Filing Flows › Plug Power (PLUG) › Q1 2026 › vs Q1 2025
Plug Power (PLUG) Q1 2026 vs Q1 2025 (year over year)
Plug Power's revenue rose $29.8M (+22%) from $134M in Q1 2025 to $164M in Q1 2026. The biggest changes: Sales of equipment, related infrastructure and other +$29.9M (+61%); Sales of cryogenic equipment and liquefiers −$17.9M (-59%); Sales of hydrogen infrastructure +$7.0M (+123%).
Plug Power, Q1 2026: revenue $164M (+22% year over year), operating margin -67.0%, net loss $246M, operating cash flow −$150M. The chart draws each line against Q1 2025, the increases inside each band.
Every line
| Line | Q1 2026 | Q1 2025 | Change | % |
|---|---|---|---|---|
| Sales of electrolyzers | $40.9M | $9.2M | $31.7M | +344% |
| Power purchase agreements | $26.3M | $23.2M | $3.1M | +13% |
| Sales of fuel cell systems | $11.8M | $16.7M | −$4.9M | -29% |
| Sales of equipment, related infrastructure and other | $79.0M | $49.1M | $29.9M | +61% |
| Fuel delivered to customers and related equipment | $35.8M | $29.5M | $6.3M | +22% |
| Services performed on fuel cell systems and related infrastructure | $22.0M | $16.9M | $5.1M | +30% |
| Sales of hydrogen infrastructure | $12.6M | $5.6M | $7.0M | +123% |
| Sales of cryogenic equipment and liquefiers | $12.5M | $30.5M | −$17.9M | -59% |
| Sales of engineered equipment | $1.2M | $1.5M | −$310K | -20% |
| Other | $436K | $627K | −$191K | -30% |
| Revenue | $164M | $134M | $29.8M | +22% |
| Net loss | $246M | $197M | $49.2M | +25% |
| Costs & expenses | $410M | $331M | $79.0M | +24% |
| Operating costs | $273M | $312M | −$39.1M | -13% |
| Interest & other, net | $137M | $18.4M | $118M | +642% |
| Income tax | $41K | $0 | $41K | — |
| Cost of revenue | $185M | $208M | −$22.4M | -11% |
| Research & development | $12.1M | $17.4M | −$5.2M | -30% |
| SG&A | $70.2M | $80.8M | −$10.6M | -13% |
| Other operating costs | $5.6M | $6.4M | −$838K | -13% |
| Operating cash sources | $246M | $197M | $49.2M | +25% |
| Depreciation & amortization | $7.2M | $14.1M | −$6.9M | -49% |
| Share-based compensation | $13.9M | $11.1M | $2.9M | +26% |
| Working capital & other | $74.8M | $66.1M | $8.8M | +13% |
| Cash used in operations | $150M | $106M | $44.5M | +42% |
| Net loss absorbed | $246M | $197M | $49.2M | +25% |
Questions
How much did Plug Power's revenue grow year over year in Q1 2026?
Plug Power's revenue rose $29.8M (+22%) from $134M in Q1 2025 to $164M in Q1 2026.
What drove Plug Power's revenue change in Q1 2026?
Sales of equipment, related infrastructure and other +$29.9M (+61%); Sales of cryogenic equipment and liquefiers −$17.9M (-59%); Sales of hydrogen infrastructure +$7.0M (+123%).