Filing Flows › Plug Power (PLUG) › Q2 2026 › vs Q2 2025
Plug Power (PLUG) Q2 2026 vs Q2 2025 (year over year)
Plug Power's revenue rose $4.3M (+2%) from $174M in Q2 2025 to $178M in Q2 2026. The biggest changes: Sales of equipment, related infrastructure and other −$13.8M (-14%); Services performed on fuel cell systems and related infrastructure +$13.5M (+82%); Fuel delivered to customers and related equipment +$5.1M (+15%).
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 Q2 2025, the increases inside each band.
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Sales of fuel cell systems | $31.9M | $15.6M | $16.4M | +105% |
| Power purchase agreements | $26.9M | $23.6M | $3.3M | +14% |
| Sales of electrolyzers | $13.2M | $44.9M | −$31.7M | -71% |
| Sales of hydrogen infrastructure | $8.2M | $11.6M | −$3.4M | -29% |
| Sales of engineered equipment | $1.8M | $301K | $1.5M | +510% |
| Sales of equipment, related infrastructure and other | $82.1M | $96.0M | −$13.8M | -14% |
| Fuel delivered to customers and related equipment | $39.5M | $34.4M | $5.1M | +15% |
| Services performed on fuel cell systems and related infrastructure | $29.8M | $16.4M | $13.5M | +82% |
| Sales of cryogenic equipment and liquefiers | $26.7M | $26.8M | −$147K | -0.5% |
| Other | $153K | $398K | −$245K | -62% |
| Revenue | $178M | $174M | $4.3M | +2% |
| Net loss | $190M | $229M | −$38.6M | -17% |
| Costs & expenses | $368M | $403M | −$34.3M | -9% |
| Operating costs | $242M | $351M | −$109M | -31% |
| Interest & other, net | $126M | $51.8M | $74.0M | +143% |
| Income tax | $207K | $12K | $195K | 17× |
| Cost of revenue | $180M | $227M | −$47.5M | -21% |
| Research & development | $13.4M | $12.2M | $1.2M | +10% |
| SG&A | $29.3M | $87.9M | −$58.6M | -67% |
| Other operating costs | $19.7M | $23.4M | −$3.6M | -16% |
| Operating cash sources | $190M | $229M | −$38.6M | -17% |
| Depreciation & amortization | $7.5M | $14.8M | −$7.3M | -50% |
| Share-based compensation | $12.9M | $13.1M | −$130K | -1% |
| Working capital & other | $75.6M | $9.1M | $66.6M | +735% |
| Cash used in operations | $94.1M | $192M | −$97.7M | -51% |
| Net loss absorbed | $190M | $229M | −$38.6M | -17% |
Questions
How much did Plug Power's revenue grow year over year in Q2 2026?
Plug Power's revenue rose $4.3M (+2%) from $174M in Q2 2025 to $178M in Q2 2026.
What drove Plug Power's revenue change in Q2 2026?
Sales of equipment, related infrastructure and other −$13.8M (-14%); Services performed on fuel cell systems and related infrastructure +$13.5M (+82%); Fuel delivered to customers and related equipment +$5.1M (+15%).