Plug Power’s margin turnaround and stronger revenue guide contrast On Holding’s sales miss

Plug Power reported Q2 revenue ~$178 million, beating estimates and narrowing losses as gross margins moved toward breakeven, leading the company to raise its full-year revenue guidance to about 15–16%. On Holding posted a revenue miss (CHF 850.3 million vs. CHF 881.4 million expected) but logged a profit of CHF 0.31 per share, with gross margin at 65.4% and EBITDA margin at 19.8%, driven by strong direct-to-consumer growth and Asia-Pacific momentum.