Filing Flows › Plug Power (PLUG) › Q1 2026
Plug Power (PLUG) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 11, 2026
Plug Power (PLUG) reported revenue of $164M for the first quarter 2026 (Q1 2026), +22% from a year earlier and -27% from the quarter before. Operating margin was -67.0%, net loss $246M (150.5% of revenue).
Plug Power, Q1 2026: revenue $164M (+22% year over year), operating margin -67.0%, net loss $246M, operating cash flow −$150M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $164M | -27% | +22% |
| Operating profit | −$109M | — | — |
| Net earnings | −$246M | — | — |
| Operating cash flow | −$150M | — | — |
What changed
Revenue was $163.5M in Q1 2026, up 22% year over year and down 27% from the previous quarter. Sales of electrolyzers was the largest line at 25% of revenue. Sales of electrolyzers added $31.7M year over year (up 344%), 106% of the total change. Sales of cryogenic equipment and liquefiers declined 59%.
Operating costs exceeded revenue by $109.5M, an operating margin of -67.0%. Total costs fell 13% while revenue rose 22%. The quarter ended with a net loss of $246.0M, narrower than the previous quarter's $904.6M loss. Minority interests bore $733K of it: to shareholders the quarter was a loss of $245.3M. Net interest and other expense of $136.5M was the main reason.
Operating cash flow was −$150.0M. Non-cash charges added back $7.2M of depreciation and amortization and $13.9M of share-based compensation. Working capital and other items added $74.8M. Capital expenditures of $2.4M exceeded it, leaving free cash flow of −$152.4M.
Questions
What was Plug Power's revenue in the first quarter 2026?
Plug Power (PLUG) reported revenue of $164M for the first quarter 2026 (Q1 2026), +22% from a year earlier and -27% from the quarter before.
Was Plug Power profitable in the first quarter 2026?
Operating loss was $109M (-67.0% of revenue) and net loss $246M.
Source: Plug Power 10-Q on SEC EDGAR.