PLUG POWER INC Revenue Disclosure
17. Revenue
Disaggregation of revenue
The following table provides information about disaggregation of revenue (in thousands):
Year ended December 31, | ||||||||
Major products/services lines | 2025 | | 2024 | | 2023 | |||
Sales of fuel cell systems | $ | 54,012 | $ | 52,110 | $ | 181,168 | ||
Sales of hydrogen infrastructure | 26,750 | 69,122 | 183,606 | |||||
Sales of electrolyzers | 187,780 | 135,504 | 82,611 | |||||
Sales of engineered equipment | 6,854 | 22,092 | 32,361 | |||||
Services performed on fuel cell systems and related infrastructure | 94,462 | 52,169 | 39,093 | |||||
Power purchase agreements | 107,572 | 77,842 | 63,731 | |||||
Fuel delivered to customers and related equipment | 133,411 | 97,882 | 66,246 | |||||
Sales of cryogenic equipment and liquefiers | 95,685 | 111,507 | 231,687 | |||||
Other | 3,393 | 10,586 | 10,837 | |||||
Net revenue | $ | 709,919 | $ | 628,814 | $ | 891,340 | ||
Contract balances
Contract assets relate to contracts for which revenue is recognized on a straight-line basis, however billings escalate over the life of a contract. Contract assets also include amounts recognized as revenue in advance of billings to customers, which are dependent upon the satisfaction of another performance obligation. These amounts are included in contract assets on the consolidated balance sheets.
The deferred revenue and contract liabilities relate to the advance consideration received from customers for services that will be recognized over time (primarily fuel cell and related infrastructure services and electrolyzer systems and solutions). Deferred revenue and contract liabilities also include advance consideration received from customers prior to delivery of products. These amounts are included within deferred revenue and other contract liabilities on the consolidated balance sheets.
Significant changes in the contract assets and the deferred revenue and contract liabilities balances during the period are as follows (in thousands):
Contract assets | Year ended December 31, | ||||
2025 | | 2024 | |||
Transferred to receivables from contract assets recognized at the beginning of the period | $ | (21,348) | $ | (27,513) | |
Change in contract assets related to warrants | (3,729) | (4,909) | |||
Foreign currency translation gain | 1,208 | — | |||
Impairment | (28,105) | (35,118) | |||
Revenue recognized and not billed as of the end of the period | 63,364 | 29,566 | |||
Net change in contract assets | $ | 11,390 | $ | (37,974) | |
Deferred revenue and other contract liabilities | Year ended December 31, | ||||
2025 | | 2024 | |||
Increases due to customer billings, net of amounts recognized as revenue during the period | $ | 19,144 | $ | 74,702 | |
Change in contract liabilities related to warrants | 260 | 440 | |||
Foreign currency translation loss | 6,814 | — | |||
Revenue recognized that was included in the contract liability balance as of the beginning of the period | (127,898) | (160,819) | |||
Net change in deferred revenue and other contract liabilities | $ | (101,680) | $ | (85,677) | |
Estimated future revenue
The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period, including provision for common stock warrants (in thousands):
As of | Expected recognition | ||||
December 31, 2025 | | period (years) | |||
Sales of fuel cell systems | $ | 55,245 | 1 - 2 | ||
Sales of hydrogen installations and other infrastructure | 42,695 | 1 - 2 | |||
Sales of electrolyzers | 103,122 | 1 - 3 | |||
Sales of engineered equipment | 997 | 1 | |||
Services performed on fuel cell systems and related infrastructure | 138,586 | 1 - 10 | |||
Power purchase agreements | 278,721 | 1 - 10 | |||
Fuel delivered to customers and related equipment | 63,831 | 1 - 10 | |||
Sales of cryogenic equipment and other | 40,237 | 1 | |||
Other | 693 | 1 | |||
Total estimated future revenue | $ | 724,127 | |||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 2, 2026 | Showing above |
| 2024 | Mar 3, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Mar 1, 2022 | |
| 2020 | May 14, 2021 | |
| 2019 | Mar 10, 2020 | |
| 2018 | Mar 13, 2019 | |
| 2017 | Mar 12, 2018 | |
| 2016 | Mar 10, 2017 | |
| 2015 | Mar 15, 2016 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.