🔹 Revenue: $177.06M (Est. $187.33M) 🔴
🔹 Adjusted EPS: ($0.12) (Est. ($0.13)) 🟢
🔹 GenEco Electrolyzer Revenue: ~$65M; UP +13% YoY
🔹 Net Cash Used in Operating Activities: ~$90M; DOWN -49% YoY
🔹 Unrestricted Cash: ~$166M at quarter-end
🔹 Capital Raise Post-Quarter: ~$370M via warrant exercises
Margins & Cost Progress
🔹 Adjusted Gross Loss: ~($37M); improved vs. ~($86M) YoY
🔹 Project Quantum Leap charges recorded: ~$226M (non-cash restructuring, impairments, inventory, etc.)
Guidance / Strategic Targets
🔹 Company reaffirms target to achieve EBITDAS-positive in 2H 2026
Segment & Operational Highlights
GenEco Electrolyzers
🔹 >230 MW of electrolyzer projects mobilizing globally
🔹 Delivered first 10 MW system to Galp Energia (phase one of a 100 MW plan)
🔹 Pipeline represents >8 GW of multi-megawatt opportunities
GenDrive Fuel Cells
🔹 Continued customer adoption supported by long-term supply contracts
🔹 New deployment with Floor & Decor (WA), with scalable hydrogen infrastructure
Hydrogen Fuel Production
🔹 Extended multi-year domestic hydrogen supply agreement through 2030
🔹 Georgia Green Hydrogen Plant hit record month: 324 MT produced; 97% uptime
🔹 Signed LOI to monetize electricity rights + partner with data center developer; expected >$275M liquidity improvement
Leadership
🔹 Jose Luis Crespo named Incoming CEO, succeeding Andy Marsh
Management Commentary
🔸 “Plug continues to execute and prove the viability of hydrogen at scale.”
🔸 “Commercial traction this quarter sets a strong foundation toward our year-end goals.”