The hydrogen fuel cell company walked into its Q1 FY2026 earnings on Monday, May 11, handing skeptics a reality check they weren't quite ready for. Plug Power (PLUG) beat analyst expectations and put a dramatic improvement in gross margins front and center, signaling that years of uphill climbing might finally be paying off.
GAAP gross margin improved to -13% from -55% in the prior year’s period, reflecting a 71% overall margin improvement and a 42-percentage point year-over-year (YOY) expansion in margin rate.
