PLUG POWER INC
For the period ended Mar 31, 2026. Filed May 11, 2026.
View on SEC.govAbout 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$1.37-9.0%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 exhibitsContents
Condensed Consolidated Statements of Cash Flows
(In thousands)
| | | | | | |
|---|---|---|---|---|---|
| | Three months ended | ||||
| | March 31, | ||||
| · 2026 · · 2025 | |||||
| Operating activities | | | | | |
| Net loss | $(246,037) | | $(196,859) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | | | | | |
| Depreciation of long-lived assets | 6,312 | | 12,134 | ||
| Amortization of intangible assets | 908 | | 2,007 | ||
| Lower of cost or net realizable value inventory adjustments and provision for excess and obsolete inventory | | 7,271 | | | 8,262 |
| Stock-based compensation | 13,938 | | 11,087 | ||
| (Gain)/loss on extinguishment of convertible debt instruments and finance obligations | | (1,805) | | | 3,652 |
| Provision for losses on accounts receivable | | 2,394 | | | 40 |
| Amortization of discount/(premium) of debt issuance costs on convertible debt instruments and long-term debt | | 997 | | | (320) |
| Provision for common stock warrants | | 4,561 | | | 9,124 |
| Impairment | | 3,856 | | | 1,064 |
| Recovery on service contracts | | (14,685) | | | (2,937) |
| Change in fair value of contingent consideration | | 280 | | | (11,819) |
| Change in fair value of convertible debt instruments | | 70,782 | | | 7,338 |
| Change in fair value of warrant liabilities | | 54,640 | | | — |
| Loss on equity method investments | 470 | | 2,370 | ||
| Changes in operating assets and liabilities that provide/(use) cash: | | | | | |
| Accounts receivable | | 25,853 | | | 12,251 |
| Inventory | (6,860) | | (18,357) | ||
| Contract assets | 1,561 | | 580 | ||
| Prepaid expenses and other assets | | (9,337) | | | 40,576 |
| Accounts payable, accrued expenses, and other liabilities | (43,343) | | 47,578 | ||
| Payments of contingent consideration | | (1,918) | | | (6,024) |
| Payments of operating lease liabilities, net | | (17,523) | | | (5,618) |
| Deferred revenue and other contract liabilities | | (2,356) | | | (21,697) |
| Net cash used in operating activities | (150,041) | | (105,568) | ||
| | | | | | |
| Investing activities | | | | | |
| Purchases of property, plant and equipment | (2,407) | | (40,451) | ||
| Purchases of equipment related to power purchase agreements and equipment related to fuel delivered to customers | | (5,707) | | | (5,608) |
| Cash paid for non-consolidated entities and non-marketable securities | | (367) | | | (514) |
| Net cash used in investing activities | (8,481) | | (46,573) | ||
| | | | | | |
| Financing activities | | | | | |
| Payments of contingent consideration | | (2,330) | | | — |
| Proceeds from public and private offerings, net of transaction costs | | — | | | 276,053 |
| Payments of tax withholding on behalf of employees for net stock settlement of stock-based compensation | | (37) | | | (49) |
| Proceeds from exercise of stock options | | 90 | | | — |
| Contributions by non-controlling interest | | 300 | | | — |
| Principal payments on convertible debt instruments | | — | | | (45,000) |
| Premium on principal of convertible debt instruments settled in cash | | — | | | (1,238) |
| Principal payments on long-term debt | | (346) | | | (344) |
| Cash paid for capitalized closing fees related to DOE loan guarantee | | — | | | (12,817) |
| Principal repayments of finance obligations and finance leases | | (29,419) | | | (23,373) |
| Net cash (used in)/provided by financing activities | (31,742) | | 193,232 | ||
| Effect of exchange rate changes on cash | (1,706) | | (5,189) | ||
| (Decrease)/increase in cash and cash equivalents | (145,351) | | 90,151 | ||
| Decrease in restricted cash | | (46,619) | | | (54,249) |
| Cash, cash equivalents, and restricted cash beginning of period | 993,984 | | 1,040,709 | ||
| Cash, cash equivalents, and restricted cash end of period | $802,014 | | $1,076,611 | ||
| | | | | | |
| Supplemental disclosure of cash flow information | | | | | |
| Cash paid for interest, net of capitalized interest of $0 and $5.0 million, respectively | $8,992 | | $6,692 | ||
| | | | | | |
| Summary of non-cash activity | | | | | |
| Recognition of right of use asset - finance leases | | 2,876 | | | — |
| Recognition of right of use asset - operating leases | | 1,533 | | | 9,428 |
| Principal payment on convertible debenture paid in common stock | | — | | | 30,000 |
| Increase to other current assets due to net transfers between other current assets and long-lived assets | | 39,200 | | | — |
| (Decrease)/increase to inventory due to net transfers between inventory and long-lived assets | | (4,617) | | | 476 |
| Accrued purchase of fixed assets, cash to be paid in subsequent period | | 26,066 | | | 47,447 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.