Plug Power Reports Strong Q1 2026 Results with 22% Revenue Growth and 71% Margin Improvement Year over Year
PLUG
Published on 05/11/2026 at 04:01 pm EDT
SLINGERLANDS, N.Y., May 11, 2026 (GLOBE NEWSWIRE) -- Plug Power Inc., a global leader in hydrogen solutions, today reported results for the first quarter of 2026, delivering strong revenue growth, meaningful margin improvement, and continued progress toward profitability.
The Company exceeded its expectations on revenue and delivered its margin and EPS targets for the quarter. This performance reflects disciplined execution across Plug’s integrated hydrogen platform, improving unit economics, and continued demand across core markets.
Q1 2026 Financial Highlights
“Our first quarter results reflect strong commercial execution and continued progress improving the underlying economics of the business and positions us to achieve our EBITDAS positive target in Q4 2026,” said Jose Luis Crespo, Chief Executive Officer of Plug. “We exceeded internal expectations on revenue, delivered on our margin and EPS targets, and continue to strengthen our financial position. Our focus remains on execution and growth, driving efficiency, expanding margins, and converting our scale into consistent financial performance.”
Commercial Business Update
Material Handling (GenDrive Fuel Cells and GenFuel Systems)
Electrolyzer Solutions (GenEco)
Hydrogen Production
Liquidity and Capital Position
Positioned for Long-Term Value Creation
Plug continues to execute against a clear set of priorities: margin expansion, disciplined capital deployment, and conversion of its project pipeline into profitable growth. The Company remains focused on achieving positive EBITDAS in the fourth quarter of 2026. Operating at the center of the global energy transition, Plug has built a scaled platform spanning hydrogen production, delivery, and end-use applications. Its integrated hydrogen ecosystem remains a key differentiator, which management believes will drive increased revenue visibility, improved asset utilization, and expanding margins as the platform continues to scale.
Earnings Call Details
Management will host a conference call to discuss results and business outlook.
A live webcast will be available on the Plug Investor Relations website at www.ir.plugpower.com, and a playback will remain available online following the call.
About Plug Power
Plug designs, builds, and operates a fully integrated hydrogen ecosystem spanning production, storage, delivery, and power generation, enabling the global hydrogen economy. A first mover in the industry, Plug delivers electrolyzers, fuel cells, and hydrogen production plants to customers across material handling, industrial applications, and energy markets, advancing energy resilience and industrial decarbonization.
Plug’s GenEco electrolyzers span five continents, and the Company has more than 74,000 GenDrive fuel cell systems and 280+ hydrogen-powered material handling sites deployed to date. Plug also operates its own hydrogen generation network to ensure a reliable, domestically produced supply, with production facilities currently operational in Georgia, Tennessee, and Louisiana, representing a combined capacity of approximately 40 tons per day.
With employees and state-of-the-art manufacturing facilities around the world, Plug serves global leaders including Walmart, Amazon, Home Depot, BMW, and BP.
For more information, visit www.plugpower.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding the Company's expectations, beliefs, plans, projections, and anticipated results of operations, including statements regarding anticipated financial results, targets, and objectives for future periods, cash usage, liquidity, asset monetization initiatives and the timing of such closings, hydrogen production capacity and utilization, project pipeline opportunities, electrolyzer deployments, anticipated benefits of “Project Quantum Leap,” and the Company’s ability to achieve positive EBITDAS in the fourth quarter of 2026. Forward-looking statements are based on management’s current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Factors that could cause actual results to differ materially include, but are not limited to: the Company’s ability to achieve anticipated cost reductions and operational efficiencies; the Company’s ability to improve margins and manage cash usage; the Company’s ability to successfully execute its hydrogen production, liquefaction, and logistics strategy; the availability, timing, and cost of hydrogen supply and production inputs; the Company’s ability to complete asset monetization transactions on anticipated terms or timelines; the Company’s ability to close or realize anticipated proceeds from investment tax credit transactions; the Company’s ability to execute on its electrolyzer project pipeline and convert opportunities into revenue-generating projects; delays or disruptions in project development, permitting, construction, or commissioning; the availability of financing or capital; changes in customer demand, including within the material handling and energy markets; competitive pressures; changes in government policies, incentives, or regulations; macroeconomic conditions; and other risks described in the Company’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. The forward-looking statements included in this press release speak only as of the date hereof. The Company undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances, except as required by law.