Filing Flows › Plug Power (PLUG) › Q2 2026 › vs Q1 2026
Plug Power (PLUG) Q2 2026 vs Q1 2026 (quarter over quarter)
Plug Power's revenue rose $14.8M (+9%) from $164M in Q1 2026 to $178M in Q2 2026. The biggest changes: Sales of cryogenic equipment and liquefiers +$14.2M (+113%); Sales of equipment, related infrastructure and other −$10.7M (-11%); Services performed on fuel cell systems and related infrastructure +$7.9M (+36%).
Plug Power, Q2 2026: revenue $178M (+2% year over year), operating margin -36.0%, net loss $190M, operating cash flow −$94.1M. The chart draws each line against Q1 2026, the increases inside each band.
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Sales of fuel cell systems | $31.9M | $11.8M | $20.1M | +171% |
| Power purchase agreements | $26.9M | $26.3M | $642K | +2% |
| Sales of electrolyzers | $13.2M | $40.9M | −$27.7M | -68% |
| Sales of hydrogen infrastructure | $8.2M | $12.6M | −$4.4M | -35% |
| Sales of engineered equipment | $1.8M | $1.2M | $617K | +51% |
| Sales of equipment, related infrastructure and other | $82.1M | $92.8M | −$10.7M | -11% |
| Fuel delivered to customers and related equipment | $39.5M | $35.8M | $3.7M | +10% |
| Services performed on fuel cell systems and related infrastructure | $29.8M | $22.0M | $7.9M | +36% |
| Sales of cryogenic equipment and liquefiers | $26.7M | $12.5M | $14.2M | +113% |
| Other | $153K | $436K | −$283K | -65% |
| Revenue | $178M | $164M | $14.8M | +9% |
| Net loss | $190M | $246M | −$55.9M | -23% |
| Costs & expenses | $368M | $410M | −$41.1M | -10% |
| Operating costs | $242M | $273M | −$30.6M | -11% |
| Interest & other, net | $126M | $137M | −$10.7M | -8% |
| Income tax | $207K | $41K | $166K | +405% |
| Cost of revenue | $180M | $185M | −$5.1M | -3% |
| Research & development | $13.4M | $12.1M | $1.3M | +11% |
| SG&A | $29.3M | $70.2M | −$40.9M | -58% |
| Other operating costs | $19.7M | $5.6M | $14.2M | +255% |
| Operating cash sources | $190M | $246M | −$55.9M | -23% |
| Depreciation & amortization | $7.5M | $7.2M | $239K | +3% |
| Share-based compensation | $12.9M | $13.9M | −$988K | -7% |
| Working capital & other | $75.6M | $74.8M | $791K | +1% |
| Cash used in operations | $94.1M | $150M | −$56.0M | -37% |
| Net loss absorbed | $190M | $246M | −$55.9M | -23% |
Questions
How much did Plug Power's revenue grow quarter over quarter in Q2 2026?
Plug Power's revenue rose $14.8M (+9%) from $164M in Q1 2026 to $178M in Q2 2026.
What drove Plug Power's revenue change in Q2 2026?
Sales of cryogenic equipment and liquefiers +$14.2M (+113%); Sales of equipment, related infrastructure and other −$10.7M (-11%); Services performed on fuel cell systems and related infrastructure +$7.9M (+36%).