Plug Power Q1 revenue rises, adjusted EPS beats estimates

Plug Power

11/05/2026 21:13

Overview

Hydrogen solutions provider's Q1 revenue rose 22% yr/yr, driven by material handling and electrolyzers

Adjusted EPS for Q1 beat analyst expectations

Company reported significant gross margin improvement and ongoing progress toward profitability

Outlook

Plug Power targets positive EBITDAS in Q4 2026

Company expects sequential improvement in cash usage over balance of 2026

Plug Power anticipates $275 mln proceeds from hydrogen project asset monetization initiatives in 2026

Result Drivers

MATERIAL HANDLING EXPANSION - Co said growth in material handling business, including expansion with Amazon and Walmart, contributed to higher revenue and improved margins

COST OPTIMIZATION - Margin improvement attributed to sales growth, cost optimization, improved service execution, and fuel sourcing efficiencies

HYDROGEN FUEL SALES - Hydrogen fuel sales rose 22% yr/yr, driven by customer growth, increasing prices, and reduced customer warrant charges

Company press release: ID:nGNX75hmN8

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Adjusted EPS
Beat
-$0.08
-$0.09 (15 Analysts)
Q1 Net Income
-$246.04 mln
Q1 Income from operations
-$109.49 mln
Q1 Pretax Profit
-$246 mln


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 7 "strong buy" or "buy", 13 "hold" and 3 "sell" or "strong sell"

The average consensus recommendation for the renewable energy equipment & services peer group is "buy."

Wall Street's median 12-month price target for Plug Power Inc is $2.75, about 11.9% below its May 8 closing price of $3.12

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)