Plug Power (PLUG)
NASDAQ:PLUG
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Earnings Data
Report Date
Aug 06, 2026TBA (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
-0.08Last Year’s EPS
-0.2Same Quarter Last Year
Based on 15 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented substantial operational progress: strong revenue growth (+22%), an exceptional electrolyzer revenue surge (+343%), large improvements in gross margin (42 percentage points) and fuel margins (+54 percentage points), service cost reductions (~30%), improved liquidity ($802M total cash) and clear targets toward positive EBITDA in Q4 2026. However, material challenges remain: the company is still unprofitable (gross margin -13%, adjusted EPS -$0.08), relies on asset monetization and restricted cash releases for funding, and faces timing and execution risks on large electrolyzer projects. On balance, the quantitative and operational improvements indicate momentum and a credible path to profitability, while execution and funding risks warrant monitoring.Company Guidance
Top-Line Growth
Revenue increased 22% year-over-year to $163.5 million in Q1 2026, driven by growth across material handling, electrolyzers, and hydrogen fuel.
Electrolyzer Revenue Surge
Electrolyzer revenue grew from $9.2 million in 2025 to $40.8 million in 2026, a 343% increase, supported by large projects (25 MW with Iberdrola, 100 MW with Galp, 275 MW front-end award with Hytogen) and an ~ $8 billion opportunity funnel.
Material Handling Momentum & Customer Refresh
Material handling sales grew ~15% year-over-year (excluding customer warrant charges). Management expects major refresh activity with Amazon and Walmart, including ~20,000 unit refreshes over 2026–2027 and continued deployments with automotive and other large customers.
Gross Margin Improvement
Gross margin improved materially year-over-year from -55% to -13%, a 42 percentage-point improvement; management expects sequential margin improvement through 2026 driven by volume leverage, product mix, and cost discipline (Project Quantum Leap).
Fuel Business Improvement
Hydrogen fuel sales grew ~10% (Jose stated ~20% top-line growth) year-over-year with fuel margin rate improving by approximately 54 percentage points year-over-year due to better plant performance, network logistics, utilization and a third-party gas sourcing agreement.
Service Cost Reductions and Product Reliability
Per-unit GenDrive service cost down ~30% year-over-year; management cited doubled or tripled stack life for some models, fewer field touches, and reduced labor requirements per site driving service cost improvements.
Improved Liquidity and Low CapEx
Total cash of $802 million (unrestricted $223M, restricted $579M). Q1 CapEx was only ~$7 million. Management expects restricted cash releases (~$50M/quarter) plus asset monetizations to fund 2026.
Asset Monetization & Tax Credit Proceeds
Company expects >$275 million from asset monetization initiatives (first transaction ~ $142M expected in June). Sale of Section 48 tax credit tied to St. Gabriel JV is ~ $39.2M (Plug's portion ~ $20M) targeted to close by May.
Adjusted EPS and Path to Profitability
Adjusted EPS improved to negative $0.08 in Q1 2026 from negative $0.17 in Q1 2025. Management reiterated targets: positive EBITDA run-rate in Q4 2026, positive operating income in 2027, and full profitability in 2028.
Operational Guidance and Cost Discipline
Management targets OpEx around $75 million per quarter, a minimum $100 million inventory reduction target for the year, and expects continued margin and cash flow improvements as cost-down actions take full effect.
PLUG Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
PLUG Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
May 11, 2026 | $3.52 | $3.56 | +1.14% |
Mar 02, 2026 | $1.81 | $2.23 | +23.20% |
Nov 10, 2025 | $2.56 | $2.53 | -1.17% |
Aug 11, 2025 | $1.58 | $1.54 | -2.53% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Plug Power (PLUG) report earnings?
Plug Power (PLUG) is schdueled to report earning on Aug 06, 2026, TBA (Confirmed).
What is Plug Power (PLUG) earnings time?
Plug Power (PLUG) earnings time is at Aug 06, 2026, TBA (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is PLUG EPS forecast?
PLUG EPS forecast for the fiscal quarter 2026 (Q2) is -0.08.
