Plug Power (NASDAQ:PLUG) Issues Quarterly Earnings Results

Posted by Geri Gentry on Aug 12th, 2026

Plug Power (NASDAQ:PLUG – Get Free Report) posted its quarterly earnings data on Monday. The electronics maker reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.01, FiscalAI reports. The company had revenue of $178.30 million during the quarter, compared to the consensus estimate of $169.11 million. Plug Power had a negative net margin of 220.59% and a negative return on equity of 49.54%. Plug Power’s quarterly revenue was up 2.5% on a year-over-year basis.

Here are the key takeaways from Plug Power’s conference call:

Revenue guidance was raised to 15%–16% growth for 2026, from 13%–15%, following first-half revenue of $342 million, up 11% year over year.
Gross margin improved to approximately breakeven from negative 30.7% a year ago, while operating expenses fell 50% year over year and quarterly net cash usage declined 58% sequentially to $61 million.
Material handling showed strong momentum, with GenDrive deployments more than doubling year over year and service revenue rising 82%; two major customers are expected to refresh more than 20,000 units over the next three years.
Electrolyzer demand is advancing through new project milestones, including FIDs for Carlton Power and Orica, while European hydrogen regulations and subsidy programs could support a multi-year growth opportunity.
Plug remains dependent on substantial second-half equipment volume to achieve its goal of positive EBITDA in the fourth quarter; fuel gross margin was still negative 48%, and the reported OpEx improvement included a $39.7 million recovery, largely from a settled contract dispute.

Plug Power Stock Performance

Plug Power stock traded down $0.01 during mid-day trading on Wednesday, hitting $2.21. 23,763,988 shares of the company’s stock traded hands, compared to its average volume of 77,956,180. The firm has a 50 day simple moving average of $2.49 and a two-hundred day simple moving average of $2.60. Plug Power has a fifty-two week low of $1.41 and a fifty-two week high of $4.58. The stock has a market cap of $3.09 billion, a price-to-earnings ratio of -1.76 and a beta of 2.20. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.36 and a quick ratio of 1.40.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on PLUG shares. Craig Hallum reiterated a “buy” rating on shares of Plug Power in a report on Tuesday. Wall Street Zen lowered Plug Power from a “hold” rating to a “sell” rating in a research report on Sunday, July 12th. B. Riley Financial upped their price objective on Plug Power from $3.00 to $5.00 and gave the stock a “buy” rating in a research note on Tuesday, May 12th. TD Cowen raised their target price on shares of Plug Power from $2.00 to $3.00 and gave the company a “hold” rating in a research note on Tuesday, May 12th. Finally, HC Wainwright restated a “buy” rating and set a $7.00 target price on shares of Plug Power in a report on Tuesday. Two investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, seven have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, Plug Power currently has an average rating of “Hold” and an average price target of $3.46.

View Our Latest Analysis on Plug Power

Plug Power News Roundup

Here are the key news stories impacting Plug Power this week:

Positive Sentiment: Q2 results exceeded expectations. Plug Power reported approximately $178.3 million in revenue, up 2.5% year over year and above analyst estimates near $169 million. Its adjusted loss of $0.07 per share also beat the expected $0.08 loss. Plug Reports Revenue of $178 Million
Positive Sentiment: Management raised its 2026 growth outlook. Plug now expects revenue growth of 15% to 16%, implying full-year revenue of roughly $816.4 million to $823.5 million, above consensus. It also maintained its target for positive EBITDA in the fourth quarter of 2026. Plug Power Targets 2026 Growth
Positive Sentiment: Profitability indicators improved materially. Gross margin reached approximately breakeven, operating expenses fell sharply, service revenue increased, and net cash usage declined to about $61 million. Higher GenDrive deployments and expanding service revenue support the case for improving operating leverage. Plug Power Cut Its Losses in Half
Positive Sentiment: Analyst and trading sentiment turned more favorable. HC Wainwright reaffirmed its Buy rating with a $7 price target. Increased call-option activity and reported short-covering may have amplified the earnings-driven move, though these signals can also increase volatility.
Neutral Sentiment: Long-term growth opportunities remain substantial. Plug Power cited an approximately $8 billion electrolyzer pipeline and continued project activity in Europe, Australia, Canada and the Iberian Peninsula. These opportunities could support future growth but depend on financing, project execution and customer investment decisions.
Negative Sentiment: The turnaround is incomplete. Plug remains unprofitable, with a deeply negative net margin, ongoing cash consumption and substantial debt-related and liquidity concerns. Asset monetizations and restricted-cash releases are important to funding operations, while any delay in reaching positive EBITDA could pressure the stock. Reports also contain conflicting short-interest figures, so investors should verify the latest exchange data before relying on short-squeeze claims.

Hedge Funds Weigh In On Plug Power

Institutional investors and hedge funds have recently modified their holdings of the stock. Towarzystwo Funduszy Inwestycyjnych PZU SA boosted its holdings in shares of Plug Power by 116.7% during the 4th quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 13,000 shares of the electronics maker’s stock worth $26,000 after buying an additional 7,000 shares during the period. Kestra Private Wealth Services LLC bought a new position in Plug Power in the 3rd quarter valued at about $32,000. Sender Co & Partners Inc. acquired a new stake in Plug Power during the second quarter worth approximately $26,000. Voleon Capital Management LP acquired a new stake in Plug Power during the third quarter worth approximately $48,000. Finally, Equitable Holdings Inc. acquired a new stake in Plug Power during the fourth quarter worth approximately $46,000. 43.48% of the stock is currently owned by institutional investors and hedge funds.

Plug Power Company Profile

(Get Free Report)

Plug Power Inc is a U.S.-based company specializing in the design and manufacture of hydrogen fuel cell systems that serve as clean energy replacements for conventional batteries in electric vehicles and material handling equipment. Its core solutions include ProGen fuel cell engines, GenDrive power systems for forklifts and warehouse vehicles, and GenFuel hydrogen refueling infrastructure. These offerings are sold as standalone components or integrated turnkey solutions under the GenKey brand, providing customers with on-site refueling, equipment installation and maintenance services.

In addition to its fuel cell and refueling products, Plug Power develops backup power and off-grid energy solutions through its GenSure line, which targets telecommunications, data centers and utility applications.