PLUG POWER INC

For the period ended Sep 30, 2024. Filed Nov 12, 2024.

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, 2024 · Filed Nov 12, 2024

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)


· September 30, · December 31,
	2024		2023
Assets
Current assets:
Cash and cash equivalents		$93,940		$135,033
Restricted cash		216,772		216,552
Accounts receivable, net of allowance of $7,340 as of September 30, 2024 and $8,798 as of December 31, 2023		167,222		243,811
Inventory, net		885,764		961,253
Contract assets		145,499		126,248
Prepaid expenses and other current assets		124,824		104,068
Total current assets		1,634,021		1,786,965

Restricted cash		689,483		817,559
Property, plant, and equipment, net		1,534,056		1,436,177
Right of use assets related to finance leases, net		52,947		57,281
Right of use assets related to operating leases, net		361,009		399,969
Equipment related to power purchase agreements and fuel delivered to customers, net		142,238		111,261
Contract assets		30,333		29,741
Intangible assets, net		175,006		188,886
Investments in non-consolidated entities and non-marketable equity securities		92,767		63,783
Other assets		13,014		11,116
Total assets		$4,724,874		$4,902,738

Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable		$207,224		$257,828
Accrued expenses		107,402		200,544
Deferred revenue and other contract liabilities		132,345		204,139
Operating lease liabilities		66,973		63,691
Finance lease liabilities		10,822		9,441
Finance obligations		83,305		84,031
Current portion of convertible senior notes, net		58,163		—
Current portion of long-term debt		3,232		2,716
Contingent consideration, loss accrual for service contracts, and other current liabilities		117,479		142,410
Total current liabilities		786,945		964,800

Deferred revenue and other contract liabilities		59,529		84,163
Operating lease liabilities		249,191		292,002
Finance lease liabilities		27,134		36,133
Finance obligations		278,250		284,363
Convertible senior notes, net		149,214		195,264
Long-term debt		2,341		1,209
Contingent consideration, loss accrual for service contracts, and other liabilities		142,937		146,679
Total liabilities		1,695,541		2,004,613

Stockholders’ equity:
Common stock, $.01 par value per share; 1,500,000,000 shares authorized; Issued (including shares in treasury): 900,281,573 as of September 30, 2024 and 625,305,025 as of December 31, 2023		9,003		6,254
Additional paid-in capital		8,388,930		7,494,685
Accumulated other comprehensive loss		(1,634)		(6,802)
Accumulated deficit		(5,259,021)		(4,489,744)
Less common stock in treasury: 19,831,594 as of September 30, 2024 and 19,169,366 as of December 31, 2023		(107,945)		(106,268)
Total stockholders’ equity		3,029,333		2,898,125
Total liabilities and stockholders’ equity		$4,724,874		$4,902,738

The** **accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

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.