Plug Power Boosts Q1 Revenue Significantly and Improves Margins – Targets Positive EBITDAS by end of 2026 – Stock Climbs
Slingerlands (USA) – U.S. hydrogen specialist Plug Power Inc. significantly increased its revenue in the first quarter of 2026 and noticeably improved its operating performance. Following the release of its results, the stock listed in the global RENIXX (Renewable Energy Industrial Index) temporarily rose by 14.3% to €3.03 in yesterday’s trading.
Revenue growth and significant margin improvement
In the first quarter of 2026, Plug Power increased revenue by 22% to USD 163.5 million (Q1 2025: USD 133.7 million). Key growth drivers were the material handling and electrolyzer segments.
The GAAP gross margin improved significantly from minus 55% in the prior-year quarter to minus 13%. This corresponds to a 71% improvement in overall margin and a 42 percentage point increase in the margin rate. According to Plug Power, the improvement was driven by higher revenues, cost optimization, progress in the service business, and more efficient hydrogen sourcing.
Adjusted earnings per share came in at minus USD 0.08 (Q1 2025: minus USD 0.17). On a GAAP basis, Plug Power reported a loss per share of minus USD 0.18 (Q1 2025: minus USD 0.21). The result was impacted, among other factors, by non-cash effects from the valuation of convertible notes and warrants.
CEO Jose Luis Crespo stated: “Our first quarter results reflect strong commercial execution and continued progress improving the underlying economics of the business and positions us to achieve our EBITDAS positive target in Q4 2026.”
Electrolyzers and hydrogen production remain key growth pillars
In its electrolyzer business, Plug Power now reports more than 320 MW of installed global capacity. The project pipeline totals over USD 8 billion, according to the company.
Ongoing major projects include a 100 MW electrolyzer system for Galp Energia in Portugal and a 25 MW project with Iberdrola and BP in Spain. In addition, Plug Power received an award for front-end engineering design for a 275 MW project from Hy2gen in Québec. The company also reported progress on hydrogen and SAF projects with Allied Green Ammonia in Uzbekistan.
The hydrogen business also showed significant improvement. Hydrogen fuel sales increased by 22% year-over-year, while margins in this segment improved by 54 percentage points. According to Plug Power, this was driven by higher production volumes, lower third-party sourcing costs, and improved utilization of its hydrogen network.
The production facilities in Georgia, Tennessee, and Louisiana currently have a combined capacity of approximately 40 tons of hydrogen per day.
Liquidity significantly strengthened
Plug Power held USD 802 million in total liquidity at the end of the quarter (Q1 2026), compared to USD 1.076 billion at the end of the prior-year quarter (Q1 2025). The figure includes both unrestricted and restricted cash, part of which is expected to be released gradually. In addition, the company expects short-term inflows from asset sales and tax credit transactions amounting to several hundred million dollars.
Outlook 2026: focus on profitability and scaling
For the full year 2026, Plug Power expects continued gradual improvement in operational performance. The focus remains on margin expansion, efficient capital deployment, and execution of the project pipeline. The company maintains its target of achieving positive EBITDAS in the fourth quarter of 2026. Key growth drivers include the expansion of electrolyzer projects, scaling of hydrogen production, and the increasing industrialization of customer applications in the material handling and energy sectors.
Source: IWR Online, 12 May 2026
