Earnings

Plug Power Pegs Third-Quarter Net Cash Usage At About $28 Million, With $134 Million In Cash Left

Preliminary, unaudited figures show no equity raised in the quarter, and the company expects revenue growth above 10% versus a year earlier.

Matteo Parrino Jonathan Ponciano

Matteo Parrino, Jonathan Ponciano

— 2 min read
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Plug Power Pegs Third-Quarter Net Cash Usage At About $28 Million, With $134 Million In Cash Left

Plug Power said in an 8-K filed Thursday that its net cash usage for the third quarter was approximately $28 million, a preliminary, unaudited estimate. The hydrogen company ended September with about $134 million in cash and cash equivalents, excluding restricted cash.

What the filing and press release say

The press release attached to the 8-K calls the $28 million a record low and says it continues an improvement through the year. The company says it raised no proceeds from its at-the-market stock offering program, or from other equity or debt raises, during the quarter.

On sales, Plug expects third-quarter revenue growth of greater than 10% versus the third quarter of 2025. It says it is on track for the full-year growth of approximately 15% to 16% it communicated earlier. It expects gross margin to improve year over year again.

CEO Jose Luis Crespo said progress "across sales, margin and cash burn demonstrates that the actions we are taking are delivering results."

The 8-K says the numbers are management's estimates, have not been reviewed by the company's outside auditor, and could change as the quarter-end close is completed.

Electrolyzer pipeline

Plug says recent deals reinforce what it calls an approximately $8 billion global electrolyzer opportunity funnel. The list includes:

  • A 280 MW supply agreement with Arcadia eFuels for Project ENDOR in Denmark, plus a cooperation agreement making Plug preferred supplier for more than 1 GW of potential projects.
  • Front-end engineering design on Hy2gen's 275 MW Courant project in Québec.
  • A 50 MW order from Orica for the Hunter Valley Hydrogen Hub in Australia.
  • Continuing work on a 25 MW project in Spain and a 100 MW Galp project in Portugal.

The company cautions that timelines vary, especially for first-of-a-kind projects.

What to watch

Plug will report full third-quarter results on Monday, November 9, at 4:30 p.m. ET, with a call and webcast. The complete figures will also appear in its 10-Q. It hosts a virtual Plug Symposium on Thursday, November 19, from 9:00 a.m. to 12:00 p.m. ET.

In market data, Plug shares fell 7.05% to close at $1.45 on Wednesday, before the release. They were down 3.45% to $1.40 in Thursday pre-market trading.

The November 9 results will show whether the audited numbers match the $28 million and $134 million estimates.

Sources

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