Plug Power Inc.

What they do

Plug Power designs and manufactures proton exchange membrane fuel cells, electrolyzers, hydrogen liquefiers and cryogenic storage and delivery equipment, and operates its own hydrogen production plants. It has deployed more than 74,000 fuel cell systems, primarily for material handling vehicles such as forklifts, and operates more than 275 fueling stations. The company also produces and sells hydrogen fuel directly to customers, with production plants in Tennessee, Georgia and, as of April 2025, St. Gabriel, Louisiana. Electrolyzer stack manufacturing is housed in a gigafactory in Rochester, New York, and fuel cells are made in Slingerlands, New York.

Revenue drivers

• Material handling fuel cells and service — GenDrive fuel cell units replace lead-acid and lithium-ion batteries in forklifts at multi-shift manufacturing and distribution sites. Plug deployed 1,666 GenDrive units in Q2 2026, up 125% year over year, and service revenue grew 82% year over year to about $30 million with a 27% positive service margin.
• Hydrogen fuel sales — Plug produces and delivers hydrogen directly to customers, supported by its Tennessee, Georgia and Louisiana production plants, with a stated goal of expanding both output and geography.
• GenEco electrolyzers — PEM electrolyzer systems, sold in 5 MW and 10 MW building blocks, generate hydrogen for customers. Announced project milestones include a 30 MW FID at Carlton Power's Barrow project, a 275 MW FEED scope for Hy2gen's Courant project, and a 50 MW order for Orica's Hunter Valley hub.
• Liquefiers and cryogenic equipment — Plug designs and manufactures hydrogen liquefaction systems, liquid storage tanks, delivery trailers, vaporizers and portable equipment as part of its end-to-end offering.

Recent performance

In Q2 2026 Plug reported net revenue of approximately $178 million, up about 9% sequentially, versus $163.5 million in Q1 2026 and $177.1 million in Q4 2025. Gross margin improved to approximately break-even from roughly negative 31% in the prior-year period and negative 13% in Q1 2026. Operating expenses declined about 50% year over year to roughly $62 million, and GAAP EPS was $(0.14) versus $(0.20) a year earlier. Net cash usage was about $61 million. Full year 2025 revenue was $709.9 million with a net loss of $1.63 billion, and operating cash flow was negative $535.8 million.

Strategy

Plug's stated strategy is to build an end-to-end clean hydrogen ecosystem spanning production, storage, delivery and energy generation. The company is expanding hydrogen production geographically, including through its Louisiana plant commissioned in April 2025, and is planning a network in Europe while advancing multi-megawatt electrolyzer projects in Portugal, Spain and Australia. It is scaling electrolyzer and fuel cell manufacturing at its Rochester and Slingerlands, New York facilities, focusing on 5 MW and 10 MW electrolyzer offerings to reach the gigawatt-scale market. Management is also pursuing asset monetization and cost reduction, citing declining operating expenses and lower net cash usage.

Risks

• History of losses and negative cash flow — Plug has recorded annual net losses every year from 2021 through 2025, including $1.63 billion in 2025, and operating cash flow was negative $535.8 million in 2025.
• Need for additional capital — The company states it needs to raise additional capital and that financing may not be available on acceptable terms, with $161.9 million of cash and equivalents and $1.61 billion of total liabilities at June 30, 2026.
• Hydrogen production facility execution — Plug acknowledges that commissioning a facility does not ensure reliable operation at expected capacity or cost, and that facilities depend on internal supply of electrolyzers and liquefiers.
• Customer concentration and order timing — The company warns of reliance on a small number of large customers or partners and that anticipated orders may be based on non-binding indications and can be delayed or reduced.

Outlook

Management raised full-year 2026 revenue growth guidance to a range of 15% to 16%, citing a historically second-half-weighted business cadence and commercial backlog. The company says it believes it is on track to achieve its positive EBITDAS target in the fourth quarter of 2026. Plug also flagged that two of its largest material handling customers plan to refresh more than 20,000 GenDrive units over the next three years, and that it expects the remaining 25 MW of the 55 MW Carlton Power award to reach FID in 2026.