PLUG POWER INC

Previous wording

The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance, including factors and risks discussed in the section titled “Risk Factors” included under Part I, Item 1A, in our 2025 Form 10-K and supplemented by Part II, Item 1A of the Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 and Part II, Item 1A of this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time, and it is not possible for management to predict all such risk factors, nor can we assess the impact of all such risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from these contained in any forward-looking statements. While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. These forward-looking statements speak only as of the date on which the statements were made. Except as may be required by applicable law, we do not undertake or intend to update any forward-looking statements after the date of this Quarterly Report on Form 10-Q.

Current wording

The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance, including factors and risks discussed in the section titled “Risk Factors” included under Part I, Item 1A, in our 2025 Form 10-K and supplemented by Part II, Item 1A of the Quarterly Report on Form 10-Q for the quarters ended March 31, 2026 and June 30, 2026 and Part II, Item 1A of this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time, and it is not possible for management to predict all such risk factors, nor can we assess the impact of all such risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. These forward-looking statements speak only as of the date on which the statements were made. Except as may be required by applicable law, we do not undertake or intend to update any forward-looking statements after the date of this Quarterly Report on Form 10-Q.

Previous wording

GenCare: GenCare is our ongoing “Internet of Things”-based maintenance and on-site service program for GenDrive fuel cell systems, GenSure fuel cell systems, GenFuel hydrogen storage and dispensing products.

Current wording

GenCare: GenCare is our ongoing “Internet of Things”-based maintenance and on-site service program for GenDrive fuel cell systems, GenSure fuel cell systems, and GenFuel hydrogen storage and dispensing products.

Previous wording

Our primary sources of revenue are from sales of equipment, related infrastructure and other, services performed on fuel cell systems and related infrastructure, power purchase agreements, and fuel delivered to customers and related equipment. A certain portion of our sales result from acquisitions in legacy markets, which we are working to transition to renewable solutions. Revenue from sales of equipment, related infrastructure and other represents sales of our GenDrive units, GenSure stationary backup power units, cryogenic stationary and on road storage, hydrogen liquefaction systems, electrolyzers and hydrogen fueling infrastructure. Revenue from services performed on fuel cell systems and related infrastructure represents revenue earned on our service and maintenance contracts and sales of spare parts. Revenue from power purchase agreements primarily represent payments received from customers who make monthly payments to access the Company’s GenKey solution. Revenue associated with fuel delivered to customers and related equipment represents the sale of hydrogen to customers that has been purchased by the Company from a third party or generated at our hydrogen production plants.

Current wording

Our primary sources of revenue are from sales of equipment, related infrastructure and other, services performed on fuel cell systems and related infrastructure, power purchase agreements, and fuel delivered to customers and related equipment. A certain portion of our sales result from acquisitions in legacy markets, which we are working to transition to renewable solutions. Revenue from sales of equipment, related infrastructure and other represents sales of our GenDrive units, GenSure stationary backup power units, cryogenic stationary and on road storage, hydrogen liquefaction systems, electrolyzers and hydrogen fueling infrastructure. Revenue from services performed on fuel cell systems and related infrastructure represents revenue earned on our service and maintenance contracts and sales of spare parts. Revenue from power purchase agreements primarily represents payments received from customers who make monthly payments to access the Company’s GenKey solution. Revenue associated with fuel delivered to customers and related equipment represents the sale of hydrogen to customers that has been purchased by the Company from a third party or generated at our hydrogen production plants.

Previous wording

On August 24, 2022, the Company issued to Amazon.com NV Investment Holdings LLC, a wholly owned subsidiary of Amazon (“Amazon”), a warrant (the “2022 Amazon Warrant”) to acquire up to 16,000,000 shares of the Company’s common stock, subject to certain vesting events, described in Note 10, “Stockholders’ Equity - Share-Based Consideration Payable to a Customer.”

Current wording

On August 24, 2022, the Company issued a warrant to Amazon.com NV Investment Holdings LLC, a wholly owned subsidiary of Amazon.com, Inc. (“Amazon”) (the “2022 Amazon Warrant”) to acquire up to 16,000,000 shares of the Company’s common stock, subject to certain vesting events, described in Note 12, “Stockholders’ Equity - Share-Based Consideration Payable to a Customer.”

Previous wording

In 2017, the Company issued a warrant to Walmart (the “2017 Walmart Warrant”) to purchase up to 55,286,696 shares of the Company’s common stock, subject to certain vesting events, described in Note 10, “Stockholders’ Equity - Share-Based Consideration Payable to a Customer.”

Current wording

In 2017, the Company issued a warrant to Walmart Inc. (“Walmart”) (the “2017 Walmart Warrant”) to purchase up to 55,286,696 shares of the Company’s common stock, subject to certain vesting events. On December 30, 2025, Walmart forfeited the vested portion and the unvested portion was cancelled, so no shares will become issuable. The remaining provision continues to be recognized as a reduction of revenue as described in Note 12, “Stockholders’ Equity - Share-Based Consideration Payable to a Customer.”

Previous wording

The amount of provision for the 2022 Amazon Warrant and 2017 Walmart Warrant recorded as a reduction of revenue during the three and six months ended June 30, 2026 and 2025, respectively, is shown in the table below (in thousands):

Current wording

The amount of provision for the 2022 Amazon Warrant and 2017 Walmart Warrant recorded as a reduction of revenue during the three and nine months ended September 30, 2026 and 2025, respectively, is shown in the table below (in thousands):

Previous wording

Net revenue, cost of revenue, gross profit/(loss) and gross margin/(loss) during the three and six months ended June 30, 2026 and 2025 were as follows (in thousands):

Current wording

Net revenue, cost of revenue, gross profit/(loss) and gross margin/(loss) during the three and nine months ended September 30, 2026 and 2025 were as follows (in thousands):

Previous wording

Revenue – sales of equipment, related infrastructure and other. Revenue from sales of equipment, related infrastructure and other represents sales of our GenDrive units, GenSure stationary backup power units, cryogenic delivery and storage, hydrogen liquefaction systems, electrolyzers and hydrogen fueling infrastructure (referred to at the site level as hydrogen installations). Revenue from sales of equipment, related infrastructure and other for the three months ended June 30, 2026 decreased $17.3 million, or 17.4%, to $81.9 million from $99.2 million for the three months ended June 30, 2025. Primarily contributing to the decrease in revenue from sales of equipment, related infrastructure and other was a decrease in revenue from sales of electrolyzers of $31.7 million due to timing of deployments. In addition, revenue from sales of hydrogen infrastructure decreased $3.4 million due to volume, with two hydrogen site installations recognized during the three months ended June 30, 2026 compared to three site installations recognized during the three months ended June 30, 2025. Partially offsetting these decreases in revenue, revenue from sales of fuel cell systems increased $16.4 million primarily due to volume of GenDrive units sold, with 1,666 units sold during the three months ended June 30, 2026 compared to 739 units sold during the three months ended June 30, 2025. Finally, there was an increase of $1.5 million related to the sales of engineered oil and gas equipment. Included in the changes in revenue described above, the provision for common stock warrants recorded as a reduction of revenue from sales of equipment, related infrastructure and other increased to $6.2 million during the three months ended June 30, 2026 compared to $1.3 million during the three months ended June 30, 2025.

Current wording

Revenue – sales of equipment, related infrastructure and other. Revenue from sales of equipment, related infrastructure and other represents sales of our GenDrive units, GenSure stationary backup power units, cryogenic delivery and storage, hydrogen liquefaction systems, electrolyzers and hydrogen fueling infrastructure (referred to at the site level as hydrogen installations). Revenue from sales of equipment, related infrastructure and other for the three months ended September 30, 2026 increased $8.9 million, or 9.3%, to $105.7 million from $96.8 million for the three months ended September 30, 2025. Primarily contributing to the increase in revenue from sales of equipment, related infrastructure and other was an increase in revenue from sales of hydrogen infrastructure of $42.4 million due to volume, with nine hydrogen site installations recognized during the three months ended September 30, 2026 compared to no site installations recognized during the three months ended September 30, 2025. In addition, revenue from sales of fuel cell systems increased $9.5 million primarily due to volume of GenDrive units sold, with 1,136 units sold during the three months ended September 30, 2026 compared to 540 units sold during the three months ended September 30, 2025. Partially offsetting these increases in revenue, there was a decrease in revenue from sales of electrolyzers of $40.4 million due to timing of deployments. In addition, there was a decrease in revenue from sales of cryogenic equipment and liquefiers of $1.5 million primarily due to volume, with 44 units sold during the three months ended September 30, 2026 compared to 52 units sold during the three months ended September 30, 2025. Finally, there was a decrease of $1.1 million related to the sales of engineered oil and gas equipment. Included in the changes in revenue described above, the provision for common stock warrants recorded as a reduction of revenue from sales of equipment, related infrastructure and other increased to $7.2 million during the three months ended September 30, 2026 compared to $1.1 million during the three months ended September 30, 2025.

Previous wording

Revenue from sales of equipment, related infrastructure and other for the six months ended June 30, 2026 decreased $1.8 million, or 1.1%, to $160.9 million from $162.7 million for the six months ended June 30, 2025. Primarily contributing to the decrease in revenue from sales of equipment, related infrastructure and other was a decrease in revenue from sales of cryogenic equipment and liquefiers of $18.1 million primarily due to volume, with 70 units sold during the six months ended June 30, 2026 compared to 136 units sold during the six months ended June 30, 2025, as well as product mix. Partially offsetting the decrease in revenue, there was an increase in revenue from sales of fuel cell systems of $11.5 million due to volume of GenDrive units sold, with 2,203 units sold during the six months ended June 30, 2026 compared to 1,587 units sold during the six months ended June 30, 2025. In addition, revenue from sales of hydrogen infrastructure increased $3.6 million due to volume, with five hydrogen site installations recognized during the six months ended June 30, 2026 compared to four site installations recognized during the six months ended June 30, 2025. Finally, there was an increase of $1.3 million related to the sales of engineered oil and gas equipment. Included in the changes in revenue

Current wording

Revenue from sales of equipment, related infrastructure and other for the nine months ended September 30, 2026 increased $7.2 million, or 2.8%, to $266.7 million from $259.5 million for the nine months ended September 30, 2025. Primarily contributing to the increase in revenue from sales of equipment, related infrastructure and other was an increase in revenue from sales of hydrogen infrastructure of $46.0 million due to volume, with 14 hydrogen site installations recognized during the nine months ended September 30, 2026 compared to four site installations recognized during the nine months ended September 30, 2025. In addition, there was an increase in revenue from sales of fuel cell systems of $21.0 million due to volume of GenDrive units sold, with 3,339 units sold during the nine months ended September 30, 2026 compared to 2,127 units sold during the nine months ended September 30, 2025. Partially offsetting these increases

Previous wording

Revenue – services performed on fuel cell systems and related infrastructure. Revenue from services performed on fuel cell systems and related infrastructure represents revenue earned on our service and maintenance contracts and sales of spare parts. Revenue from services performed on fuel cell systems and related infrastructure for the three months ended June 30, 2026 increased $13.4 million, or 82.3%, to $29.8 million from $16.4 million for the three months ended June 30, 2025. The increase in revenue from services performed on fuel cell systems and related infrastructure was primarily due to an increase in orders for alterations and upgrades for commissioned infrastructure as well as an increase in pricing. In addition, the average number of GenDrive units under maintenance contracts increased to 26,368 units during the three months ended June 30, 2026 compared to 23,846 units during the three months ended June 30, 2025. Partially offsetting the increases in revenue described above, the provision for common stock warrants recorded as a reduction of revenue from services performed on fuel cell systems and related infrastructure increased to $3.9 million during the three months ended June 30, 2026 compared to $1.3 million during the three months ended June 30, 2025.

Current wording

Revenue – services performed on fuel cell systems and related infrastructure. Revenue from services performed on fuel cell systems and related infrastructure represents revenue earned on our service and maintenance contracts and sales of spare parts. Revenue from services performed on fuel cell systems and related infrastructure for the three months ended September 30, 2026 increased $9.3 million, or 47.0%, to $29.0 million from $19.7 million for the three months ended September 30, 2025. The increase in revenue from services performed on fuel cell systems and related infrastructure was primarily due to an increase in orders for alterations and upgrades for commissioned infrastructure as well as an increase in pricing. In addition, the average number of GenDrive units under maintenance contracts increased to 26,932 units during the three months ended September 30, 2026 compared to 23,880 units during the three months ended September 30, 2025. Partially offsetting the increases in revenue described above, the provision for common stock warrants recorded as a reduction of revenue from services performed on fuel cell systems and related infrastructure increased to $3.5 million during the three months ended September 30, 2026 compared to $2.2 million during the three months ended September 30, 2025.

Previous wording

Revenue from services performed on fuel cell systems and related infrastructure for the six months ended June 30, 2026 increased $18.6 million, or 55.9%, to $51.8 million from $33.2 million for the six months ended June 30, 2025. The increase in revenue from services performed on fuel cell systems and related infrastructure was primarily due to the increase in orders for alterations and upgrades for commissioned infrastructure, increase in pricing and increase in the average number of GenDrive units under maintenance described above. Partially offsetting the increases in revenue described above, the provision for common stock warrants recorded as a reduction of revenue from services performed on fuel cell systems and related infrastructure increased to $5.3 million during the six months ended June 30, 2026 compared to $2.9 million during the six months ended June 30, 2025.

Current wording

Revenue from services performed on fuel cell systems and related infrastructure for the nine months ended September 30, 2026 increased $27.8 million, or 52.6%, to $80.8 million from $53.0 million for the nine months ended September 30, 2025. The increase in revenue from services performed on fuel cell systems and related infrastructure was primarily due to an increase in orders for alterations and upgrades for commissioned infrastructure and an increase in pricing. In addition, the average number of GenDrive units under maintenance contracts increased to 26,193 units during the nine months ended September 30, 2026 compared to 23,553 units during the nine months ended September 30, 2025. Partially offsetting the increases in revenue described above, the provision for common stock warrants recorded as a reduction of revenue from services performed on fuel cell systems and related infrastructure increased to $8.7 million during the nine months ended September 30, 2026 compared to $5.1 million during the nine months ended September 30, 2025.

Previous wording

Revenue – power purchase agreements. Revenue from Power Purchase Agreements (“PPAs”) represents payments received from customers for power generated through the provision of equipment and service. Revenue from PPAs for the three months ended June 30, 2026 increased $3.3 million, or 14.0%, to $26.9 million from $23.6 million for the three months ended June 30, 2025. The increase in revenue from PPAs was primarily due to an increase in pricing rates during the second quarter of 2026 compared to the second quarter of 2025. In addition, the provision for common stock warrants recorded as a reduction of revenue from PPAs decreased to $1.3 million during the three months ended June 30, 2026 compared to $2.2 million during the three months ended June 30, 2025.

Current wording

Revenue – power purchase agreements. Revenue from Power Purchase Agreements (“PPAs”) represents payments received from customers for power generated through the provision of equipment and service. Revenue from PPAs for the three months ended September 30, 2026 increased $3.1 million, or 12.6%, to $27.7 million from $24.6 million for the three months ended September 30, 2025. The increase in revenue from PPAs was primarily due to an increase in pricing rates during the third quarter of 2026 compared to the third quarter of 2025. In addition, the provision for common stock warrants recorded as a reduction of revenue from PPAs decreased to $1.1 million during the three months ended September 30, 2026 compared to $2.3 million during the three months ended September 30, 2025.

Previous wording

Revenue from PPAs for the six months ended June 30, 2026 increased $6.4 million, or 13.6%, to $53.2 million from $46.8 million for the six months ended June 30, 2025. The increase in revenue from PPAs was primarily due to increases in pricing described above. In addition, the provision for common stock warrants recorded as a reduction of revenue from PPAs decreased to $2.6 million during the six months ended June 30, 2026 compared to $4.4 million during the six months ended June 30, 2025.

Current wording

Revenue from PPAs for the nine months ended September 30, 2026 increased $9.5 million, or 13.3%, to $80.9 million from $71.4 million for the nine months ended September 30, 2025. The increase in revenue from PPAs was primarily due to increases in pricing described above. In addition, the provision for common stock warrants recorded as a reduction of revenue from PPAs decreased to $3.8 million during the nine months ended September 30, 2026 compared to $6.6 million during the nine months ended September 30, 2025.

Previous wording

Revenue – fuel delivered to customers and related equipment. Revenue from fuel delivered to customers and related equipment represents the sale of hydrogen that has been purchased by the Company from a third party or generated at our hydrogen production plants. Revenue from fuel delivered to customers and related equipment during the three months ended June 30, 2026 increased $5.1 million, or 14.7%, to $39.5 million from $34.4 million during the three months ended June 30, 2025. The increase in revenue was primarily due to an increase in the average selling price of fuel and an increase in volume of fuel kilograms sold. In addition, the provision for common stock warrants recorded as a reduction of revenue from fuel delivered to customers and related equipment decreased to $3.0 million during the three months ended June 30, 2026 compared to $4.6 million during the three months ended June 30, 2025.

Current wording

Revenue – fuel delivered to customers and related equipment. Revenue from fuel delivered to customers and related equipment represents the sale of hydrogen that has been purchased by the Company from a third party or generated at our hydrogen production plants. Revenue from fuel delivered to customers and related equipment during the three months ended September 30, 2026 increased $2.2 million, or 6.1%, to $38.1 million from $35.9 million during the three months ended September 30, 2025. The increase in revenue was primarily due to an increase in the average selling price of fuel. In addition, the provision for common stock warrants recorded as a reduction of revenue from fuel delivered to customers and related equipment decreased to $2.6 million during the three months ended September 30, 2026 compared

Previous wording

Revenue from fuel delivered to customers and related equipment during the six months ended June 30, 2026 increased $11.4 million, or 17.9%, to $75.3 million from $63.9 million during the six months ended June 30, 2025. The increase in revenue was primarily due to the increase in average selling price of fuel and increase in volume of fuel kilograms sold. In addition, the provision for common stock warrants recorded as a reduction of revenue from fuel

Current wording

Revenue from fuel delivered to customers and related equipment during the nine months ended September 30, 2026 increased $13.6 million, or 13.6%, to $113.4 million from $99.8 million during the nine months ended September 30, 2025. The increase in revenue was primarily due to the increase in average selling price of fuel and increase in volume of fuel kilograms sold. In addition, the provision for common stock warrants recorded as a reduction of revenue from fuel delivered to customers and related equipment decreased to $7.1 million during the nine months ended September 30, 2026 compared to $14.4 million during the nine months ended September 30, 2025.

Previous wording

*Cost of revenue – sales of equipment, related infrastructure and other.*Cost of revenue from sales of equipment, related infrastructure and other includes direct materials, labor costs, and allocated overhead costs related to the manufacture of our fuel cells such as GenDrive units and GenSure stationary back-up power units, cryogenic delivery and storage, hydrogen liquefaction systems, electrolyzers and hydrogen fueling infrastructure (referred to at the site level as hydrogen installations). Cost of revenue from sales of equipment, related infrastructure and other during the three months ended June 30, 2026 decreased $37.0 million, or 31.5%, to $80.3 million from $117.3 million during the three months ended June 30, 2025. The decrease in cost of revenue from sales of equipment, related infrastructure and other was primarily due to a decrease in cost of revenue related to sales of electrolyzer stacks and systems and a decrease in cost of revenue related to sales of hydrogen infrastructure during the three months ended June 30, 2026 primarily due to the decreases in volume described above as well as the realization of decreased labor and overhead costs resulting from the Company’s restructuring activities. In addition, the Company recorded inventory valuation adjustments of $6.7 million during the three months ended June 30, 2026, a decrease compared to $11.4 million recorded during the three months ended June 30, 2025. Partially offsetting these decreases, the cost of revenue related to sales of fuel cell systems increased during the three months ended June 30, 2026 primarily due to the increases in volume described above. Gross margin increased to 1.9% for the three months ended June 30, 2026 compared to gross loss (18.3%) for the three months ended June 30, 2025. The change from gross loss to gross margin was primarily due to the realization of decreased labor and overhead costs resulting from the Company’s restructuring activities.

Current wording

*Cost of revenue – sales of equipment, related infrastructure and other.*Cost of revenue from sales of equipment, related infrastructure and other includes direct materials, labor costs, and allocated overhead costs related to the manufacture of our fuel cells such as GenDrive units and GenSure stationary back-up power units, cryogenic delivery and storage, hydrogen liquefaction systems, electrolyzers and hydrogen fueling infrastructure (referred to at the site level as hydrogen installations). Cost of revenue from sales of equipment, related infrastructure and other during the three months ended September 30, 2026 decreased $65.4 million, or 38.1%, to $106.1 million from $171.5 million during the three months ended September 30, 2025. The decrease in cost of revenue from sales of equipment, related infrastructure and other was primarily due to a decrease in cost of revenue related to sales of electrolyzer stacks and systems and a decrease in cost of revenue related to sales of cryogenic equipment and liquefiers during the three months ended September 30, 2026 primarily due to the decreases in volume described above as well as decreased labor and overhead costs resulting from the Company’s restructuring activities. In addition, cost of revenue related to sales of fuel cell systems decreased due to decreased labor and overhead costs resulting from the Company’s restructuring activities. Finally, the Company recorded inventory valuation adjustments of $7.1 million during the three months ended September 30, 2026, a decrease compared to $65.4 million recorded during the three months ended September 30, 2025. Partially offsetting these decreases, the cost of revenue related to sales of hydrogen infrastructure increased during the three months ended September 30, 2026 primarily due to the increases in volume described above. Gross loss decreased to (0.4%) for the three months ended September 30, 2026 compared to (77.2%) for the three months ended September 30, 2025. The decrease in gross loss was primarily due to decreased labor and overhead costs resulting from the Company’s restructuring activities, increased volume of units sold, decreased inventory valuation adjustments, increased pricing, and product mix.

Previous wording

Cost of revenue from sales of equipment, related infrastructure and other during the six months ended June 30, 2026 decreased $26.1 million, or 13.6%, to $165.7 million from $191.8 million during the six months ended June 30, 2025. The decrease in cost of revenue from sales of equipment, related infrastructure and other was primarily due to the decreases in volume and the realization of decreased labor and overhead costs described above. In addition, the Company recorded inventory valuation adjustments of $14.7 million during the six months ended June 30, 2026, a decrease compared to $19.1 million recorded during the six months ended June 30, 2025. Gross loss decreased to (2.9%) for the six months ended June 30, 2026 compared to (17.9%) for the six months ended June 30, 2025. The decrease in gross loss was primarily due to the realization of decreased labor and overhead costs resulting from the Company’s restructuring activities.

Current wording

Cost of revenue from sales of equipment, related infrastructure and other during the nine months ended September 30, 2026 decreased $91.5 million, or 25.2%, to $271.8 million from $363.3 million during the nine months ended September 30, 2025. The decrease in cost of revenue from sales of equipment, related infrastructure and other was primarily due to the decreases in volume and decreased labor and overhead costs described above. In addition, the Company recorded inventory valuation adjustments of $21.8 million during the nine months ended September 30, 2026, a decrease compared to $90.0 million recorded during the nine months ended September 30, 2025. Gross loss decreased to (1.9%) for the nine months ended September 30, 2026 compared to (40.0%) for the nine months ended September 30, 2025. The decrease in gross loss was primarily due to decreased labor and overhead costs resulting from the Company’s restructuring activities, increased volume of units sold, decreased inventory valuation adjustments, increased pricing, and product mix.

Previous wording

Cost of revenue – services performed on fuel cell systems and related infrastructure. Cost of revenue from services performed on fuel cell systems and related infrastructure includes the labor, material costs and allocated overhead costs incurred for our product service and hydrogen site maintenance contracts and spare parts. Cost of revenue from services performed on fuel cell systems and related infrastructure during the three months ended June 30, 2026 increased $11.7 million, or 117.3%, to $21.7 million from $10.0 million during the three months ended June 30, 2025. The increase in cost of revenue was primarily due to volume, with an increase in orders for alterations and upgrades for commissioned infrastructure and an increase in the average number of GenDrive units under maintenance contracts described above, as well as an increase in cost of service parts. Partially offsetting the increase in cost of revenue from services performed on fuel cell systems and related infrastructure, the Company recorded inventory valuation adjustments of $22 thousand during the three months ended June 30, 2026, a decrease compared to $0.9 million recorded during the three months ended June 30, 2025. Gross margin decreased to 27.2% for the three months ended June 30, 2026 compared to 38.9% for the three months ended June 30, 2025. The decrease in gross margin was primarily due to an increase in cost of service parts, partially offset by improved stack reliability.

Current wording

Cost of revenue – services performed on fuel cell systems and related infrastructure. Cost of revenue from services performed on fuel cell systems and related infrastructure includes the labor, material costs and allocated overhead costs incurred for our product service and hydrogen site maintenance contracts and spare parts. Cost of revenue from services performed on fuel cell systems and related infrastructure during the three months ended September 30, 2026 increased $0.1 million, or 0.4%, to $20.2 million from $20.1 million during the three months ended September 30, 2025. The increase in cost of revenue was primarily due to volume, with an increase in orders for alterations and upgrades for commissioned infrastructure and an increase in the average number of GenDrive units under maintenance contracts described above, partially offset by a decrease in cost of service parts. In addition, the Company recorded no inventory valuation adjustments during the three months ended September 30, 2026, a decrease compared to $6.0 million recorded during the three months ended September 30, 2025. Gross margin increased to 30.5% for the three months ended

Previous wording

Cost of revenue from services performed on fuel cell systems and related infrastructure during the six months ended June 30, 2026 increased $11.6 million, or 47.8%, to $36.1 million from $24.5 million during the six months ended June 30, 2025. The increase in cost of revenue was primarily due to volume, with an increase in orders for alterations and upgrades for commissioned infrastructure and an increase in the average number of GenDrive units under maintenance contracts described above, as well as an increase in cost of service parts. Partially offsetting the increase in cost of revenue from services performed on fuel cell systems and related infrastructure, the Company recorded inventory valuation adjustments of $22 thousand during the six months ended June 30, 2026, a decrease compared to $0.9 million recorded

Current wording

Cost of revenue from services performed on fuel cell systems and related infrastructure during the nine months ended September 30, 2026 increased $11.8 million, or 26.4%, to $56.3 million from $44.5 million during the nine months ended September 30, 2025. The increase in cost of revenue was primarily due to volume, with an increase in orders for alterations and upgrades for commissioned infrastructure and an increase in the average number of GenDrive units under maintenance contracts described above, as well as an increase in cost of service parts. Partially offsetting the increase in cost of revenue from services performed on fuel cell systems and related infrastructure, the Company recorded inventory valuation adjustments of $32 thousand during the nine months ended September 30, 2026, a decrease compared to $6.9 million recorded during the nine months ended September 30, 2025. Gross margin increased to 30.3% for the nine months ended September 30, 2026 compared to 15.9% for the nine months ended September 30, 2025. The increase in gross margin was primarily due to cost improvement on service parts and improved stack reliability, decreased inventory valuation adjustments, increased pricing, and an increase in orders for alterations and upgrades for commissioned infrastructure.

Previous wording

Cost of revenue – benefit for loss contracts related to service. The Company recorded a benefit for loss contracts related to service of $15.7 million during the three months ended June 30, 2026 compared to a benefit for loss contracts related to service of $10.8 million during the three months ended June 30, 2025. The increase in the benefit was primarily due to improved pricing structure as well as reductions in cost to service our GenDrive units due to improved stack reliability and increased labor utilization. In addition, during the three months ended June 30, 2026, the Company recorded a benefit for loss contracts related to service of $7.5 million due to a contract termination.

Current wording

Cost of revenue – benefit for loss contracts related to service. The Company recorded a benefit for loss contracts related to service of $10.4 million during the three months ended September 30, 2026 compared to a benefit for loss contracts related to service of $4.3 million during the three months ended September 30, 2025. The increase in the benefit was primarily due to improved pricing structure as well as reductions in cost to service our GenDrive units due to improved stack reliability and increased labor utilization.

Previous wording

The Company recorded a benefit for loss contracts related to service of $23.5 million during the six months ended June 30, 2026 compared to a benefit for loss contracts related to service of $1.9 million during the six months ended June 30, 2025. The increase in the benefit was primarily due to improved pricing structure as well as reductions in cost to service our GenDrive units due to improved stack reliability and increased labor utilization. In addition, during the six months ended June 30, 2026, the Company recorded a benefit for loss contracts related to service of $7.5 million due to a contract termination.

Current wording

The Company recorded a benefit for loss contracts related to service of $33.9 million during the nine months ended September 30, 2026 compared to a benefit for loss contracts related to service of $6.3 million during the nine months ended September 30, 2025. The increase in the benefit was primarily due to improved pricing structure as well as reductions in cost to service our GenDrive units due to improved stack reliability and increased labor utilization. In addition, during the second quarter of 2026, the Company recorded a benefit for loss contracts related to service of $7.5 million due to a contract termination.

Previous wording

Cost of revenue – power purchase agreements. Cost of revenue from PPAs includes depreciation of assets utilized and service costs to fulfill PPA obligations and interest costs associated with certain financial institutions for leased equipment. Cost of revenue from PPAs during the three months ended June 30, 2026 decreased $10.3 million, or 22.7%, to $35.0 million from $45.3 million during the three months ended June 30, 2025. The decrease in cost of revenue during the three months ended June 30, 2026 was primarily due to improved stack reliability and the realization of decreased labor and overhead costs resulting from a decrease in operating lease costs from strategic buy-outs of the Company’s operating lease liabilities during the first half of 2026. Gross loss decreased to (30.0%) during the three months ended June 30, 2026 compared to (91.6%) during the three months ended June 30, 2025. The decrease in gross loss was primarily due to improved pricing and the reduction in cost described above.

Current wording

Cost of revenue – power purchase agreements. Cost of revenue from PPAs includes depreciation of assets utilized and service costs to fulfill PPA obligations and interest costs associated with certain financial institutions for leased equipment. Cost of revenue from PPAs during the three months ended September 30, 2026 decreased $13.4 million, or 29.4%, to $32.2 million from $45.6 million during the three months ended September 30, 2025. The decrease in cost of revenue during the three months ended September 30, 2026 was primarily due to improved stack reliability and decreased labor and overhead costs resulting from a decrease in operating lease costs from strategic buy-outs of the Company’s operating lease liabilities during the first three quarters of 2026. Gross loss decreased to (16.1%) during the three months ended September 30, 2026 compared to (85.2%) during the three months ended September 30, 2025. The decrease in gross loss was primarily due to improved pricing and the reduction in operating lease costs described above.

Previous wording

Cost of revenue from PPAs during the six months ended June 30, 2026 decreased $20.1 million, or 21.1%, to $75.1 million from $95.2 million during the six months ended June 30, 2025. The decrease in cost of revenue during the six months ended June 30, 2026 was primarily due to improved stack reliability and the realization of decreased labor and overhead costs resulting from a decrease in operating lease costs from strategic buy-outs of the Company’s operating lease liabilities during the first half of 2026. Gross loss decreased to (41.2%) during the six months ended June 30, 2026 compared to (103.2%) during the six months ended June 30, 2025. The decrease in gross loss was primarily due to improved pricing and the reduction in cost described above.

Current wording

Cost of revenue from PPAs during the nine months ended September 30, 2026 decreased $33.5 million, or 23.8%, to $107.3 million from $140.8 million during the nine months ended September 30, 2025. The decrease in cost of revenue during the nine months ended September 30, 2026 was primarily due to improved stack reliability and decreased labor and overhead costs resulting from a decrease in operating lease costs from strategic buy-outs of the Company’s operating lease liabilities during the first three quarters of 2026. Gross loss decreased to (32.6%) during the nine months ended September 30, 2026 compared to (97.0%) during the nine months ended September 30, 2025. The decrease in gross loss was primarily due to improved pricing and the reduction in operating lease costs described above.

Previous wording

Cost of revenue – fuel delivered to customers and related equipment. Cost of revenue from fuel delivered to customers and related equipment represents the purchase of hydrogen from suppliers and internally produced hydrogen that is ultimately sold to customers. Cost of revenue from fuel delivered to customers during the three months ended June 30, 2026 decreased $7.1 million, or 10.9%, to $58.5 million from $65.6 million during the three months ended June 30, 2025. The decrease in cost of revenue was primarily due to an increase of internally produced fuel, decreased internal production costs and a decrease in the average cost of purchased fuel. Gross loss decreased to (48.2%) during the three months ended June 30, 2026 compared to (90.8%) during the three months ended June 30, 2025. The decrease in gross loss was primarily due to an increase in volume of fuel kilograms sold, increased internal hydrogen production and lower internal production costs.

Current wording

September 30, 2025. The decrease in cost of revenue was primarily due to lower internal fuel production costs and a decrease in the average cost of purchased fuel. Gross loss decreased to (51.9%) during the three months ended September 30, 2026 compared to (79.3%) during the three months ended September 30, 2025. The decrease in gross loss was primarily due to an increase in the average selling price of fuel, a decrease in the average cost of purchased fuel and lower internal fuel production costs.

Previous wording

Cost of revenue from fuel delivered to customers during the six months ended June 30, 2026 decreased $13.6 million, or 10.9%, to $111.4 million from $125.0 million during the six months ended June 30, 2025. The decrease in cost of revenue was primarily due to an increase of internally produced fuel, decreased internal production costs and a decrease in the average cost of purchased fuel. In addition, the Company recorded inventory valuation adjustments of $0.5 million during the six months ended June 30, 2026, a decrease compared to the $1.2 million recorded during the six months ended June 30, 2025. Gross loss decreased to (48.0%) during the six months ended June 30, 2026 compared to (95.7%) during

Current wording

Cost of revenue from fuel delivered to customers during the nine months ended September 30, 2026 decreased $20.1 million, or 10.6%, to $169.3 million from $189.4 million during the nine months ended September 30, 2025. The decrease in cost of revenue was primarily due to lower internal fuel production costs and a decrease in the average cost of purchased fuel. Gross loss decreased to (49.3%) during the nine months ended September 30, 2026 compared to (89.8%) during the nine months ended September 30, 2025. The decrease in gross loss was primarily due to an increase in the average selling price of fuel, a decrease in the average cost of purchased fuel and lower internal fuel production costs.

Previous wording

Research and development. Research and development expenses include: materials to build development and prototype units, cash and non-cash stock compensation and benefits for the engineering and related staff, expenses for contract engineers, fees paid to consultants for services provided, materials and supplies consumed, facility related costs such as computer and network services, and other general overhead costs associated with our research and development activities. Research and development expense for the three months ended June 30, 2026 increased $1.2 million, or 10.1%, to $13.4 million from $12.2 million for the three months ended June 30, 2025. The increase was primarily due to an increase in professional fees, partially offset by a decrease in government-sponsored research and development project expense.

Current wording

Research and development. Research and development expenses include: materials to build development and prototype units, cash and non-cash stock compensation and benefits for the engineering and related staff, expenses for contract engineers, fees paid to consultants for services provided, materials and supplies consumed, facility related costs such as computer and network services, and other general overhead costs associated with our research and development activities. Research and development expense for the three months ended September 30, 2026 decreased $3.5 million, or 22.1%, to $12.6 million from $16.1 million for the three months ended September 30, 2025. The decrease was primarily due to a decrease in government-sponsored research and development project expense.

Previous wording

Research and development expense for the six months ended June 30, 2026 decreased $4.1 million, or 13.6%, to $25.5 million from $29.6 million for the six months ended June 30, 2025. The decrease was primarily due to headcount reductions resulting from the Company’s 2025 Restructuring Plan as well as a decrease in government-sponsored research and development project expense, partially offset by an increase in professional fees.

Current wording

Research and development expense for the nine months ended September 30, 2026 decreased $7.6 million, or 16.6%, to $38.1 million from $45.7 million for the nine months ended September 30, 2025. The decrease was primarily due to headcount reductions resulting from the Company’s 2025 Restructuring Plan as well as a decrease in government-sponsored research and development project expense, partially offset by an increase in system and component materials expense.

Previous wording

Selling, general and administrative. Selling, general and administrative expenses include cash and non-cash stock compensation, benefits, amortization of intangible assets and related costs in support of our general corporate functions, including general management, finance and accounting, human resources, selling and marketing, information technology and legal services. Selling, general and administrative expenses for the three months ended June 30, 2026 decreased $58.6 million, or 66.7%, to $29.3 million from $87.9 million for the three months ended June 30, 2025. The decrease was primarily due to recoveries of previously-impaired assets of $39.7 million, as disclosed in Note 2, “Summary of Significant Accounting Policies,” headcount reductions resulting from the Company’s 2025 Restructuring Plan, a decrease in credit loss provisions, a decrease in contract termination fees, a decrease in professional fees and reductions to the Company’s depreciation and amortization expense resulting from the Company’s impairment recorded during the fourth quarter of 2025. These decreases were partially offset by a $3.1 million increase in transaction costs related to the sale of the Company’s ITC during the second quarter of 2026, as disclosed in Note 18, “Government Tax Credits.”

Current wording

Selling, general and administrative. Selling, general and administrative expenses include cash and non-cash stock compensation, benefits, amortization of intangible assets and related costs in support of our general corporate functions, including general management, finance and accounting, human resources, selling and marketing, information technology and legal services. Selling, general and administrative expenses for the three months ended September 30, 2026 decreased $42.3 million, or 38.2%, to $68.3 million from $110.6 million for the three months ended September 30, 2025. The decrease was primarily due to a decrease in contract termination fees, a decrease in credit loss provisions, a gain on extinguishment of operating lease liability of $6.6 million, and a decrease in compensation, partially offset by an increase in litigation costs.

Previous wording

Selling, general and administrative expenses for the six months ended June 30, 2026 decreased $69.2 million, or 41.0%, to $99.5 million from $168.7 million for the six months ended June 30, 2025. The decrease was primarily due to recoveries of previously-impaired assets of $39.7 million, as disclosed in Note 2, “Summary of Significant Accounting Policies,” headcount reductions resulting from the Company’s 2025 Restructuring Plan, a decrease in credit loss provisions, a decrease in contract termination fees, a decrease in professional fees and reductions to the Company’s depreciation and amortization expense resulting from the Company’s impairment recorded during the fourth quarter of 2025. These decreases were partially offset by an increase in stock-based compensation expense as well as a $2.3 million increase in transaction costs related to the sale of the Company’s ITC during the second quarter of 2026, as disclosed in Note 18, “Government Tax Credits.”

Current wording

Selling, general and administrative expenses for the nine months ended September 30, 2026 decreased $111.5 million, or 39.9%, to $167.8 million from $279.3 million for the nine months ended September 30, 2025. The decrease was primarily due to an increase in recoveries of previously-impaired assets of $39.7 million, as disclosed in Note 2, “Summary of Significant Accounting Policies,” a decrease in contract termination fees, a decrease in credit loss provisions, headcount reductions resulting from the Company’s 2025 Restructuring Plan and reductions to the Company’s depreciation and amortization expense resulting from the Company’s impairment recorded during the fourth quarter of 2025. These decreases were partially offset by increases in litigation costs and stock-based compensation expense.

Previous wording

Restructuring. Expenses related to restructuring activities for the three months ended June 30, 2026 decreased $2.8 million, or 93.8%, to $0.2 million from $3.0 million for the three months ended June 30, 2025. The decrease was due to lower severance and benefits expenses resulting from restructuring activities during the three months ended June 30, 2026, which impacted fewer employees than from restructuring activities during the three months ended June 30, 2025.

Current wording

Restructuring. Expenses related to restructuring activities for the three months ended September 30, 2026 decreased $5.5 million, or 100.0%, to $0 from $5.5 million for the three months ended September 30, 2025. The decrease was due to lower severance and benefits expenses resulting from restructuring activities during the three months ended September 30, 2026, which impacted fewer employees than from restructuring activities during the three months ended September 30, 2025.

Previous wording

Expenses related to restructuring activities for the six months ended June 30, 2026 decreased $18.5 million, or 92.0%, to $1.6 million from $20.1 million for the six months ended June 30, 2025. The decrease was due to lower severance and benefits expenses resulting from restructuring activities during the six months ended June 30, 2026, which impacted fewer employees than from restructuring activities during the six months ended June 30, 2025.

Current wording

Expenses related to restructuring activities for the nine months ended September 30, 2026 decreased $24.0 million, or 93.7%, to $1.6 million from $25.6 million for the nine months ended September 30, 2025. The decrease was due to lower severance and benefits expenses resulting from restructuring activities during the nine months ended September 30, 2026, which impacted fewer employees than from restructuring activities during the nine months ended September 30, 2025.

Previous wording

recording lower impairment charges on long-lived assets during the three months ended June 30, 2026. See Note 2, “Summary of Significant Accounting Policies,” for further information.

Current wording

Impairment. Impairment for the three months ended September 30, 2026 decreased $80.9 million, or 82.9%, to $16.6 million from $97.5 million for the three months ended September 30, 2025. The decrease was primarily due to the Company recording lower impairment charges on long-lived assets during the three months ended September 30, 2026. See Note 2, “Summary of Significant Accounting Policies,” for further information.

Previous wording

Impairment for the six months ended June 30, 2026 increased $1.5 million, or 7.2%, to $23.2 million from $21.7 million for the six months ended June 30, 2025. The increase was primarily related to the Company recording higher impairment charges on long-lived assets during the six months ended June 30, 2026. See Note 2, “Summary of Significant Accounting Policies,” for further information.

Current wording

Impairment for the nine months ended September 30, 2026 decreased $79.3 million, or 66.6%, to $39.9 million from $119.2 million for the nine months ended September 30, 2025. The decrease was primarily due to the Company recording lower impairment charges on long-lived assets during the nine months ended September 30, 2026. See Note 2, “Summary of Significant Accounting Policies,” for further information.

Previous wording

*Change in fair value of contingent consideration.*The change in fair value of contingent consideration consists of earn-outs for the Joule Processing LLC (“Joule”) acquisition and Frames Holding B.V. (“Frames”)acquisition (prior period only). The change in fair value of contingent consideration for the three months ended June 30, 2026 and 2025 was $0.2 million and ($0.2) million, respectively.

Current wording

*Change in fair value of contingent consideration.*The change in fair value of contingent consideration consists of earn-outs for the Joule Processing LLC (“Joule”) acquisition and Frames Holding B.V. (“Frames”)acquisition (prior period only). The change in fair value of contingent consideration for the three months ended September 30, 2026 and 2025 was ($1.8) million and ($1.1) million, respectively. The decreases in change in fair value of contingent consideration during the three months ended September 30, 2026 and 2025 were primarily due to changes in management assumptions related to the Joule earn-out.

Previous wording

The change in fair value of contingent consideration for the six months ended June 30, 2026 and 2025 was $0.5 million and ($12.0) million, respectively. The increase in change in fair value of contingent consideration during the six months ended June 30, 2026 was primarily due to passage of time whereas the decrease in the fair value of contingent consideration during the six months ended June 30, 2025 was primarily due to changes in management assumptions related to the Joule earn-out.

Current wording

The change in fair value of contingent consideration for the nine months ended September 30, 2026 and 2025 was ($1.4) million and ($13.1) million, respectively. The decreases in change in fair value of contingent consideration during the nine months ended September 30, 2026 and 2025 were primarily due to changes in management assumptions related to the Joule earn-out.

Previous wording

Interest income. Interest income primarily consists of income generated by our investment holdings, restricted cash escrow accounts, and money market accounts. Interest income for the three months ended June 30, 2026 decreased $3.2 million compared to the three months ended June 30, 2025. The decrease was primarily due to the decrease in the Company’s average restricted cash balance during the second quarter of 2026.

Current wording

Interest income. Interest income primarily consists of income generated by our investment holdings, restricted cash escrow accounts, and money market accounts. Interest income for the three months ended September 30, 2026 decreased $2.2 million compared to the three months ended September 30, 2025. The decrease was primarily due to the decrease in the Company’s average restricted cash balance during the third quarter of 2026.

Previous wording

Interest income for the six months ended June 30, 2026 decreased $4.6 million compared to the six months ended June 30, 2025. The decrease was primarily due to the decrease in the Company’s average restricted cash balance during the first half of 2026.

Current wording

Interest income for the nine months ended September 30, 2026 decreased $6.8 million compared to the nine months ended September 30, 2025. The decrease was primarily due to the decrease in the Company’s average restricted cash balance during the first three quarters of 2026.

Previous wording

Interest expense. Interest expense consists of interest expense related to our long-term debt, convertible debt instruments, obligations under finance leases and our finance obligations. Interest expense for the three months ended June 30, 2026 increased $1.0 million compared to the three months ended June 30, 2025. The increase was primarily due to interest expense incurred related to the 6.75% Convertible Senior Notes, which were issued during the fourth quarter of 2025.

Current wording

Interest expense. Interest expense consists of interest expense related to our long-term debt, convertible debt instruments, obligations under finance leases and our finance obligations. Interest expense for the three months ended September 30, 2026 increased $2.8 million compared to the three months ended September 30, 2025. The increase was primarily due to interest expense of $3.6 million incurred related to ongoing litigation during the third quarter of 2026.

Previous wording

Interest expense for the six months ended June 30, 2026 increased $6.8 million compared to the six months ended June 30, 2025. The increase was primarily due to interest expense incurred related to the 6.75% Convertible Senior Notes, which were issued during the fourth quarter of 2025.

Current wording

Interest expense for the nine months ended September 30, 2026 increased $9.6 million compared to the nine months ended September 30, 2025. The increase was primarily due to interest expense incurred related to the 6.75% Convertible Senior Notes, which were issued during the fourth quarter of 2025.

Previous wording

Other (expense)/income, net. Other (expense)/income, net primarily consists of gains and losses related to energy contracts and foreign currency transactions. Other (expense)/income, net during the three months ended June 30, 2026 decreased to other expense, net of ($7.2) million compared to other income, net of $3.8 million during the three months ended June 30, 2025. The decrease was primarily due to an increase in losses related to energy contracts during the second quarter of 2026.

Current wording

Other (expense)/income, net. Other (expense)/income, net primarily consists of gains and losses related to energy contracts and foreign currency transactions. Other expense, net during the three months ended September 30, 2026 was $1.1 million compared to other income, net of $3.5 million during the three months ended September 30, 2025. The change from other income, net to other expense, net was primarily due to foreign currency transaction losses recorded during the three months ended September 30, 2026 compared to foreign currency transaction gains recorded during the three months ended September 30, 2025.