Plug Power reported third-quarter financial results Monday after market close.

Here are the key highlights.

Plug Power Q3 Financials

Plug Power reported third-quarter revenue of $200.60 million, up 13% year-over-year. The revenue total beat a Street consensus estimate of $198.87 million, according to data from Benzinga Pro.

The company reported record low net cash usage of $28 million in the quarter.

Plug also highlighted a 65-percentage-point year-over-year gross margin improvement in the quarter.

"Our third quarter results reflect continued progress toward a stronger, more profitable Plug," Plug Power CEO Jose Luis Crespo said. "We grew revenue, improved margins, and significantly reduced cash usage through disciplined execution."

The company advanced several key customer projects, including the 280 MW Arcadia eFuels agreement, Crespo added.

Plug Power ended the quarter with $134 million in cash and cash equivalents.

What’s Next for Plug Power

Europe was highlighted as a key strategic growth market for the company going forward.

"Our focus remains on improving operating leverage, delivering on customer commitments and building sustainable growth," Crespo said.

Guidance from the company is for fiscal 2026 revenue growth of 15% to 16% year-over-year.