Plug Power Q3 2026 EPS swings to $0.07 profit as revenue rises 13% to $201 million
PLUG•Plug Power reported Q3 2026 revenue of approximately $201 million, up 13% year over year, and GAAP basic EPS of approximately $0.07, primarily driven by non-cash mark-to-market gains. The company maintained its 2026 revenue growth guidance of 15%–16%.
1. Quarterly results and outlook
Plug Power’s gross margin improved 65 percentage points year over year to approximately negative 3%, while operating expenses fell 69% to approximately $70 million. Net cash usage dropped 54% sequentially to approximately $28 million; the company expects Q4 cash usage to remain relatively flat sequentially. It also announced a 280 MW electrolyzer supply agreement with Arcadia eFuels and a preferred-supplier partnership covering more than 1 GW of potential projects.
