PLUG POWER INC Segments Disclosure
24. Segment and Geographic Area Reporting
Our organization is managed from a sales perspective based on “go-to-market” sales channels, emphasizing shared learning across end-user applications and common supplier/vendor relationships. These sales channels are structured to serve a range of customers for our products and services. As a result of this structure, we concluded that we have one operating and reportable segment – the design, development and sale of hydrogen products and solutions that help customers meet their business goals while decarbonizing their operations. Our Chief Executive Officer was identified as the chief operating decision maker (“CODM”). All significant operating decisions made by management are based upon analysis of Plug on a total company basis, including assessments related to our incentive compensation plans. The accounting policies of the segment are the same as those described in the summary of significant accounting policies.
The information regularly provided to the CODM used to assess performance and allocate resources is the same as the Company’s consolidated financial statements. The measure of segment profit or loss used by the CODM in assessing segment performance and how to allocate resources is consolidated net loss which is presented in the consolidated statements of operations. The CODM uses net loss in strategic planning, for example, decision making of whether to allocate resources towards strengthening sales channels, investing in research and development, focusing on cost-down initiatives, and/or analyzing company overhead in respect to specific products and service lines. Net loss is also used to monitor budget versus actual results and is considered in assessments related to company-wide incentive compensation. The significant segment expenses included within the segment measure of profit or loss are total costs of revenue, research and development, selling, general and administrative, and impairment. Other segment items are comprised of restructuring, change in fair value of contingent consideration, interest income, interest expense, other income/(expense), net, realized loss on investments, net, change in fair value of equity securities, loss on extinguishment of convertible debt instruments and debt, change in fair value of convertible debt instruments and debt, inducement of common warrant exercise, change in fair value of warrant liabilities, loss on equity method investments, income tax (expense)/benefit and net loss attributable to non-controlling interest, which are presented in the consolidated statements of operations. The CODM is not regularly provided a measure of segment assets.
The following table presents reported segment revenue, significant segment expenses, other segment items and segment measure of profit/(loss):
Year ended December 31, | |||||||||
| 2025 | | 2024 | | 2023 | ||||
Total net revenue | $ | 709,919 | $ | 628,814 | $ | 891,340 | |||
Cost of revenue: | |||||||||
Sales of equipment, related infrastructure and other | $ | (477,741) | $ | (696,087) | $ | (765,575) | |||
Services performed on fuel cell systems and related infrastructure | (70,353) | (57,766) | (75,412) | ||||||
Benefit/(provision) for loss contracts related to service | 24,607 | (48,539) | (86,346) | ||||||
Power purchase agreements | (178,733) | (216,947) | (218,936) | ||||||
Fuel delivered to customers and related equipment | (248,061) | (228,827) | (246,318) | ||||||
Other costs of revenue | (1,678) | (5,535) | (6,544) | ||||||
Operating expenses: | |||||||||
Research and development | $ | (57,960) | $ | (77,226) | $ | (113,745) | |||
Selling, general and administrative | (379,570) | (376,110) | (422,469) | ||||||
Impairment | (785,444) | (949,315) | (269,494) | ||||||
Other segment items, net(1) | $ | (166,580) | $ | (77,163) | $ | (55,334) | |||
Consolidated net loss attributable to Plug Power Inc. | $ | (1,631,594) | $ | (2,104,701) | $ | (1,368,833) | |||
| (1) | Included in other segment items are comprised of restructuring, change in fair value of contingent consideration, interest income, interest expense, other income/(expense), net, realized loss on investments, net, change in fair value of equity securities, loss on extinguishment of convertible debt instruments and debt, change in fair value of convertible debt instruments and debt, inducement of common warrant exercise, change in fair value of warrant liabilities, loss on equity method investments, income tax (expense)/benefit and net loss attributable to non-controlling interest |
The revenue and long-lived assets based on geographic location are as follows (in thousands):
Revenues | Long-lived Assets | ||||||||||||||
Year ended December 31, | As of December 31, | ||||||||||||||
| 2025 | | 2024 | | 2023 | | 2025 | | 2024 | ||||||
United States | $ | 535,936 | $ | 428,215 | $ | 741,498 | $ | 573,677 | $ | 1,208,096 | |||||
Other foreign countries | 173,983 | 200,599 | 149,842 | 57,308 | 72,208 | ||||||||||
Total | $ | 709,919 | $ | 628,814 | $ | 891,340 | $ | 630,985 | $ | 1,280,304 | |||||
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 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.