TLDR
- Plug Power reported Q2 revenue of $178.3 million, beating the $168.76 million consensus estimate
- Adjusted EPS came in at -$0.07, topping the -$0.08 analyst forecast
- Full-year 2026 revenue growth guidance raised to 15%-16%
- Gross margin improved to approximately breakeven from -31% a year ago
- PLUG stock jumped 8% immediately after results were released
Plug Power stock jumped 8% after the company reported Q2 2026 results that beat Wall Street expectations on both the top and bottom lines.
Revenue came in at $178.3 million, ahead of the $168.76 million analyst consensus. That marks a 2.5% increase from $174 million in the same period last year.
Adjusted EPS was a loss of -$0.07, slightly better than the -$0.08 forecast. GAAP EPS was -$0.14, compared to -$0.20 a year ago.
$PLUG (Plug Power) #earnings are out: pic.twitter.com/EoUrvIRky6
— The Earnings Correspondent (@earnings_guy) August 10, 2026
The stock rose more than 7% in premarket trading on Tuesday before extending those gains when markets opened.
CEO Jose Luis Crespo said the results show the company is “executing its transformation into a stronger, more efficient and profitable company.”
Margins and Costs Improve
One of the cleaner parts of this report was the margin story. Gross margin improved to approximately breakeven, up from -31% in Q2 2025 and -13% in Q1 2026.
Operating expenses dropped around 50% year-over-year to $62 million. That kind of cost discipline is what investors have been waiting for.
The material handling business deployed 1,666 GenDrive fuel cell units in the quarter. That is up 125% year-over-year from 739 units in Q2 2025.
Service revenue grew 82% year-over-year to $30 million, with a service margin of 27%. Fuel revenue rose roughly 15% year-over-year to $39 million.
Guidance Raised
Management lifted full-year 2026 revenue growth guidance to a range of 15% to 16%. The midpoint of 15.5% sits above the company’s previous outlook.
Plug Power credited improved gross margins, lower operating expenses, and execution across its material handling, electrolyzer, and hydrogen production units for the stronger outlook.
PLUG stock has gained 34% over the last 12 months heading into this report.
The consensus Wall Street rating on PLUG is Hold, based on 13 analysts. That breaks down as five Buys, six Holds, and two Sells. The average price target of $3.65 implies 73% upside from current levels.
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