PLUG POWER INC

For the period ended Jun 30, 2026. Filed Aug 10, 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.

Jun 30, 2026 · Filed Aug 10, 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)


· June 30, 2026 · · December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$161,894	$368,540
Restricted cash	155,523	186,746
Accounts receivable, net of allowance of $39,278 as of June 30, 2026 and $46,805 as of December 31, 2025	125,861	134,758
Inventory, net	493,445	520,968
Contract assets	103,178	105,268
Prepaid expenses, tax credits, and other current assets	106,436	93,988
Total current assets	1,146,337	1,410,268

Restricted cash	354,111	438,698
Property, plant, and equipment, net	243,995	281,001
Right of use assets related to finance leases, net	35,938	44,852
Right of use assets related to operating leases, net	157,370	182,206
Equipment related to power purchase agreements and fuel delivered to customers, net	142,350	122,926
Contract assets	18,493	24,137
Intangible assets, net	27,292	29,228
Investments in non-consolidated entities and non-marketable securities	50,705	46,909
Other assets	15,975	14,343
Total assets(A)	$2,192,566	$2,594,568

Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$144,259	$168,744
Accrued expenses	105,692	128,010
Deferred revenue and other contract liabilities	60,304	66,742
Operating lease liabilities	56,200	70,407
Finance lease liabilities	9,523	10,934
Finance obligations	57,670	76,160
Current portion of convertible debt instruments, net	—	2,583
Current portion of long-term debt	314	626
Contingent consideration, loss accrual for service contracts, and other current liabilities (of which $1,971 was measured at fair value as of June 30, 2026 and $4,871 was measured at fair value as of December 31, 2025)	59,921	86,382
Total current liabilities	493,883	610,588

Deferred revenue and other contract liabilities	26,145	34,203
Operating lease liabilities	158,512	194,709
Finance lease liabilities	19,343	17,627
Finance obligations	156,181	191,806
Warrant liabilities	136,254	52,323
Convertible debt instruments, net	577,998	431,014
Long-term debt	1,210	1,306
Contingent consideration, loss accrual for service contracts, and other liabilities (of which $6,012 was measured at fair value as of June 30, 2026 and $6,906 was measured at fair value as of December 31, 2025)	35,750	57,678
Total liabilities(A)	1,605,276	1,591,254

Stockholders’ equity:
Common stock, $.01 par value per share; 3,000,000,000 shares authorized as of June 30, 2026 and 1,500,000,000 shares authorized as of December 31, 2025; Issued (including shares in treasury): 1,397,924,047 as of June 30, 2026 and 1,394,241,538 as of December 31, 2025	13,980	13,943
Additional paid-in capital	9,227,977	9,186,314
Accumulated other comprehensive income	2,450	6,796
Accumulated deficit	(8,659,550)	(8,226,039)
Less common stock in treasury: 1,025,649 as of June 30, 2026 and 970,588 as of December 31, 2025	(3,104)	(2,945)
Total Plug Power Inc. stockholders’ equity	581,753	978,069
Non-controlling interest(A)	5,537	25,245
Total stockholders’ equity	587,290	1,003,314
Total liabilities and stockholders’ equity	$2,192,566	$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 $13,641 and $51,801 as of June 30, 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 $2,566 and $1,311 as of June 30, 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.