Skip to main content
Midas Edge

PLUG POWER INC

For the period ended Sep 30, 2025. Filed Nov 10, 2025.

View on SEC.gov

About this filing

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.

See the whole filing, with its images and exhibits
Contents

Condensed Consolidated Statements of Stockholders’ Equity

(In thousands, except share amounts)

​​​​​​​​​​​​​​​​​​​​​​​​​​​​​
​ · ​ · ​ · Accumulated · ​ · ​ · ​ · ​ · Total · ​ · ​ · ​
​ · ​ · ​ · ​ · ​ · ​ · ​ · Additional · ​ · Other · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · Plug Power · ​ · ​ · ​ · Total
​ · ​ · Common Stock · ​ · Paid-in · ​ · Comprehensive · ​ · Treasury Stock · ​ · Accumulated · ​ · Stockholders’ · ​ · Non-controlling · ​ · Stockholders’
​ · Shares · Amount · Capital · Income/(Loss) · Shares · Amount · Deficit · Equity · Interests · Equity
December 31, 2024934,126,897​$9,342​$8,430,537​$(2,502)20,230,043​$(108,795)​$(6,594,445)​$1,734,137​$73,619​$1,807,756
Net loss​—​—​—​——​—​(196,656)​(196,656)​​(203)​​(196,859)
Other comprehensive loss​—​—​—​(2,729)—​—​—​​(2,729)​​—​​(2,729)
Stock-based compensation​1,545,763​15​11,072​——​—​—​11,087​​—​​11,087
Public offerings, common stock, net of issuance costs​51,654,177​​517​​275,536​​—​—​​—​​—​​276,053​​—​​276,053
Stock option exercises and issuance of common stock upon grant/vesting of restricted stock and restricted stock unit awards​(157,005)​(2)​2​——​—​—​—​​—​​—
Treasury stock acquired from employees upon exercise of stock options and vesting of restricted stock and restricted stock unit awards​—​​—​​—​​—​27,027​​(49)​​—​​(49)​​—​​(49)
Provision for common stock warrants​—​​—​​7,049​​—​—​​—​​—​​7,049​​—​​7,049
Additional paid-in capital due to contributions to consolidated VIE​—​​—​​(1,971)​​—​—​​—​​—​​(1,971)​​1,971​​—
Principal payment of convertible debenture settled in common stock​10,440,906​​105​​30,174​​—​—​​—​​—​​30,279​​—​​30,279
March 31, 2025997,610,738​$9,977​$8,752,399​$(5,231)20,257,070​$(108,844)​$(6,791,101)​$1,857,200​$75,387​$1,932,587
Net loss​—​—​—​——​—​(227,099)​(227,099)​​(1,628)​​(228,727)
Other comprehensive income​—​—​—​8,709—​—​—​​8,709​​—​​8,709
Stock-based compensation​2,947,415​29​13,051​——​—​—​13,080​​—​​13,080
Warrants issued with 15.00% Secured Debenture​—​​—​​6,069​​—​—​​—​​—​​6,069​​—​​6,069
Stock option exercises and issuance of common stock upon grant/vesting of restricted stock and restricted stock unit awards​(133,820)​(1)​1​——​—​—​—​​—​​—
Treasury stock acquired from employees upon exercise of stock options and vesting of restricted stock and restricted stock unit awards​—​​—​​—​​—​172,896​​(158)​​—​​(158)​​—​​(158)
Provision for common stock warrants​—​​—​​9,164​​—​—​​—​​—​​9,164​​—​​9,164
Additional paid-in capital due to contributions to consolidated VIE​—​​—​​(6,044)​​—​—​​—​​—​​(6,044)​​6,044​​—
Contributions by non-controlling interest​—​​—​​—​​—​—​​—​​—​​—​​3,091​​3,091
Principal payment of convertible debenture settled in common stock​28,295,151​​283​​19,723​​—​—​​—​​—​​20,006​​—​​20,006
Exercises of pre-funded warrants​138,930,464​​1,389​​(1,250)​​—​—​​—​​—​​139​​—​​139
Expiration of common stock forward and retirement of related shares​(1,935,900)​​(19)​​(3,679)​​—​(1,935,900)​​3,698​​—​​—​​—​​—
June 30, 20251,165,714,048​$11,658​$8,789,434​$3,47818,494,066​$(105,304)​$(7,018,200)​$1,681,066​$82,894​$1,763,960
Net loss​—​—​—​——​—​(361,869)​(361,869)​​(1,636)​​(363,505)
Other comprehensive income​—​—​—​297—​—​—​​297​​—​​297
Stock-based compensation​1,476,235​15​12,222​——​—​—​12,237​​—​​12,237
Public offerings, common stock, net of issuance costs​29,419,352​​294​​46,007​​—​—​​—​​—​​46,301​​—​​46,301
Stock option exercises and issuance of common stock upon grant/vesting of restricted stock and restricted stock unit awards​1,218,959​12​(1)​——​—​—​11​​—​​11
Treasury stock acquired from employees upon exercise of stock options and vesting of restricted stock and restricted stock unit awards​—​​—​​—​​—​322,536​​(498)​​—​​(498)​​—​​(498)
Provision for common stock warrants​—​​—​​9,588​​—​—​​—​​—​​9,588​​—​​9,588
Adjustment to additional paid-in capital due to contributions to consolidated VIE​—​​—​​41​​—​—​​—​​—​​41​​(41)​​—
Contributions by non-controlling interest​—​​—​​—​​—​—​​—​​—​​—​​775​​775
Exercises of 15.00% Secured Debenture Warrant​21,500,000​​215​​29,240​​—​—​​—​​—​​29,455​​—​​29,455
September 30, 20251,219,328,594​$12,194​$8,886,531​$3,77518,816,602​$(105,802)​$(7,380,069)​$1,416,629​$81,992​$1,498,621

Condensed Consolidated Statements of Stockholders’ Equity

(In thousands, except share amounts)

​​​​​​​​​​​​​​​​​​​​​​​​​​​​​
​ · ​ · ​ · Accumulated · ​ · ​ · ​ · ​ · Total · ​ · ​ · ​
​ · ​ · ​ · ​ · ​ · ​ · ​ · Additional · ​ · Other · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · Plug Power · ​ · ​ · ​ · Total
​ · ​ · Common Stock · ​ · Paid-in · ​ · Comprehensive · ​ · Treasury Stock · ​ · Accumulated · ​ · Stockholders’ · ​ · Non-controlling · ​ · Stockholders’
​ · Shares · Amount · Capital · Income/(Loss) · Shares · Amount · Deficit · Equity · Interests · Equity
December 31, 2023625,305,025​$6,254​$7,494,685​$(6,802)19,169,366​$(106,268)​$(4,489,744)​$2,898,125​$—​$2,898,125
Net loss​—​—​—​——​—​(295,776)​(295,776)​​—​​(295,776)
Other comprehensive loss​—​—​—​(2,231)—​—​—​​(2,231)​​—​​(2,231)
Stock-based compensation​923,027​9​13,695​——​—​—​13,704​​—​​13,704
Public offerings, common stock, net of issuance costs​79,553,175​​796​​304,550​​—​—​​—​​—​​305,346​​—​​305,346
Stock option exercises and issuance of common stock upon grant/vesting of restricted stock and restricted stock unit awards​(176,678)​(2)​43​——​—​—​41​​—​​41
Treasury stock acquired from employees upon exercise of stock options and vesting of restricted stock and restricted stock unit awards​—​​—​​—​​—​72,849​​(278)​​—​​(278)​​—​​(278)
Provision for common stock warrants​—​​—​​10,236​​—​—​​—​​—​​10,236​​—​​10,236
March 31, 2024705,604,549​$7,057​$7,823,209​$(9,033)19,242,215​$(106,546)​$(4,785,520)​$2,929,167​$—​$2,929,167
Net loss​—​—​—​——​—​(262,333)​(262,333)​​—​​(262,333)
Other comprehensive income​—​—​—​7,084—​—​—​​7,084​​—​​7,084
Stock-based compensation​1,252,258​13​26,296​——​—​—​26,309​​—​​26,309
Public offerings, common stock, net of issuance costs​96,812,695​​968​​265,806​​—​—​​—​​—​​266,774​​—​​266,774
Stock option exercises and issuance of common stock upon grant/vesting of restricted stock and restricted stock unit awards​698,280​6​20​——​—​—​26​​—​​26
Treasury stock acquired from employees upon exercise of stock options and vesting of restricted stock and restricted stock unit awards​—​​—​​—​​—​118,242​​(324)​​—​​(324)​​—​​(324)
Earnouts from acquisitions paid in stock​2,625,628​​26​​18,215​​​​​​​​​​​​​18,241​​​​​18,241
Provision for common stock warrants​—​​—​​3,636​​—​—​​—​​—​​3,636​​—​​3,636
June 30, 2024806,993,410​$8,070​$8,137,182​$(1,949)19,360,457​$(106,870)​$(5,047,853)​$2,988,580​$—​$2,988,580
Net loss​—​—​—​——​—​(211,168)​(211,168)​​—​​(211,168)
Other comprehensive income​—​—​—​315—​—​—​​315​​—​​315
Stock-based compensation​1,299,404​13​24,094​——​—​—​24,107​​—​​24,107
Public offerings, common stock, net of issuance costs​91,785,729​​918​​220,211​​—​—​​—​​—​​221,129​​—​​221,129
Stock option exercises and issuance of common stock upon grant/vesting of restricted stock and restricted stock unit awards​203,030​2​27​——​—​—​29​​—​​29
Treasury stock acquired from employees upon exercise of stock options and vesting of restricted stock and restricted stock unit awards​—​​—​​—​​—​471,137​​(1,075)​​—​​(1,075)​​—​​(1,075)
Provision for common stock warrants​—​​—​​7,416​​—​—​​—​​—​​7,416​​—​​7,416
September 30, 2024900,281,573​$9,003​$8,388,930​$(1,634)19,831,594​$(107,945)​$(5,259,021)​$3,029,333​$—​$3,029,333
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.