$PLUG

PLUG POWER INC

CIK:0001093691|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Net revenue:
Net revenue	$ 178,299	$ 173,970	$ 341,812	$ 307,644
Cost of revenue:
Total cost of revenue	179,974	227,435	365,094	434,970
Gross loss	(1,675)	(53,465)	(23,282)	(127,326)
Operating expenses:
Research and development	13,420	12,193	25,533	29,550
Selling, general and administrative	29,267	87,893	99,475	168,732
Restructuring	184	2,964	1,609	20,118
Impairment	19,365	20,599	23,221	21,663
Change in fair value of contingent consideration	197	(168)	477	(11,987)
Total operating expenses	62,433	123,481	150,315	228,076
Operating loss	(64,108)	(176,946)	(173,597)	(355,402)
Interest income	2,592	5,845	6,437	10,998
Interest expense	(16,889)	(15,938)	(34,240)	(27,424)
Other (expense)/income, net	(7,199)	3,817	(6,113)	5,107
(Loss)/gain on extinguishment of convertible debt instruments and finance obligations	(90)	(5,475)	1,715	(9,127)
Change in fair value of convertible debt instruments	(74,235)	9,240	(145,017)	1,902
Change in fair value of debt		(3,408)		(3,408)
Change in fair value of warrant liabilities	(29,291)		(83,931)
Loss on equity method investments	(675)	(45,850)	(1,145)	(48,220)
Loss before income taxes	(189,895)	(228,715)	(435,891)	(425,574)
Income tax expense	(207)	(12)	(248)	(12)
Net loss	(190,102)	(228,727)	(436,139)	(425,586)
Net loss attributable to non-controlling interest	(1,895)	(1,628)	(2,628)	(1,831)
Net loss attributable to Plug Power Inc.	$ (188,207)	$ (227,099)	$ (433,511)	$ (423,755)
Net loss per share attributable to Plug Power Inc.:
Net loss per share, basic (in dollars per share)	$ (0.14)	$ (0.2)	$ (0.31)	$ (0.41)
Net loss per share, diluted (in dollars per share)	$ (0.14)	$ (0.2)	$ (0.31)	$ (0.41)
Weighted average number of common stock outstanding, basic (in shares)	1,391,212,670	1,126,627,283	1,390,446,779	1,036,697,246
Weighted average number of common stock outstanding, diluted (in shares)	1,391,212,670	1,126,627,283	1,390,446,779	1,036,697,246
Sales of equipment, related infrastructure and other
Net revenue:
Net revenue	$ 81,898	$ 99,173	$ 160,920	$ 162,679
Cost of revenue:
Cost of revenue	80,326	117,280	165,653	191,836
Services performed on fuel cell systems and related infrastructure
Net revenue:
Net revenue	29,844	16,367	51,814	33,241
Cost of revenue:
Cost of revenue	21,724	9,996	36,145	24,458
Benefit for loss contracts related to service
Cost of revenue:
Cost of revenue	(15,674)	(10,832)	(23,488)	(1,944)
Power purchase agreements
Net revenue:
Net revenue	26,932	23,633	53,222	46,843
Cost of revenue:
Cost of revenue	35,000	45,272	75,148	95,204
Fuel delivered to customers and related equipment
Net revenue:
Net revenue	39,472	34,399	75,267	63,856
Cost of revenue:
Cost of revenue	58,495	65,636	111,387	124,990
Other
Net revenue:
Net revenue	153	398	589	1,025
Cost of revenue:
Cost of revenue	$ 103	$ 83	$ 249	$ 426

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net loss	$ (436,139)	$ (425,586)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation of long-lived assets	12,871	24,910
Amortization of intangible assets	1,822	4,008
Lower of cost or net realizable value inventory adjustments and provision for excess and obsolete inventory	15,166	21,166
Stock-based compensation	26,888	24,167
(Gain)/loss on extinguishment of convertible debt instruments and finance obligations	(1,715)	9,127
Provision for losses on accounts receivable	2,394	4,672
Amortization of discount/(premium) of debt issuance costs on convertible debt instruments and long-term debt	2,081	(214)
Provision for common stock warrants	18,950	18,599
Impairment	23,221	21,663
Recovery on service contracts	(35,175)	(25,806)
Change in fair value of contingent consideration	477	(11,987)
Change in fair value of convertible debt instruments	145,017	(1,902)
Change in fair value of debt		3,408
Change in fair value of warrant liabilities	83,931
Loss on equity method investments	1,145	48,220
Changes in operating assets and liabilities that provide/(use) cash:
Accounts receivable	6,503	13,829
Inventory	3,530	16,356
Contract assets	(6,942)	(5,210)
Prepaid expenses and other assets	(11,189)	41,691
Accounts payable, accrued expenses, and other liabilities	(49,394)	(4,077)
Deferred revenue and other contract liabilities	(13,910)	(54,938)
Payments of contingent consideration	(1,918)	(8,341)
Payments of operating lease liabilities, net	(31,719)	(11,133)
Net cash used in operating activities	(244,105)	(297,378)
Investing activities
Purchases of property, plant and equipment	(8,711)	(79,069)
Proceeds from sale of property, plant and equipment	1,035
Proceeds from sale of investment tax credit	36,148
Purchases of equipment related to power purchase agreements and equipment related to fuel delivered to customers	(30,064)	(7,409)
Cash paid for non-consolidated entities and non-marketable securities	(6,600)	(838)
Net cash used in investing activities	(8,192)	(87,316)
Financing activities
Payments of contingent consideration	(2,330)
Proceeds from public and private offerings, net of transaction costs		276,192
Payments of tax withholding on behalf of employees for net stock settlement of stock-based compensation	(159)	(207)
Proceeds from exercise of stock options	1,636
Contributions by non-controlling interest	300	750
Distributions to non-controlling interest	(16,474)
Principal payments on convertible debt instruments	(2,413)	(185,962)
Premium on principal of convertible debt instruments settled in cash		(3,832)
Proceeds from debt issuance		199,500
Principal payments on long-term debt	(692)	(688)
Cash paid for capitalized closing fees related to DOE loan guarantee		(13,414)
Principal repayments of finance obligations and finance leases	(47,788)	(46,275)
Net cash (used in)/provided by financing activities	(67,920)	226,064
Effect of exchange rate changes on cash	(2,239)	(5,278)
Decrease in cash and cash equivalents	(206,646)	(64,957)
Decrease in restricted cash	(115,810)	(98,951)
Cash, cash equivalents, and restricted cash beginning of period	993,984	1,040,709
Cash, cash equivalents, and restricted cash end of period	671,528	876,801
Supplemental disclosure of cash flow information
Cash paid for interest, net of capitalized interest of $0 and $8.9 million, respectively	31,828	28,034
Summary of non-cash activity
Recognition of right of use asset - finance leases	6,055
Recognition of right of use asset - operating leases	1,562	21,596
Principal payment on convertible debenture paid in common stock		50,000
Contributions of property, plant, and equipment from non-controlling interest		2,341
Increase to other current assets due to net transfers between other current assets and long-lived assets	39,200
Decrease to contract assets due to net transfers between contract assets and long-lived assets	(6,106)
(Decrease)/increase to inventory due to net transfers between inventory and long-lived assets	(9,098)	4,794
Accrued purchase of fixed assets, cash to be paid in subsequent period	$ 22,285	$ 40,814

Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

Current assets:

Cash and cash equivalents

$ 161,894

$ 368,540

Restricted cash

155,523

186,746

Accounts receivable, net of allowance of $39,278 as of June 30, 2026 and $46,805 as of December 31, 2025

125,861

134,758

Inventory, net

493,445

520,968

Contract assets

103,178

105,268

Prepaid expenses, tax credits, and other current assets

106,436

93,988

Total current assets

1,146,337

1,410,268

Restricted cash

354,111

438,698

Property, plant, and equipment, net

243,995

281,001

Right of use assets related to finance leases, net

35,938

44,852

Right of use assets related to operating leases, net

157,370

182,206

142,350

122,926

Contract assets

18,493

24,137

Intangible assets, net

27,292

29,228

Investments in non-consolidated entities and non-marketable securities

50,705

46,909

Other assets

15,975

14,343

Total assets

^[1]

2,192,566

2,594,568

Current liabilities:

Accounts payable

144,259

168,744

Accrued expenses

105,692

128,010

Deferred revenue and other contract liabilities

60,304

66,742

Operating lease liabilities

56,200

70,407

Finance lease liabilities

9,523

10,934

Finance obligations

57,670

76,160

Current portion of convertible debt instruments, net

2,583

Current portion of long-term debt

314

626

Contingent consideration, loss accrual for service contracts, and other current liabilities (of which $1,971 was measured at fair value as of June 30, 2026 and $4,871 was measured at fair value as of December 31, 2025)

59,921

86,382

Total current liabilities

493,883

610,588

Deferred revenue and other contract liabilities

26,145

34,203

Operating lease liabilities

158,512

194,709

Finance lease liabilities

19,343

17,627

Finance obligations

156,181

191,806

Warrant liabilities

136,254

52,323

Convertible debt instruments, net

577,998

431,014

Long-term debt

1,210

1,306

Contingent consideration, loss accrual for service contracts, and other liabilities (of which $6,012 was measured at fair value as of June 30, 2026 and $6,906 was measured at fair value as of December 31, 2025)

35,750

57,678

Total liabilities

^[1]

1,605,276

1,591,254

Stockholders' equity:

Common stock, $.01 par value per share; 3,000,000,000 shares authorized as of June 30, 2026 and 1,500,000,000 shares authorized as of December 31, 2025; Issued (including shares in treasury): 1,397,924,047 as of June 30, 2026 and 1,394,241,538 as of December 31, 2025

13,980

13,943

Additional paid-in capital

9,227,977

9,186,314

Accumulated other comprehensive income

2,450

6,796

Accumulated deficit

(8,659,550)

(8,226,039)

Less common stock in treasury: 1,025,649 as of June 30, 2026 and 970,588 as of December 31, 2025

(3,104)

(2,945)

Total Plug Power Inc. stockholders' equity

581,753

978,069

Non-controlling interest

^[1]

5,537

25,245

Total stockholders' equity

^[1]

587,290

1,003,314

Total liabilities and stockholders' equity

$ 2,192,566

$ 2,594,568

[1]

Includes balances associated with a consolidated variable interest entity (“VIE”), including amounts reflected in “total assets” that can only be used to settle obligations of the VIE of $13,641 and $51,801 as of June 30, 2026 and December 31, 2025, respectively, as well as liabilities of the VIE reflected within “total liabilities” for which creditors do not have recourse to the general credit of Plug Power Inc. of $2,566 and $1,311 as of June 30, 2026 and December 31, 2025, respectively. Refer to Note 19, “Variable Interest Entities,” for additional information.