The 22% revenue beat and 42pp gross margin improvement confirm the operational turnaround is on track. Watch for the $142M asset monetization close in June and Q2 cash burn trajectory — if cash usage continues to improve sequentially, the path to Q4 EBITDAS-positive becomes credible. The stock has historically rallied on these execution beats (avg +31% T+20 on prior reports).
Price Chart
Executive Summary
Plug Power reported Q1 2026 revenue of $163.5M (+22% YoY) and GAAP EPS of ($0.18), both beating consensus estimates of $139.8M and ($0.10) respectively. The company posted a 71% gross margin improvement to (13%) from (55%) a year ago, driven by cost optimization and higher volumes, while maintaining its Q4 2026 EBITDAS-positive target.
Key Financial Metrics
Key Facts
- Q1 2026 revenue of $163.5M, up 22% YoY from $133.7M, beating consensus of $139.8M
- GAAP EPS of ($0.18) vs consensus ($0.10) — headline miss, but adjusted EPS improved to ($0.08) from ($0.17) YoY
- GAAP gross margin improved to (13%) from (55%) in Q1 2025, a 42 percentage point improvement
- Operating cash burn of $150M in Q1 2026 vs $106M in Q1 2025, but capex fell sharply to $2.4M from $40.5M
- Ended quarter with $802M total cash ($223M unrestricted + $579M restricted); expects ~$50M restricted cash release per quarter
- Anticipates $275M from asset monetization (first $142M tranche expected to close in June 2026)
- Targeting positive EBITDAS in Q4 2026, positive operating income by end of 2027, full profitability by end of 2028
- Hydrogen fuel sales up 22% YoY; GenDrive per-unit service costs down >30% YoY
- Over $8B electrolyzer project pipeline; 320+ MW deployed globally
Financial Impact
Revenue beat consensus by ~17% ($163.5M vs $139.8M). Adjusted EPS improved 53% YoY to ($0.08). Gross margin improvement of 42pp is the key operational milestone.
Risk Factors
- Still GAAP-unprofitable with operating cash burn of $150M in Q1; liquidity runway depends on asset sales and restricted cash releases
- GAAP EPS of ($0.18) missed consensus ($0.10) due to $140M in non-cash mark-to-market charges on convertible debt and warrants
- Revenue still heavily dependent on project-timing (equipment sales); subscription/recurring revenue not separately disclosed
- Target of positive EBITDAS by Q4 2026 remains aspirational until demonstrated
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-058615 |
| Document: tm2614034d1_8k.htm | 0001104659-26-058615 |
| Document: 0001104659-26-058615-index-headers.html | 0001104659-26-058615 |
| Document: 0001104659-26-058615-index.html | 0001104659-26-058615 |
| Document: 0001104659-26-058615.txt | 0001104659-26-058615 |
| 8-K Data (Synthetic) | 0001104659-26-058615 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 11, 2026 7w ago | Court Ruling | $2.22 $2.17 | ▼ −2.25% | ▼ −1.19% | $1.90 (−14.41%) |
Aug 10, 2026 7w ago | 8-K | $2.22 $2.17 | ▼ −2.25% | ▼ −1.19% | $1.90 (−14.41%) |
Jul 24, 2026 10w ago | Court Ruling | $2.09 $2.27 | ▲ +8.61% | ▲ +4.99% | $1.90 (−9.09%) |
Jul 13, 2026 11w ago | 8-K | $2.17 $2.11 | ▲ +2.77% | ▲ +5.95% | $1.90 (+12.44%) |
Jul 13, 2026 11w ago | Press Release | $2.17 $2.11 | ▼ −2.77% | ▼ −5.95% | $1.90 (−12.44%) |
Jul 7, 2026 12w ago | Press Release | $2.48 $2.08 | ▼ −16.13% | ▼ −17.46% | $1.90 (−23.39%) |
Jun 4, 2026 17w ago | DEFA14A | $3.22 $2.64 | ▲ +17.88% | ▲ +19.75% | $1.90 (+40.90%) |
Jun 4, 2026 17w ago | DEFA14A | $3.22 $2.64 | ▼ −17.88% | ▼ −19.75% | $1.90 (−40.90%) |
May 11, 2026 20w ago | 8-K | $3.55 $2.86 | ▼ −19.35% | ▼ −17.62% | $1.90 (−46.42%) |
Apr 2, 2026 26w ago | Press Release | $2.41 $3.13 | ▲ +30.09% | ▲ +20.21% | $1.90 (−21.03%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access