PLUG POWER INC
For the period ended Sep 30, 2026. Filed Nov 9, 2026.
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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
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
(In thousands)
| | | | | | |
|---|---|---|---|---|---|
| | Nine months ended September 30, | ||||
| · 2026 · · 2025 | |||||
| Operating activities | | | | | |
| Net loss | $(337,102) | | $(789,091) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | | | | | |
| Depreciation of long-lived assets | 20,397 | | 33,032 | ||
| Amortization of intangible assets | 2,736 | | 6,019 | ||
| Lower of cost or net realizable value inventory adjustments and provision for excess and obsolete inventory | | 22,358 | | | 99,626 |
| Stock-based compensation | 40,012 | | 36,404 | ||
| (Gain)/loss on extinguishment of convertible debt instruments and finance obligations | | (1,894) | | | 9,127 |
| Provision for losses on accounts receivable | | 6,114 | | | 17,964 |
| Amortization of discount of debt issuance costs on convertible debt instruments and long-term debt | | 3,233 | | | 377 |
| Provision for common stock warrants | | 33,345 | | | 29,465 |
| Impairment | | 39,852 | | | 119,187 |
| Gain on sale of property, plant, and equipment | | (25,787) | | | — |
| Impairment of right of use assets | | — | | | 3,936 |
| Gain on extinguishment of operating lease liability | | (6,568) | | | — |
| Recovery on service contracts | | (48,105) | | | (40,101) |
| Change in fair value of contingent consideration | | (1,368) | | | (13,116) |
| Change in fair value of convertible debt instruments | | 36,733 | | | (1,902) |
| Change in fair value of debt | | — | | | 6,127 |
| Change in fair value of warrant liabilities | | (235) | | | — |
| Loss on equity method investments and non-marketable securities | 1,131 | | 51,482 | ||
| Changes in operating assets and liabilities that provide/(use) cash: | | | | | |
| Accounts receivable | | (41,501) | | | 15,870 |
| Inventory | 6,085 | | 32,521 | ||
| Contract assets | 10,180 | | (3,946) | ||
| Prepaid expenses and other assets | | (5,732) | | | 31,557 |
| Accounts payable, accrued expenses, and other liabilities | (39,101) | | 80,650 | ||
| Deferred revenue and other contract liabilities | | 11,444 | | | (86,981) |
| Payments of contingent consideration | | (3,889) | | | (8,341) |
| Payments of operating lease liabilities, net | | (42,863) | | | (17,058) |
| Net cash used in operating activities | (320,525) | | (387,192) | ||
| | | | | | |
| Investing activities | | | | | |
| Purchases of property, plant and equipment | (11,985) | | (106,774) | ||
| Proceeds from sale of property, plant and equipment | 41,035 | | — | ||
| Proceeds from sale of investment tax credit | 36,148 | | — | ||
| Proceeds from sale of non-marketable security | 750 | | — | ||
| Purchases of equipment related to power purchase agreements and equipment related to fuel delivered to customers | | (41,592) | | | (9,804) |
| Cash paid for non-consolidated entities and non-marketable securities | | (6,600) | | | (1,130) |
| Net cash provided by/(used in) investing activities | 17,756 | | (117,708) | ||
| | | | | | |
| Financing activities | | | | | |
| Payments of contingent consideration | | (2,330) | | | (4,264) |
| Proceeds from public and private offerings, net of transaction costs | | — | | | 351,948 |
| Payments of tax withholding on behalf of employees for net stock settlement of stock-based compensation | | (1,638) | | | (705) |
| Proceeds from exercise of stock options | | 2,127 | | | 11 |
| Contributions by non-controlling interest | | 300 | | | 1,525 |
| Distributions to non-controlling interest | | (16,474) | | | — |
| Principal payments on convertible debt instruments | | (2,413) | | | (185,962) |
| Premium on principal of convertible debt instruments settled in cash | | — | | | (3,832) |
| Proceeds from debt issuance | | — | | | 249,375 |
| Principal payments on long-term debt | | (1,039) | | | (11,399) |
| Cash paid for capitalized closing fees related to DOE loan guarantee | | — | | | (13,666) |
| Principal repayments of finance obligations and finance leases | | (63,641) | | | (69,947) |
| Net cash (used in)/provided by financing activities | (85,108) | | 313,084 | ||
| Effect of exchange rate changes on cash | (3,118) | | 129 | ||
| Decrease in cash and cash equivalents | (234,409) | | (39,798) | ||
| Decrease in restricted cash | | (156,586) | | | (151,889) |
| Cash, cash equivalents, and restricted cash beginning of period | 993,984 | | 1,040,709 | ||
| Cash, cash equivalents, and restricted cash end of period | $602,989 | | $849,022 | ||
| | | | | | |
| Supplemental disclosure of cash flow information | | | | | |
| Cash paid for interest, net of capitalized interest of $0 and $14.8 million, respectively | $38,951 | | $37,341 | ||
| | | | | | |
| Summary of non-cash activity | | | | | |
| Recognition of right of use asset - finance leases | | 6,055 | | | 7,031 |
| Recognition of right of use asset - operating leases | | 1,562 | | | 23,046 |
| Principal payment on convertible debenture paid in common stock | | — | | | 50,000 |
| Contributions of property, plant, and equipment from non-controlling interest | | — | | | 2,341 |
| Increase to assets held for sale due to net transfers between assets held for sale and long-lived assets | | 20,946 | | | — |
| Increase to other current assets due to net transfers between other current assets and long-lived assets | | 39,200 | | | — |
| Decrease to contract assets due to net transfers between contract assets and long-lived assets | | (6,106) | | | — |
| Decrease to inventory due to net transfers between inventory and long-lived assets | | (20,422) | | | (11,068) |
| Accrued purchase of property, plant, and equipment, cash to be paid in subsequent period | | 22,160 | | | 28,492 |
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