PLUG POWER INC

For the period ended Sep 30, 2026. Filed Nov 9, 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.

Sep 30, 2026 · Filed Nov 9, 2026

PLUG$1.37-9.0%Stored close · as of Nov 10, 2026

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Contents

Condensed Consolidated Balance Sheets

(In thousands, except share and per share amounts)


· September 30, 2026 · · December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$134,131	$368,540
Restricted cash	146,287	186,746
Accounts receivable, net of allowance of $38,814 as of September 30, 2026 and $46,805 as of December 31, 2025	170,145	134,758
Inventory	472,426	520,968
Contract assets, net of allowance of $1,557 as of September 30, 2026 and $0 as of December 31, 2025	73,278	105,268
Assets held for sale	20,946	—
Prepaid expenses, tax credits, and other current assets	93,263	93,988
Total current assets	1,110,476	1,410,268

Restricted cash	322,571	438,698
Property, plant, and equipment, net	191,739	281,001
Right of use assets related to finance leases, net	38,098	44,852
Right of use assets related to operating leases, net	146,962	182,206
Equipment related to power purchase agreements and fuel delivered to customers, net	163,750	122,926
Contract assets	31,307	24,137
Intangible assets, net	26,359	29,228
Investments in non-consolidated entities and non-marketable securities	49,684	46,909
Other assets	23,060	14,343
Total assets(A)	$2,104,006	$2,594,568

Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$147,019	$168,744
Accrued expenses	119,602	128,010
Deferred revenue and other contract liabilities	66,340	66,742
Operating lease liabilities	49,939	70,407
Finance lease liabilities	16,445	10,934
Finance obligations	56,560	76,160
Current portion of convertible debt instruments, net	—	2,583
Current portion of long-term debt	192	626
Contingent consideration, loss accrual for service contracts, and other current liabilities (of which $0 was measured at fair value as of September 30, 2026 and $4,871 was measured at fair value as of December 31, 2025)	45,475	86,382
Total current liabilities	501,572	610,588

Deferred revenue and other contract liabilities	45,251	34,203
Operating lease liabilities	138,004	194,709
Finance lease liabilities	17,344	17,627
Finance obligations	138,148	191,806
Warrant liabilities	52,088	52,323
Convertible debt instruments, net	470,690	431,014
Long-term debt	1,161	1,306
Contingent consideration, loss accrual for service contracts, and other liabilities (of which $4,167 was measured at fair value as of September 30, 2026 and $6,906 was measured at fair value as of December 31, 2025)	28,367	57,678
Total liabilities(A)	1,392,625	1,591,254

Stockholders’ equity:
Common stock, $.01 par value per share; 3,000,000,000 shares authorized as of September 30, 2026 and 1,500,000,000 shares authorized as of December 31, 2025; Issued (including shares in treasury): 1,400,004,604 as of September 30, 2026 and 1,394,241,538 as of December 31, 2025	14,001	13,943
Additional paid-in capital	9,254,997	9,186,314
Accumulated other comprehensive income	1,265	6,796
Accumulated deficit	(8,559,784)	(8,226,039)
Less common stock in treasury: 1,729,151 as of September 30, 2026 and 970,588 as of December 31, 2025	(4,583)	(2,945)
Total Plug Power Inc. stockholders’ equity	705,896	978,069
Non-controlling interest(A)	5,485	25,245
Total stockholders’ equity	711,381	1,003,314
Total liabilities and stockholders’ equity	$2,104,006	$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 $13,772 and $51,801 as of September 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 $2,802 and $1,311 as of September 30, 2026 and December 31, 2025, respectively. Refer to Note 21, “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.