Plug Power Lifts Q1 Revenue 22% to $163.5 Million, Targets 2028 Profitability
Updated
Updated · The Motley Fool · Aug 11
Plug Power Lifts Q1 Revenue 22% to $163.5 Million, Targets 2028 Profitability
3 articles · Updated · The Motley Fool · Aug 11
Summary
$163.5 million in Q1 2026 revenue beat expectations as Plug Power cut gross losses to $21.6 million from $73.9 million a year earlier.
Project Quantum Leap drove the improvement by pairing cost cuts with a push into higher-margin electrolyzers, where revenue jumped to $40.8 million from $9.2 million.
Plug Power still remains unprofitable and heavily leveraged, with debt servicing alone costing $17.4 million in the quarter.
Management says the turnaround can deliver positive operating income next year and full profitability by 2028, though green hydrogen's high costs and pricing pressure leave that goal uncertain.