- Plug Power's Q2 revenue rose 9% sequentially and gross margin improved to near breakeven, which the company attributed to better plant utilization, production efficiency and hydrogen network optimization.
- Adjusted Q2 EPS loss narrowed to ($0.07) from ($0.18) a year earlier, and operating expenses fell about 50% year over year on cost discipline and asset monetization.
- Plug raised FY26 revenue growth guidance to 15%-16%, targets positive EBITDAS in Q4 2026, and aims to strengthen liquidity through asset monetization.
- GenDrive fuel cell unit deployments in material handling rose 125% year over year, supporting revenue growth and recurring revenue.
- Plug signed a 280MW electrolyser supply deal for Arcadia eFuels' ENDOR e-SAF project at the Port of Vordingborg, Denmark, which will run GenEco electrolysers to produce roughly 110 tonnes of renewable hydrogen a day.
- A strategic cooperation agreement makes Plug the preferred electrolyser supplier for four more Arcadia eFuels projects in Europe and the Americas, representing more than 1GW of potential capacity; deliveries start only once ENDOR issues notice to proceed after a final investment decision.
- The EU's ReFuelEU Aviation rules require a rising sustainable aviation fuel blend, from 2% in 2025 to 6% in 2030 and 70% by 2050, with a sub-target reserved for synthetic fuels from 2030.
- The deal does not resolve Plug Power's ongoing losses and tight liquidity, and its financial impact depends on ENDOR reaching final investment decision and converting to recognized revenue.
Quotes
“Europe remains our most active electrolyzer market, and e-SAF is one of the fastest-growing segments of demand as aviation fuel mandates take effect”
“Project ENDOR is on the path to final investment decision”
“a proven and bankable electrolyzer partner at the scale this project demands”