10-Q · August 10, 2026
Plug delivered a modest revenue recovery and a substantial year-over-year improvement in gross and operating margins, helped by restructuring, improved stack reliability, lower production costs and a $39.7 million asset…
PLUG earnings analysis
10-Q · Filed November 9, 2026 · Our reading of the company's report
The latest report
Plug delivered strong year-over-year improvement in revenue, gross margin and operating losses, with Q3 revenue of $200.602 million beating consensus and service revenue growing 47.0%. However, operating performance…
Read full summary
Plug delivered strong year-over-year improvement in revenue, gross margin and operating losses, with Q3 revenue of $200.602 million beating consensus and service revenue growing 47.0%. However, operating performance remains loss-making, cash from operations was negative $320.525 million for the first nine months, and reported breakeven diluted EPS was driven by $192.450 million of non-cash fair-value gains. The outlook was maintained rather than raised, leaving substantial Q4 execution, liquidity and financing risk.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.0
- Gross margin
- -2.7%
- Operating margin
- -37.5%
What stood out
-
Revenue beat estimates and grew year over year
Revenue was $200.602 million, up $23.547 million, or 13.3%, from $177.055 million in Q3 2025 and up from $178 million in Q2 2026. Revenue exceeded the $193.741 million consensus estimate by 3.5%.
-
Gross margin materially improved year over year
Gross margin improved to negative 2.7% from negative 67.9% in Q3 2025, but declined from negative 0.9% in Q2 2026. Management cited lower inventory valuation adjustments of $7.1 million versus $65.4 million, restructuring-related cost reductions, improved pricing and product mix.
-
Operating losses narrowed sharply
Operating loss was $75.253 million, versus $348.789 million in Q3 2025, producing a negative 37.5% operating margin versus negative 197.0% a year earlier. SG&A declined to $68.344 million from $110.592 million, while impairment fell to $16.631 million from $97.524 million.
-
EPS reached breakeven but relied on fair value gains
Diluted EPS was approximately $0.00 versus a $0.31 loss in Q3 2025 and a $0.14 loss in Q2 2026; basic EPS was $0.07. The quarter included non-cash fair-value gains of $108.284 million on convertible debt and $84.166 million on warrant liabilities.
-
Services became a profitable growth driver
Service revenue increased to $29.013 million from $19.742 million, with GenDrive units under maintenance rising to 26,932 from 23,880. Service gross margin improved to 30.5% from negative 1.7%, supported by improved stack reliability, pricing and lower parts costs.
-
Cash usage improved through asset monetization
Nine-month operating cash usage improved to $320.525 million from $387.192 million, while investing activities generated $17.756 million versus $117.708 million of usage. The improvement included $40.0 million from an infrastructure sale and $36.1 million from an ITC sale, although cash and equivalents fell to $134.131 million from $368.540 million at December 31, 2025.
What to watch
-
Liquidity remains dependent on financing
Cash and equivalents declined by $234.409 million during the first nine months to $134.131 million, while operating cash flow remained negative at $320.525 million. Management relies on $944.1 million of remaining ATM capacity and a SEPA allowing up to $1.0 billion of equity sales, creating financing and dilution risk.
-
Reported profit is not operationally earned
The company reported $99.037 million of net income despite a $75.253 million operating loss, driven largely by $108.284 million of convertible-debt fair-value gains and $84.166 million of warrant-liability gains. Management states these non-cash gains can cause significant period-to-period volatility.
-
Q4 execution and project timing risk
Nine-month revenue increased 11.9% to $542.414 million, but the company’s maintained 15%-16% 2026 growth target requires substantially higher fourth-quarter growth. The filing also identifies $614.436 million of estimated future revenue as subject to cancellation, modification or delay, including $119.752 million of electrolyzer revenue.
-
Asset impairment and strategic-exit risk
The company recorded $16.631 million of third-quarter impairment charges, including $15.6 million related to property, plant and equipment, and $0.5 million related to power-purchase-agreement and fuel-delivery equipment. The filing attributes these charges to assets no longer in service, projects no longer probable of completion and the strategic exit from material-handling investments.
-
Receivables and counterparty risk
Accounts receivable increased to $170.145 million from $134.758 million at December 31, 2025, and the company recorded a $6.114 million provision for accounts receivable losses in the first nine months. The filing also identifies customer and counterparty concentration as a risk.
-
Litigation exposure increased
A new risk-factor update highlights the $23.4 million accrual related to First Solar litigation after a $19.8 million judgment plus interest; the company has filed an appeal. The filing also notes the 2023, 2024 and 2026 securities actions remain active, with the company unable to estimate potential losses in the 2023 matter.
Management's outlook
The filing does not provide new numeric EPS or revenue guidance. The related earnings disclosure maintained 2026 revenue growth guidance of 15%-16% and the target for positive EBITDAS in Q4 2026; Q4 net cash usage was expected to be relatively flat versus Q3's approximately $28 million.
Earlier filings 4
10-Q · May 11, 2026
Plug Power Inc. reported a strong Q1 2026 performance with revenues of $163.5 million, a notable year-over-year increase of 22% compared to $133.7 million in Q1 2025. Gross loss narrowed to $(21.6) million from $(73.9)…
10-K · March 2, 2026
Plug Power presents itself as a vertically integrated hydrogen platform — electrolyzers, liquefaction, production, fuel cells and turnkey GenKey solutions — and is scaling production capacity (commissioned the St.…
10-Q · November 12, 2024
Plug Power reported Q3 net revenue of $173.73M and GAAP net loss of $211.17M (EPS -$0.25). Revenue and gross/operating margins remain deeply negative year‑over‑year, though sequential margin and EPS trends show…
Smart money in PLUG
Totals from the last full session. Insider and politician figures cover 90 days.
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.
See every PLUG trade live.
The free pages stop at the last full session. Trader shows every trade as it prints.
Start tracking No card needed.