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 Statements of Operations

(In thousands, except share and per share amounts)


· · Three months ended
	March 31,
		2025	2024
Net revenue:
Sales of equipment, related infrastructure and other		$63,506		$68,295
Services performed on fuel cell systems and related infrastructure		16,874		13,023
Power purchase agreements		23,210		18,304
Fuel delivered to customers and related equipment		29,457		18,286
Other		627		2,356
Net revenue		133,674		120,264
Cost of revenue:
Sales of equipment, related infrastructure and other		74,556		135,125
Services performed on fuel cell systems and related infrastructure		14,462		12,957
Provision for loss contracts related to service		8,888		15,745
Power purchase agreements		49,932		55,228
Fuel delivered to customers and related equipment		59,354		58,573
Other		343		1,711
Total cost of revenue		207,535		279,339

Gross loss		(73,861)		(159,075)

Operating expenses:
Research and development		17,357		25,280
Selling, general and administrative		80,839		77,959
Restructuring		17,154		6,011
Impairment		1,064		284
Change in fair value of contingent consideration		(11,819)		(9,200)
Total operating expenses		104,595		100,334

Operating loss		(178,456)		(259,409)

Interest income		5,153		9,277
Interest expense		(11,486)		(11,325)
Other income/(expense), net		1,290		(6,996)
Loss on extinguishment of convertible debt instruments and debt		(3,652)		(14,047)
Change in fair value of convertible debenture		(7,338)		—
Loss on equity method investments		(2,370)		(13,113)

Loss before income taxes		$(196,859)		$(295,613)

Income tax expense		—		(163)

Net loss		$(196,859)		$(295,776)

Net loss attributable to non-controlling interest		(203)		—

Net loss attributable to Plug Power Inc.		$(196,656)		$(295,776)

Net loss per share attributable to Plug Power Inc.:
Basic and diluted		$(0.21)		$(0.46)

Weighted average number of common stock outstanding		945,767,987		641,256,134

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.