Plug Power Reports USD 99 Million Quarterly Profit – Operating Losses Remain High
lingerlands, USA – Plug Power reported a net profit of about USD 99 million for the third quarter of 2026. The result was driven by non-cash gains from the revaluation of financial liabilities. Operationally, the company remained in the red despite higher revenue and lower costs.
Revenue Rises 13 Percent – Operating Loss at USD 75 Million
Plug Power increased quarterly revenue by 13 percent to USD 200.6 million. Gross margin improved from minus 68 percent a year earlier to about minus 3 percent. Cost of revenue continued to exceed sales.
In the product business, gross margin for equipment, infrastructure and other products stood at minus 0.4 percent, while the service business posted plus 31 percent. Hydrogen supply remained loss-making: on revenue of USD 38 million (up 6 percent), gross margin improved from minus 79 percent to minus 52 percent. Plug Power cited higher selling prices, lower procurement costs and better capacity utilisation.
Operating expenses fell 69 percent to about USD 70 million, partly due to lower one-off charges. The operating loss was about USD 75 million, including a one-time gain of USD 25.8 million from an asset sale. Excluding this effect, the operating loss would have been about USD 101 million on a calculated basis.
Non-Cash Gains of USD 192 Million Drive Positive Quarterly Result
The net profit of about USD 99 million was largely attributable to non-cash gains of about USD 192 million from the revaluation of financial liabilities, including convertible bonds and warrant liabilities. No cash was generated from these gains. After nine months, the net loss totalled about USD 337 million.
Net Cash Consumption Declines – Asset Sales Ease Financial Position
Net cash consumption fell 54 percent from the previous quarter, from USD 61 million to USD 28 million. About USD 40 million from the sale of existing high-voltage infrastructure assets contributed to this. A reduction in restricted cash also affected the figure. The asset sales are not part of operating cash flow.
Calculated cash outflow from operating activities in the third quarter was about USD 76 million. In the first nine months, it amounted to USD 320.5 million, compared with USD 387.2 million in the same period a year earlier. This included a cash inflow of USD 50 million from a settled customer contract dispute in the second quarter. At the end of September, Plug Power had unrestricted cash of USD 134.1 million.
Electrolyser Orders in Europe and Australia
Plug Power signed a supply agreement for 280 MW of electrolysers for the Danish e-fuels project ENDOR. Implementation still requires an investment decision and construction approval. Arcadia eFuels also selected Plug Power as preferred supplier for further potential projects totalling more than 1 GW; this does not involve binding orders.
In Australia, Plug Power received a 50 MW order for Orica’s Hunter Valley Hydrogen Hub. Projects of 25 MW in Spain and 100 MW in Portugal are in the commissioning phase. For 2026, the company expects revenue growth of 15 to 16 percent and targets positive EBITDAS in the fourth quarter. This does not imply either a net profit or positive operating cash flow.
Plug Power Shares Fall After Quarterly Results – Down 27 Percent Year to Date
Following the publication of the results after the U.S. market close on November 9, the stock fell on Tuesday. Compared with the Friday close on November 6, the share price dropped 6.2 percent by November 10, from EUR 1.30 to EUR 1.22. Compared with the 2025 year-end closing price of EUR 1.68 on December 30, 2025, the decline is 27.4 percent.
IEA: Hydrogen Project Pipeline Shrinks – Electrolyser Industry Consolidates
The new electrolyser orders do not change the rather difficult overall conditions in the international hydrogen market, however. According to the International Energy Agency’s (IEA) Global Hydrogen Review 2026, announced annual production capacity for low-emission hydrogen with a 2030 target year fell within one year from 37 million to 27 million tonnes. The IEA cites high costs, uncertain demand and regulatory uncertainty as obstacles.
At the same time, actual production of low-emission hydrogen rose by about 20 percent in 2025 to just under 1 million tonnes. Investment in production projects reached almost USD 7 billion. Nevertheless, the IEA sees the electrolyser industry in a phase of consolidation.
For Plug Power, the key question remains whether the operational improvements continue and whether new projects can be converted into profitable orders and positive operating cash flow.
Source: IWR Online, 11 Nov 2026
