Plug Power raises full-year revenue growth guidance to 15%-16%
Plug Power reported Q2 2026 revenue of $178.3 million, said gross margin improved to breakeven, and raised full-year revenue growth guidance to 15%-16% from 13%-15%.
On Monday, Plug Power (NASDAQ: PLUG ) discussed second-quarter financial results during its earnings call.
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View the webcast at Summary Plug Power Inc reported Q2 2026 revenue of $178.3 million, a 9% increase sequentially, and improved its gross margin to breakeven from a negative 0.9% last quarter.
The company's restructuring program, Quantum Leap, contributed to a 50% year-over-year decline in operating expenses to $62 million, and a 58% decrease in net cash usage to $61 million.
Full-year revenue growth guidance was raised from 13%-15% to 15%-16% due to strong first-half results and a positive outlook for the second half, particularly in the material handling and electrolyzer segments.
Plug Power Inc's service revenue grew 82% year-over-year, with a 27% service margin, driven by improved unit reliability and operational efficiency.
The company announced significant progress in its electrolyzer business, including major projects in the UK, Quebec, and Australia, and highlighted regulatory tailwinds in Europe that could drive significant demand.
Hydrogen fuel business saw a 15% revenue growth year over year, with improved plant utilization and network optimization reducing fuel gross margin losses.
Plug Power Inc aims to achieve positive EBITDA in Q4 2026, supported by increased sales volume, cost reductions, and asset monetization efforts.
Full Transcript OPERATOR Greetings and welcome to the Plug Power Inc Second Quarter 2026 Earnings Conference Call and webcast.
At this time all participants are in listen-only mode.
A question-and-answer session will follow the formal presentation.
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It's now my pleasure to turn the call over to Vice President of Marketing Communications, Teal Hoyos.
Please go ahead.
Teal Hoyos, Vice President of Marketing Communications Thank you.
Welcome to the 2026 second quarter earnings call.
This call will include forward-looking statements.
These forward-looking statements contain projections of future results of operations or of our financial position or other forward-looking information.
We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27 of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
We believe that it is important to communicate our future expectations to investors.
However, investors are cautioned not to unduly rely on forward-looking statements and such statements should not be read or understood as a guarantee of future performance or results.
Such statements are subject to risks and uncertainties that could cause actual results or performance to differ materially from those discussed as a result of various factors including, but not limited to, risks and uncertainties discussed under Item 1A, Risk Factors in our Annual Report on Form 10-K for the fiscal year ending December 31, 2025, or Quarterly Reports on Form 10-Q for the quarter ending March 31, 2026, as well as other reports we file from time to time with the SEC.
These forward-looking statements speak only as of the day that the statements are made and we do not undertake or intend to update any forward-looking statements after this call or as a result of new information.
At this point I would like to turn the call over to Plug Power Inc's CEO, Jose Luis Cretzwel.
Jose Luis Cretzwel, CEO Good afternoon everyone and thank you for joining our second earnings call of 2026, and also thank you for your continued confidence in the Plug Power Inc team.
Q2 was a strong step forward and is giving us real conviction about the rest of the year.
We are executing, our numbers are moving in the right direction across the board, and today we are raising our full-year revenue growth guidance as a result.
Paul will walk through the financial details in a moment, but let me start with why we are excited.
Revenue was 178.3 million in the second quarter, up approximately 9% sequentially from the first quarter.
This is continued proof that our commercial engine is accelerating.
Gross margin improved to approximately breakeven.