Plug Power Reaffirms FY26 Revenue Growth Guidance, Reports Q3 Cash Use

Plug Power Inc. (NASDAQ: PLUG) reported progress in 2026 across sales growth, margin improvement and cash flow. The company also announced that its third-quarter earnings call is scheduled for November 9 and Plug Symposium 2026 for November 19. Based on preliminary, unaudited estimates, Plug expects Q3 2026 revenue to grow more than 10% from Q3 2025.

The company said sales and pipeline progress support its previously communicated full-year revenue growth guidance of approximately 15% to 16%, citing commercial execution in material handling, electrolyzers and hydrogen supply. Plug said gross margin improved over the past two quarters and expects further year-over-year progress in Q3 2026. Plug said its focus on reducing costs and improving operating leverage continues. Based on preliminary, unaudited estimates, net cash use in Q3 2026 was approximately $28 million, an improvement for the year.

Plug ended Q3 2026 with approximately $134 million in cash and cash equivalents, excluding restricted cash. The company raised no proceeds through its at-the-market (ATM) offering program and generated no proceeds from other equity or debt capital raises during the quarter. Plug said third-quarter net cash use reflected its overall operating results and underlying improvement, which it believes supports its forecast for further improvement in Q4 2026. Plug said it remains focused on advancing its three objectives in the fourth quarter and beyond, emphasizing disciplined cash management, lower capital expenditures and stronger operating performance.

Pipeline Developments Plug continues to advance its global GenEco electrolyzer pipeline, turning commercial opportunities into projects in sustainable fuels, ammonia production and industrial hydrogen applications. Recent Plug Power signed a supply agreement with Arcadia eFuels for a 280 MW GenEco electrolyzer for Project ENDOR in Denmark. The companies also entered a strategic cooperation agreement that names Plug the preferred supplier for more than 1 GW of potential e-SAF projects across Europe and the Americas.

Hy2gen is moving forward with front-end engineering design (FEED) for the 275 MW Courant project in Québec, Canada, which is intended to support renewable ammonia and ammonium nitrate production. Orica placed an order for a 50 MW GenEco electrolyzer for Australia's Hunter Valley Hydrogen Hub after the project reached its final investment decision (FID). Plug is continuing execution and commissioning work on the 25 MW Iberdrola and bp project in Spain and the 100 MW Galp project in Portugal. The company says these developments add to its approximately $8 billion global electrolyzer opportunity funnel and reflect commercial progress in multiple markets.

Project schedules differ, especially for complex, first-of-a-kind developments. Plug said it remains focused on reaching key milestones and converting its pipeline into revenue in support of its near- and mid-term growth objectives.