Plug Power Inc. Q3 2026 Earnings Recap

Plug shares fell 9.0% after earnings, with investors likely focused on gross margin slipping slightly from Q2, fuel-plant downtime, and the still-negative 2.7% gross margin. The company reaffirmed full-year revenue growth guidance and expects Q4 net cash usage to be approximately flat, but positive Q4 EBITDAS remains a target rather than a delivered result.

Key Takeaways

• Q3 revenue was approximately $201 million, up about 13% year over year and from Q2; management expects Q4 revenue to be higher.
• Gross margin improved from approximately negative 68% a year ago to negative 2.7%, but was slightly below Q2. Unplanned downtime at some fuel plants weighed on the quarter.
• Net cash usage fell to approximately $28 million, about 54% below Q2, with no equity or debt raises during the quarter.
• Operating expenses were approximately $70 million versus roughly $229 million a year ago. Reported EPS was about $0.07, driven by noncash fair value gains on convertible notes and warrants.
• Plug reaffirmed full-year revenue growth guidance of 15%–16%; it is targeting positive EBITDAS and approximately flat net cash usage in Q4.