Plug Power, Inc.

Greetings and welcome to the Plug Power First Quarter 2026 Earnings Conference Call and Webcast. At this time, all participants are in listen-only mode. A question and answer session will follow a formal presentation. You will be placed in the question queue at any time by pressing star 1 on your telephone keypad. We ask that you please limit yourselves to one question and one follow-up and return to the queue. As a reminder, this conference is being recorded. If anyone should require operator assistance, please press star zero. It's now my pleasure to turn the call over to Vice President of Marketing and Communications, Teal Hoyos. Please go ahead, Teal.

Thank you. Welcome to the 2026 First Quarter Earnings Call. This call will include forward-looking statements. These forward-looking statements contain projections of our future results of operations or of our financial position or other forward-looking information. We intend these forward-looking statements to be covered by the Safe Harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We believe that it is important to communicate our future expectations to investors. However, investors are cautioned not to unduly rely on forward-looking statements, as such statements should not be read or understood as a guarantee of future performance or results. Such statements are subject to risks and uncertainties that could cause actual results or performance to differ materially from those discussed as a result of various factors, including but not limited to risks and uncertainties discussed under Item 1A risk factors, in our annual report on Form 10-K for the fiscal year ending December 31st, 2025, or quarterly report on Form 10-Q for the quarter ending March 31st, 2026, as well as other reports we file from time to time with the SEC. These forward-looking statements speak only as of the day in which the statements are made, and we do not undertake or intend to update any forward-looking statements after this call as a result of new information. At this point, I would like to turn the call over to PLUG's CEO, Jose Luis Crespo.

Thank you, Teal. Good afternoon, everyone, and thank you for joining us on our first earnings call of 2026. The first quarter results we announced today represent another important step forward in achieving the objectives we laid out for the year. delivering positive EBITDAs in the fourth quarter and sustaining revenue growth directionally consistent with 2025. In the first quarter, revenue increased 22% year-over-year to 163.5 million, with growth across each of our three strategic focus areas, material handling, electrolyzers, and hydrogen fuel. Growth margin also improved substantially year over year, increasing from negative 55% to negative 13%. This represents a 42 percentage point improvement in gross margin. The cost actions initiated under Project Quantum Leap are now substantially flowing through our P&L, and we expect gross margin to improve sequentially through 2026. This is supported by a combination of volume leverage, mix, and continued cost discipline. In material handling, we continue to see a strong customer engagement driven by the combination of proven productivity gains, improved product reliability, and reduced dependence on electrical grid. In addition, the reinstatement of the investment tax credit earlier this year has improved the economic attractiveness of hydrogen-powered solutions for many customers. As a result, we continue to project increasing demand from both Amazon and Walmart through new deployments and fleet refresh programs, with activity levels increasing across both existing, including our automotive customers and new customer accounts. Our electrolyzer business continues to demonstrate a strong commercial and operational momentum. Electrolyzer revenue increased significantly, growing from 9.2 million in the first quarter of 2025 to 40.8 million in the first quarter of 2026. This reflects the timing of specific project milestones across our portfolio with multiple large-scale projects now advancing through commissioning and delivery phases. We're currently in the commissioning phase of the 25-megawatt project with Iberdrola and BP in Spain, and we are finalizing installation activities for the 100-megawatt project with GALP in Portugal, two of the largest PEM electrolyzer projects currently under deployment in Europe. In addition, we recently announced the award of the front-end engineering design work for the 275-megawatt project with Hightogen in Canada, further strengthening our global project pipeline. We're also seeing continued advancement from Allied Green Ammonia on the two gigawatt project in Uzbekistan, where several important milestones were achieved during the quarter. In April, Allied Green secured a binding project implementation agreement with the Uzbekistan government, establishing the tax and customs incentive framework supporting the project. Just this past Friday, Allied Green signed a memorandum of understanding with Uzbekistan airports to collaborate on SAF and ESAF deployment initiatives. We're seeing increased activity across our approximately 8 billion electrolyzer opportunity funnel, especially within the aviation sector where fuel availability due to the ongoing energy supply constraints and geopolitical instability affecting global fuel markets is renewing the interest in energy security and synthetic fuel production. Our fuel business delivered approximately 20% top-line growth year over year, driven primarily by new material handling site deployments, and with margin improving by 54 percentage points year over year. We continue to improve plant performance, logistics efficiency across the network, and plant utilization. We still have a lot of work to do, but we are advancing in the right direction. From a liquidity standpoint, we ended the quarter with $223 million in unrestricted cash and $579 million in restricted cash, for a total cash of $802 million. We continue to advance multiple asset monetization initiatives, including stream data centers that are expected to generate more than $275 million in additional proceeds with the first transaction for approximately 142 million expected to close in June. Our first quarter results represent another important step towards achieving our stated objectives of positive EBITDAs in the fourth quarter of 2026 and advancing our broader path towards long-term profitability. The foundation is in place. Our focus is now execution, margin expansion, and converting scale into sustained profitability. With that, I'll now turn the call over to Paul, our CFO, for a more detailed review of the quarter financials. Paul?