Plug Power reports 22% year-over-year revenue growth to $163.5 million in Q1 2026, with gross margins improving to -13% from -55%.
Plug Power Inc. (NASDAQ:PLUG) posted a 22% year-over-year revenue increase to $163.5 million in Q1 2026, driven by cost reductions and operational efficiencies. The company’s gross margins improved sharply to -13% from -55% in the prior period.
The results follow recent milestones, including the completion of a 5 MW GenEco PEM electrolyzer system in Denmark. Plug Power now operates over 70 GenEco systems globally, enhancing its hydrogen and fuel cell technology portfolio.
Shares of PLUG have gained approximately 10% over the past six months amid these developments, though the company remains unprofitable.