Filing Flows › Plug Power (PLUG) › Q2 2026
Plug Power (PLUG) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 10, 2026
Plug Power (PLUG) reported revenue of $178M for the second quarter 2026 (Q2 2026), +2% from a year earlier and +9% from the quarter before. Operating margin was -36.0%, net loss $190M (106.6% of revenue).
Plug Power, Q2 2026: revenue $178M (+2% year over year), operating margin -36.0%, net loss $190M, operating cash flow −$94.1M. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $178M | +9% | +2% |
| Operating profit | −$64.1M | — | — |
| Net earnings | −$190M | — | — |
| Operating cash flow | −$94.1M | — | — |
What changed
Revenue was $178.3M in Q2 2026, up 2% year over year and up 9% from the previous quarter. Fuel delivered to customers and related equipment was the largest line at 22% of revenue. Sales of fuel cell systems added $16.4M year over year (up 105%), 378% of the total change. Sales of electrolyzers declined 71%.
Operating costs exceeded revenue by $64.1M, an operating margin of -36.0%. Total costs fell 31% while revenue rose 2%. The fastest-growing cost line was Research & development (+10%). The quarter ended with a net loss of $190.1M, narrower than the previous quarter's $246.0M loss. Minority interests bore $1.9M of it: to shareholders the quarter was a loss of $188.2M. Net interest and other expense of $125.8M was the main reason.
Operating cash flow was −$94.1M. Non-cash charges added back $7.5M of depreciation and amortization and $12.9M of share-based compensation. Working capital and other items added $75.6M. Capital expenditures of $6.3M exceeded it, leaving free cash flow of −$100.4M.
Questions
What was Plug Power's revenue in the second quarter 2026?
Plug Power (PLUG) reported revenue of $178M for the second quarter 2026 (Q2 2026), +2% from a year earlier and +9% from the quarter before.
Was Plug Power profitable in the second quarter 2026?
Operating loss was $64.1M (-36.0% of revenue) and net loss $190M.
Source: Plug Power 10-Q on SEC EDGAR.