TLDR
- Plug Power reported Q1 2026 revenue of $163.5 million, beating Wall Street’s estimate of ~$140 million.
- The stock rose 12.8% in regular trading Monday and was up a further 6.3% in premarket Tuesday.
- EPS came in at -$0.08, beating the forecast of -$0.10 — a 20% positive surprise.
- Gross margin improved 42 percentage points year-over-year, from -55% to -13%.
- Management maintained its target of reaching positive EBITDA by Q4 2026.
Plug Power (PLUG) beat Wall Street’s Q1 revenue estimates by roughly 17%, sending the stock sharply higher. The hydrogen fuel cell company reported sales of $163.5 million against expectations of around $140 million.
The stock climbed 12.8% in regular trading on Monday. It was up another 6.3% to $3.74 in premarket trading Tuesday.
EPS came in at -$0.08, ahead of the forecast of -$0.10. That’s a 20% positive surprise and a 53% improvement from the -$0.17 reported in Q1 2025.
$PLUG | Plug Power Inc., Q1-2026 Earning Report pic.twitter.com/T1yXvDa9iZ
— Hardik Shah (@AIStockSavvy) May 11, 2026
Revenue was up 22% year-over-year. A year ago, Plug posted an operating loss of roughly $180 million on sales of about $134 million.
The Q1 operating loss this time was approximately $109 million. Wall Street had been expecting a loss of around $110 million.
Short sellers had been watching closely. Plug carries short interest of around 25% of its float — about 350 million borrowed and sold positions. That compares to an average of about 8% for Russell 2000 stocks.
With a strong number on the way, some short sellers may have covered early. That kind of positioning can accelerate a move higher.
Margins Show Improvement
Gross margin improved from -55% in Q1 2025 to -13% this quarter — a 42 percentage point swing. Service costs per unit dropped by more than 30%.
The electrolyzer platform stood out, posting a 343% revenue increase year-over-year. Hydrogen fuel sales grew 22% year-over-year.
Capital expenditure was disciplined at just $7 million for the quarter. The company ended Q1 with $802 million in cash.
For 2026, Wall Street still projects a full-year operating loss of around $350 million on sales of roughly $800 million. Cash burn is projected at about $250 million for the year.
Path to EBITDA
Management reiterated its goal of reaching positive EBITDA by Q4 2026. CEO Andy Marsh said margin improvements and revenue growth are tracking in line with the company’s strategy.
This isn’t the first time an earnings beat has moved the stock. After Q4 results on March 2, Plug jumped 23% when management first laid out the EBITDA target alongside a smaller-than-expected loss.
The stock has returned over 300% in the past 12 months and is up roughly 78% year-to-date. That said, it still trades far below its five-year high of over $46.
The 52-week range runs from $0.69 to $4.58. PLUG closed at $3.09 in aftermarket trading on Monday despite the earnings beat.
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