Filing Flows › Plug Power (PLUG) › Q3 2026 › vs Q2 2026
Plug Power (PLUG) Q3 2026 vs Q2 2026 (quarter over quarter)
Plug Power's revenue rose $22.3M (+13%) from $178M in Q2 2026 to $201M in Q3 2026. The biggest changes: Sales of hydrogen infrastructure +$34.9M (+425%); Sales of electrolyzers +$11.8M (+89%); Sales of fuel cell systems −$11.8M (-37%).
Plug Power, Q3 2026: revenue $201M (+13% year over year), operating margin -37.5%, net earnings $99.0M, operating cash flow −$76.4M. The chart draws each line against Q2 2026, the increases inside each band.
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Sales of hydrogen infrastructure | $43.1M | $8.2M | $34.9M | +425% |
| Fuel delivered to customers and related equipment | $38.1M | $39.5M | −$1.4M | -3% |
| Services performed on fuel cell systems and related infrastructure | $29.0M | $29.8M | −$831K | -3% |
| Power purchase agreements | $27.7M | $26.9M | $778K | +3% |
| Sales of electrolyzers | $25.0M | $13.2M | $11.8M | +89% |
| Sales of fuel cell systems | $20.2M | $31.9M | −$11.8M | -37% |
| Sales of cryogenic equipment and liquefiers | $16.9M | $26.7M | −$9.8M | -37% |
| Revenue | $201M | $178M | $22.3M | +13% |
| Other income, net | $174M | −$126M | $300M | — |
| Costs & expenses | $375M | $368M | $6.5M | +2% |
| Operating costs | $276M | $242M | $33.4M | +14% |
| Income tax | $44K | $207K | −$163K | -79% |
| Net earnings | $99.0M | −$190M | $289M | — |
| Operating cash sources | $197M | −$75.6M | $273M | — |
| Depreciation & amortization | $8.4M | $7.5M | $967K | +13% |
| Share-based compensation | $13.1M | $12.9M | $174K | +1% |
| Cash used in operations | $76.4M | $94.1M | −$17.6M | -19% |
| Working capital & other | $197M | −$75.6M | $273M | — |
Questions
How much did Plug Power's revenue grow quarter over quarter in Q3 2026?
Plug Power's revenue rose $22.3M (+13%) from $178M in Q2 2026 to $201M in Q3 2026.
What drove Plug Power's revenue change in Q3 2026?
Sales of hydrogen infrastructure +$34.9M (+425%); Sales of electrolyzers +$11.8M (+89%); Sales of fuel cell systems −$11.8M (-37%).