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Plug Power cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$100M in Q2 2026 · −$523M over twelve months

Operating cash flow−$94.1M
Capital spending−$6.3M
Free cash flow−$100M
Cash conversion cycle242 days

Analysis

In Q2 2026, Plug Power generated −$94.1M of operating cash flow and spent $6.3M on capital projects, leaving free cash flow of −$100M. That is $130M more than in Q2 2025 (−$230M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$483M; the largest uses were operating cash flow ($483M), net borrowing (+) / repaid (−) ($264M), capital spending ($40.8M); besides operations, cash came from other financing ($602M), partners ($1.3M); the cash balance rose by $21.2M.

Operating cash flow was −$94.1M against net income of −$190M. The largest differences: impairments +$19.4M, receivables −$19.4M, stock-based pay +$12.9M.

Its cash conversion cycle was 242 days (receivables 59 + inventory 255 − payables 73).

Free cash flow

Plug Power: free cash flow by quarterPlug Power: free cash flow by quarter−$234MQ3 2024−$165MQ4 2024−$146MQ1 2025−$230MQ2 2025−$118MQ3 2025−$153MQ4 2025−$152MQ1 2026−$100MQ2 2026
Operating cash flow less capital spending.
Plug Power: operating cash flow against capital spendingPlug Power: operating cash flow against capital spendingOperating cash flowCapital spending−$175M$59.2MQ3 2024−$131M$34.0MQ4 2024−$106M$40.5MQ1 2025−$192M$38.6MQ2 2025−$89.8M$27.7MQ3 2025−$149M$4.4MQ4 2025−$150M$2.4MQ1 2026−$94.1M$6.3MQ2 2026
Latest (Q2 2026): Operating cash flow −$94.1M, Capital spending $6.3M.

Capital allocation, year by year

Plug Power: where the cash came from (up) and went (down), by fiscal yearPlug Power: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsFY2021: Operating cash flow −$358MFY2021: Net borrowing $17.0MFY2021: Shares issued $3.6BFY2021: Capital spending −$172MFY2021: Acquisitions −$137M$3.6BFY2021FY2022: Operating cash flow −$829MFY2022: Net borrowing −$53.4MFY2022: Capital spending −$437MFY2022: Acquisitions −$56.9MFY2022FY2023: Operating cash flow −$1.1BFY2023: Net borrowing $16.0MFY2023: Asset sales $1.1MFY2023: Capital spending −$665M$17.1MFY2023FY2024: Operating cash flow −$729MFY2024: Net borrowing $47.4MFY2024: Shares issued $858MFY2024: Asset sales $500KFY2024: Capital spending −$287M$906MFY2024FY2025: Operating cash flow −$536MFY2025: Net borrowing −$30.5MFY2025: Shares issued $322MFY2025: Capital spending −$111M$322MFY2025
Over these 5 years operating cash flow totalled −$3.6B; the largest uses were operating cash flow ($3.6B) and capital spending ($1.7B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$162M
Debtnone
Net cash$162M
Cash runway4 months

Plug Power is burning cash: its operations consume cash, a free cash flow of −$523M a year at the current rate against $162M of cash and investments: a runway of about 4 months before any new financing.

Where the cash came from and went

Plug Power: sources (+) and uses (−) of cash, Q2 2026Plug Power: sources (+) and uses (−) of cash, Q2 2026Operating cash flow−$94.1MNot reconciled$69.2MCash drawn (+) / kept (−)$61.3MOther financing−$35.7MOther investing$6.6MCapital spending−$6.3MExchange rates−$533KNet borrowing (+) / repaid (−)−$346KTaxes on employees’ shares−$122K
Plug Power: sources (+) and uses (−) of cash, TTM to Q2 2026Plug Power: sources (+) and uses (−) of cash, TTM to Q2 2026Other financing$602MOperating cash flow−$483MNet borrowing (+) / repaid (−)−$264MNot reconciled$226MCapital spending−$40.8MCash drawn (+) / kept (−)−$21.2MOther investing−$19.1MTaxes on employees’ shares−$3.6MPartners$1.3MExchange rates$1.2M

From profit to cash

Plug Power: net income to operating cash flow, Q2 2026Plug Power: net income to operating cash flow, Q2 2026Net income−$190MDepreciation & amortization$7.5MStock-based pay$12.9MImpairments$19.4MReceivables−$19.4MInventory$10.4MPayables−$6.1MContract assets−$8.5MPrepaid and other assets−$1.9MOperating cash flow−$94.1M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 20265925573242
Q1 20266625276242
Q4 20255322569209
Q3 20256818649205
Q2 20257426869273
Q1 202510229881319
Q4 20247816942205
Q3 20249530777324

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$94.1M−$6.3M−$346K—$61.3M−$100M
Q1 2026−$150M−$2.4M−$346K—$145M−$152M
Q4 2025−$149M−$4.4M−$259M−$29.6M−$203M−$153M
Q3 2025−$89.8M−$27.7M$39.2M$75.8M−$25.2M−$118M
Q2 2025−$192M−$38.6M−$344K$139K$155M−$230M
Q1 2025−$106M−$40.5M−$344K$276M−$90.2M−$146M
Q4 2024−$131M−$34.0M$718K$64.6M−$112M−$165M
Q3 2024−$175M−$59.2M−$2.4M$221M−$31.6M−$234M

Plug Power: income statement and cash flow

Plug Power, Q2 2026: revenue $178M (+2% year over year), operating margin -36.0%. The chart follows the revenue to costs, profit and cash.

Plug Power: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.