Plug Power reported $669M of remaining performance obligations at 30 Jun 2026, down 15% from a year earlier and down 9% from the previous quarter. That is 0.9 years of trailing revenue already under contract. Book-to-bill last quarter: 0.61.
Net new backlog added in the latest quarter: -$69.1M.
Over the last twelve months it turned about 95% of its opening backlog into revenue (12-month conversion).
Twelve-month book-to-bill: 0.85, i.e. 0.85 of new orders for every 1 of revenue recognised.
Backlog growth minus revenue growth: -25 points — revenue is catching up with orders.
By backlog size it ranks 278th among US filers the cockpit tracks.
Plug Power backlog history
Remaining performance obligations at each quarter end (bars) against trailing twelve-month revenue (line).
Amounts in USD. Source: SEC XBRL filings.
Quarter end
Backlog (RPO)
TTM revenue
Coverage
Customer prepayments
30 Jun 2026
$669M
$744M
0.9 yrs
n/a
31 Mar 2026
$738M
$740M
1.0 yrs
n/a
30 Sep 2025
$699M
$676M
1.0 yrs
n/a
30 Jun 2025
$782M
$673M
1.2 yrs
n/a
31 Mar 2025
$860M
$642M
1.3 yrs
n/a
31 Dec 2024
$891M
$629M
1.4 yrs
n/a
30 Sep 2024
$996M
$660M
1.5 yrs
n/a
30 Jun 2024
$1.10B
$684M
1.6 yrs
n/a
31 Mar 2024
$1.14B
$801M
1.4 yrs
n/a
31 Dec 2023
$1.15B
$891M
1.3 yrs
n/a
30 Sep 2023
$1.20B
$890M
1.4 yrs
n/a
30 Jun 2023
$1.07B
$880M
1.2 yrs
n/a
Questions
What is Plug Power's backlog?
Plug Power reported $669M of remaining performance obligations at 30 Jun 2026, down 15% from a year earlier and down 9% from the previous quarter. That is 0.9 years of trailing revenue already under contract. Book-to-bill last quarter: 0.61.
How fast does Plug Power's backlog turn into revenue?
Over the last twelve months Plug Power recognised revenue equal to about 95% of the backlog it started each quarter with.
About these numbers
Remaining performance obligations (RPO) are revenue a company has contracted but not yet recognised, as reported in its SEC filings (XBRL tag RevenueRemainingPerformanceObligation). Coverage = backlog ÷ trailing twelve-month revenue. Book-to-bill = (change in backlog + revenue) ÷ revenue. Conversion = revenue recognised ÷ the backlog at the start of each quarter, summed over four quarters. Counterparty values come from company filings and releases.