PLUG POWER INC

Listed Company

PLUGCIK 0001093691NasdaqLarge AcceleratedElectrical Industrial ApparatusDelawareFY ends Dec 31

Period

FY 2025

Revenue

$709.92M

Net Income

$-1.63B

Total Assets

$2.59B

Equity

$978.07M

Shares Out

1.39B

Op. Cash Flow

$-535.84M

Business

PLUG POWER INC builds an end-to-end clean hydrogen ecosystem providing production, storage, delivery and energy generation solutions to decarbonize customer operations. It offers fuel cells (stationary and mobility), PEM electrolyzers, hydrogen liquefiers, cryogenic storage and transport equipment, liquid hydrogen supply, maintenance and integrated turnkey solutions. The company reports a single operating and reportable segment focused on the design, development and sale of hydrogen products and solutions serving material handling, stationary power, e-mobility and industrial applications. Plug distributes worldwide through a direct sales force, OEM partners, dealer networks and joint ventures, targeting North America, Europe and Asia.

Summary from filing dated 2025-03-03

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net revenue	710	629	891	701	502
Total cost of revenue	952	1,254	1,399	896	674
Gross loss	−242	−625	−508	−194	−171
Research and development	58	77	114	100	65
Selling, general and administrative	380	376	422	364	180
Restructuring	26	8	—	—	—
Impairment	785	949	270	—	10
Change in fair value of contingent consideration	−23	−16	30	16	11
Total operating expenses	1,225	1,395	836	485	266
Operating loss	−1,467	−2,020	−1,344	−680	−437
Interest income	19	31	56	—	—
Interest expense	−65	−47	−45	−39	−43
Other income/(expense), net	8	−20	−131,000	−1	−606,000
Realized loss on investments, net	—	—	−13	—	—
Change in fair value of equity securities	—	—	11	−18	7
Loss on extinguishment of convertible debt instruments and debt	−32	−16	—	−986,000	—
Change in fair value of convertible debt instruments and debt	−33	−3	—	—	—
Inducement of common warrant exercise	−196	—	—	—	—
Change in fair value of warrant liabilities	128	—	—	—	—
Loss on equity method investments	−55	−32	−42	−20	−6
Loss before income taxes	−1,693	−2,108	−1,376	−723	−476
Income tax (expense)/benefit	−356,000	3	7	−839,000	16
Net loss	−1,700	−2,100	−1,400	−724	—
Net loss attributable to non-controlling interest	−62	−204,000	—	—	—
Net loss attributable to Plug Power Inc.	−1,632	−2,105	−1,369	−724	−460
Net loss per share, basic (in dollars per share)	−1.42	−2.68	−2.3	−1.25	−0.82
Net loss per share, diluted (in dollars per share)	−1.42	−2.68	−2.3	−1.25	−0.82
Weighted average number of common stock outstanding, basic (in shares)	1,147	785	595	580	558
Weighted average number of common stock outstanding, diluted (in shares)	1,147	785	595	580	558

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	369	206	135	691	2,481
Restricted cash	187	198	217	159	119
Accounts receivable, net of allowance of $46,805 as of December 31, 2025 and $37,712 as of December 31, 2024	135	157	244	129	—
Inventory, net	521	683	961	646	269
Contract assets	105	94	126	62	39
Prepaid expenses, tax credits, and other current assets	94	140	104	150	60
Total current assets	1,410	1,477	1,787	3,305	4,449
Restricted cash	439	637	818	700	532
Property, plant, and equipment, net	281	866	1,436	720	256
Right of use assets related to finance leases, net	45	52	57	54	32
Right of use assets related to operating leases, net	182	218	400	360	213
Equipment related to power purchase agreements and fuel delivered to customers, net	123	144	111	89	73
Contract assets	24	24	30	42	120,000
Intangible assets, net	29	85	189	208	158
Investments in non-consolidated entities and non-marketable securities	47	85	64	31	13
Other assets	14	14	11	7	4
Total assets	2,595	3,603	4,903	5,764	5,950
Accounts payable	169	181	258	192	92
Accrued expenses	128	103	201	156	79
Deferred revenue and other contract liabilities	67	144	204	132	116
Operating lease liabilities	70	71	64	49	31
Finance lease liabilities	11	13	9	8	5
Finance obligations	76	83	—	—	—
Current portion of convertible debt instruments, net	3	58	—	—	—
Current portion of long-term debt	626,000	946,000	3	—	—
Contingent consideration, loss accrual for service contracts, and other current liabilities (of which $4,871 was measured at fair value as of December 31, 2025 and $28,954 was measured at fair value as of December 31, 2024)	86	94	—	—	—
Total current liabilities	611	748	965	635	421
Deferred revenue and other contract liabilities	34	59	84	98	—
Operating lease liabilities	195	242	292	272	176
Finance lease liabilities	18	23	36	38	25
Finance obligations	192	264	—	—	—
Warrant liabilities	52	—	—	—	—
Convertible debt instruments, net (of which $431,014 was measured at fair value as of December 31, 2025 and $173,150 was measured at fair value as of December 31, 2024)	431	321	195	194	193
Long-term debt	1	2	1	4	113
Contingent consideration, loss accrual for service contracts, and other liabilities (of which $6,906 was measured at fair value as of December 31, 2025 and $31,792 was measured at fair value as of December 31, 2024)	58	136	—	—	—
Total liabilities	1,591	1,795	2,005	1,704	1,344
Common stock, $.01 par value per share; 1,500,000,000 shares authorized; Issued (including shares in treasury): 1,394,241,538 as of December 31, 2025 and 934,126,897 as of December 31, 2024	14	9	6	6	6
Additional paid-in capital	9,186	8,431	7,495	7,297	7,071
Accumulated other comprehensive income/(loss)	7	−3	−7	−26	−2
Accumulated deficit	−8,226	−6,594	−4,490	−3,121	−2,397
Less common stock in treasury: 970,588 as of December 31, 2025 and 20,230,043 as of December 31, 2024	−3	−109	−106	−96	−73
Total Plug Power Inc. stockholders' equity	978	1,734	2,898	4,060	4,606
Non-controlling interest	25	74	—	—	—
Total stockholders' equity	1,003	1,808	2,898	4,060	4,606
Total liabilities and stockholders' equity	2,595	3,603	4,903	5,764	5,950

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation of long-lived assets	38	61	52	30	21
Amortization of intangible assets	7	23	19	21	3
Lower of cost or net realizable value inventory adjustments and provision for excess and obsolete inventory	97	172	94	2	2
Stock-based compensation	51	82	163	180	76
Loss on extinguishment of convertible debt instruments and debt	32	16	—	986,000	—
Provision for losses on accounts receivable	28	29	8	—	—
Provision for losses on prepaid expenses	19	—	—	—	—
Amortization of discount/(premium) of debt issuance costs on convertible debt instruments and long-term debt	1	−3	2	3	—
Provision for common stock warrants	45	39	11	13	7
Deferred income tax expense/(benefit)	10,000	−3	−9	170,000	−16
(Recovery)/provision on service contracts	−67	−3	57	−9	63
Write-off of capitalized closing fees related to DOE loan guarantee	13	—	—	—	—
Loss on sale of long-lived assets	—	3	—	268,000	—
Net realized loss on investments	—	—	13	—	—
Accretion of premium on available-for-sale securities	—	—	−7	990,000	9
Right of use asset restructuring charge	4	—	—	—	—
Lease origination costs	—	−4	−10	−9	−10
Change in fair value for equity securities	—	—	−11	18	−7
Change in fair value of warrant liability	−128	—	—	—	—
Change in fair value of derivative financial instruments	—	2	—	—	—
Accounts receivable	−5	58	−123	−31	−28
Inventory	52	129	−409	−366	−101
Contract assets	−42	−2	−40	−40	−11
Prepaid expenses and other assets	25	−31	33	−93	−32
Accounts payable, accrued expenses, and other liabilities	84	−59	22	88	25
Payments of contingent consideration	−8	−10	−3	—	—
Payments of operating lease liability, net	−24	−5	—	—	—
Deferred revenue and other contract liabilities	−109	−86	58	41	71
Net cash used in operating activities	−536	−729	−1,107	829	−358
Purchases of property, plant and equipment	−111	−287	−665	−437	−172
Purchases of equipment related to power purchase agreements and equipment related to fuel delivered to customers	−14	−47	−31	−27	−20
Proceeds from sale of long-lived assets	—	500,000	1	—	—
Proceeds from sales of available-for-sale securities	—	—	345	476	778
Proceeds from maturities of available-for-sale securities	—	—	1,006	248	1,129
Proceeds from sales of equity securities	—	—	144	—	29
Proceeds from sale of interest in non-consolidated entity	7	—	—	—	—
Cash paid for non-consolidated entities and non-marketable securities	−20	−69	−73	−39	−18
Net cash used in investing activities	−139	−402	728	−679	−1,741
Payments of contingent consideration	−19	−20	−10	−3	−2
Proceeds from public and private offerings, net of transaction costs	322	858	—	—	3,588
Payments of tax withholding on behalf of employees for net stock settlement of stock-based compensation	−4	−3	−10	−24	−32
Contributions by non-controlling interest	2	10	—	—	—
Proceeds from exercise of stock options	991,000	154,000	2	2	8
Proceeds from convertible debt instruments	400	190	—	—	—
Cash penalty from early settlement of convertible senior notes	—	612,000	—	—	—
Principal payments on convertible debt instruments	−324	−23	—	—	—
Premium on principal of convertible debt instruments and debt settled in cash	−18	—	—	—	—
Proceeds from long-term debt issuance	243	—	—	—	—
Principal payments on long-term debt	−264	−4	−6	−121	—
Cash paid for capitalized closing fees related to DOE loan guarantee	−14	—	—	—	—
Proceeds from finance obligations	—	60	104	123	109
Principal repayments of finance obligations and finance leases	−94	−87	−74	−55	−40
Net cash provided by financing activities	630	983	6	−77	3,598
Effect of exchange rate changes on cash	−2	19	−8	3	−802,000
Increase/(decrease) in cash and cash equivalents	163	71	−556	−1,791	1,169
(Decrease)/increase in restricted cash	−210	−199	175	208	329
Cash paid for interest, net of capitalized interest of $14.8 million, $8.3 million and $8.1 million, respectively	60	45	42	36	19
Recognition of right of use asset - finance leases	7	163,000	9	26	28
Recognition of right of use asset - operating leases	26	21	91	178	110
Principal payment on convertible debenture paid in common stock	50	—	—	—	—
(Decrease)/increase to inventory due to net transfers between inventory and long-lived assets	−13	22	728,000	2	6
Contributions of property, plant, and equipment from non-controlling interest	3	10	—	—	—
Earnouts from acquisitions paid in common stock and warrants	—	18	8	—	—
Purchases of long-lived asset from financing agreement	—	2	—	—	—
Accrued purchase of fixed assets, cash to be paid in subsequent period	26	55	161	62	14

Filings

Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro

Material Events

Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro

Insiders

Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro

Institutional Holders

Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro