Filing Flows › Plug Power (PLUG) › Q1 2026 › vs Q4 2025
Plug Power (PLUG) Q1 2026 vs Q4 2025 (quarter over quarter)
Plug Power's revenue fell $61.7M (-27%) from $225M in Q4 2025 to $164M in Q1 2026. The biggest changes: Sales of equipment, related infrastructure and other −$36.6M (-32%); Services performed on fuel cell systems and related infrastructure −$19.5M (-47%); Sales of cryogenic equipment and liquefiers −$7.5M (-37%).
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 Q4 2025, the increases inside each band.
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| Sales of electrolyzers | $40.9M | $68.3M | −$27.4M | -40% |
| Power purchase agreements | $26.3M | $36.1M | −$9.8M | -27% |
| Sales of fuel cell systems | $11.8M | $11.2M | $615K | +6% |
| Sales of equipment, related infrastructure and other | $79.0M | $116M | −$36.6M | -32% |
| Fuel delivered to customers and related equipment | $35.8M | $33.6M | $2.2M | +6% |
| Services performed on fuel cell systems and related infrastructure | $22.0M | $41.5M | −$19.5M | -47% |
| Sales of hydrogen infrastructure | $12.6M | $8.8M | $3.9M | +44% |
| Sales of cryogenic equipment and liquefiers | $12.5M | $20.0M | −$7.5M | -37% |
| Sales of engineered equipment | $1.2M | $3.4M | −$2.2M | -64% |
| Other | $436K | $2.3M | −$1.9M | -81% |
| Revenue | $164M | $225M | −$61.7M | -27% |
| Net loss | $246M | $905M | −$659M | -73% |
| Costs & expenses | $410M | $1.1B | −$720M | -64% |
| Operating costs | $273M | $988M | −$715M | -72% |
| Interest & other, net | $137M | $141M | −$4.6M | -3% |
| Income tax | $41K | $252K | −$211K | -84% |
| Research & development | $12.1M | $12.3M | −$179K | -1% |
| SG&A | $70.2M | $100M | −$30.0M | -30% |
| Other operating costs | $5.6M | $656M | −$651M | -99% |
| Operating cash sources | $246M | $905M | −$659M | -73% |
| Depreciation & amortization | $7.2M | $5.5M | $1.7M | +31% |
| Share-based compensation | $13.9M | $14.1M | −$203K | -1% |
| Working capital & other | $74.8M | $736M | −$661M | -90% |
| Cash used in operations | $150M | $149M | $1.4M | +0.9% |
| Net loss absorbed | $246M | $905M | −$659M | -73% |
Questions
How much did Plug Power's revenue grow quarter over quarter in Q1 2026?
Plug Power's revenue fell $61.7M (-27%) from $225M in Q4 2025 to $164M in Q1 2026.
What drove Plug Power's revenue change in Q1 2026?
Sales of equipment, related infrastructure and other −$36.6M (-32%); Services performed on fuel cell systems and related infrastructure −$19.5M (-47%); Sales of cryogenic equipment and liquefiers −$7.5M (-37%).