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Plug Power shares jump 10% as gross margin nears breakeven
Plug Power reported Q2 2026 revenue of $178.3 million, topping estimates, and raised its 2026 revenue growth outlook to 15% to 16%.
Plug Power shares jumped 10% to $2.32 Tuesday after the hydrogen fuel cell maker reported Q2 2026 results Monday after the close, showing a sharp margin turnaround tied to cost cuts and the direction of its transformation effort, according to Yahoo Finance. The company said its gross margin improved to approximately breakeven from -31% a year ago. Yahoo Finance also cited a 50% year over year decline in operating expenses, alongside asset monetization that management said generated $80 million of near term liquidity toward a $275 million total target.
Plug Power’s full year outlook also moved higher. Yahoo Finance reported the company raised its 2026 revenue growth guidance to a range of 15% to 16% and reiterated its target of reaching positive EBITDAS in Q4 2026.
Peer moves were more muted, suggesting the rally was company-specific. Yahoo Finance said FuelCell Energy and Bloom Energy were up about 2% each, and the Global X Hydrogen ETF was also up about 2% as Plug Power outperformed.