Plug Power Outlook Implies About $280 Million in Q4 Revenue

Plug Power’s reaffirmed 2026 revenue-growth outlook implies about $280 million in fourth-quarter revenue, while the company targets positive EBITDAS and expects a Walmart fleet refresh to begin during the quarter.

Plug reaffirmed its full-year revenue-growth outlook of 15% to 16%. The implied Q4 revenue would be about 39.3% above the $201 million recorded in Q3, when revenue rose 13.5% year over year. The company’s third-quarter results also covered its 2026 growth outlook and Q4 EBITDAS target.

Plug expects higher GenDrive shipments to support Q4 growth. The Walmart fleet refresh is expected to begin with 2,000 to 2,500 units in the quarter. Management also expects stronger contribution margins and improvement after third-quarter plant outages.

Q3 net cash usage was about $28 million, excluding new capital raises. Plug expects Q4 net cash usage to be approximately flat from Q3 and has excluded delayed asset-sale proceeds from its Q4 forecast.