Plug Power Says Remains On Track For FY26 Sales Growth Guidance, Supported By Continued Margin Improvement And Record Low Net Cash Usage Of ~$28M

 Plug Power Inc. (NASDAQ:PLUG), a global leader in comprehensive hydrogen solutions for the hydrogen economy, is providing an update today on its 2026 business progress, highlighting improvements across three key business priorities: sales growth, margin enhancement, and improved cash flows. The Company is also sharing details for its upcoming third quarter earnings call scheduled for November 9 and Plug Symposium 2026 scheduled for November 19.

2026 Business Progress and Priorities

Plug continues to execute against its three key business objectives, with progress through the third quarter and continued focus on year-end performance:

Sales: Based on preliminary, unaudited estimates, Plug expects meaningful revenue growth in Q3 2026 of greater than 10% versus Q3 2025. Progress on sales and pipeline growth suggest the Company is on track to achieve its previously communicated full-year revenue growth guidance of approximately 15% to 16%, supported by commercial execution across material handling, electrolyzers and hydrogen supply.
Margin: The Company has demonstrated gross margin improvement over the past two quarters and expects continued year-over-year progress in Q3 2026, reflecting the focus on cost reductions and improved operating leverage.
Cash: Based on preliminary, unaudited estimates, Plug’s net cash usage for Q3 2026 was approximately $28 million, marking continued improvement for the year. Plug ended Q3 2026 with approximately $134 million in cash and cash equivalents (excluding restricted cash). The Company did not raise any proceeds through its at-the-market (ATM) offering program or generate proceeds from other equity or debt capital raises during the quarter. Hence, this net cash usage for the third quarter reflects overall operating results and fundamental improvement, which the Company believes supports its forecast for continued improvement in Q4 2026.

Looking ahead, Plug remains focused on sustaining progress across all three objectives in the fourth quarter and going forward, with an emphasis on disciplined cash management, minimizing capital expenditures, and strengthening its operating performance.

Pipeline Developments

Plug continues to advance its global GenEco electrolyzer pipeline, converting commercial opportunities into projects across sustainable fuels, ammonia production and industrial hydrogen applications.

Recent developments include:

Arcadia eFuels: Signed a 280 MW GenEco electrolyzer supply agreement for Project ENDOR in Denmark, alongside a strategic cooperation agreement positioning Plug as the preferred supplier for more than 1 GW of potential e-SAF projects across Europe and the Americas.
Hy2gen: Advancing front-end engineering design (FEED) for the 275 MW Courant project in Québec, Canada, supporting renewable ammonia and ammonium nitrate production.
Orica: Secured a 50 MW GenEco electrolyzer order for the Hunter Valley Hydrogen Hub in Australia, following the project's final investment decision (FID).
Iberdrola and Galp: Continuing execution and commissioning activities for the 25 MW Iberdrola and bp project in Spain and the 100 MW Galp project in Portugal.
These developments reinforce Plug's approximately $8 billion global electrolyzer opportunity funnel and demonstrate continued commercial progress across multiple markets. While project timelines vary, particularly for complex, first-of-a-kind developments, Plug remains focused on advancing opportunities through key milestones and converting its pipeline into revenue, supporting its near- and mid-term growth objectives.