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Plug Power tops Q2 revenue estimates as margins approach breakeven

The company raised full-year 2026 revenue growth guidance to 15% to 16% and cut cash usage, despite short interest of about 294 million shares.

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Plug Power topped Q2 2026 revenue expectations and moved gross margins toward breakeven, driving a sharp positive reaction in the stock, according to MarketBeat Ratings. The hydrogen technology company posted net revenue of about $178.3 million, exceeding analyst consensus of approximately $169.1 million by more than 5%.

MarketBeat Ratings also said Plug Power’s adjusted loss per share was negative 7 cents, which beat expectations by a penny. Based on the quarter’s performance, management raised its full-year 2026 revenue growth guidance to 15% to 16%, up from its prior target of 13% to 15%.

The outlet noted the update comes amid substantial bearish positioning, with short interest around 294 million shares, or about 21% of the public float. It added that the days to cover ratio is roughly 6.0 and that short sellers covered about 36 million shares in late July.

MarketBeat Ratings pointed to options activity as another ingredient for the move, saying derivatives volume was concentrated in out of the money call options, including more than 30,000 contracts at the $2.50 strike for the Aug. 14, 2026 expiration, compared with fewer than 400 puts. The company’s expanding global electrolyzer pipeline was also cited as part of the broader story behind the earnings reaction.

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