PLUG · PLUG POWER INC
10-Q filed 2026-05-11 period 2026-03-31
41 Caution
confidence high · source filing on SEC.gov ↗
- Net revenue increased 22.3% year-over-year to $163.5 million, driven by a significant increase in electrolyzer sales to 37 megawatt equivalent units.
- Gross margin improved substantially to negative 13.2% from negative 55.3% in the prior year, aided by improved pricing, stack reliability, and restructuring cost savings.
- Unrestricted cash and cash equivalents declined by 39.4% during the quarter to $223.2 million, while operating cash outflow increased to $150.0 million.
Filing Health Score pillars
Profitability 25%
36
Revenue grew 22.3% to $163.5M and gross margin improved from (55.3%) to (13.2%), but the company remains unprofitable with an operating loss of $109.5M (Condensed Consolidated Statements of Operations).
Balance sheet 20%
45
Current ratio is healthy at 2.36, but unrestricted cash declined from $368.5M to $223.2M in three months, and the company carries substantial debt including $502.8M in convertible instruments (Condensed Consolidated Balance Sheets).
Cash generation 20%
20
Operating cash flow was negative at ($150.0M) and free cash flow was negative at ($158.1M), representing a severe cash burn despite lower capital expenditures of $8.1M (Condensed Consolidated Statements of Cash Flows).
Risk flags 20%
50
While the company concluded it has sufficient capital for the next 12 months, risks remain elevated due to an accumulated deficit of $8.5B and heavy reliance on equity programs like the ATM and SEPA to fund operations (Note 1 - Liquidity and Capital Resources).
Mgmt signal 15%
60
Management is actively executing restructuring and infrastructure optimization initiatives to improve liquidity and has successfully improved pricing structures and stack reliability to reduce service costs (Item 2 - MD&A).
Key metrics (Three months ended March 31, 2026)
net income: -$246,037 thousand
cash and equivalents: $223,189 thousand
total debt: $771,715 thousand
shares outstanding: 1,395,643,390
revenue: $163,513 thousand
period: Three months ended March 31, 2026
operating cash flow: -$150,041 thousand
Gemma triage notes (pre-analysis, second opinion)
None for this filing.Automated research summaries derived from SEC filings. Not investment advice.