Plug Power said it remains on track to deliver full-year 2026 revenue growth of approximately 15% to 16%, citing preliminary third-quarter sales growth, improving margins and lower cash consumption. The company said third-quarter revenue was expected to rise more than 10% from the same period a year earlier, supported by activity in material handling, electrolyzers and hydrogen supply.
Plug reported preliminary net cash usage of about $28 million for the third quarter, an improvement from roughly $61 million in the second quarter.
The company said gross margins had improved over the previous two quarters and expected further year-over-year progress in the third quarter as cost reductions and operating leverage took effect. Plug’s second-quarter gross margin was approximately break-even, compared with a 31% gross loss a year earlier, while operating expenses fell about 50% year over year to roughly $62 million.