The US green hydrogen firm said it has 230MW of electrolyser programmes underway across Europe, Australia and North America, with GenEco revenue rising 13% year-on-year to $65m.
Overall electrolyser revenues rose 43% in the quarter, driven by the delivery of a 10MW system to Galp’s 100MW Sines project in Portugal.
Outgoing CEO Andy Marsh said most of the remaining equipment will be shipped in Q4, while an additional 25MW of containerised systems have already been supplied to Iberdrola and BP in Spain.
Incoming CEO and Chief Revenue Officer José Crespo said Plug’s $8bn electrolyser pipeline “remains very active,” with project quality “the best we have ever seen.”
“Our path to profitability will be powered by growth,” Crespo added. “We have built real, scalable capabilities. We know how to produce, deploy and operate hydrogen solutions.”
Plug’s restructuring programme, Project Quantum Leap, was credited with stronger margins in Q3, including total company revenue of $177m.
Furthermore, a new deal to monetise electricity rights at two US sites could unlock over $275m and give Plug a foothold in the AI-driven data-centre power market.
In its hydrogen fuel supply business, Plug reported continued progress toward breakeven.
Chief Financial Officer (CFO) Paul Middleton said he expects another “step-function improvement in Q4” and is targeting mid-2026 for fuel margin neutrality.
Nevertheless, Plug recorded a GAAP gross loss of $120m in Q3, along with $226m in non-cash charges, which were related to Project Quantum Leap clean-up.
Plug also paused its participation in a $1.66bn Department of Energy (DOE) loan guarantee programme, initially intended to support up to six low-carbon hydrogen plants.
Marsh said the company will redeploy capital toward higher-return opportunities across its hydrogen network, adding that the move will strengthen the balance sheet, broaden market reach, and reinforce a disciplined approach to capital allocation.
When asked whether the paused DOE loan activities were linked to the Texas site involved in the electricity rights sale, Marsh declined to comment, citing confidentiality.