PLUG POWER INC

For the period ended Mar 31, 2026. Filed May 11, 2026.

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.

Mar 31, 2026 · Filed May 11, 2026

PLUG$1.50+3.4%Stored close · as of Nov 9, 2026

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Contents

Condensed Consolidated Balance Sheets

(In thousands, except share and per share amounts)


· March 31, · · December 31,
· 2026 · · 2025
Assets
Current assets:
Cash and cash equivalents	$223,189	$368,540
Restricted cash	183,685	186,746
Accounts receivable, net of allowance of $44,980 as of March 31, 2026 and $46,805 as of December 31, 2025	106,511	134,758
Inventory, net	516,153	520,968
Contract assets	105,099	105,268
Prepaid expenses, tax credits, and other current assets	140,148	93,988
Total current assets	1,274,785	1,410,268

Restricted cash	395,140	438,698
Property, plant, and equipment, net	240,499	281,001
Right of use assets related to finance leases, net	39,065	44,852
Right of use assets related to operating leases, net	170,193	182,206
Equipment related to power purchase agreements and fuel delivered to customers, net	133,788	122,926
Contract assets	24,312	24,137
Intangible assets, net	28,231	29,228
Investments in non-consolidated entities and non-marketable securities	45,612	46,909
Other assets	16,559	14,343
Total assets(A)	$2,368,184	$2,594,568

Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$144,251	$168,744
Accrued expenses	113,068	128,010
Deferred revenue and other contract liabilities	68,508	66,742
Operating lease liabilities	63,181	70,407
Finance lease liabilities	10,098	10,934
Finance obligations	66,374	76,160
Current portion of convertible debt instruments, net	2,495	2,583
Current portion of long-term debt	439	626
Contingent consideration, loss accrual for service contracts, and other current liabilities (of which $601 was measured at fair value as of March 31, 2026 and $4,871 was measured at fair value as of December 31, 2025)	72,292	86,382
Total current liabilities	540,706	610,588

Deferred revenue and other contract liabilities	29,615	34,203
Operating lease liabilities	175,277	194,709
Finance lease liabilities	14,750	17,627
Finance obligations	173,531	191,806
Warrant liabilities	106,963	52,323
Convertible debt instruments, net	502,770	431,014
Long-term debt	1,258	1,306
Contingent consideration, loss accrual for service contracts, and other liabilities (of which $7,185 was measured at fair value as of March 31, 2026 and $6,906 was measured at fair value as of December 31, 2025)	49,425	57,678
Total liabilities(A)	1,594,295	1,591,254

Stockholders’ equity:
Common stock, $.01 par value per share; 3,000,000,000 shares authorized as of March 31, 2026 and 1,500,000,000 shares authorized as of December 31, 2025; Issued (including shares in treasury): 1,395,643,390 as of March 31, 2026 and 1,394,241,538 as of December 31, 2025	13,957	13,943
Additional paid-in capital	9,206,736	9,186,314
Accumulated other comprehensive income	3,442	6,796
Accumulated deficit	(8,471,343)	(8,226,039)
Less common stock in treasury: 987,495 as of March 31, 2026 and 970,588 as of December 31, 2025	(2,982)	(2,945)
Total Plug Power Inc. stockholders’ equity	749,810	978,069
Non-controlling interest(A)	24,079	25,245
Total stockholders’ equity	773,889	1,003,314
Total liabilities and stockholders’ equity	$2,368,184	$2,594,568

(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 $50,740 and $51,801 as of March 31, 2026 and December 31, 2025, 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 $2,581 and $1,311 as of March 31, 2026 and December 31, 2025, respectively. Refer to Note 19, “Variable Interest Entities,” for additional information.

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.