Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§ 240.12b-2 of this chapter).
On October 15, 2026, Plug Power Inc. (the “Company”) issued
a press release providing a business update and certain preliminary, unaudited information regarding its results of operations and financial
condition for the third quarter ended September 30, 2026, including information regarding revenue growth, gross margin, net cash usage
and unrestricted cash. The press release also announced the dates of the Company’s third quarter 2026 earnings call and Plug Symposium
2026. A copy of the press release is furnished herewith as Exhibit 99.1.
The preliminary information in the press release is based on management’s
current estimates, is unaudited, has not been reviewed by the Company’s independent registered public accounting firm, and remains
subject to completion of the Company’s quarter-end financial close procedures and related review processes. Actual results may differ
from these preliminary estimates. The Company’s complete third quarter 2026 results will be reported in its earnings release and
its Quarterly Report on Form 10-Q for the quarter ended September 30, 2026. See the cautionary statements regarding forward-looking statements
in the press release.
The information included in this Item 2.02 and Exhibit 99.1 of this
Current Report on Form 8-K is not deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall this item or Exhibit 99.1
be incorporated by reference into the Company’s filings under the Securities Act of 1933, as amended (the “Securities Act”)
or the Exchange Act, except as expressly set forth by specific reference in such future filing.
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Exhibit 99.1
Plug Power Reports Continued Business Progress,
Sets Dates for Third Quarter 2026 Earnings Call and Global Plug Symposium
| · | Company remains on track with 2026 revenue growth guidance, supported
by continued margin improvement and a record low net cash usage of approximately $28M |
| · | Third quarter earnings call scheduled for November 9, 2026 |
| · | Plug Symposium 2026: Resilient Energy, Real Solutions scheduled to take
place digitally on November 19, 2026 |
SLINGERLANDS, N.Y., October 15, 2026 – Plug Power
Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the hydrogen economy, is providing an update today on its
2026 business progress, highlighting improvements across three key business priorities: sales growth, margin enhancement, and improved
cash flows. The Company is also sharing details for its upcoming third quarter earnings call scheduled for November 9 and Plug Symposium
2026 scheduled for November 19.
"Throughout 2026, we have remained focused on strengthening Plug's
financial foundation through disciplined execution," said Jose Luis Crespo, Chief Executive Officer of Plug. "Our progress across
sales, margin and cash burn demonstrates that the actions we are taking are delivering results. As we move through the fourth quarter,
we remain focused on improving operating leverage, managing cash and delivering on our commercial commitments while building our pipeline
for 2027 and beyond."
2026 Business Progress and Priorities
Plug continues to execute against its three key business objectives,
with progress through the third quarter and continued focus on year-end performance:
| · | Sales: Based on preliminary, unaudited estimates, Plug expects meaningful
revenue growth in Q3 2026 of greater than 10% versus Q3 2025. Progress on sales and pipeline growth suggest the Company is on track to
achieve its previously communicated full-year revenue growth guidance of approximately 15% to 16%, supported by commercial execution across
material handling, electrolyzers and hydrogen supply. |
| · | Margin: The Company has demonstrated gross margin improvement over
the past two quarters and expects continued year-over-year progress in Q3 2026, reflecting the focus on cost reductions and improved operating
leverage. |
| · | Cash: Based on preliminary, unaudited estimates, Plug’s net cash usage
for Q3 2026 was approximately $28 million, marking continued improvement for the year. Plug ended Q3 2026 with approximately $134 million
in cash and cash equivalents (excluding restricted cash). The Company did not raise any proceeds through its at-the-market (ATM) offering
program or generate proceeds from other equity or debt capital raises during the quarter. Hence, this net cash usage for the third quarter
reflects overall operating results and fundamental improvement, which the Company believes supports its forecast for continued improvement
in Q4 2026. |
Looking ahead, Plug remains focused on sustaining progress across all
three objectives in the fourth quarter and going forward, with an emphasis on disciplined cash management, minimizing capital expenditures,
and strengthening its operating performance.
Pipeline Developments
Plug continues to advance its global GenEco electrolyzer pipeline,
converting commercial opportunities into projects across sustainable fuels, ammonia production and industrial hydrogen applications.
Recent developments include:
| · | Arcadia eFuels: Signed a 280 MW GenEco electrolyzer supply agreement
for Project ENDOR in Denmark, alongside a strategic cooperation agreement positioning Plug as the preferred supplier for more than 1 GW
of potential e-SAF projects across Europe and the Americas. |
| · | Hy2gen: Advancing front-end engineering design (FEED) for the 275
MW Courant project in Québec, Canada, supporting renewable ammonia and ammonium nitrate production. |
| · | Orica: Secured a 50 MW GenEco electrolyzer order for the Hunter Valley
Hydrogen Hub in Australia, following the project's final investment decision (FID). |
| · | Iberdrola and Galp: Continuing execution and commissioning activities
for the 25 MW Iberdrola and bp project in Spain and the 100 MW Galp project in Portugal. |
These developments reinforce Plug's approximately $8 billion global
electrolyzer opportunity funnel and demonstrate continued commercial progress across multiple markets. While project timelines vary, particularly
for complex, first-of-a-kind developments, Plug remains focused on advancing opportunities through key milestones and converting its pipeline
into revenue, supporting its near- and mid-term growth objectives.
Plug's Third Quarter 2026 Earnings Call
Plug will announce its third quarter 2026 financial results on November 9,
2026, followed by a conference call and webcast.
| · | Date: Monday, November 9, 2026 |
| · | Dial-in: 877-407-9221 (U.S. toll-free) / +1 201-689-8597 (international) |
| · | Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=9URvMjWv |
Plug Symposium 2026: Resilient Energy, Real Solutions
Plug will host its annual global Symposium on November 19, 2026.
The virtual broadcast will bring together customers, industry leaders and Plug executives to explore how hydrogen is addressing evolving
energy needs and advancing real-world projects.
Under the theme Resilient Energy, Real Solutions, discussions
will focus on energy security, rising electricity demand, grid resilience, evolving regulations and emerging hydrogen markets. The program
will also feature customer perspectives on project execution and insights from Plug leadership on business priorities and technology.
"Hydrogen's role in the global energy landscape is increasingly
defined by real projects and customer needs," added Crespo. "Our Symposium will bring together industry perspectives and practical
solutions that can help build a more resilient energy future."
Register for Plug Symposium 2026:
| · | Date: Thursday, November 19, 2026 |
| · | Time: 9:00 a.m. to 12:00 p.m. ET |
| · | Format: Global digital broadcast, online only |
| · | Registration: https://event.on24.com/wcc/r/5510703/EA51E05DFD0F47F65DAD28347B3A226D |
About Plug Power
Plug is building the
global hydrogen economy with a fully integrated ecosystem spanning production, storage, delivery, and power generation. A first mover
in the industry, Plug provides electrolyzers, liquid hydrogen, fuel cell systems, storage tanks, and fueling infrastructure to customers
worldwide across material handling, industrial applications, and energy production, advancing energy independence and decarbonization
at scale.
Plug has deployed electrolyzers on five continents,
along with more than 76,000 fuel cell systems and 280 fueling stations, and is the world's largest user of liquid hydrogen. Its expanding
generation network has production capacity of 40 tons of hydrogen per day, supplying large-scale projects that redefine industrial power
for customers globally.
Headquartered
in New York, with employees and state-of-the-art manufacturing facilities around the world, Plug powers global leaders like BMW, BP, Walmart,
Amazon, and Home Depot. For more information, visit www.plugpower.com.
Forward-Looking Statements
This communication contains “forward-looking statements”
within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements in this press
release that are not historical facts, including, without limitation, statements regarding Plug's expected financial and operational performance;
the preliminary estimates of the Company's third quarter 2026 results; anticipated revenue growth; expected improvements in gross margin,
operating leverage, operating efficiencies, and cost reductions; anticipated cash burn, liquidity, capital expenditures, and cash management
initiatives; the Company's ability to execute on its commercial objectives and customer commitments; expected demand for Plug's products
and services across material handling, electrolyzers, hydrogen production, and hydrogen supply; expectations regarding future hydrogen
production capacity and utilization; anticipated benefits from strategic initiatives and operational improvements; expected business performance
during the fourth quarter and full year 2026; anticipated market opportunities, industry growth, and adoption of hydrogen technologies;
the Company's electrolyzer opportunity funnel and the expected development, financing, timing, and conversion of potential projects and
customer agreements into orders and revenue; expectations and statements regarding Plug Symposium 2026 and related discussions concerning
energy security, grid resilience, regulatory developments, hydrogen markets, and customer projects; and other statements regarding Plug's
future operating results, financial condition, business strategy, performance, prospects, objectives, plans, and opportunities, are forward-looking
statements.
These forward-looking statements are based on current expectations,
estimates, forecasts, and projections, as well as the beliefs and assumptions of management, and are subject to a number of risks and
uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. These risks and
uncertainties include, among other things: whether the Company achieves its anticipated revenue growth, margin improvement, operating
leverage, profitability, liquidity, and cash flow objectives; whether the Company is able to sustain recent reductions in cash burn; the
Company's ability to manage working capital, operating expenses, and capital expenditures; whether anticipated customer demand, project
activity, bookings, and commercial opportunities materialize as expected; whether awarded projects and opportunities successfully progress
to implementation, revenue generation, and commercial operation; the Company's ability to manufacture, deliver, deploy, and service its
products in accordance with customer requirements and anticipated schedules; the availability and price of hydrogen, electricity, natural
gas, and other key inputs; the pace of market adoption of hydrogen technologies; changes in government policies, regulations, incentives,
and funding programs; supply chain disruptions, inflationary pressures, labor availability, and project execution risks; risks related
to the Company's future capital requirements and liquidity needs; the Company's ability to obtain financing when needed and on acceptable
terms; the possibility that the Company's actual third quarter 2026 results will differ from the preliminary estimates in this press release
as a result of the completion of quarter-end close procedures, review by the Company's independent registered public accounting firm,
final adjustments, or subsequent events; the Company's history of net losses and negative cash flows from operations, its need for additional
capital, and the dilution or other terms that may accompany any future financing; the timing of customer collections, vendor payments,
inventory purchases, and capital expenditures, which can cause net cash usage to fluctuate significantly from period to period; the timing
of revenue recognition, customer acceptance, and contract modifications; the possibility that gross margin improvements are not sustained
and are affected by product and project mix, inventory and other charges, warranty and service costs, and other non-recurring items; customer
concentration and counterparty credit risk; delays or cancellations of customer projects, including as a result of customers' failure
to reach final investment decisions or secure financing or permits; the performance, commissioning, and acceptance of the Company's products
and projects; tariffs and trade restrictions; and general market, economic, competitive, geopolitical, and regulatory conditions.
Such statements are subject to risks and uncertainties that could cause
actual performance or results to differ materially from those expressed in these forward-looking statements. For a further description
of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as
well as risks relating to Plug's business generally, see Plug's public filings with the Securities and Exchange Commission ("SEC"),
including the "Risk Factors" section of Plug's Annual Report on Form 10-K for the year ended December 31, 2025, and
Plug's subsequent Quarterly Reports on Form 10-Q and other filings with the SEC. Readers are cautioned not to place undue reliance
on these forward-looking statements or the preliminary estimates in this press release, which speak only as of the date of this press
release. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information,
future events, or otherwise, except as required by law.
PLUG
MEDIA CONTACT
Teal Hoyos
media@plugpower.com
