Plug Power Inc
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+ FollowMarket Cap$1.55B
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Earnings Call Q3 2026
November 9, 2026 - AI Summary
Strong Q3 operational turnaround (and cash improvement)
- Revenue ~$201M, +13% YoY and ~+13% vs Q2 (also highest revenue quarter of 2026 so far). Management expects Q4 to be even higher.
- Gross margin improved to -2.7% vs ~ -68% in Q3 2025 (major progress tied to Project Quantum Leap discipline).
- Operating expenses ~$70M vs ~$229M a year ago (lower unusual charges; structurally lower cost base).
- Net cash usage ~ $28M = record low, down about 54% vs Q2 and achieved without raising capital (no ATM proceeds, no new equity/debt raises).
Earnings quality: GAAP profit aided by non-cash mark-to-market gains
- Reported positive GAAP EPS ~ $0.07 basic (vs -$0.31 a year ago), driven by non-cash fair value gains on convertible notes and warrants.
- Management emphasized that operating improvement is real, but GAAP net income includes large non-cash swings that will continue until instruments mature/settle.
Guidance/outlook: 2026 growth reaffirmed; Q4 cash burn expected flat
- Reaffirmed full-year 2026 revenue growth guidance of ~15%–16% (with Q4 revenue ~ $280M implied).
- Targeting positive EBITDAS in Q4 (path depends on gross margin and operating leverage from volume + cost improvements).
- Expect Q4 net cash usage ~ flat (favorable for “no new capital” near-term execution).
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$7.59
583.4% upside
Current Fair Value
583.4% upsideUndervalued by 583.4% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $1.55 Billion |
|---|---|
| Enterprise Value | $2.37 Billion |
| Earnings per Share | $-1.41 |
| Beta | 2.15 |
| Outstanding Shares | 1,393,479,873 |
Return
| Return on Equity | -167.12% |
|---|---|
| Return on Assets | -56.07% |
| Return on Invested Capital | -16.58% |
Valuation & Multiples
| P/E Ratio | -1.13 |
|---|---|
| PEG | 0.89 |
| Price to Sales | - |
| Price to Book Ratio | - |
| Enterprise Value to Revenue | 3.08 |
| Enterprise Value to EBIT | -8.91 |
| Enterprise Value to Net Income | -3 |
| Total Debt to Enterprise | 0.4 |
| Debt to Equity | 1.35 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 9, 2026
EPS
$0.07
Est. -$0.07Revenue
$200.60 M
Est. $198.36 MNext Earnings Call
Expected Date
March 1, 2027
EPS Estimate
-$0.04
Consensus analyst estimateRevenue Estimate
$279.22 M
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 43.49% |
|---|---|
| Total Calls | 250,000▼ 98.94% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 6.89%▼ 52.58% |
|---|---|
| Total Invested | $185.83M▼ 91.69% |
| Investors Holding | 239▼ 306.00% |
About Plug Power Inc
2,582 employees
CEO: Andrew Marsh
Plug Power Inc. delivers end-to-end clean hydrogen and zero-emissions fuel cell solutions for supply chain and logistics applications, on-road electric vehicles, stationary power market, and others in North America and internationally. I...