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Plug Power Q3 revenue slightly beats estimates on margin improvement, lower operating costs

By Reuters News


Overview

  • Hydrogen solutions provider's Q3 revenue rose approximately 13% yr/yr, slightly beating analyst expectations

  • Basic EPS was approximately at $0.07, reflecting underlying business improvement

  • Company sharply reduced net cash usage and improved gross margin


Outlook

  • Plug Power maintains 2026 revenue growth guidance of 15% to 16%

  • Company targets positive EBITDAS in Q4 2026

  • Plug expects Q4 2026 net cash usage to be relatively flat compared to Q3


Result Drivers

  • MARGIN IMPROVEMENT - Co said gross margin improved to (3%) from (68%) in Q3 2025, citing cost reductions, improved operating leverage and lower inventory valuation adjustments

  • OPERATING EXPENSE REDUCTION - Operating expenses declined 69% yr/yr to $70 mln, attributed to reduced unusual charges and execution of Project Quantum Leap

  • MATERIAL HANDLING GROWTH - Deployments of GenDrive fuel cell units more than doubled yr/yr, with improved service margins driven by increased reliability and efficiency


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Revenue

Slight Beat*

$200.60 mln

$198.87 mln (17 Analysts)

Q3 Basic EPS

$0.07

Q3 Net Income

$99.04 mln

Q3 Income from operations

-$75.25 mln

*Applies to a deviation of less than 1%; not applicable for per-share numbers.


Analyst Coverage

  • The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 7 "strong buy" or "buy", 11 "hold" and 3 "sell" or "strong sell"

  • The average consensus recommendation for the renewable energy equipment & services peer group is "buy."

  • Wall Street's median 12-month price target for Plug Power Inc. is $3.31, about 127.9% above its November 6 closing price of $1.45


Reuters Recommended Reads

  • Nov 9 - SpaceX plans $24 billion gas power plant, data center project in Texas

  • Nov 9 - Fervo Energy Q3 revenue rises as Cape Station starts operations


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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