PLUG POWER INC

For the period ended Mar 31, 2025. Filed May 12, 2025.

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.

Mar 31, 2025 · Filed May 12, 2025

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)


· · March 31, · · December 31,
	2025		2024
Assets
Current assets:
Cash and cash equivalents		$295,844		$205,693
Restricted cash		196,059		198,008
Accounts receivable, net of allowance of $37,753 as of March 31, 2025 and $37,712 as of December 31, 2024		144,953		157,244
Inventory, net		693,472		682,642
Contract assets		91,518		94,052
Prepaid expenses, tax credits, and other current assets		112,068		139,845
Total current assets		1,533,914		1,477,484

Restricted cash		584,708		637,008
Property, plant, and equipment, net		879,850		866,329
Right of use assets related to finance leases, net		50,720		51,822
Right of use assets related to operating leases, net		216,463		218,081
Equipment related to power purchase agreements and fuel delivered to customers, net		151,282		144,072
Contract assets		23,842		23,963
Intangible assets, net		82,777		84,660
Investments in non-consolidated entities and non-marketable equity securities		85,095		85,494
Other assets		24,755		13,933
Total assets(A)		$3,633,406		$3,602,846

Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable		$191,611		$180,966
Accrued expenses		128,857		103,145
Deferred revenue and other contract liabilities		137,566		144,093
Operating lease liabilities		75,475		71,250
Finance lease liabilities		14,094		12,802
Finance obligations		83,015		83,129
Current portion of convertible debt instruments, net		58,384		58,273
Current portion of long-term debt		941		946
Contingent consideration, loss accrual for service contracts, and other current liabilities		98,442		93,885
Total current liabilities		788,385		748,489

Deferred revenue and other contract liabilities		43,362		58,532
Operating lease liabilities		231,023		242,148
Finance lease liabilities		19,086		22,778
Finance obligations		247,733		264,318
Convertible debt instruments, net (of which $108,650 are measured at fair value as of March 31, 2025 and $173,150 measured at fair value as of December 31, 2024)		255,277		321,060
Long-term debt		1,697		1,932
Contingent consideration, loss accrual for service contracts, and other liabilities		114,256		135,833
Total liabilities(A)		1,700,819		1,795,090

Stockholders’ equity:
Common stock, $.01 par value per share; 1,500,000,000 shares authorized; Issued (including shares in treasury): 997,610,738 as of March 31, 2025 and 934,126,897 as of December 31, 2024		9,977		9,342
Additional paid-in capital		8,752,399		8,430,537
Accumulated other comprehensive loss		(5,231)		(2,502)
Accumulated deficit		(6,791,101)		(6,594,445)
Less common stock in treasury: 20,257,070 as of March 31, 2025 and 20,230,043 as of December 31, 2024		(108,844)		(108,795)
Total Plug Power Inc. stockholders’ equity		1,857,200		1,734,137
Non-controlling interest(A)		75,387		73,619
Total stockholders’ equity		1,932,587		1,807,756
Total liabilities and stockholders’ equity		$3,633,406		$3,602,846

(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 $156,341 and $148,605 as of March 31, 2025 and December 31, 2024, 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 $5,566 and $1,367 as of March 31, 2025 and December 31, 2024, respectively. Refer to Note 20, “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.