Hydrogen fuel cell solutions provider Plug Power reported a revenue of $200.6 million in the third quarter (Q3) of 2026, up 13.3% year-over-year (YoY) from $177.06 million.

The revenue within the quarter beat analysts’ expectations by $2.4 million.

The increase in revenue was driven by higher equipment sales, which rose to $105.7 million from $96.7 million in the corresponding quarter last year.

Service revenue shot up by 47% YoY to approximately $29 million. However, electrolyzer revenue declined by $40 million YoY due to the timing of project deployments.

Plug Power’s fuel revenue increased 6% YoY to $38 million.

The company reported a net profit of $99.04 million during the quarter, compared with a net loss of $363.51 million in the corresponding quarter last year. The profit was primarily driven by $192 million in noncash mark-to-market gains on convertible notes and warrant liabilities.

The company’s earnings per share (EPS) stood at $0.07, compared with a loss per share of $0.31 in Q3 2025.

Plug Power attributed its performance to higher revenue, margin improvements, reduced operating expenses, and improved cash flow across its material handling, electrolyzer, and hydrogen supply businesses.

Plug Power reported a revenue of $178.3 million in Q2 2026 and revenue of $163.51 million in Q1 2026.

9M 2026

During the first nine months (9M) of 2026, Plug Power reported a revenue of $542.41 million, up 11.9% YoY from $484.7 million.

The company recognized revenue from nine hydrogen site installations during the quarter, compared with none in the corresponding period last year. Its material handling sales during 9M 2026 exceeded those recorded for full-year 2025.

Its net loss narrowed 57.3% YoY to $337.1 million from $789.09 million.

Loss per share narrowed to $0.24 from $0.73 in 9M 2025.

Business Highlights

Plug Power deployed 1,136 GenDrive fuel cell units during Q3, up 110% YoY from 540 units.

The company expects full-year electrolyzer revenue to be slightly lower than in 2025 as its business transitions from smaller industrial installations to larger projects.

Paul Middleton, Chief Financial Officer, attributed the improvement to more reliable fuel cell systems, which enabled technicians to service more units. Parts consumption declined by almost 50% YoY.

Plug Power expects these advancements in GenDrive fuel cells to extend stack life, increase fleet uptime, and reduce unplanned shutdowns. Some enhancements are already being incorporated into existing and newly manufactured units, while the next-generation systems are expected to become available in early 2027.

Jose Luis Crespo, Chief Executive Officer, said the energy crisis triggered by the war in Ukraine and recent developments in the Middle East have created a strong demand for the green hydrogen market.

During the quarter, Plug Power signed a 280 MW GenEco electrolyzer supply agreement with Arcadia eFuels for Project ENDOR in Denmark.

The company also signed a strategic cooperation agreement with Arcadia eFuels, positioning it as the preferred electrolyzer supplier for four additional projects across Europe and the Americas, representing more than 1 GW of potential capacity.

The company secured a 50 MW electrolyzer order for Orica’s Hunter Valley Hydrogen Hub in Australia following the project’s final investment decision.

It also shipped a 1 MW GenEco electrolyzer to HWR Hydrogen in New Zealand to support hydrogen production for heavy-duty transportation.

Plug Power continued front-end engineering and design work on Hy2gen’s approximately 275 MW Courant hydrogen project in Québec, Canada.

Plug Power said most of its approximately 8 GW pipeline of qualified electrolyzer projects and opportunities remains active. This includes the Arcadia projects, with another potential 280 MW development in Texas.

Crespo expects Spain’s proposed regulatory framework could generate approximately 10 GW of electrolyzer demand by 2030.

Outlook

Plug Power maintained its full year 2026 revenue growth guidance of 15%-16%, implying approximately $280 million in Q4 revenue.

The company has a pipeline that could enable it to ship more GenDrive units in Q4 than during the first nine months of 2026 combined.