The financials
Plug Power Inc. by the numbers
Plug Power Inc. (PLUG) reported revenue of $178M in Q2 2026 (quarter ended June 30, 2026), up 2.5% from the same quarter a year earlier. That came with a gross margin of −0.9% and net loss of $188M. For the full year FY2025, revenue was $710M (+13% year on year) and net income −$1.63B. Its largest product in 2026-Q1 was Sale Of Electrolyzers at $41M, 25% of the disclosed total, just ahead of Fuel Delivered To Customers And Related Equipment at 22%.
| Income statement | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Revenue | $178M | $174M | +2.5% |
| Gross profit | −$1.7M | −$53M | n/a |
| Operating income | −$64M | −$177M | n/a |
| Net income | −$188M | −$227M | n/a |
| Diluted EPS | −$0.14 | −$0.20 | n/a |
| Product | Revenue | Share |
|---|---|---|
| Sale Of Electrolyzers | $41M | 25% |
| Fuel Delivered To Customers And Related Equipment | $36M | 22% |
| Power Purchase Agreements | $26M | 16% |
| Services Performed On Fuel Cell Systems And Related Infrastructure | $22M | 13% |
| Sale Of Hydrogen Infrastructure | $13M | 7.7% |
| Sale Of Cryogenic Equipment | $13M | 7.7% |
| Sales Of Fuel Cell Systems | $12M | 7.2% |
| Sale Of Engineered Equipment | $1.2M | 0.7% |
| Other Product And Services | $436K | 0.3% |
Business Segments
Revenue split by product segment, from SEC XBRL filings.
Latest period: Q1 2026Total $163.5M (-7.6%)
Sale Of Electrolyzers grew +344% year on yearSale Of Cryogenic Equipment -59% year on year
Segment Latestquarter on quarteryear on year
- Sale Of Electrolyzers$40.9M$40.9MQoQ -38%year on year +344%-38%+344%
- Fuel Delivered To Customers And Related Equipment$35.8M$35.8MQoQ -0.33%year on year +22%-0.33%+22%
- Power Purchase Agreements$26.3M$26.3MQoQ +6.9%year on year +13%+6.9%+13%
- Services Performed On Fuel Cell Systems And Related Infrastructure$22.0M$22.0MQoQ +11%year on year +30%+11%+30%
- Sale Of Hydrogen Infrastructure$12.6M$12.6MQoQ +1575%year on year +123%+1575%+123%
- Sale Of Cryogenic Equipment$12.5M$12.5MQoQ -32%year on year -59%-32%-59%
- Sales Of Fuel Cell Systems$11.8M$11.8MQoQ +11%year on year -29%+11%-29%
- Sale Of Engineered Equipment$1.2M$1.2MQoQ -24%year on year -20%-24%-20%
- Other Product And Services$436.0K$436.0KQoQ +1717%year on year -30%+1717%-30%
Electrical Equipment & Parts
Ranks #8 of 20 by Smart Score