Plug Power Inc. reported quarterly results that beat analysts' estimates and prompted the company to raise its revenue growth outlook for 2026. The hydrogen solutions provider posted second-quarter revenue of $178.3 million, above the consensus estimate of $168.76 million, and delivered adjusted earnings per share of -$0.07, better than the analyst projection of -$0.08.
Year-over-year revenue rose 2.5% from $174.0 million in the second quarter of 2025. Based on this performance, Plug Power raised its full-year 2026 revenue growth guidance to a range of 15% to 16%, with a midpoint of 15.5% that the company said is above its prior outlook. Management attributed the stronger results to a combination of improved gross margins, reduced operating expenses, and commercial execution across its material handling, electrolyzer, and hydrogen production businesses.
Investor response was positive: shares increased about 5% after the announcement. In commenting on the quarter, Chief Executive Officer Jose Luis Crespo said the results reflected progress in the company's transformation strategy.
"Our second quarter results demonstrate that Plug is executing its transformation into a stronger, more efficient and profitable company," Crespo said. "We delivered revenue growth, improved gross margins, reduced operating expenses, strengthened liquidity, and advanced major commercial milestones across our core businesses."
Profitability and costs showed notable movement in the period. Gross margin improved to roughly breakeven, up from negative 31% in the year-ago quarter and negative 13% in the first quarter of 2026. Operating expenses declined by about 50% year-over-year to $62 million. On a GAAP basis, earnings per share were -$0.14, compared with -$0.20 in the prior year.
Operational metrics in the material handling segment were a highlight. The company deployed 1,666 GenDrive fuel cell units during the quarter, a jump of 125% year-over-year from 739 units. Service revenue increased 82% year-over-year to $30 million, with a service margin of 27%. Fuel revenue also grew, rising roughly 15% year-over-year to $39 million.
Plug Power reiterated its target of achieving positive EBITDAS in the fourth quarter of 2026. The company said improved liquidity metrics and continued commercial execution underpin its revised revenue growth range for the year.
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