Filing Flows › Plug Power (PLUG) › How it makes money
How Plug Power (PLUG) makes money
Plug Power (PLUG) made $178M of revenue in the second quarter 2026 (Q2 2026), +2% from a year earlier. Sales of equipment, related infrastructure and other brought in $82.1M (46%); Fuel delivered to customers and related equipment brought in $39.5M (22%); Services performed on fuel cell systems and related infrastructure brought in $29.8M (17%).
Drawing the Sankey…
Revenue by segment, Q2 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Sales of equipment, related infrastructure and other | $82.1M | 46.1% | -11% | -14% |
| ↳ Sales of fuel cell systems | $31.9M | 17.9% | +171% | +105% |
| ↳ Power purchase agreements | $26.9M | 15.1% | +2% | +14% |
| ↳ Sales of electrolyzers | $13.2M | 7.4% | -68% | -71% |
| ↳ Sales of hydrogen infrastructure | $8.2M | 4.6% | -35% | -29% |
| ↳ Sales of engineered equipment | $1.8M | 1.0% | +51% | +510% |
| Fuel delivered to customers and related equipment | $39.5M | 22.1% | +10% | +15% |
| Services performed on fuel cell systems and related infrastructure | $29.8M | 16.7% | +36% | +82% |
| Sales of cryogenic equipment and liquefiers | $26.7M | 15.0% | +113% | -0.5% |
| Other | $153K | 0.1% | -65% | -62% |
Where each dollar of revenue goes
| Line | Q2 2026 | % of revenue |
|---|---|---|
| Revenue | $178M | 100.0% |
| Income tax | $207K | 0.1% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q2 2026 | $178M | +2% |
| Q1 2026 | $164M | +22% |
| Q4 2025 | $225M | +18% |
| Q3 2025 | $177M | +2% |
| Q2 2025 | $174M | +21% |
| Q1 2025 | $134M | +11% |
| Q4 2024 | $191M | -14% |
From Plug Power's 10-Q filed Aug 10, 2026 (on EDGAR).
Questions
How does Plug Power make money?
Plug Power (PLUG) made $178M of revenue in the second quarter 2026 (Q2 2026), +2% from a year earlier. Sales of equipment, related infrastructure and other brought in $82.1M (46%); Fuel delivered to customers and related equipment brought in $39.5M (22%); Services performed on fuel cell systems and related infrastructure brought in $29.8M (17%).
What is Plug Power's biggest business?
Sales of equipment, related infrastructure and other: $82.1M in the second quarter 2026, 46% of revenue, -14% from a year earlier.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.