026 results on November 9, 2026, with revenue growth, a sharp reduction in cash usage and a significant improvement in gross margin. The company's investor-relations release said revenue reached 200.6 million US dollars, up 13 percent from the year-earlier quarter.

Operating progress and earnings quality

Gross margin improved to negative 2.7 percent from negative 68 percent a year earlier. Operating expenses declined 69 percent to 69.9 million US dollars, while Plug deployed 1,136 GenDrive fuel-cell units, more than double the 540 units deployed in the prior-year quarter.

Plug reported net income attributable to the company of 99.8 million US dollars and basic earnings per share of 0.07 US dollars. The release said non-cash mark-to-market gains on equity instruments contributed about 192 million US dollars, or roughly 0.12 US dollars per share, making the accounting effect the primary reason for the positive per-share result. The underlying operating figures nevertheless showed improvement, with the quarterly gross loss narrowing to 5.4 million US dollars from 120.2 million US dollars.

Cash use and commercial pipeline

Net cash usage fell to 28 million US dollars from 61 million US dollars in the second quarter. Plug said cash and cash equivalents, excluding restricted cash, stood at about 134 million US dollars at September 30, 2026, and that no equity or debt capital was raised during the quarter.

The company signed a 280 megawatt GenEco electrolyzer supply agreement with Arcadia eFuels for a Denmark project and became the preferred supplier for more than 1 gigawatt of potential e-fuels projects. It also secured a 50 megawatt order from Orica in Australia and shipped a 1 megawatt electrolyzer to New Zealand.

Guidance points to a demanding finish

Management maintained its 2026 revenue growth guidance of 15 to 16 percent and its target for positive EBITDAS in the fourth quarter. Plug said fourth-quarter cash usage may be relatively flat, while project timing, customer commitments and the conversion of potential electrolyzer projects remain important to the outlook.

Plug Power stock traded at 1.00 euros on Lang & Schwarz at 22:14 CET on Friday, November 13, 2026.