PLUG POWER INC
For the period ended Sep 30, 2024. Filed Nov 12, 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.
Sep 30, 2024 · Filed Nov 12, 2024
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 endedSeptember 30, | ||||||
| | 2024 | | 2023 | |||
| Operating activities | | | | | | |
| Net loss | | $(769,277) | | $(726,438) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | |
| Depreciation of long-lived assets | | 51,639 | | 37,810 | ||
| Amortization of intangible assets | | 14,194 | | 14,158 | ||
| Lower of cost or net realizable value inventory adjustment and provision for excess and obsolete inventory | | | 67,768 | | | 33,889 |
| Stock-based compensation | | 64,120 | | 129,074 | ||
| Loss on extinguishment of convertible senior notes | | | 14,047 | | | — |
| (Recoveries)/provision for losses on accounts receivable | | | (1,458) | | | 948 |
| Amortization of (premium)/discount of debt issuance costs on convertible senior notes and long-term debt | | | (1,731) | | | 1,699 |
| Provision for common stock warrants | | | 16,294 | | | 12,737 |
| Deferred income tax benefit | | | (118) | | | (621) |
| Impairment | | | 8,406 | | | 11,734 |
| (Recovery)/loss on service contracts | | | (558) | | | 35,893 |
| Loss on sale of long-lived assets | | | 2,519 | | | — |
| Fair value adjustment to contingent consideration | | | (5,286) | | | 26,316 |
| Net realized gain on investments | | | — | | | (263) |
| Other-than-temporary impairment of available-for-sale securities | | | — | | | 10,831 |
| Accretion of premium on available-for-sale securities | | | — | | | (5,144) |
| Lease origination costs | | | (3,508) | | | (7,665) |
| Change in fair value for equity securities | | | — | | | (8,987) |
| Loss on equity method investments | | | 29,043 | | | 19,970 |
| Change in fair value of derivative financial instruments | | | 100 | | | — |
| Changes in operating assets and liabilities that provide/(use) cash: | | | | | | |
| Accounts receivable | | 78,047 | | (34,685) | ||
| Inventory | | 30,868 | | (411,737) | ||
| Contract assets | | | (14,849) | | | (39,040) |
| Prepaid expenses and other assets | | (42,835) | | (6,423) | ||
| Accounts payable, accrued expenses, and other liabilities | | (29,183) | | 21,221 | ||
| Payments of contingent consideration | | | (9,216) | | | (2,895) |
| Deferred revenue and other contract liabilities | | (96,428) | | 23,699 | ||
| Net cash used in operating activities | | (597,402) | | (863,919) | ||
| | | | | | | |
| Investing activities | | | | | | |
| Purchases of property, plant and equipment | | (253,148) | | (484,030) | ||
| Purchases of equipment related to power purchase agreements and equipment related to fuel delivered to customers | | | (41,513) | | | (26,094) |
| Proceeds from maturities of available-for-sale securities | | | — | | | 961,160 |
| Proceeds from sales of equity securities | | | — | | | 76,263 |
| Proceeds from sale of long-lived assets | | | 500 | | | — |
| Cash paid for non-consolidated entities and non-marketable equity securities | | | (64,368) | | | (66,811) |
| Net cash (used in)/provided by investing activities | | (358,529) | | 460,488 | ||
| | | | | | | |
| Financing activities | | | | | | |
| Payments of contingent consideration | | | (1,841) | | | (10,105) |
| Proceeds from public and private offerings, net of transaction costs | | | 793,249 | | | — |
| Payments of tax withholding on behalf of employees for net stock settlement of stock-based compensation | | | (1,677) | | | (7,922) |
| Proceeds from exercise of stock options | | 96 | | 1,313 | ||
| Principal payments on long-term debt | | | (726) | | | (5,710) |
| Proceeds from finance obligations | | | 54,416 | | | 90,265 |
| Principal repayments of finance obligations and finance leases | | | (64,342) | | | (53,394) |
| Net cash provided by financing activities | | 779,175 | | 14,447 | ||
| Effect of exchange rate changes on cash | | 7,807 | | 2,130 | ||
| Decrease in cash and cash equivalents | | (41,093) | | (579,821) | ||
| (Decrease)/increase in restricted cash | | | (127,856) | | | 192,967 |
| Cash, cash equivalents, and restricted cash beginning of period | | 1,169,144 | | 1,549,344 | ||
| Cash, cash equivalents, and restricted cash end of period | | $1,000,195 | | $1,162,490 | ||
| | | | | | | |
| Supplemental disclosure of cash flow information | | | | | | |
| Cash paid for interest, net of capitalized interest of $8.3 million as of September 30, 2024 and $6.0 million as of September 30, 2023 | | $26,946 | | $29,207 | ||
| | | | | | | |
| Summary of non-cash activity | | | | | | |
| Recognition of right of use asset - finance leases | | $163 | | $5,338 | ||
| Recognition of right of use asset - operating leases | | | 6,835 | | | 77,500 |
| Net transfers between inventory and long-lived assets | | | 22,411 | | | 725 |
| Earnouts from acquisitions paid in common stock and warrants | | | 18,241 | | | 8,000 |
| Purchases of long-lived asset from financing agreement | | | 2,000 | | | — |
| Accrued purchase of fixed assets, cash to be paid in subsequent period | | | 51,033 | | | 131,774 |
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