PLUG POWER INC
For the period ended Sep 30, 2025. Filed Nov 10, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 10, 2025
PLUG$1.50+3.4%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Balance Sheets
(In thousands, except share and per share amounts)
| | | | | | |
|---|---|---|---|---|---|
| · September 30, · · December 31, | |||||
| · 2025 · 2024 | |||||
| Assets | | | | | |
| Current assets: | | | | | |
| Cash and cash equivalents | $165,895 | | $205,693 | ||
| Restricted cash | | 189,256 | | | 198,008 |
| Accounts receivable, net of allowance of $48,676 as of September 30, 2025 and $37,712 as of December 31, 2024 | 124,028 | | 157,244 | ||
| Inventory, net | 555,092 | | 682,642 | ||
| Contract assets | | 68,956 | | | 94,052 |
| Prepaid expenses, tax credits, and other current assets | 87,660 | | 139,845 | ||
| Total current assets | 1,190,887 | | 1,477,484 | ||
| | | | | | |
| Restricted cash | 493,871 | | 637,008 | ||
| Property, plant, and equipment, net | | 877,347 | | 866,329 | |
| Right of use assets related to finance leases, net | | 52,523 | | | 51,822 |
| Right of use assets related to operating leases, net | | 191,523 | | | 218,081 |
| Equipment related to power purchase agreements and fuel delivered to customers, net | | 132,285 | | 144,072 | |
| Contract assets | | 22,410 | | | 23,963 |
| Intangible assets, net | 77,948 | | 84,660 | ||
| Investments in non-consolidated entities and non-marketable equity securities | | 43,257 | | | 85,494 |
| Other assets | 22,701 | | 13,933 | ||
| Total assets(A) | $3,104,752 | | $3,602,846 | ||
| | | | | | |
| Liabilities and Stockholders’ Equity | | | | | |
| Current liabilities: | | | | | |
| Accounts payable | $162,223 | | $180,966 | ||
| Accrued expenses | 122,360 | | 103,145 | ||
| Deferred revenue and other contract liabilities | 88,174 | | 144,093 | ||
| Operating lease liabilities | | 70,171 | | | 71,250 |
| Finance lease liabilities | | 14,677 | | | 12,802 |
| Finance obligations | | 78,840 | | | 83,129 |
| Current portion of convertible debt instruments, net | | 143,984 | | | 58,273 |
| Current portion of long-term debt (of which $120,610 was measured at fair value as of September 30, 2025 and $0 was measured at fair value as of December 31, 2024) | | 121,723 | | | 946 |
| Contingent consideration, loss accrual for service contracts, and other current liabilities (of which $18,706 was measured at fair value as of September 30, 2025 and $28,954 was measured at fair value as of December 31, 2024) | 100,363 | | 93,885 | ||
| Total current liabilities | 902,515 | | 748,489 | ||
| | | | | | |
| Deferred revenue and other contract liabilities | 34,092 | | 58,532 | ||
| Operating lease liabilities | | 209,293 | | | 242,148 |
| Finance lease liabilities | | 20,187 | | | 22,778 |
| Finance obligations | 210,206 | | 264,318 | ||
| Convertible debt instruments, net (of which $173,150 was measured at fair value as of December 31, 2024) | | — | | | 321,060 |
| Long-term debt (of which $120,993 was measured at fair value as of September 30, 2025 and $0 was measured at fair value as of December 31, 2024) | | 122,346 | | | 1,932 |
| Contingent consideration, loss accrual for service contracts, and other liabilities (of which $17,853 was measured at fair value as of September 30, 2025 and $31,792 was measured at fair value as of December 31, 2024) | 107,492 | | 135,833 | ||
| Total liabilities(A) | 1,606,131 | | 1,795,090 | ||
| | | | | | |
| Stockholders’ equity: | | | | | |
| Common stock, $.01 par value per share; 1,500,000,000 shares authorized; Issued (including shares in treasury): 1,219,328,594 as of September 30, 2025 and 934,126,897 as of December 31, 2024 | 12,194 | | 9,342 | ||
| Additional paid-in capital | 8,886,531 | | 8,430,537 | ||
| Accumulated other comprehensive income/(loss) | 3,775 | | (2,502) | ||
| Accumulated deficit | (7,380,069) | | (6,594,445) | ||
| Less common stock in treasury: 18,816,602 as of September 30, 2025 and 20,230,043 as of December 31, 2024 | | (105,802) | | | (108,795) |
| Total Plug Power Inc. stockholders’ equity | 1,416,629 | | 1,734,137 | ||
| Non-controlling interest(A) | | 81,992 | | | 73,619 |
| Total stockholders’ equity | | 1,498,621 | | | 1,807,756 |
| Total liabilities and stockholders’ equity | $3,104,752 | | $3,602,846 | ||
| (A) | 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 $167,329 and $148,605 as of September 30, 2025 and December 31, 2024, 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 $3,345 and $1,367 as of September 30, 2025 and December 31, 2024, respectively. Refer to Note 20, “Variable Interest Entities,” for additional information. |
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