Plug Power (PLUG)
Plug Power (PLUG) develops green-hydrogen production and fuel-cell systems for material handling and stationary power. In ETFpedia it represents the hydrogen edge of on-site power in the AI electricity and nuclear SMR theme, the most speculative member: revenue is growing but the company remains deeply unprofitable, with a $245 million quarterly loss and heavy cash burn weighing on the story.
| Ticker | PLUG |
|---|---|
| Exchange | Nasdaq |
| Sector | On-Site Power · Hydrogen |
| Country | United States |
| Wikidata | Q7205253 |
| Last updated | 2026-06-04 |
Next event:Next earnings · Q2 2026, estimated · Calendar-estimated from prior years; Plug has not confirmed the date. Last report: Q1 2026 on 2026-05-11. (source)
Latest reported quarter:Q1 2026 (ended Mar 31, 2026) (reported2026-05-11)
Plug Power reported Q1 2026 revenue of $163.5 million, up 22% year over year, but a net loss of $245.3 million ($0.18 per share). GAAP gross margin improved to -13% from -55% a year earlier. The company ended the quarter with $223 million in unrestricted cash and targets positive EBITDAS in Q4 2026.
| Revenue | $163.5M+22%YoY |
|---|---|
| Net loss | $(245.3)M · GAAP; $(0.18) per share |
| GAAP gross margin | -13%+42ppYoY · Improved from -55% a year earlier; still negative |
| Unrestricted cash | $223M · Plus ~$579M restricted; ~$802M total |
| Operating cash used | $150M · Cash burned in Q1 2026 operations |
Guidance:Target
| Positive EBITDAS | Q4 2026 target · Management target, not GAAP profitability |
|---|
Plug targets positive EBITDAS (a non-GAAP measure excluding stock-based compensation) by Q4 2026; it gave no specific full-year revenue guidance in the release.
Recent & upcoming events
- · Q1 2026 results, loss deepens as revenue grows.Revenue $163.5M (+22%), net loss $245.3M; GAAP gross margin improved to -13% from -55%; ~$223M unrestricted cash; reiterated a positive-EBITDAS target for Q4 2026. (source)
- · Stream Data Centers asset monetization.Plug disclosed a Stream Data Centers transaction worth about $275 million total, with roughly $142 million expected to close in June 2026, part of efforts to shore up liquidity tied to data-center-adjacent power assets. (source)
Plug does not break out reportable revenue segments in its release; figures are from the Q1 2026 8-K / IR release. Net loss is GAAP; the EBITDAS target is a non-GAAP management goal, not GAAP profitability.
Figures are as of 2026-06-04 and reflect the most recent public filings/IR releases; they are updated after each earnings report.
What does Plug Power do?
Plug Power builds an end-to-end hydrogen business. It produces green hydrogen, stores and delivers it, makes the electrolyzers that split water into hydrogen, and sells fuel cells for material handling, such as the forklifts that run in warehouses, and for stationary backup power. It operates hydrogen plants in Georgia, Tennessee, and Louisiana with roughly 40 tons per day of combined capacity, and it has deployed more than 320 MW of electrolyzer capacity globally with an $8 billion project pipeline (Plug Power, May 11, 2026).
Why is Plug Power an AI electricity and nuclear SMR company?
Plug sits at the hydrogen-and-fuel-cell end of on-site and backup power, which is an option for energy-intensive facilities including data centers. In Q1 2026 it disclosed a Stream Data Centers transaction worth about $275 million, with roughly $142 million expected to close in June 2026 (Plug Power, May 11, 2026). It is the most speculative name in the theme. Its inclusion reflects optionality on hydrogen as a clean fuel for firm power, not proven data-center power economics, and the financial profile is far weaker than the generators and equipment makers around it.
Plug Power’s results “position us to achieve our EBITDAS positive target in Q4 2026,” with management citing “strong commercial execution and continued progress improving the underlying economics.”
— Jose Luis Crespo, CEO, Plug Power, May 11, 2026
What did Plug Power report most recently?
In Q1 2026 (the quarter ended March 31, 2026), Plug reported revenue of $163.5 million, up 22% year over year, but a net loss of $245.3 million, or $0.18 per share (Plug Power, May 11, 2026). GAAP gross margin improved to -13% from -55% a year earlier, a real improvement, but still negative, meaning Plug loses money on each dollar of revenue before operating costs. The company used about $150 million of cash in operations during the quarter and ended with roughly $223 million in unrestricted cash, plus about $579 million of restricted cash. For context, full-year 2025 produced a net loss of about $1.69 billion, so the losses are large and persistent even as revenue grows.
What is Plug Power’s outlook?
Plug did not give specific full-year revenue guidance in the release. Its headline target is to reach positive EBITDAS by the fourth quarter of 2026 (Plug Power, May 11, 2026). EBITDAS strips out interest, taxes, depreciation, amortization, and stock-based compensation, so hitting it would not mean GAAP profitability; it is a milestone on the path, not the destination. The asset-monetization deals, such as the Stream Data Centers transaction, are partly about funding the gap until then.
What are the risks for Plug Power?
- Deep, persistent losses. A $245.3 million quarterly loss and a roughly $1.69 billion FY2025 loss show the business is far from sustainable profit; the EBITDAS target is non-GAAP and not yet met.
- Liquidity and cash burn. About $150 million of operating cash burn in one quarter against roughly $223 million of unrestricted cash makes funding, dilution, and asset sales recurring concerns.
- Negative gross margin. Even after improvement, gross margin is still negative, so scale alone has not yet made the core product economics work.
- Hydrogen-market dependence. The thesis rests on green-hydrogen demand and policy support that remain uncertain, and the data-center angle is early and unproven relative to peers.
Related securities, concepts & terms
- AI Electricity & Nuclear SMRsparent
- Bloom Energy (BE)sibling
Related indices & ETFs
- Akros U.S. AI Electricity SMR Index · AkrosThematic index of US-listed AI-electricity and nuclear-SMR names that includes Plug Power.
Frequently asked questions about Plug Power
What does Plug Power do?
Plug Power develops hydrogen and fuel-cell systems. It builds green-hydrogen production plants, hydrogen storage and delivery, electrolyzers that split water into hydrogen, and fuel cells for material handling (such as forklifts in warehouses) and stationary backup power. It runs hydrogen plants in Georgia, Tennessee, and Louisiana with roughly 40 tons per day of combined capacity and reported $163.5 million of Q1 2026 revenue (Plug Power, May 11, 2026).
Why is Plug Power part of the AI electricity and nuclear SMR theme?
Plug sits at the hydrogen-and-fuel-cell edge of on-site and backup power, an option for energy-intensive facilities including data centers. It disclosed a roughly $275 million Stream Data Centers transaction in Q1 2026 (Plug Power, May 11, 2026). It is the most speculative member of the theme: it is deeply unprofitable and its inclusion reflects optionality on hydrogen, not proven data-center power economics.
What was Plug Power's latest quarterly revenue and loss?
Plug reported Q1 2026 revenue of $163.5 million, up 22% year over year, but a net loss of $245.3 million, or $0.18 per share (Plug Power, May 11, 2026). GAAP gross margin improved to -13% from -55% a year earlier, still negative, and the company used about $150 million of cash in operations during the quarter.
Is Plug Power profitable, and what is its liquidity?
No. Plug Power is deeply unprofitable: it posted a net loss of about $1.69 billion for full-year 2025 and a $245.3 million net loss in Q1 2026 (Plug Power, May 11, 2026). It ended Q1 2026 with about $223 million in unrestricted cash plus roughly $579 million restricted, and management targets positive EBITDAS, a non-GAAP measure, by Q4 2026. Liquidity and continued cash burn are central risks.
When does Plug Power report its next earnings?
Plug is expected to report Q2 2026 results in mid-August 2026. That date is calendar-estimated and unconfirmed, so check Plug Power's investor relations page. It last reported Q1 2026 on May 11, 2026 (Plug Power IR).
Sources & references
- Plug Power Reports Strong Q1 2026 Results with 22% Revenue Growth and 71% Margin Improvement Year over Year · Plug Power Inc. (GlobeNewswire), 2026-05-11
- Plug Power Reports Strong Q1 2026 Results · Plug Power Inc., 2026-05-11
- Plug Power Inc. · FY2025 Annual Report (Form 10-K) · Plug Power Inc. / SEC EDGAR, 2026-03-03
- Plug Power Inc. · Events & Presentations (investor relations) · Plug Power Inc. (Investor Relations), 2026-06-04
- Plug Power Reports Strong Q1 2026 Results (Form 8-K, Exhibit 99.1) · Plug Power Inc. / SEC EDGAR, 2026-05-11
- Energy demand from AI · Energy and AI · International Energy Agency, 2025-04-10
- Nasdaq listed company information · PLUG · Nasdaq, 2026-06-02