Prepared remarks
Greetings, and welcome to the Plug Power Second Quarter 2026 Earnings Conference Call and Webcast. At this time, participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to turn the call over to Vice President of Marketing Communications, Teal Hoyos. Please go ahead. Thank you.
Welcome to the 2026 second quarter earnings call. This call will include forward-looking statements. These forward-looking statements contain projections of 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, and 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 12/31/2025, or quarterly reports on Form 10-Q for the quarter ended 03/31/2026, as well as other reports we file from time to time with the SEC.
These forward-looking statements speak only as of the day that the statements are made. 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.
Good afternoon, everyone, and thank you for joining our second earnings call of 2026. And also thank you for your continued confidence in the Plug team. Q2 was a strong step forward and is giving us real conviction about the rest of the year. We are executing; our numbers are moving in the right direction across the board and today we are raising our full year revenue growth guidance as a result. Paul will walk through the financial details in a moment; let me start with why we are excited. Revenue was $178 million in the second quarter, up approximately 9% sequentially from the first quarter. This is continued proof that our commercial engine is accelerating. Gross margin improved to approximately breakeven; it was about -0.9% compared to -30.7% a year ago and -13% just last quarter. That is a meaningful step in a single quarter and it is the direct result of the operational discipline we have built into Quantum Leap, which is our restructuring program, combined with improving service margins and better plant utilization in hydrogen production.
But just as important, our breakeven revenue thresholds keep on coming down, which puts positive EBITDA in the fourth quarter squarely within reach. Operating expenses declined approximately 50% year over year to $62 million—again, a direct reflection of the discipline we have driven through Quantum Leap and our continued asset monetization efforts. And on the cash side, net cash usage improved to $61 million this quarter, a reduction in cash usage of about 58% compared to the first quarter. Our cash burn is coming down and the trend line matters enormously as we head towards profitability. Our priorities for 2026 are clear and they have not changed: disciplined execution, profitable growth, and continued improvement in cash utilization and operating leverage. What has changed is our confidence in how the year plays out. On our last call, we guided full year revenue growth of 13% to 15%.
Based on our first half results and the visibility we now have into the second half, we are raising that guidance today to 15% to 16% for the full year. Our business has historically been second-half weighted with the fourth quarter benefiting from year-end deployment cycles, and everything we are seeing tells us that pattern is expected to hold again this year with even more strength behind it. Material handling continues to be a genuine bright spot. The growth story here just keeps on building. We deployed 1,670 GenDrive units in the quarter—more than double the units we deployed in the second quarter of last year. Service revenue grew 82% year over year to $29.8 million with service margin of 27% as improving reliability lets our technicians cover more units and drive real overhead leverage. And we are not just growing; we are building a durable recurring revenue base. Two of our largest material handling customers are planning to refresh more than 20,000 GenDrive units over the next three years.
This is a multi-year revenue opportunity sitting right in front of us and is exactly the kind of embedded growth that gives us confidence well beyond this year. Our electrolyzer business continues to build real commercial momentum. We announced the FID of the 30 MW Barro Green hydrogen project for Carlton Power in the U.K. This is part of the 55 MW we were awarded in November 2025; we expect the additional 25 MW to reach FID in 2026. In Q2, we were also selected for the 275 MW feed on the H-current project in Quebec. On July 7, we announced that Plug secured a 50 MW GenEco electrolyzer order following the final investment decision for ERIC's Hunter Valley Hydrogen Hub in Australia, and this is the largest renewable hydrogen project to reach FID in Australia. As an update on the business, our 100 MW project with Galp in Portugal and our 25 MW project with Iberdrola MVP in Spain continue progressing positively on commissioning.
I also want to flag something bigger on the horizon here, because I think it is an important part of the electrolyzer story for the next several years. Europe continues to advance the conversion of the Renewable Energy Directive III—RED III—into national law across EU member states. Spain is the latest country to release a draft framework establishing an 11% renewable fuels of non-biological origin target by 2040. This is backed by a specified non-compliance penalty and a system of tradable carbon reduction certificates. Based on our preliminary internal analysis, we believe Spain's framework alone could drive approximately 10 GW of electrolyzer demand by 2030. In addition, the European Commission approved a €780 million Dutch subsidy scheme targeting 400 MW of electrolysis capacity with an option planned for early 2027. The European Commission also plans on launching a fourth hydrogen auction in December 2026 with a budget of up to €500 million.
Now this is the kind of regulatory tailwind that turns a strong pipeline into a durable, multi-year growth runway, and we like our position to capture it. Now turning to hydrogen, our fuel business delivered approximately 15% revenue growth year over year to $39.5 million. This is driven by continued growth in hydrogen consumption across our expanding customer base. Fuel gross margin improved to -48.8% from -91% a year ago on improved plant utilization, production efficiency, and network optimization across our production facilities in Georgia, Tennessee, and Louisiana. We still have work to do here, obviously, but the trajectory is decisively in our favor and we expect that progress to continue through the second half of the year. We ended the period with $161.9 million of unrestricted cash. With net cash usage improving to $61 million for the quarter, down approximately 58% sequentially.
We are also executing on our asset monetization programs and as an update to the STREAM transaction we announced on July 13, where we indicated approximately $80 million of expected near-term liquidity, we have already received $47 million. This is a step forward of our initiative to unlock more than $275 million through asset monetization and non-dilutive financing. We expect to keep delivering on this initiative in the coming quarters. So put simply, this was a good quarter and it sets up an even better second half. Revenue is growing, margins are approaching breakeven, operating expenses are down 50%, cash burn is falling, and we are raising our full year guidance to 15% to 16% growth. We remain on track to deliver positive EBITDA in the fourth quarter—a milestone that marks a real turning point for the company. We are building Plug into the profitable, cash-generative hydrogen leader we set out to become.
We have work to do, but Q2 is more evidence that we are getting there. And with that, I will turn the call over to Paul for a more detailed review of the quarter, including our liquidity position and financial outlook.
Thank you, Jose Luis.
Thank you, Paul, and good afternoon, everyone.
Building on Jose Luis's comments, I want to leave you with three key takeaways from the quarter. First, the margin transformation is real and it is compounding. We exited Q2 at essentially breakeven gross margins—roughly a 30 percentage-point improvement from a year ago. Second, our cost discipline is showing up everywhere it should, including improved margins and reduced OpEx which yield reduced cash use. And third, we believe we have the capital and the levers in place to execute the balance of the year. This stems from current cash balances, continued improvements in margins, reduced CapEx, and the ongoing asset monetization efforts. Diving into the details of the quarter, as Jose outlined, net revenue for the quarter was $178 million which was up 9% sequentially, bringing the first half to $342 million, up 11% year over year. The first half is slightly ahead of the range we outlined in May so the shape of the year is playing out slightly better than we guided.
And as Jose Luis outlined, given our traction and pipeline, we are increasing our full year projection to 15% to 16% growth off of 2025. We expect some growth in Q3 2026 sequentially and versus the prior-year quarter, but the majority of the volume in the second half of our forecast we expect to unfold in the fourth quarter of 2026. On margins, let me expand a bit because this is where the last two years of work really are starting to show results. Gross margin came in at essentially breakeven versus -31% a year ago. Every platform contributed. Equipment margin was positive, driven by volume leverage, continued manufacturing cost optimization, and supply chain leverage. We are also recognizing benefits based on tariff recoveries and reduced tariff spend. Service margin was 27% positive as unit reliability keeps improving. Our cost of service is down materially and that is letting us expand the technician-to-unit coverage and drive overhead leverage.
PPA loss rates improved to roughly -30% from -92% a year ago, which is driven from cost reductions to service this PPA fleet coupled with the sale-leaseback buyback program which reduces our equipment lease cost. Fuel margin improved to roughly -48% from -91% as Jose Luis outlined, driven by the increased plant utilization, improved network optimization, and benefits of our supply agreements. Still a lot of work to do, but these are structural improvements, not one-quarter effects, and they keep lowering our breakeven threshold. To prelude the second half in context of our target to achieve positive EBITDA in Q4: that will come mainly from increased gross margin and will stem from many factors: driving more sales as the second half will be about 40% higher than the first half, and that will mostly come from equipment volume; driving more cost downs in manufacturing and supply chain such as ramping our diffusion bonding process for ELX stacks as an example; continuing our service reliability improvement trends and driving enhanced tech leverage, especially given the number of sites and GenDrive units being deployed in the second half; further improving the fuel network leverage given continued growth in fuel sales and focus on logistics cost and network efficiency; and driving even more improvements in our PPA platform by further service cost reductions and completing more sale-leaseback buybacks.
GAAP operating expenses were $62 million, down roughly 50% year over year. But I want to be transparent on the composition. This includes $39.7 million of recoveries of previously impaired assets—principally the $37 million gain from a resolution of a customer contract dispute we settled in June. Excluding that recovery and the IT sale transaction fees for this quarter and excluding impairment, restructuring, and other non-cash changes in consideration, operating expenses continued to decrease and we believe we remain on the path towards the roughly $75 million a quarter run rate we discussed in May. The OpEx reduction stems from continued scrutiny over headcount, discretionary spend discipline, and from reduced CapEx spend yielding lower depreciation. On the bottom line, GAAP EPS was a loss of $0.14 versus a loss of $0.20 a year ago. I would note that the GAAP result in Q2 of 2026 carries about $104 million of non-cash mark-to-market valuation charges for our convertible debt and warrant liabilities, driven primarily by our own stock price appreciation in the quarter.
Adjusted EPS was a loss of $0.07 versus a loss of $0.18 a year ago, and reconciliations on these adjusted EPS numbers are in our tables. The net cash usage for the quarter was roughly $61 million, an improvement of 58% over Q1 of 2026. The continued asset monetization efforts contributed to margins and overall reduced cash usage, but even setting those aside, the underlying burn continues to improve and to step down on margin improvement, working capital leverage, and reduced CapEx spend. Inventory is down about $28 million from year-end and we still expect at least $100 million of inventory reduction for the full year weighted to the second half. Capital spending remains light—under $9 million in the first half. We ended the quarter with $162 million of unrestricted cash and $510 million of restricted cash, which means we have over $670 million in total cash. The restricted cash continues to come back to us—more than $115 million released in the first half—and roughly $155 million of the remaining balance is scheduled to release over the next 12 months.
It is effectively a built-in non-dilutive funding stream. Subsequent to the quarter end, we announced the transaction expected to generate approximately $80 million of near-term liquidity through the sale of our Graham, Texas project and the staged closing in New York Gateway—the first phase of this program to unlock more than $275 million through this overall asset monetization and non-dilutive financing program. Out of this initial $80 million, in July and August to date, we received already $47 million bringing the total for this endeavor so far to $52 million. For the full year, we plan for sales growth of 15% to 16% and we believe that the first half puts us squarely on that trajectory. We remain laser-focused on our Q4 goal of positive EBITDA. The levers are the ones that you have watched us pull on all year and the ones that I have outlined today. We believe we have the balance sheet and clear non-dilutive capital opportunities to execute.
In summary, we believe we are postured to deliver on the targets we have set for ourselves this year, and we look forward to sharing more as our progress proceeds throughout the year. With that, I will turn it back over to Jose Luis.
Thank you, Paul. So now again, thank you for attending the call, and we will go to the questions part of the call.
Thank you. We will now be conducting a question-and-answer session. Our first question today is coming from Colin Rusch from Oppenheimer. Your line is now live.
Hi, Colin.
Questions and answers
Appreciate the question here. Can you talk about the drivers for the service margins? How much of that is being driven by improved contracting? How much of it is being driven by better performance of the assets out in the field?
Colin, thanks for the question. The improvement in service margins really is driven by several factors. One of them is the reliability of the units is improving. The stack performance is improving, and that is leading to us being able to use fewer technicians to actually service the units. The overhead is also improving. Adding to that, over the last couple of years we have gone through a process of cautiously increasing pricing on services to be aligned to the reality of the cost of servicing the unit. So all of that together has contributed to this 27% margin that you see right now and it is actually structural; it is something that we believe is sustainable.
Excellent. And then just thinking about the pipeline of hydrogen projects, you guys have made a nice dent in moving these things forward. I am curious about urgency around these projects in Europe starting construction and really starting to see some of the ramp on equipment orders. How should we think about that as we get through the balance of year and into next year?
So we are already seeing activity—not necessarily limited to Europe. As I mentioned earlier, ERIC is a 50 MW order, the first FID project in Australia. If you think about it, our largest order was 100 MW from Galp. Carlton Power in the U.K. had 55 MW and we saw the first FID with 30 MW. We are already manufacturing and getting ready for implementation in the U.K. for those projects. We see our own projects in Spain with our joint venture with Axiona moving towards FID with subsidies being awarded by the European Hydrogen Bank. I think those projects have the largest per-kilogram award in the market. So we see a lot of activity in the European market and many projects are coming along to get to FID by the end of the year or beginning of 2027. You will be hearing more news about these projects in the coming quarters.
Thank you. The next question is coming from Eric Stine from Craig Hallum. Your line is now live.
Hi, Eric.
Hi, Eric.
Hey. So I was hoping we could talk about material handling. Interested in these two customers, the 20,000 units over three years. As I think about how you have talked about the repowering opportunity, it has been something that you have been optimistic about, but it seemed like it was off a little ways. So now you are talking about these two customers. Is it fair to say that this sped up a little bit versus previous expectations, or is this more kind of the normal refresh versus they are just proactively deciding to do it for the next-gen fuel cell system?
It is really being driven by the refresh timing. We are going to refresh some of those units in the range of around 2,000 of them already in 2026. And then as the years progress, we are expecting to start refreshing with the two largest customers over the next three years to complete the total fleet. In both cases, what we are seeing is that at many of the sites over the next three years it is the time to refresh the units. As the units are becoming more reliable and as we are incorporating upgrades and improvements into production units, customers are interested in doing the refreshes, but mainly they are driven by the natural timing of the refreshes which is starting now.
Okay. And so these are your two largest customers. Does this complete their footprint? Or could this be multi-year beyond the three you were talking about for this specific opportunity with these two?
This would be their normal footprint for renewal or refreshes of the units they have in the field right now. I might have misunderstood the question, but to add: if you think about it like a portfolio, there are more and more sites and they are adding sites this year as an example.
So they go through a normal reset cycle, but one of them in particular is hitting a major refresh cycle starting now. The other one, although they have been on refresh, is starting to grow and build from that. And as they add more sites, it will become bigger and bigger. So we expect a pretty incremental step function in terms of the refresh activity starting from here on out because of those dynamics.
So it will be refreshes on top of the normal growth for those customers.
Thank you. Our next question today is coming from Sherif Elmaghrabi from BTIG. Your line is now live. Our next question is coming from Christopher Dendrinos from RBC Capital Markets. Your line is now live.
Yes, good afternoon. Maybe just on fueling margins here: solid improvement year on year but sequentially relatively flat. What are the next big drivers to push fuel margins further? Thanks.
Thank you, Chris. We are going to continue operating the plants more efficiently. We have the three plants in Tennessee, Georgia, and Louisiana, and as we continue operating them we are getting more efficient and achieving higher utilization. On the logistics side, we will continue improving our logistics and implementing systems so we can deploy and send hydrogen to customers in the most effective way. Finally, we are working at each site and in the plants to make sure that system efficiency improves over time. Those are the items we are working on to improve hydrogen margins.
Got it. Thanks. And maybe as a follow-up to an earlier question on the electrolyzer pipeline: you highlighted Spain being a potential ~10 GW market by 2030. What are the key markers we should look for in the cadence of when demand would pick up for that market specifically?
RED III mandates certain amounts of renewable fuels of non-biological origin in transportation and for refineries to be converted at different percentages in different countries by 2030. We are mid-2026 now, so there are roughly three and a half years to make those conversions. We are already seeing some projects move because of this legislation becoming real. When drafts like Spain's get approved and become law, companies will start executing and moving forward with projects. Many of those projects are already in our funnel—the $8 billion funnel we've discussed. These are not new projects to just pick up; many have completed engineering phases and are ready to go. Once frameworks become law, projects will start reaching FID and we hope to see more of that end of this year into early 2027.
Our next question is coming from Manav Gupta from UBS. Your line is now live.
Hi, team. Congrats on the quarter. Now that gross margins have approached breakeven, can you provide more color on the primary structural drivers—pricing power, product mix, lower input costs—that are expected to push margins into positive territory in the second half of the year?
I am going to let Paul take that one.
Yes. The first thing is sales volume. Given the numbers we have shared and our guidance, the second half is roughly a 40% step up versus the first half, mostly equipment volume, which is very accretive because of contribution margin when fixed overhead is already covered. Second, we have opportunities on manufacturing costs—electrolyzer scale and manufacturing processes still have optimization potential and we've already driven cost out and will continue to pursue further cost downs. Third is service: continued improvements in reliability give us opportunity to leverage more units per technician as we scale, and with many units and sites going live in the second half we can take more advantage of that. Lastly, fuel: as we scale fuel volume, we drive out logistics costs and improve system efficiencies. Collectively these themes will push margin; in the second half in particular it is mainly sales volume creating a large step function.
Okay, great. Thank you. And then with the recent order for ERIC and the Carlton Power FID, what is the conversion timeline for turning FEED scopes such as the Quebec project into firm FIDs?
In the case of the project in Canada, we are working on FEED and the estimated FID timeline is beginning of 2027. With big projects things can be fluid—it could move to Q3—but that is our current estimate. We have other projects in the same process and have seen projects convert into FID like the ERIC 50 MW and the Carlton 30 MW; we expect the next 25 MW to convert to FID before the end of the year.
Next question is coming from Sameer Joshi from H.C. Wainwright. Your line is now live.
First of all, good afternoon. Thanks for taking my questions. I wanted to check on the cash management strategy and the balance sheet and interest rate load: with working capital gains you expect from inventory reductions and gross margins improving, and money coming in from asset monetization, is there an effort to reduce debt?
I will let Paul answer that question.
On the debt side, the main item is the convertibles; they are effectively long-dated—termed out about eight years—without amortization. It is relatively low-cost unsecured financing. We'll continue to monitor and evaluate what makes sense. The positive progress in sales, margins, and cash flows reduces cash burn and opens up more capital solutions at lower cost. We ended the quarter with a sizable cash balance and subsequent to quarter end we have already brought in $47 million from the data center asset monetization with visibility of another $30 million to $35 million in the short term. So we are in a good position to fund the balance of the year.
Understood. And on the outlook for the year, you said growth is mostly from equipment sales—what kind of visibility do you have? Any takes or puts that may cause you to miss guidance?
We decided to raise guidance because we feel we have good visibility and expect to meet our guidance. The majority of the second half growth will come from execution, which is important, but from a commercial standpoint we have good visibility on what will make the year to meet that guidance.
Thank you. Next question is coming from Craig Irwin from ROTH Capital Partners. Your line is now live.
Hi, Jose Luis and Paul. Thanks for taking my question. First, you guys did a great job conveying how Plug is clicking on all cylinders these days—the prepared remarks were helpful. Most of my questions have been answered so I'll ask a bigger-picture question. Over the years many of us have followed data center-related names. You have supplied electrolyzers and other equipment to many Fortune 100 and Fortune 500 firms. What do you see as a potential avenue or opportunity for data center participation for Plug? If you had a couple hundred million in incremental capital, is this something you'd pursue and could you do it on a reasonable timeline? What would it take to make that investment, given there's a competitor with a much larger market cap?
I appreciate the big-picture question and the hypothetical. If we had $200 million to deploy, the data center market is certainly an area of attention. We have many Plug customers who are data center operators; we did a 3 MW system with Microsoft for backup power for data centers. That said, Plug is focused 100% on three lines of business: material handling, electrolyzers, and the hydrogen fuel business. Material handling is currently performing very well and driving growth; electrolyzers have a strengthening European market; hydrogen is growing and is an enabler for our core business. We are always looking at potential market opportunities including data centers, and we have considered ways fuel cells could relieve grid tension from data center demand, but we have not made decisions to shift capital away from those three core businesses. Right now we are concentrating resources on bringing those lines to profitability.
The only thing I would add, Craig, is that we believe we have the infrastructure and facilities necessary to deliver our plans and there is leverage in our existing setup. We don't plan a lot of incremental investment to achieve the growth trajectory we've discussed. Achieving positive EBITDA in Q4 will be a big milestone and will position us well as we continue to grow.
Our next question is coming from Sherif Elmaghrabi from BTIG. Your line is now live.
Hi, thanks. I got disconnected earlier so apologies if this is repetitive. You talked about the 30 MW project that reached FID and the 50 MW project that reached FID—can you shed light on the timeline after FID for these bigger projects? How long before they start up, commissioning, and handover? Any variation by size would be interesting.
For those projects, we've already started delivering some balance of plant to Europe for installation. It usually takes about 12 to 15 months to start, depending on the project; in some cases it may be a bit longer. Once installation happens—which could take a couple of months or a quarter—you start commissioning. So overall it is a 12- to 18-month process from FID through installation and commissioning. Larger projects require advanced manufacturing approaches and we structure them with milestone payments and percentage-of-completion accounting, so we start seeing revenues and cash in earlier stages.
Last week the Governor of Texas announced a moratorium on new data center construction. Does that affect the sale of your Texas assets given the counterparty to that transaction?
Our understanding is the governor's letter requested a review of data center projects to ensure they are real projects and not speculative. We believe there will be a review with specific items to address. We continue working with STREAM through that process and continue the monetization efforts in Texas and New York. We'll go through any required process and provide what the government in Texas requires.
Thank you. Next question is coming from Skye Landon from Rothschild. Your line is now live.
Hi, guys. A couple on the electrolyzer business. Firstly, thinking back to your symposium last year, Allied Green said they hoped to progress that project through 2026 and potentially submit firm orders to Plug before the end of the year. Any update on those mega projects? Secondly, on the Axiona JV in Iberia, can you remind us how that JV is set up, how big the initial projects are, and what the funding plans would be for those projects once they take FID?
On Allied Green, we continue to work with them on projects in Australia and Uzbekistan. These projects are complex and take time; Uzbekistan seems to be moving a bit faster. We continue to help get them to FID. The Spain JV is a 50-50 partnership with Axiona. Axiona is one of the largest renewable companies in Iberia; that's why we partnered—they have access to renewables and project development capabilities. We have several projects with them; the most advanced is a project in the Navarra region in a city called Sangüesa. That project received €2.5 million from the European Hydrogen Bank and has the ingredients to reach FID—we hope end of 2026 or early 2027. Another project in Zaragoza received €2.85 million and is slightly less developed; we are working on offtake there. Both Sangüesa and Zaragoza have the highest per-kilo subsidies from the European Hydrogen Bank among our projects. We will work with Axiona on funding once we reach FID.
Thank you. Next question is coming from Jason Tilchen from Canaccord Genuity. Your line is now live.
Good afternoon. Thanks for taking my question. Apologies if this was asked earlier. Paul, you said progress toward Q4 EBITDA profitability will be primarily driven by continued gross margin improvement. There was a notable step-down in G&A expense this quarter—can you unpack that decline and give the right level of fixed corporate cost to think about going forward?
There are ebbs and flows. Our expected run rate is about $75 million a quarter. This quarter included a large recovery from a contract dispute where we had previously taken a reserve, which resulted in a gain that showed up as an offset to OpEx. There were also some nominal restructuring and other charges. If you back those items out, $75 million is the expected run rate. We remain thoughtful and disciplined on overhead and discretionary spend and are particularly focused in the back half of the year given our goals. Mathematically, to get to the EBITDA target it is mainly through gross margin in the back half—Q4 in particular—because of the large step-up in equipment sales when fixed costs are already covered.
Thank you very much.
We reached the end of our question-and-answer session. I will turn the floor back over for any further or closing comments.
Okay. So thank you all for the questions and for your continued engagement and support. Our priorities for the balance of 2026 are still the same and are clear. We are going to execute with discipline, keep converting our commercial pipeline, keep strengthening our liquidity through non-dilutive means, and deliver positive EBITDA in the fourth quarter. Q2 gives us a strong foundation for the second half: margins are improving, cost discipline is holding, our backlog is growing, our cash usage is the lowest it has been all year, and our near-term liquidity outlook is strengthened by the asset monetization process now coming in. The regulatory and commercial tailwinds behind our electrolysis business are only getting stronger. We have said this before; now it is about consistent delivery. With the momentum we are building, we are genuinely more confident than ever in where this business is headed for the rest of 2026 and well beyond it. Thank you again for your support. We look forward to updating you on our progress in the next quarter. Thank you, everyone.
Thank you. That does conclude today's teleconference webcast. You may disconnect at this time and have a wonderful day. We thank you for your participation today.