PLUG POWER INC
For the period ended Mar 31, 2024. Filed May 9, 2024.
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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.
Mar 31, 2024 · Filed May 9, 2024
PLUG$1.50+3.4%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Operations
(In thousands, except share and per share amounts)
| | | | | | |
|---|---|---|---|---|---|
| | Three months ended | ||||
| | March 31 | ||||
| · 2024 · 2023 | |||||
| Net revenue: | | | | | |
| Sales of equipment, related infrastructure and other | $68,295 | | $182,094 | ||
| Services performed on fuel cell systems and related infrastructure | | 13,023 | | | 9,097 |
| Power purchase agreements | | 18,304 | | 7,937 | |
| Fuel delivered to customers and related equipment | | 18,286 | | 10,142 | |
| Other | | 2,356 | | | 1,016 |
| Net revenue | | 120,264 | | | 210,286 |
| Cost of revenue: | | | | | |
| Sales of equipment, related infrastructure and other | | 135,125 | | 158,320 | |
| Services performed on fuel cell systems and related infrastructure | | 12,957 | | 12,221 | |
| Provision for loss contracts related to service | | 15,745 | | | 6,889 |
| Power purchase agreements | | 55,228 | | 46,816 | |
| Fuel delivered to customers and related equipment | | 58,573 | | 54,501 | |
| Other | | 1,711 | | 935 | |
| Total cost of revenue | | 279,339 | | 279,682 | |
| | | | | | |
| Gross loss | | (159,075) | | (69,396) | |
| | | | | | |
| Operating expenses: | | | | | |
| Research and development | | 25,280 | | | 26,535 |
| Selling, general and administrative | | 77,959 | | | 104,016 |
| Restructuring | | 6,011 | | | — |
| Impairment | | 284 | | | 1,083 |
| Change in fair value of contingent consideration | | (9,200) | | | 8,769 |
| Total operating expenses | | 100,334 | | | 140,403 |
| | | | | | |
| Operating loss | | (259,409) | | | (209,799) |
| | | | | | |
| Interest income | | 9,277 | | 17,632 | |
| Interest expense | | (11,325) | | | (10,650) |
| Other expense, net | | (6,996) | | (4,771) | |
| Realized loss on investments, net | | — | | | (1) |
| Change in fair value of equity securities | | — | | | 5,075 |
| Loss on equity method investments | | (13,113) | | | (5,317) |
| Loss on extinguishment of convertible senior notes | | (14,047) | | | — |
| | | | | | |
| Loss before income taxes | $(295,613) | | $(207,831) | ||
| | | | | | |
| Income tax (expense)/benefit | | (163) | | 1,270 | |
| | | | | | |
| Net loss | $(295,776) | | $(206,561) | ||
| | | | | | |
| Net loss per share: | | | | | |
| Basic and diluted | $(0.46) | | $(0.35) | ||
| | | | | | |
| Weighted average number of common stock outstanding | | 641,256,134 | | 589,205,165 | |
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