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 Operations
(In thousands, except share and per share amounts)
| | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| · Three months ended · · Nine months ended | |||||||||||
| · September 30, · · September 30, | |||||||||||
| · 2025 · 2024 · 2025 · 2024 | |||||||||||
| Net revenue: | | | | | | | | | | | |
| Sales of equipment, related infrastructure and other | $96,773 | | $107,141 | | $259,452 | | $252,224 | ||||
| Services performed on fuel cell systems and related infrastructure | | 19,742 | | | 14,148 | | | 52,983 | | | 40,205 |
| Power purchase agreements | | 24,604 | | 20,459 | | | 71,447 | | 58,437 | ||
| Fuel delivered to customers and related equipment | | 35,912 | | 29,791 | | | 99,768 | | 77,964 | ||
| Other | | 24 | | | 2,191 | | | 1,049 | | | 8,514 |
| Net revenue | | 177,055 | | | 173,730 | | | 484,699 | | | 437,344 |
| Cost of revenue: | | | | | | | | | | | |
| Sales of equipment, related infrastructure and other | | 171,501 | | 149,912 | | | 363,337 | | 414,948 | ||
| Services performed on fuel cell systems and related infrastructure | | 20,083 | | 9,086 | | | 44,541 | | 35,773 | ||
| (Benefit)/provision for loss contracts related to service | | (4,343) | | | 6,036 | | | (6,287) | | | 38,265 |
| Power purchase agreements | | 45,573 | | 51,782 | | | 140,777 | | 161,322 | ||
| Fuel delivered to customers and related equipment | | 64,392 | | 55,538 | | | 189,382 | | 172,428 | ||
| Other | | 14 | | 1,401 | | | 440 | | 4,963 | ||
| Total cost of revenue | | 297,220 | | 273,755 | | | 732,190 | | 827,699 | ||
| | | | | | | | | | | | |
| Gross loss | | (120,165) | | (100,025) | | | (247,491) | | (390,355) | ||
| | | | | | | | | | | | |
| Operating expenses: | | | | | | | | | | | |
| Research and development | | 16,118 | | | 19,712 | | | 45,668 | | | 63,932 |
| Selling, general and administrative | | 110,592 | | | 91,586 | | | 279,324 | | | 254,689 |
| Restructuring | | 5,519 | | | 514 | | | 25,637 | | | 8,154 |
| Impairment | | 97,524 | | | 4,185 | | | 119,187 | | | 8,406 |
| Change in fair value of contingent consideration | | (1,129) | | | 146 | | | (13,116) | | | (5,286) |
| Total operating expenses | | 228,624 | | | 116,143 | | | 456,700 | | | 329,895 |
| | | | | | | | | | | | |
| Operating loss | | (348,789) | | | (216,168) | | | (704,191) | | | (720,250) |
| | | | | | | | | | | | |
| Interest income | | 4,316 | | 7,423 | | | 15,314 | | 24,495 | ||
| Interest expense | | (16,461) | | | (9,148) | | | (43,885) | | | (29,984) |
| Other income/(expense), net | | 3,502 | | 15,510 | | | 8,609 | | (566) | ||
| Loss on extinguishment of convertible debt instruments and debt | | — | | | — | | | (9,127) | | | (14,047) |
| Change in fair value of convertible debenture | | — | | | — | | | 1,902 | | | — |
| Change in fair value of debt | | (2,719) | | | — | | | (6,127) | | | — |
| Loss on equity method investments | | (3,262) | | | (8,690) | | | (51,482) | | | (29,043) |
| | | | | | | | | | | | |
| Loss before income taxes | $(363,413) | | $(211,073) | | $(788,987) | | $(769,395) | ||||
| | | | | | | | | | | | |
| Income tax (expense)/benefit | | (92) | | (95) | | | (104) | | 118 | ||
| | | | | | | | | | | | |
| Net loss | $(363,505) | | $(211,168) | | $(789,091) | | $(769,277) | ||||
| | | | | | | | | | | | |
| Net loss attributable to non-controlling interest | | (1,636) | | | — | | | (3,467) | | | — |
| | | | | | | | | | | | |
| Net loss attributable to Plug Power Inc. | $(361,869) | | $(211,168) | | $(785,624) | | $(769,277) | ||||
| | | | | | | | | | | | |
| Net loss per share attributable to Plug Power Inc.: | | | | | | | | | | | |
| Basic and diluted | $(0.31) | | $(0.25) | | $(0.73) | | $(1.03) | ||||
| | | | | | | | | | | | |
| Weighted average number of common stock outstanding | | 1,158,516,229 | | 858,442,951 | | | 1,077,749,797 | | 745,827,431 | ||
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