PLUG reports Q1 2026 revenue of $163.5 million, beating estimates, with gross margins improving to negative 13% from negative 55%.
Plug Power’s stock has rebounded over 70% year-to-date, trading at $3.78, driven by cost cuts and operational tightening under Project Quantum Leap. The company posted its first positive gross margin in years during Q4 2025, alongside a 13% year-over-year revenue increase to $710 million.
Q1 2026 earnings showed further progress, with revenue rising 22% to $163.5 million, surpassing Wall Street expectations. Gross margins improved sharply to negative 13% from negative 55% a year earlier. Electrolyzer revenue surged to $40.8 million, up from $9.2 million, supported by European and Canadian projects. Adjusted EPS losses narrowed to $0.08 from $0.17.
The company ended the quarter with $802 million in cash and restricted cash, signaling financial stabilization. Material handling and hydrogen fuel sales also contributed to growth, rising 15% and 10%, respectively.