Plug Power Cuts Cash Usage to a Record $28 Million
The hydrogen company said preliminary third-quarter net cash usage was about $28 million, down from about $61 million in the second quarter, with cash of about $134 million and no new equity or debt raised.
Plug Power Inc. (PLUG) said preliminary, unaudited estimates put third-quarter 2026 net cash usage at approximately $28 million, a record low for the company, after about $61 million of usage in the second quarter.
The hydrogen-solutions company ended the third quarter with approximately $134 million in cash and cash equivalents, excluding restricted cash. It did not raise proceeds through its at-the-market offering or other equity or debt capital raises during the period. The company said the lower burn reflected operating results and fundamental improvement, and that the figure supports its forecast for continued improvement in the fourth quarter.
Cash and cash equivalents had been about $162 million of unrestricted cash as of June 30, 2026, before the Stream US Data Centers transactions announced in July. Those deals, including a Graham, Texas sale and a staged New York Gateway closing, were part of an infrastructure-optimization initiative targeting more than $275 million of liquidity improvement.
On sales, Plug said preliminary estimates show third-quarter revenue growth of greater than 10% versus the year-ago quarter, after sequential growth of about 9% in the second quarter. Progress on sales and pipeline leaves it on track for previously communicated full-year 2026 revenue growth of approximately 15% to 16%, a range it had raised in August.
Gross margin improved to about breakeven in the second quarter from about (13%) in the first quarter and about (31%) a year earlier. Plug said it has demonstrated gross-margin improvement over the past two quarters and expects continued year-over-year progress in the third quarter, citing cost reductions and operating leverage.
Second-quarter operating expenses declined about 50% year over year to about $62 million. GAAP earnings were $(0.14) a share versus $(0.20) a year earlier; adjusted earnings were ($0.07) versus ($0.18).
Material handling remained a core of the quarter. Plug deployed 1,666 GenDrive fuel-cell units in the second quarter, more than doubling 739 units a year earlier. Service revenue grew 82% year over year to about $30 million, with service margin 27% positive. Two of its largest material-handling customers are planning to refresh more than 20,000 GenDrive units over the next three years.
The GenEco electrolyzer opportunity funnel is approximately $8 billion. Recent pipeline items include a 280 MW supply agreement with Arcadia eFuels for Project ENDOR in Denmark, a 50 MW order from Orica for the Hunter Valley Hydrogen Hub in Australia after final investment decision, and front-end engineering design on Hy2gen’s 275 MW Courant project in Québec. Iberdrola and Galp projects in Spain and Portugal continue commissioning.
Chief Executive Officer Jose Luis Crespo said the company remains focused on improving operating leverage, managing cash, and delivering commercial commitments while building the pipeline for 2027 and beyond. Plug will report third-quarter results on November 9, 2026, and host Plug Symposium 2026 on November 19.