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Research Alert: Plug: Q1 Beat, Though Cash Burn Remains A Concern

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CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

PLUG delivered a strong Q1 top-line beat, with revenue of $163M (+22% Y/Y), meaningfully above consensus of $140M due to strength across equipment sales, services, and hydrogen fuel sales. GAAP gross margin improved to -13% from -55% prior year, while adjusted loss per share improved to $0.08 from $0.17, beating consensus of $0.10. We believe the broad-based revenue strength validates management's execution across the platform, with continued material handling demand and electrolyzer project progress. Management maintained its target of achieving EBITDAS positive performance by Q4 2026. Liquidity remains supported with total cash of $802M and expected proceeds of $275M from asset monetization initiatives. We expect sequential improvement in cash usage as operational efficiencies materialize, though cash burn remains elevated and we anticipate another year of significant usage before profitability.

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