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$1.37-9.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
(In thousands)
| | | | | | |
|---|---|---|---|---|---|
| | Nine months ended | ||||
| | September 30, | ||||
| · 2025 · · 2024 | |||||
| Operating activities | | | | | |
| Net loss | $(789,091) | | $(769,277) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | | | | | |
| Depreciation of long-lived assets | 33,032 | | 51,639 | ||
| Amortization of intangible assets | 6,019 | | 14,194 | ||
| Lower of cost or net realizable value inventory adjustments, provision for excess and obsolete inventory and other adjustments | | 99,626 | | | 67,768 |
| Stock-based compensation | 36,404 | | 64,120 | ||
| Loss on extinguishment of convertible debt instruments and debt | | 9,127 | | | 14,047 |
| Provision/(recoveries) for losses on accounts receivable | | 17,964 | | | (1,458) |
| Amortization of discount/(premium) of debt issuance costs on convertible debt instruments and long-term debt | | 377 | | | (1,731) |
| Provision for common stock warrants | | 29,465 | | | 16,294 |
| Deferred income tax benefit | | — | | | (118) |
| Impairment | | 119,187 | | | 8,406 |
| Recovery on service contracts | | (40,101) | | | (558) |
| Loss on sale of long-lived assets | | — | | | 2,519 |
| Change in fair value of contingent consideration | | (13,116) | | | (5,286) |
| Right of use asset impairment | | 3,936 | | | — |
| Lease origination costs | | — | | | (3,508) |
| Change in fair value of convertible debenture | | (1,902) | | | — |
| Change in fair value of debt | | 6,127 | | | — |
| Loss on equity method investments | 51,482 | | 29,043 | ||
| Change in fair value of derivative financial instruments | — | | 100 | ||
| Changes in operating assets and liabilities that provide/(use) cash: | | | | | |
| Accounts receivable | | 15,870 | | | 78,047 |
| Inventory | 32,521 | | 30,868 | ||
| Contract assets | (3,946) | | (14,849) | ||
| Prepaid expenses and other assets | | 31,557 | | | (42,835) |
| Accounts payable, accrued expenses, and other liabilities | 80,650 | | (29,183) | ||
| Payments of contingent consideration | | (8,341) | | | (9,216) |
| Payments of operating lease liability, net | | (17,058) | | | — |
| Deferred revenue and other contract liabilities | | (86,981) | | | (96,428) |
| Net cash used in operating activities | (387,192) | | (597,402) | ||
| | | | | | |
| Investing activities | | | | | |
| Purchases of property, plant and equipment | (106,774) | | (253,148) | ||
| Purchases of equipment related to power purchase agreements and equipment related to fuel delivered to customers | | (9,804) | | | (41,513) |
| Proceeds from sale of long-lived assets | | — | | | 500 |
| Cash paid for non-consolidated entities and non-marketable equity securities | | (1,130) | | | (64,368) |
| Net cash used in investing activities | (117,708) | | (358,529) | ||
| | | | | | |
| Financing activities | | | | | |
| Payments of contingent consideration | | (4,264) | | | (1,841) |
| Proceeds from public and private offerings, net of transaction costs | | 351,948 | | | 793,249 |
| Payments of tax withholding on behalf of employees for net stock settlement of stock-based compensation | | (705) | | | (1,677) |
| Contributions by non-controlling interest | | 1,525 | | | — |
| Proceeds from exercise of stock options | | 11 | | | 96 |
| Principal payments on convertible debentures | | (185,962) | | | — |
| Premium on principal of convertible debenture settled in cash | | (3,832) | | | — |
| Proceeds from debt issuance | | 249,375 | | | — |
| Principal payments on long-term debt | | (11,399) | | | (726) |
| Cash paid for closing fees related to DOE loan guarantee | | (13,666) | | | — |
| Proceeds from finance obligations | | — | | | 54,416 |
| Principal repayments of finance obligations and finance leases | | (69,947) | | | (64,342) |
| Net cash provided by financing activities | 313,084 | | 779,175 | ||
| Effect of exchange rate changes on cash | 129 | | 7,807 | ||
| Decrease in cash and cash equivalents | (39,798) | | (41,093) | ||
| Decrease in restricted cash | | (151,889) | | | (127,856) |
| Cash, cash equivalents, and restricted cash beginning of period | 1,040,709 | | 1,169,144 | ||
| Cash, cash equivalents, and restricted cash end of period | $849,022 | | $1,000,195 | ||
| | | | | | |
| Supplemental disclosure of cash flow information | | | | | |
| Cash paid for interest, net of capitalized interest of $14.8 million as of September 30, 2025 and $8.3 million as of September 30, 2024, respectively | $37,341 | | $26,946 | ||
| | | | | | |
| Summary of non-cash activity | | | | | |
| Recognition of right of use asset - finance leases | | 7,031 | | | 163 |
| Recognition of right of use asset - operating leases | | 23,046 | | | 6,835 |
| Principal payment on convertible debenture paid in common stock | | 50,000 | | | — |
| (Decrease)/increase to inventory due to net transfers between inventory and long-lived assets | | (11,068) | | | 22,411 |
| Contributions of property, plant, and equipment from non-controlling interest | | 2,341 | | | — |
| Earnouts from acquisitions paid in common stock and warrants | | — | | | 18,241 |
| Purchases of long lived asset from financing agreement | | — | | | 2,000 |
| Accrued purchase of fixed assets, cash to be paid in subsequent period | | 28,492 | | | 51,033 |
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