Plug Power Inc. said preliminary figures show third-quarter revenue growth of more than 10% year over year and that it remains on track to meet its approximately 15% to 16% revenue-growth guidance for 2026. It set that range in August; its Oct. 15 filing said sales and pipeline progress suggested Plug remained on track to meet the guidance.
Plug connected its sales outlook to pipeline progress and commercial activity in material handling, electrolyzers and hydrogen supply. Gross margin improved over the two preceding quarters, the company said, and it projected another year-over-year gain in Q3. It cited cost reductions and stronger operating leverage as factors behind the margin trend.
The company estimated third-quarter net cash use at about $28 million. It labeled that estimate preliminary and unaudited, and put quarter-end cash and cash equivalents at about $134 million, excluding restricted cash. Plug reported no proceeds from its at-the-market (ATM) offering program or other equity or debt financing during Q3. Plug said the estimate supports its forecast for continued improvement in net cash usage in Q4.
Plug shares fell 2.76% to $1.41 in premarket trading Thursday, according to Investing.com data. The company scheduled its third-quarter earnings call for Nov. 9 in the Oct. 15 filing.
