PLUG reports Q1 GAAP gross margin improvement to -13% and 20% revenue growth, signaling progress in its turnaround strategy.
Plug Power reported a 42% year-over-year improvement in GAAP gross margin to -13% in the first quarter, driven by cost-cutting and better fuel-sourcing. The company’s revenue grew 20% in its legacy material-handling business, while its electrolyzer division surged to over $40 million, quadrupling from the prior year.
The results beat Wall Street expectations, marking a shift from previous losses. Plug’s turnaround plan, “Project Quantum Leap,” aims to address long-standing profitability issues by refining operations and scaling newer divisions.
Shares have surged recently as investors monitor progress toward sustained positive margins, a key indicator of long-term viability.