Why Plug Power Shares Are Trading Higher After Q2 Results

Hydrogen fuel cell company Plug Power (NASDAQ: PLUG ) reported second-quarter financial results Monday after market close.

Here are the key highlights. • Plug Power shares are powering higher.

Why is PLUG stock up today? Plug Power Q2 Earnings Plug Power reported second-quarter revenue of $178.30 million, up 9% quarter-over-quarter.

The revenue total beat a Street consensus estimate of $169.41 million, according to data Pro.

The company reported an adjusted loss of seven cents per share, beating a Street estimate of a loss of eight cents per share.

Gross margins were breakeven compared to negative 31% in last year’s second quarter and negative 13% in the first quarter. “Our second quarter results demonstrate that Plug is executing its transformation into a stronger, more efficient and profitable company,” Plug CEO Jose Luis Crespo said.

The CEO said the company improved gross margins, reduced operating expenses, strengthened liquidity and had revenue growth in the quarter, alongside advancing commercial milestones.

In the quarter, Plug deployed 1,666 GenDrive fuel cell units, more than doubling the total from the second quarter of 2025.

The company saw service revenue up 82% year-over-year to around $30 million, which strengthens Plug’s recurring aftermarket revenue.

Fuel revenue was up around 15% year-over-year to around $39 million.

Plug said two of its largest material handling customers are planning to refresh over 20,000 GenDrive units in the next three years, creating a "significant recurring revenue opportunity." Read Also: Plug Power Stock Jumps as Microsoft Earnings Spotlight AI Energy Demand What’s Next for Plug Power Plug Power is raising its full-year 2026 revenue growth guidance to a range of 15% to 16% year-over-year.

The company said the second-half is historically the strongest and the strength of its commercial backlog is helping boost the guidance.

The company said it is on track to achieve positive EBITDAS in the fourth quarter of 2026. "Our electrolyzer pipeline continues to expand, and we see an increasing conversion rate," Crespo said.

Plug Power Stock Price Action Plug Power stock is up 9% to $2.30 in after-hours trading Monday versus a 52-week trading range of $1.41 to $4.58.

Photo: Shutterstock Read Also: Plug Power Makes Another Big Move To Shore up Liquidity