Hydrogen fuel cell solutions provider Plug Power reported revenue of $163.51 million in the first quarter (Q1) of 2026, a 22.3% year-over-year (YoY) increase compared to $133.67 million. This growth was driven by expansion across its material handling and electrolyzer businesses.

The revenue exceeded analysts’ expectations by $23.75 million.

The company’s net loss increased to $245.30 million from a net loss of $196.66 million in the corresponding period last year. The loss included approximately $140 million of primarily non-cash charges related to adjustments in convertible debt and warrant valuations.

Its adjusted loss per share came in at $0.08, beating analysts’ estimates by $0.02.

Plug said it had deployed more than 320 MW of electrolyzer capacity globally and had an electrolyzer project pipeline of over $8 billion across industrial and energy applications. The company continued execution on a 100 MW electrolyzer system with Galp Energia in Portugal and a 25 MW system with Iberdrola and BP in Spain. It also received a 275 MW front-end engineering design award with Hy2gen in Quebec, Canada.

Management said European demand for green hydrogen is being supported by European Union directives that require a portion of hydrogen use to shift to green hydrogen as rules are converted into national law across member countries.

Hydrogen fuel sales rose 22% YoY, supported by customer growth, higher pricing, and lower customer warranty charges. Hydrogen fuel margins improved by 54 percentage points from Q1 2025, driven by higher network utilization, lower third-party sourcing costs, and efficiency measures.

The company said per-unit quarterly service costs for its GenDrive hydrogen fuel cell systems fell over 30% YoY, contributing to margin improvement. Plug said the investment tax credit has improved customer economics for hydrogen power solutions, supporting expected demand from Amazon and Walmart through new deployments and fleet refresh programs.

CEO Jose Crespo said customer discussions also include electricity demand reduction at large material handling sites. A facility with around 200 forklifts can reduce site electricity demand by roughly 2 MW by using hydrogen fuel cell systems, a benefit that has become more relevant amid utility power constraints tied to demand from data centers and other industries.

Plug said Amazon fleet refreshes could begin at the end of 2026, with a potential cadence of 10 to 12 sites per year over the next five to six years and around 20,000 units refreshed over that period. The company also cited activity with BMW, Stellantis, and other European automakers, and said it signed an $11 million second site with Southwire.

Plug’s hydrogen production facilities in Georgia, Tennessee, and Louisiana provided approximately 40 tons per day of total capacity. Capital expenditure was about $7 million in the quarter, with management saying the hydrogen production network is already built and the company is now focused on improving utilization of assets.

The company said it expects around $275 million in proceeds from hydrogen project asset monetization initiatives, including an approximately $142 million transaction expected to close in June.

For the remainder of 2026, Plug said it expects sequential improvement in cash usage and remains focused on achieving positive EBITDAs in the fourth quarter. The company also expects to close the sale of an investment tax credit associated with its St. Gabriel, Louisiana, hydrogen liquefier joint venture for $39.2 million by the end of May.

The company had reported revenue of $710 million in 2025, a 12.9% YoY growth due to higher equipment sales volumes and continued commercial momentum across core markets.