PLUG POWER INC
For the period ended Jun 30, 2025. Filed Aug 11, 2025.
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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.
Jun 30, 2025 · Filed Aug 11, 2025
PLUG$1.45+7.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-12.
0001558370-25-007412
Item 2. – Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-11.
0001558370-25-011072
Item 2. – Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 142 previous paragraphs and 172 current paragraphs.
48 unchanged; 76 reworded; 36 added; 11 removed; 7 previous and 12 current paragraphs rearranged.
Tables are not compared: 69 previous and 72 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (36)
Current report
Revenue from sales of equipment, related infrastructure and other for the six months ended June 30, 2025 increased $17.6 million, or 12.1%, to $162.7 million from $145.1 million for the six months ended June 30, 2024. Revenue from sales of electrolyzers increased $37.7 million primarily due to an increase in volume of electrolyzer systems for which revenue was recognized. In addition, the increase in revenue related to sales of fuel cell systems of $0.1 million was primarily due to the increase in volume of GenSure units sold discussed above, partially offset by a decrease in volume of GenDrive units sold during the six months ended June 30, 2025. Partially offsetting these increases in revenue, the decrease in revenue from sales of hydrogen infrastructure of $8.3 million was primarily due to volume, with four hydrogen site installations during the six months ended June 30, 2025 compared to eight during the six months ended June 30, 2024.
Current report
Revenue from services performed on fuel cell systems and related infrastructure for the six months ended June 30, 2025 increased $7.1 million, or 27.6%, to $33.2 million from $26.1 million for the six months ended June 30, 2024. The increase in revenue from services performed on fuel cell systems and related infrastructure was related to the increase in number of units in service and increases in service rates during the six months ended June 30, 2025 compared to the six months ended June 30, 2024, as discussed above, coupled with an increase in service rates negotiated with certain customers. Included in the change described above, the provision for common stock warrants recorded as a reduction of revenue from services performed on fuel cell systems and related infrastructure increased to $2.9 million during the six months ended June 30, 2025 compared to $1.0 million during the six months ended June 30, 2024.
Current report
Revenue from PPAs for the six months ended June 30, 2025 increased $8.8 million, or 23.3%, to $46.8 million from $38.0 million for the six months ended June 30, 2024. The increase in revenue was a result of an increase in pricing rates during the first half of 2025 compared to the first half of 2024, partially offset by an increase in the provision for common stock warrants. Included in the change described above, the provision for common stock warrants recorded as a reduction of revenue from PPAs increased to $4.4 million during the six months ended June 30, 2025 compared to $2.8 million during the six months ended June 30, 2024.
Current report
fuel delivered to customers and related equipment increased to $4.6 million for the three months ended June 30, 2025 compared to $2.9 million for the three months ended June 30, 2024.
Current report
Revenue from fuel delivered to customers and related equipment during the six months ended June 30, 2025 increased $15.7 million, or 32.6%, to $63.9 million from $48.2 million during the six months ended June 30, 2024. The increase in revenue was primarily due to increased fuel prices negotiated with certain customers and an increase in volume of fuel kilograms sold, partially offset by an increase in the provision for common stock warrants. Included in the change described above, the provision for common stock warrants recorded as a reduction of revenue from fuel delivered to customers and related equipment increased to $9.1 million for the six months ended June 30, 2025 compared to $3.6 million for the six months ended June 30, 2024.
Current report
Cost of revenue from services performed on fuel cell systems and related infrastructure during the six months ended June 30, 2025 decreased $2.2 million, or 8.4%, to $24.5 million from $26.7 million during the six months ended June 30, 2024. The decrease in cost of revenue was primarily due to improved performance of our units, which resulted in a reduced parts usage and reduced labor costs at customer sites. Gross margin increased to 26.4% for the six months ended June 30, 2025 compared to gross loss of (2.4%) for the six months ended June 30, 2024. The increase in gross margin was primarily due to increase in service rates negotiated with certain customers as well as the decreases in cost of revenue described above.
Current report
The Company recorded a benefit for loss contracts related to service of $1.9 million during the six months ended June 30, 2025 compared to a provision for loss contracts related to service of $32.2 million during the six months ended June 30, 2024. The Company recorded a benefit primarily due to reductions in cost to service our GenDrive units and improvements on forecasted future costs.
Current report
Cost of revenue from fuel delivered to customers during the six months ended June 30, 2025 increased $8.1 million, or 6.9%, to $125.0 million from $116.9 million during the six months ended June 30, 2024. The increase was primarily due to increased costs of purchased fuel as well as an increase in volume of fuel delivered to customers. Gross loss decreased to (95.7%) during the six months ended June 30, 2025 compared to (142.6%) during the six months ended June 30, 2024. The decrease in gross loss was primarily due to increased fuel prices negotiated with certain customers.
Current report
Research and development expense for the six months ended June 30, 2025 decreased $14.6 million, or 33.2%, to $29.6 million from $44.2 million for the six months ended June 30, 2024. The decrease was primarily related to headcount reductions related to the 2025 Restructuring Plan, a decrease in stock compensation and a decrease in system and component materials.
Current report
Selling, general and administrative expenses for the six months ended June 30, 2025 increased $5.6 million, or 3.5%, to $168.7 million from $163.1 million for the six months ended June 30, 2024. The increase was primarily due to an increase in contract exit costs and bad debt expenses, partially offset by a decrease in stock compensation.
Current report
Restructuring. Expenses related to restructuring activities for the three months ended June 30, 2025 increased $1.4 million, or 82.0%, to $3.0 million from $1.6 million for the three months ended June 30, 2024. The increase was due
Current report
Impairment. Impairment for the three months ended June 30, 2025 increased $16.7 million, or 423.2%, to $20.6 million from $3.9 million for the three months ended June 30, 2024. The increase was primarily related to the Company recording impairment charges of $11.2 million related to the strategic exit of material handling investments at customer sites impacting equipment related to power purchase agreements and fuel delivered to customers, net. In addition, the Company recorded impairment charges of $9.4 million related to the Company’s property, plant and equipment, net during the three months ended June 30, 2025.
Current report
Impairment for the six months ended June 30, 2025 increased $17.5 million, or 413.2%, to $21.7 million from $4.2 million for the six months ended June 30, 2024. The increase was primarily related to the Company recording impairment charges of $11.2 million related to the strategic exit of material handling investments at customer sites impacting equipment related to power purchase agreements and fuel delivered to customers, net. In addition, the Company recorded impairment charges of $10.5 million related to the Company’s property, plant and equipment, net during the six months ended June 30, 2025.
Current report
Interest expense for the six months ended June 30, 2025 increased $6.6 million compared to the six months ended June 30, 2024. The increase was primarily due to interest expense incurred related to the 6.00% Convertible Debenture, which was entered into during the fourth quarter of 2024, as well as the 15.00% Secured Debenture noted above.
Current report
Change in fair value of debt. Change in fair value of debt consists of gains/(losses) that arise from the changes in fair value of the Company’s 15.00% Secured Debenture. During the three and six months ended June 30, 2025, the Company recorded a loss on change in fair value of convertible debenture of ($3.4) million compared to a change in fair value of convertible debenture of $0 for the three and six months ended June 30, 2024 as the 15.00% Secured Debenture originated during the second quarter of 2025.
Current report
For the six months ended June 30, 2025, the Company recorded a loss of $48.2 million on equity method investments compared to a loss of $20.4 million for the six months ended June 30, 2024. The increase in loss on equity method investments was primarily due to the Company recording an other-than-temporary impairment loss of $42.5 million related to the Company’s investment in one of its equity method investments due to a decline in market conditions. The increase in loss on equity method investments was partially offset by the Company recording no losses related to HyVia during the six months ended June 30, 2025 as the joint venture entered into receivership proceedings during the fourth quarter of 2024.
Current report
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted into law, modifying various federal clean energy tax provisions of the Inflation Reduction Act of 2022 (the “IRA”), including the allowance of immediate expensing of qualifying research and development expenses and permanent extensions of certain provisions within the Tax Cuts and Jobs Act of 2017. The most significant impacts of the OBBBA to the Company are related to Section 45V Credit for Production of Clean Hydrogen, which will be available for clean hydrogen facilities beginning construction before January 1, 2028 and the Section 48E Investment Tax Credit which provides for a 30% investment tax credit for “qualified fuel cell property” from 2026 to 2032. The Company is evaluating the provisions of the OBBBA and its impact on its business.
Current report
On July 8, 2025, the Company issued to Yorkville the 15.00% Secured Debenture Warrant to purchase 31,500,000 shares of common stock. As discussed in Note 8, “Long Term Debt”, on the date of the funding of the initial tranche of the 15.00% Secured Debenture, the Company recorded the 15.00% Secured Debenture Warrant to equity at a fair value of $6.1 million. The 15.00% Secured Debenture Warrant was accounted for as permanent equity in accordance with ASC 815,Derivatives and Hedging (“ASC 815”), and was recorded at fair value at inception. The fair value of the warrant was determined using a Black-Scholes Option pricing model, with each scenario weighted based on the probability the warrant will become issuable. The 15.00% Secured Debenture Warrant was recorded to equity at the fair value of $6.1 million on the date of the funding of the initial tranche of the 15.00% Secured Debenture under the Secured Debenture Purchase Agreement.
Current report
The assumptions used to calculate the valuation of the 15.00% Secured Debenture Warrant as of May 5, 2025 were as follows:
Current report
The fair value per share of the 15.00% Secured Debenture Warrant as of May 5, 2025 was approximately $0.19.
Current report
March 2025 Offering
Current report
As of the issuance date, the common stock was valued at $73.5 million based on the Company’s stock price.
Current report
The Pre-Funded Warrants and Common Warrants were valued at $219.4 million and $162.5 million, respectively, using the following Black-Scholes assumptions:
Current report
On May 5, 2025, the Company issued the initial tranche of the 15.00% Secured Debenture in the aggregate principal amount of $210.0 million pursuant to the Secured Debenture Purchase Agreement with Yorkville for a purchase price of $199.5 million with a discount of $10.5 million. The 15.00% Secured Debenture was issued in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). The initial tranche of the 15.00% Secured Debenture is subject to an amortization schedule which is scheduled to result in payment in full on April 30, 2027; however, Yorkville is permitted to defer amortization payments under the Secured Debenture Purchase Agreement, in which case such deferred amortization payments will be paid on the final maturity date of May 1, 2028. Under the Secured Debenture Purchase Agreement, Yorkville is committed to purchase a second tranche of the 15.00% Secured Debenture in an aggregate principal amount of up to $105.0 million for a purchase price of $99.8
Current report
In connection with the closing of the Secured Debenture Purchase Agreement, within five days of the date on which the Company obtains stockholder approval to increase the number of its authorized shares of common stock or to complete a reverse stock split, the Company agreed to issue to Yorkville the 15.00% Secured Debenture Warrant to purchase 31,500,000 shares of common stock. The 15.00% Secured Debenture Warrant was recorded to equity at a fair value of $6.1 million on the date of the funding of the initial tranche of the 15.00% Secured Debenture under the Secured Debenture Purchase Agreement. The Company issued the 15.00% Secured Debenture Warrant on July 8, 2025. Refer to Note 11, “Stockholders’ Equity”, and Note 21, “Subsequent Events”, for further information.
Current report
As of June 30, 2025, the 15.00% Secured Debenture was comprised of $64.0 million of the current portion of long-term debt and $133.9 million of long-term debt on the unaudited condensed consolidated balance sheet. Within the current portion of long-term debt and long-term debt, $0.9 million and $1.4 million was related to other debt as of June 30, 2025, respectively.
Current report
As of June 30, 2025, the outstanding principal on the debt was $210.0 million and was due monthly during each of the following years ended (in thousands):
Current report
The following table summarizes the total interest expense and effective interest rate related to the 15.00% Secured Debenture during the three months ended June 30, 2025 (in thousands, except for the effective interest rate):
Current report
The Company incurred losses on extinguishment of convertible debt instruments and debt of $5.4 million during the three months ended June 30, 2025, of which $2.9 million was due to loss on settlement of principal, as noted above, and $2.5 million was due to a premium cost. The Company incurred losses on extinguishment of convertible debt instruments and debt of $9.1 million during the six months ended June 30, 2025, of which $5.3 million was due to loss on settlement of principal, as noted above, and $3.8 million was due to a premium cost.
Current report
The following table summarizes the total interest expense and effective interest rate related to the 6.00% Convertible Debenture during the three and six months ended June 30, 2025 (in thousands, except for the effective interest rate):
Current report
As of June 30, 2025, the 7.00% Convertible Senior Notes were recorded in the current portion of convertible debt instruments, net in the unaudited interim condensed balance sheet.
Current report
During the three months ended June 30, 2025, the Company paid cash of $59.6 million, which included $58.5 million to retire the remaining outstanding principal and $1.1 million to pay the accrued interest, on the 3.75% Convertible Senior Notes due June 1, 2025 (the “3.75% Convertible Senior Notes”).
Current report
The Company is renegotiating a supplier arrangement and expects that it will pay a fee in connection with such renegotiation. In connection, the Company has recorded approximately $12.0 million to the selling, general and administrative line in the unaudited interim condensed consolidated statements of operations during the six months ended June 30, 2025.
Current report
The Company recorded a benefit for loss accrual during the six months ended June 30, 2025 primarily due to reductions in cost to service our GenDrive units and improvements on forecasted future costs.
Current report
In May 2025, Accounting Standards Update 2025-04 (“ASU 2025-04”),Clarifications to Share-Based Consideration Payable to a Customer, was issued to reduce diversity in practice and improve the decision usefulness and operability of the guidance for share-based consideration payable to a customer in conjunction with selling goods or services. This standard is effective for annual periods, including interim reporting periods within annual reporting periods, beginning after December 15, 2026 with early adoption permitted. The Company has not yet adopted ASU 2025-04 and is still evaluating the impact of the adoption on its unaudited interim condensed consolidated financial statements.
Current report
In July 2025, Accounting Standards Update 2025-05 (“ASU 2025-05”),Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, was issued to address challenges encountered when applying the guidance in Topic 326 to current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. This standard introduces a practical expedient for entities that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. This standard is effective for annual periods, including interim reporting periods within annual reporting periods, beginning after December 15, 2025 with early adoption permitted. The Company has not yet adopted ASU 2025-05 and is still evaluating the impact of the adoption on its unaudited interim condensed consolidated financial statements.
Removed paragraphs (11)
Previous report
Progen: Progen is our fuel cell stack and engine technology currently used globally in mobility and stationary fuel cell systems. This includes Plug’s membrane electrode assembly, a critical component of the fuel cell stack used in zero-emission fuel cell systems.
Previous report
related infrastructure and other decreased to $0.9 million for the three months ended March 31, 2025 compared to $2.3 million for the three months ended March 31, 2024.
Previous report
The cost of revenue related to sales of hydrogen infrastructure decreased $10.4 million primarily due to the decrease in the number of hydrogen site installations, with one hydrogen site installation during the three months ended March 31, 2025 compared to three during the three months ended March 31, 2024. Included in cost of revenue related to sales of hydrogen infrastructure were inventory valuation adjustments of $0.3 million during the three months ended March 31, 2025 compared to $1.4 million during the three months ended March 31, 2024.
Previous report
Gross loss generated from sales of equipment, related infrastructure and other decreased to (17.4%) for the three months ended March 31, 2025 compared to (97.9%) for the three months ended March 31, 2024. The decrease in gross loss was primarily due to customer mix and the decrease in inventory valuation adjustments described above.
Previous report
Impairment. Impairment for the three months ended March 31, 2025 increased $0.8 million, or 274.6%, to $1.1 million from $0.3 million for the three months ended March 31, 2024. The increase was primarily related to the Company recording a higher impairment charge on long-lived assets due to the cancellation of certain projects during the three months ended March 31, 2025.
Previous report
The Debenture Purchase Agreement provides that Yorkville may convert all or any portion of the principal amount of the 6.00% Convertible Debenture, together with any accrued and unpaid interest thereon, at an initial conversion price of $2.90 (the “Fixed Price”), representing a conversion premium of 146% to the last reported sale price of the Company’s common stock on November 11, 2024. The Fixed Price is subject to adjustment in certain circumstances including if the Company issues shares of common stock at price per share that is less than the Fixed Price or certain convertible securities with a conversion price that is less than the Fixed Price (the “Dilutive Price”), in which case the Fixed Price would be adjusted to equal the Dilutive Price, subject to certain exceptions. On March 20, 2025, the Company issued shares of common stock at a price of $1.51 in the Offering, which reduced the Fixed Price of the 6.00% Convertible Debenture from $2.90 to a Dilutive Price of $1.51. Refer to Note 11, “Stockholders’ Equity”, and Note 21, “Subsequent Events”, for additional information.
Previous report
The Company incurred losses on extinguishment of convertible debt instruments and debt of $3.7 million during the three months ended March 31, 2025, of which $2.4 million was due to the difference between the carrying amount of the 6.00% Convertible Debenture and principal settled in cash, as noted above, and $1.3 million was due to a premium cost on the principal settled in cash of the 6.00% Convertible Debenture.
Previous report
The following table summarizes the total interest expense and effective interest rate related to the 6.00% Convertible Debenture for the three months ended March 31, 2025 (in thousands, except for the effective interest rate):
Previous report
The determination of when we accrue for involuntary termination benefits under restructuring plans depends on whether the termination benefits are provided under an ongoing benefit arrangement or under a one-time benefit arrangement. We account for involuntary termination benefits that are provided pursuant to one-time benefit arrangements in accordance with ASC 420,Exit or Disposal Cost Obligations(“ASC 420”) whereas involuntary termination benefits that are part of an ongoing written or substantive plan are accounted for in accordance with ASC 712,Nonretirement Postemployment Benefits(“ASC 712”). We accrue a liability for termination benefits under ASC 420 in the period in which the plan is communicated to the employees and the plan is not expected to change significantly. For ongoing benefit arrangements, inclusive of statutory requirements, we accrue a liability for termination benefits under ASC 712 when the existing situation or set of circumstances indicates that an obligation has been incurred, it is probable the benefits will be paid, and the amount can be reasonably estimated. The restructuring charges that have been incurred but not yet paid are recorded in accrued expenses and other current liabilities in our unaudited interim condensed consolidated balance sheets, as they are expected to be paid within the next twelve months.
Previous report
Product Warranty Reserve
Previous report
On a quarterly basis, we evaluate our product warranty reserve. The Company applies a failure rate based on product type on a contract-by-contract basis to determine its product warranty reserve liability. The Company’s product warranty reserve liability balance as of March 31, 2025 and December 31, 2024 was $12.4 million and $12.1 million, respectively.
Reworded paragraphs (76)
Previous wording
The following discussion should be read in conjunction with our accompanying unaudited interim condensed consolidated financial statements and notes thereto included within this Quarterly Report on Form 10-Q, and our audited and notes thereto included in our 2024 Form 10-K. In addition to historical information, this Quarterly Report on Form 10-Q and the following discussion contain statements that are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act, and Section 21E of the Exchange Act. These forward-looking statements contain projections of our future results of operations or of our financial position or state other forward-looking information. In some cases, you can identify these statements by forward-looking words such as “anticipate”, “believe”, “could”, “continue”, “estimate”, “expect”, “forecast”, “intend”, “may”, “should”, “will”, “would”, “plan”, “potential”, “project” or the negative of such words or other similar words or phrases. We believe that it is important to communicate our future expectations to our investors. However, there may be events in the future that we are not able to accurately predict or control and that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. Investors are cautioned not to unduly rely on forward-looking statements because they involve risks and uncertainties, and actual results may differ materially from those discussed as a result of various factors, including, but not limited to:
Current wording
The following discussion should be read in conjunction with our accompanying unaudited interim condensed consolidated financial statements and notes thereto included within this Quarterly Report on Form 10-Q, and our audited consolidated financial statements and notes thereto included in our 2024 Form 10-K. In addition to historical information, this Quarterly Report on Form 10-Q and the following discussion contain statements that are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act, and Section 21E of the Exchange Act. These forward-looking statements contain projections of our future results of operations or of our financial position or state other forward-looking information. In some cases, you can identify these statements by forward-looking words such as “anticipate,” “believe,” “could,” “continue,” “estimate,” “expect,” “forecast,” “intend,” “may,” “should,” “will,” “would,” “plan,” “potential,” “project” or the negative of such words or other similar words or phrases. We believe that it is important to communicate our future expectations to our investors. However, there may be events in the future that we are not able to accurately predict or control and that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. Investors are cautioned not to unduly rely on forward-looking statements because they involve risks and uncertainties, and actual results may differ materially from those discussed as a result of various factors, including, but not limited to:
Previous wording
The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance, including factors and risks discussed in the section titled “Risk Factors” included under Part I, Item 1A, in our 2024 Form 10-K and supplemented by Part II, Item 1A of this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time, and it is not possible for management to predict all such risk factors, nor can we assess the impact of all such risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from these contained in any forward-looking statements. While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. These forward-looking statements speak only as of the date on which the statements were made. Except as may be required by applicable law, we do not undertake or intend to update any forward-looking statements after the date of this Quarterly Report on Form 10-Q.
Current wording
The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance, including factors and risks discussed in the section titled “Risk Factors” included under Part I, Item 1A, in our 2024 Form 10-K and supplemented by Part II, Item 1A of the Quarterly Report on Form 10-Q for the quarter ended March 31, 2025. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time, and it is not possible for management to predict all such risk factors, nor can we assess the impact of all such risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from these contained in any forward-looking statements. While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. These forward-looking statements speak only as of the date on which the statements were made. Except as may be required by applicable law, we do not undertake or intend to update any forward-looking statements after the date of this Quarterly Report on Form 10-Q.
Previous wording
While we continue to develop commercially viable hydrogen and fuel cell product solutions, we have expanded our offerings to support a variety of commercial operations that can be powered with clean hydrogen. We provide electrolyzers that allow customers — such as refineries, producers of chemicals, steel, fertilizer and commercial refueling stations — to generate hydrogen on-site. We are focusing our efforts on (a) industrial mobility applications, including electric forklifts and electric industrial vehicles, at multi-shift high volume manufacturing and high throughput distribution sites where we believe our products and services provide a unique combination of productivity, flexibility, and environmental benefits; (b) production of hydrogen; and (c) stationary power systems that will support critical operations, such as data centers, microgrids, and generation facilities, in either a backup power or continuous power role, and replace batteries, diesel generators or the grid for telecommunication logistics, transportation, and utility customers. Plug expects to support these products and customers with an ecosystem of vertically integrated products that produce, transport, store and handle, dispense, and use hydrogen for mobility and power applications.
Current wording
While we continue to develop commercially viable hydrogen and fuel cell product solutions, we have expanded our offerings to support a variety of commercial operations that can be powered with clean hydrogen. We provide electrolyzers that allow customers — such as refineries, producers of chemicals, steel, fertilizer and commercial refueling stations — to generate hydrogen on-site. We are focusing our efforts on (a) industrial mobility applications, including electric forklifts and electric industrial vehicles, at multi-shift high volume manufacturing and high throughput distribution sites where we believe our products and services provide a unique combination of productivity, flexibility, and environmental benefits; and (b) production of hydrogen. Plug expects to support these products and customers with an ecosystem of vertically integrated products that produce, transport, store and handle, dispense, and use hydrogen for mobility and power applications.
Previous wording
GenSure: GenSure is our stationary fuel cell solution providing scalable, modular PEM fuel cell power to support the backup and grid-support power requirements of the telecommunications, transportation, and utility sectors; our GenSure High Power Fuel Cell Platform supports large scale stationary power and data center markets.
Current wording
GenSure: GenSure is our stationary fuel cell solution providing scalable, modular PEM fuel cell power to support applications on both a small and large power scale. For smaller applications, Plug’s Low Power GenSure supports backup and grid-support application of the telecommunications, transportation, and utility sectors. Our High Power GenSure product line supports large scale stationary power, EV charging infrastructure, and data center markets.
Previous wording
GenCare: GenCare is our ongoing “Internet of Things”-based maintenance and on-site service program for GenDrive fuel cell systems, GenSure fuel cell systems, GenFuel hydrogen storage and dispensing products and Progen fuel cell engines.
Current wording
GenCare: GenCare is our ongoing “Internet of Things”-based maintenance and on-site service program for GenDrive fuel cell systems, GenSure fuel cell systems and GenFuel hydrogen storage and dispensing products.
Previous wording
Electrolyzers: The design and implementation of 5MW and 10MW electrolyzer systems that are modular, scalable hydrogen generators optimized for clean hydrogen production. Electrolyzers generate hydrogen from water using electricity and a special membrane and “green” hydrogen is generated by using renewable energy inputs, such as solar or wind power.
Current wording
GenEco Electrolyzers: The design and implementation of 5MW and 10MW electrolyzer systems that are modular, scalable hydrogen generators optimized for clean hydrogen production. Electrolyzers generate hydrogen from water using electricity and a special membrane and “green” hydrogen is generated by using renewable energy inputs, such as solar or wind power.
Previous wording
Currently, we manufacture and/or assemble our products at our manufacturing facilities in Latham, New York; Rochester, New York; Slingerlands, New York; Houston, Texas; and Lafayette, Indiana; and have an expanded customer service center in Dayton, Ohio. In addition, we have hydrogen production plants in Charleston, Tennessee; Kingsland, Georgia; and St. Gabriel, Louisiana.
Current wording
Currently, we manufacture and/or assemble our products at our manufacturing facilities in Rochester, New York; Slingerlands, New York; Houston, Texas; and Lafayette, Indiana; and have an expanded customer service center in Dayton, Ohio. In addition, we have hydrogen production plants in Charleston, Tennessee; Kingsland, Georgia; and St. Gabriel, Louisiana.
Previous wording
Our primary sources of revenue are from sales of equipment, related infrastructure and other, services performed on fuel cell systems and related infrastructure, power purchase agreements, and fuel delivered to customers and related equipment. A certain portion of our sales result from acquisitions in legacy markets, which we are working to transition to renewable solutions. Revenue from sales of equipment, related infrastructure and other represents sales of our GenDrive units, GenSure stationary backup power units, cryogenic stationary and on road storage, hydrogen liquefaction systems, electrolyzers and hydrogen fueling infrastructure. Revenue from services performed on fuel cell systems and related infrastructure represents revenue earned on our service and maintenance contracts and sales of spare parts. Revenue from power purchase agreements primarily represent payments received from customers who make monthly payments to access the Company’s GenKey solution. Revenue associated with fuel delivered to customers and related equipment represents the sale of hydrogen to customers that has been purchased by the Company from a third party or generated at our hydrogen production plants.
Current wording
Our primary sources of revenue are from sales of equipment, related infrastructure and other, services performed on fuel cell systems and related infrastructure, power purchase agreements, and fuel delivered to customers and related equipment. A certain portion of our sales result from acquisitions in legacy markets, which we are working to transition to renewable solutions. Revenue from sales of equipment, related infrastructure and other represents sales of our GenDrive units, GenSure stationary backup power units, cryogenic delivery and storage, hydrogen liquefaction systems, electrolyzers and hydrogen fueling infrastructure. Revenue from services performed on fuel cell systems and related infrastructure represents revenue earned on our service and maintenance contracts and sales of spare parts. Revenue from power purchase agreements primarily represent payments received from customers who make monthly payments to access the Company’s GenKey solution. Revenue associated with fuel delivered to customers and related equipment represents the sale of hydrogen to customers that has been purchased by the Company from a third party or generated at our hydrogen production plants.
Previous wording
In 2017, in separate transactions, the Company issued a warrant to each of Amazon and Walmart to purchase up to 55,286,696 shares of the Company’s common stock, subject to certain vesting events described below under “Common Stock Transactions – Amazon Transaction Agreement in 2017” and “Common Stock Transactions – Walmart Transaction Agreement”. The Company recorded a portion of the estimated fair value of the warrants as a reduction of revenue based upon the projected number of shares of common stock expected to vest under the warrants, the proportion of purchases by
Current wording
In 2017, in separate transactions, the Company issued a warrant to each of Amazon and Walmart to purchase up to 55,286,696 shares of the Company’s common stock, subject to certain vesting events described below under “Common Stock Transactions – Amazon Transaction Agreement in 2017” and “Common Stock Transactions – Walmart Transaction Agreement”. The Company recorded a portion of the estimated fair value of the warrants as a reduction of revenue based upon the projected number of shares of common stock expected to vest under the warrants, the proportion of purchases by Amazon, Walmart and their affiliates within the period relative to the aggregate purchase levels required for vesting of the respective warrants, and the then-current fair value of the warrants.
Previous wording
The amount of provision for the Amazon and Walmart warrants recorded as a reduction of revenue during the three months ended March 31, 2025 and 2024, respectively, is shown in the table below (in thousands):
Current wording
The amount of provision for the Amazon and Walmart warrants recorded as a reduction of revenue during the three and six months ended June 30, 2025 and 2024, respectively, is shown in the table below (in thousands):
Previous wording
Net revenue, cost of revenue, gross profit/(loss) and gross margin/(loss) for the three months ended March 31, 2025 and 2024 were as follows (in thousands):
Current wording
Net revenue, cost of revenue, gross profit/(loss) and gross margin/(loss) during the three and six months ended June 30, 2025 and 2024 were as follows (in thousands):
Previous wording
Revenue – sales of equipment, related infrastructure and other. Revenue from sales of equipment, related infrastructure and other represents sales of our GenDrive units, GenSure stationary backup power units, cryogenic delivery and storage, hydrogen liquefaction systems, electrolyzers and hydrogen fueling infrastructure (referred to at the site level as hydrogen installations). Revenue from sales of equipment, related infrastructure and other for the three months ended March 31, 2025 decreased $4.8 million, or 7.0%, to $63.5 million from $68.3 million for the three months ended March 31, 2024. Primarily contributing to the decrease in revenue was a decrease in sales of hydrogen infrastructure, sales of cryogenic equipment and liquefiers, sales of fuel cell systems and sales of engineered oil and gas equipment, partially offset by an increase in sales of electrolyzers. The decrease in revenue from sales of hydrogen infrastructure of $6.6 million was due to volume with one hydrogen site installation for the three months ended March 31, 2025 compared to three for the three months ended March 31, 2024. Additionally, there was a decrease of $2.7 million related to the sales of engineered oil and gas equipment from the Frames acquisition, for which sales are not expected to continue beyond current commitments. The decrease in revenue related to sales of fuel cell systems of $2.3 million was primarily due to a decrease in volume of GenDrive units sold, with 848 units sold for the three months ended March 31, 2025 compared to 1,298 units sold for the three months ended March 31, 2024. Additionally, revenue from sales of cryogenic equipment and liquefiers decreased $1.0 million for the three months ended March 31, 2025 primarily due to a slower rate of progress on existing liquefier projects as they near completion compared to the three months ended March 31, 2024, partially offset by a favorable product mix with respect to cryogenic equipment. Partially offsetting these decreases, revenue from sales of electrolyzers increased $7.9 million primarily due to progress on an existing electrolyzer project. Included in the changes described above, the provision for common stock warrants recorded as a reduction of revenue from sales of equipment,
Current wording
Revenue – sales of equipment, related infrastructure and other. Revenue from sales of equipment, related infrastructure and other represents sales of our GenDrive units, GenSure stationary backup power units, cryogenic delivery and storage, hydrogen liquefaction systems, electrolyzers and hydrogen fueling infrastructure (referred to at the site level as hydrogen installations). Revenue from sales of equipment, related infrastructure and other for the three months ended June 30, 2025 increased $22.4 million, or 29.2%, to $99.2 million from $76.8 million for the three months ended June 30, 2024. Primarily contributing to the increase in revenue was an increase in sales of electrolyzers systems globally. Revenue from sales of electrolyzers increased $29.8 million primarily due to an increase in volume of electrolyzer systems for which revenue was recognized. The increase in revenue related to sales of fuel cell systems of $2.4 million was primarily due to an increase in volume of GenSure units sold, with 133 units sold during the three months ended June 30, 2025 compared to 67 units sold during the three months ended June 30, 2024. Partially offsetting these increases in revenue, there was a decrease in revenue from sales of hydrogen infrastructure of $1.6 million due to volume, with three hydrogen site installations during the three months ended June 30, 2025 compared to five during the three months ended June 30, 2024. Additionally, there was a decrease of $4.1 million related to the sales of engineered oil and gas equipment from the Frames acquisition, for which sales are not expected to continue beyond current commitments. Additionally, revenue from sales of cryogenic equipment and liquefiers decreased $4.1 million during the three months ended June 30, 2025 primarily due to product mix with respect to cryogenic equipment and fewer existing liquefier projects compared to the three months ended June 30, 2024. Included in the changes described above, the provision for common stock warrants recorded as a reduction of revenue from sales of equipment, related infrastructure and other increased to $1.3 million for the three months ended June 30, 2025 compared to $0.7 million for the three months ended June 30, 2024.
Previous wording
The cost of revenue related to sales of cryogenic equipment and liquefiers decreased $5.2 million during the three months ended March 31, 2025 primarily due to a slower rate of progress on existing liquefier projects as they near completion compared to the three months ended March 31, 2024, partially offset by a favorable product mix with respect to cryogenic equipment. Included in cost of revenue related to sales of cryogenic equipment and liquefiers were inventory valuation adjustments of $0.9 million during the three months ended March 31, 2025 compared to $1.5 million during the three months ended March 31, 2024.
Current wording
Additionally, there was a decrease of $6.8 million related to the sales of engineered oil and gas equipment from the Frames acquisition, for which sales are not expected to continue beyond current commitments. Additionally, revenue from sales of cryogenic equipment and liquefiers decreased $5.1 million during the six months ended June 30, 2025 primarily due to a slower rate of progress on existing liquefier projects as they near completion compared to the six months ended June 30, 2024. Included in the changes described above, the provision for common stock warrants recorded as a reduction of revenue from sales of equipment, related infrastructure and other decreased to $2.2 million for the six months ended June 30, 2025 compared to $2.9 million for the six months ended June 30, 2024.
Previous wording
Revenue – services performed on fuel cell systems and related infrastructure. Revenue from services performed on fuel cell systems and related infrastructure represents revenue earned on our service and maintenance contracts and sales of spare parts. Revenue from services performed on fuel cell systems and related infrastructure for the three months ended March 31, 2025 increased $3.9 million, or 29.6%, to $16.9 million from $13.0 million for the three months ended March 31, 2024. The increase in revenue from services performed on fuel cell systems and related infrastructure was primarily due to the increase in pricing of our service agreements and aftermarket sales, partially offset by an increase in the provision for common stock warrants. In addition, the average number of GenDrive units under maintenance contracts during the three months ended March 31, 2025 increased to 23,225 compared to 21,948 during the three months ended March 31, 2024. Included in the change described above, the provision for common stock warrants recorded as a reduction of revenue from services performed on fuel cell systems and related infrastructure increased to $1.7 million during the three months ended March 31, 2025 compared to $0.4 million during the three months ended March 31, 2024.
Current wording
Revenue – services performed on fuel cell systems and related infrastructure. Revenue from services performed on fuel cell systems and related infrastructure represents revenue earned on our service and maintenance contracts and sales of spare parts. Revenue from services performed on fuel cell systems and related infrastructure for the three months ended June 30, 2025 increased $3.4 million, or 25.6%, to $16.4 million from $13.0 million for the three months ended June 30, 2024. The increase in revenue from services performed on fuel cell systems and related infrastructure was primarily due to increase in service rates negotiated with certain customers. In addition, the average number of GenDrive units under maintenance contracts during the three months ended June 30, 2025 increased to 23,846 compared to 21,940 during the three months ended June 30, 2024. Included in the change described above, the provision for common stock warrants recorded as a reduction of revenue from services performed on fuel cell systems and related infrastructure increased to $1.3 million during the three months ended June 30, 2025 compared to $0.5 million during the six months ended June 30, 2024.
Previous wording
Revenue – power purchase agreements. Revenue from Power Purchase Agreements (“PPAs”) represents payments received from customers for power generated through the provision of equipment and service. Revenue from PPAs for the three months ended March 31, 2025 increased $4.9 million, or 26.8%, to $23.2 million from $18.3 million for the three months ended March 31, 2024. The increase in revenue was a result of an increase in pricing rates during the first quarter of 2025 compared to the first quarter of 2024, partially offset by an increase in the provision for common stock warrants. Included in the change described above, the provision for common stock warrants recorded as a reduction of revenue from PPAs increased to $2.1 million during the three months ended March 31, 2025 compared to $1.1 million during the three months ended March 31, 2024.
Current wording
Revenue – power purchase agreements. Revenue from Power Purchase Agreements (“PPAs”) represents payments received from customers for power generated through the provision of equipment and service. Revenue from PPAs for the three months ended June 30, 2025 increased $3.9 million, or 20.1%, to $23.6 million from $19.7 million for the three months ended June 30, 2024. The increase in revenue was a result of an increase in pricing rates during the second quarter of 2025 compared to the second quarter of 2024, partially offset by an increase in the provision for common stock warrants. Included in the change described above, the provision for common stock warrants recorded as a reduction of revenue from PPAs increased to $2.2 million during the three months ended June 30, 2025 compared to $1.7 million during the three months ended June 30, 2024.
Previous wording
Revenue – fuel delivered to customers and related equipment. Revenue from fuel delivered to customers and related equipment represents the sale of hydrogen that has been purchased by the Company from a third party or generated at our hydrogen production plants. Revenue from fuel delivered to customers and related equipment during the three months ended March 31, 2025 increased $11.2 million, or 61.1%, to $29.5 million from $18.3 million during the three months ended March 31, 2024. The increase in revenue was primarily due to increased fuel prices negotiated with certain customers during the second quarter of 2024. Included in the change described above, the provision for common stock warrants recorded as a reduction of revenue from fuel delivered to customers and related equipment increased to $4.4 million for the three months ended March 31, 2025 compared to $0.7 million for the three months ended March 31, 2024.
Current wording
Revenue – fuel delivered to customers and related equipment. Revenue from fuel delivered to customers and related equipment represents the sale of hydrogen that has been purchased by the Company from a third party or generated at our hydrogen production plants. Revenue from fuel delivered to customers and related equipment during the three months ended June 30, 2025 increased $4.5 million, or 15.1%, to $34.4 million from $29.9 million during the three months ended June 30, 2024. The increase in revenue was primarily due to increased fuel prices negotiated with certain customers and an increase in volume of fuel kilograms sold, partially offset by an increase in the provision for common stock warrants. Included in the change described above, the provision for common stock warrants recorded as a reduction of revenue from
Previous wording
*Cost of revenue – sales of equipment, related infrastructure and other.*Cost of revenue from sales of equipment, related infrastructure and other includes direct materials, labor costs, and allocated overhead costs related to the manufacture of our fuel cells such as GenDrive units and GenSure stationary back-up power units, cryogenic delivery and storage, hydrogen liquefaction systems, electrolyzers and hydrogen fueling infrastructure (referred to at the site level as hydrogen installations). Cost of revenue from sales of equipment, related infrastructure and other during the three months ended March 31, 2025 decreased $60.5 million, or 44.8%, to $74.6 million from $135.1 million during the three months ended March 31, 2024. Primarily contributing to the decrease in cost of revenue was a decrease in sales of sales of fuel cell systems, sales of electrolyzers, hydrogen infrastructure, sales of cryogenic equipment and liquefiers and inventory valuation adjustments.
Current wording
*Cost of revenue – sales of equipment, related infrastructure and other.*Cost of revenue from sales of equipment, related infrastructure and other includes direct materials, labor costs, and allocated overhead costs related to the manufacture of our fuel cells such as GenDrive units and GenSure stationary back-up power units, cryogenic delivery and storage, hydrogen liquefaction systems, electrolyzers and hydrogen fueling infrastructure (referred to at the site level as hydrogen installations). Cost of revenue from sales of equipment, related infrastructure and other during the three months ended June 30, 2025 decreased $12.6 million, or 9.7%, to $117.3 million from $129.9 million during the three months ended June 30, 2024. Primarily contributing to the decrease in cost of revenue was a decrease in cost of revenue related to sales of fuel cell systems, a decrease in inventory valuation adjustments and lower labor and overhead costs as a result of the 2024 and 2025 rooftop consolidations and restructuring activities. Cost of revenue related to sales of fuel cell systems decreased by $11.4 million primarily due to favorable product mix with respect to GenDrive units and lower labor and overhead costs resulting from the Company’s restructuring activities. The cost of revenue related to sales of hydrogen infrastructure decreased $3.1 million primarily due to the decrease in the number of hydrogen site installations, with three hydrogen site installations during the three months ended June 30, 2025 compared to five during the three months ended June 30, 2024. The cost of revenue related to sales of cryogenic equipment and liquefiers decreased $3.2 million during the three months ended June 30, 2025 primarily due to product mix with respect to cryogenic equipment and fewer existing liquefier projects compared to the three months ended June 30, 2024. Finally, there was a decrease in cost of revenue of $2.1 million related to a decrease in sales of engineered equipment from the Frames acquisition, for which sales are not expected to continue beyond current commitments. Cost of revenue related to sales of electrolyzer stacks and systems increased by $7.2 million primarily due to an increase in volume of electrolyzer systems for which revenue was recognized, partially offset by a decrease in inventory valuation adjustments, with $3.4 million recorded during the three months ended June 30, 2025 compared to $7.2 million during the three months ended June 30, 2024. The decrease in inventory valuation adjustments during the three months ended June 30, 2025 was primarily related to higher sales prices on recently signed contracts with customers resulting in decreased lower of cost or net realizable valuation adjustments. Gross loss generated from sales of equipment, related infrastructure and other decreased to (18.3%) for the three months ended June 30, 2025 compared to (69.2%) for the three months ended June 30, 2024. The decrease in gross loss was primarily…
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Previous wording
Cost of revenue related to sales of fuel cell systems decreased by $31.7 million primarily due to a decrease in volume of GenDrive units sold, with 848 units sold during the three months ended March 31, 2025 compared to 1,298 units sold during the three months ended March 31, 2024. Included in cost of revenue related to sales of fuel cell systems were inventory valuation adjustments of $4.7 million during the three months ended March 31, 2025 compared to $20.2 million during the three months ended March 31, 2024. The decrease in inventory valuation adjustments during the three months ended March 31, 2025 was primarily related to higher sales prices on recently signed contracts with customers resulting in decreased lower of cost or net realizable valuation adjustments.
Current wording
Cost of revenue from sales of equipment, related infrastructure and other during the six months ended June 30, 2025 decreased $73.2 million, or 27.6%, to $191.8 million from $265.0 million during the six months ended June 30, 2024. Primarily contributing to the decrease in cost of revenue was a decrease in cost of revenue related to sales of fuel cell systems, a decrease in cost of revenue related to sales of hydrogen infrastructure, a decrease in inventory valuation adjustments and lower labor and overhead costs as a result of the 2024 and 2025 rooftop consolidations and restructuring activities. Cost of revenue related to sales of fuel cell systems decreased by $43.1 million primarily due to a decrease in volume of GenDrive units sold, with 1,587 units sold during the six months ended June 30, 2025 compared to 2,023 units sold during the six months ended June 30, 2024. In addition, inventory valuation adjustments decreased, with $10.2 million recorded during the six months ended June 30, 2025 compared to $25.8 million during the six months ended June 30, 2024. The decrease in inventory valuation adjustments during the six months ended June 30, 2025 was primarily related to higher sales prices on recently signed contracts with customers resulting in decreased lower of cost or net realizable valuation adjustments. The cost of revenue related to sales of hydrogen infrastructure decreased $13.5 million primarily
Previous wording
Cost of revenue related to sales of electrolyzer stacks and systems decreased by $11.0 million primarily due to a decrease in inventory valuation adjustments, with $1.9 million recorded during the three months ended March 31, 2025 compared to $14.2 million during the three months ended March 31, 2024. The decrease in inventory valuation adjustments during the three months ended March 31, 2025 was primarily related to higher sales prices on recently signed contracts with customers resulting in decreased lower of cost or net realizable valuation adjustments.
Current wording
due to the decrease in the number of hydrogen site installations, with four hydrogen site installations during the six months ended June 30, 2025 compared to eight during the six months ended June 30, 2024. Cost of revenue related to sales of electrolyzer stacks and systems decreased by $3.9 million primarily due to a decrease in inventory valuation adjustments, with $5.3 million recorded during the six months ended June 30, 2025 compared to $21.4 million during the six months ended June 30, 2024. The decrease in inventory valuation adjustments during the six months ended June 30, 2025 was primarily related to higher sales prices on recently signed contracts with customers resulting in decreased lower of cost or net realizable valuation adjustments. The decrease in inventory valuation adjustments was partially offset by an increase in cost of revenue related to an increase in volume of electrolyzer systems for which revenue was recognized. The cost of revenue related to sales of cryogenic equipment and liquefiers decreased $8.4 million during the six months ended June 30, 2025 primarily due to a slower rate of progress on existing liquefier projects as they near completion compared to the six months ended June 30, 2024. Finally, there was a decrease in cost of revenue of $4.3 million related to a decrease in sales of engineered equipment from the Frames acquisition, for which sales are not expected to continue beyond current commitments. Gross loss generated from sales of equipment, related infrastructure and other decreased to (17.9%) for the six months ended June 30, 2025 compared to (82.7%) for the six months ended June 30, 2024. The decrease in gross loss was primarily due to the decrease in inventory valuation adjustments described above as well as lower labor and overhead costs resulting from the Company's restructuring activities.
Previous wording
Cost of revenue – services performed on fuel cell systems and related infrastructure. Cost of revenue from services performed on fuel cell systems and related infrastructure includes the labor, material costs and allocated overhead costs incurred for our product service and hydrogen site maintenance contracts and spare parts. Cost of revenue from services performed on fuel cell systems and related infrastructure during the three months ended March 31, 2025 increased $1.5 million, or 11.6%, to $14.5 million from $13.0 million during the three months ended March 31, 2024. The increase in cost of revenue was primarily due to volume as the average number of GenDrive units under maintenance contracts during the three months ended March 31, 2025 was 23,225 compared to 21,948 during the three months ended March 31, 2024. Included in cost of revenue related to services performed on fuel cell systems and related infrastructure were inventory valuation adjustments of $0 during the three months ended March 31, 2025 compared to $0.1 million during the three months ended March 31, 2024. Gross margin increased to 14.3% for the three months ended March 31, 2025 compared to 0.5% for the three months ended March 31, 2024. The increase in gross margin was primarily due to the increase in negotiated contract rates described above.
Current wording
Cost of revenue – services performed on fuel cell systems and related infrastructure. Cost of revenue from services performed on fuel cell systems and related infrastructure includes the labor, material costs and allocated overhead costs incurred for our product service and hydrogen site maintenance contracts and spare parts. Cost of revenue from services performed on fuel cell systems and related infrastructure during the three months ended June 30, 2025 decreased $3.7 million, or 27.2%, to $10.0 million from $13.7 million during the three months ended June 30, 2024. The decrease in cost of revenue was primarily due to improved performance of our units, which resulted in a reduced parts usage and reduced labor costs at customer sites. Gross margin increased to 38.9% for the three months ended June 30, 2025 compared to gross loss of (5.3%) for the three months ended June 30, 2024. The increase in gross margin was primarily due to increase in service rates negotiated with certain customers as well as the decreases in cost of revenue described above.
Previous wording
Cost of revenue – provision for loss contracts related to service. The Company recorded a provision for loss contracts related to service of $8.9 million during the three months ended March 31, 2025 compared to $15.7 million during the three months ended March 31, 2024. The Company decreased the provision primarily due to relatively flat costs of labor, parts and related overhead compared to the first quarter of 2024 in which there were higher fluctuations in costs.
Current wording
Cost of revenue – (benefit)/provision for loss contracts related to service. The Company recorded a benefit for loss contracts related to service of $10.8 million during the three months ended June 30, 2025 compared to a provision for loss contracts related to service of $16.5 million during the three months ended June 30, 2024. The Company recorded a benefit primarily due to reductions in cost to service our GenDrive units and improvements on forecasted future costs.
Previous wording
Cost of revenue – power purchase agreements. Cost of revenue from PPAs includes depreciation of assets utilized and service costs to fulfill PPA obligations and interest costs associated with certain financial institutions for leased equipment. Cost of revenue from PPAs during the three months ended March 31, 2025 decreased $5.3 million, or 9.6%, to $49.9 million from $55.2 million during the three months ended March 31, 2024. The decrease in cost was primarily due to a decrease in depreciation related to the Company’s right of use assets resulting from the Company’s annual impairment analysis conducted during the fourth quarter of 2024. Gross loss decreased to (115.1%) during the three months ended March 31, 2025 compared to (201.7%) during the three months ended March 31, 2024. The decrease in gross loss was primarily due to improved pricing and the reduction in cost described above.
Current wording
Cost of revenue – power purchase agreements. Cost of revenue from PPAs includes depreciation of assets utilized and service costs to fulfill PPA obligations and interest costs associated with certain financial institutions for leased equipment. Cost of revenue from PPAs during the three months ended June 30, 2025 decreased $9.0 million, or 16.6%, to $45.3 million from $54.3 million during the three months ended June 30, 2024. The decrease in cost was primarily due to a decrease in depreciation related to the Company’s right of use assets resulting from the Company’s annual impairment analysis conducted during the fourth quarter of 2024. Gross loss decreased to (91.6%) during the three months ended June 30, 2025 compared to (176.1%) during the three months ended June 30, 2024. The decrease in gross loss was primarily due to improved pricing and the reduction in cost described above.
Previous wording
Cost of revenue – fuel delivered to customers and related equipment. Cost of revenue from fuel delivered to customers and related equipment represents the purchase of hydrogen from suppliers and internally produced hydrogen that is ultimately sold to customers. Cost of revenue from fuel delivered to customers during the three months ended March 31, 2025 increased $0.8 million, or 1.3%, to $59.4 million from $58.6 million during the three months ended March 31, 2024. The increase was primarily due to higher costs of purchased fuel, partially offset by the recognition of the clean hydrogen production tax credit (“PTC”) of $1.8 million. Included in cost of revenue related to fuel delivered to customers and related equipment were inventory valuation adjustments of $0.5 million during the three months ended March 31, 2025 compared to $2.2 million during the three months ended March 31, 2024. Gross loss decreased to (101.5%) during the three months ended March 31, 2025 compared to (220.3%) during the three months ended March 31, 2024. The decrease in gross loss was primarily due to an increase in fuel internally produced by the Company and recognition of the PTC.
Current wording
Cost of revenue – fuel delivered to customers and related equipment. Cost of revenue from fuel delivered to customers and related equipment represents the purchase of hydrogen from suppliers and internally produced hydrogen that is ultimately sold to customers. Cost of revenue from fuel delivered to customers during the three months ended June 30, 2025 increased $7.3 million, or 12.6%, to $65.6 million from $58.3 million during the three months ended June 30, 2024. The increase in cost of revenue was primarily due to increased costs of purchased fuel as well as an increase in volume of fuel delivered to customers. Gross loss decreased to (90.8%) during the three months ended June 30, 2025 compared to (95.1%) during the three months ended June 30, 2024. The decrease in gross loss was primarily due to increased fuel prices negotiated with certain customers.
Previous wording
Research and development. Research and development expenses include: materials to build development and prototype units, cash and non-cash stock compensation and benefits for the engineering and related staff, expenses for contract engineers, fees paid to consultants for services provided, materials and supplies consumed, facility related costs such as computer and network services, and other general overhead costs associated with our research and development activities. Research and development expense for the three months ended March 31, 2025 decreased $7.9 million, or 31.3%, to $17.4 million from $25.3 million for the three months ended March 31, 2024. The decrease was primarily related to headcount reductions related to the 2025 Restructuring Plan, a decrease in system and component materials and a decrease in professional fees incurred.
Current wording
Research and development. Research and development expenses include: materials to build development and prototype units, cash and non-cash stock compensation and benefits for the engineering and related staff, expenses for contract engineers, fees paid to consultants for services provided, materials and supplies consumed, facility related costs such as computer and network services, and other general overhead costs associated with our research and development activities. Research and development expense for the three months ended June 30, 2025 decreased $6.7 million, or 35.6%, to $12.2 million from $18.9 million for the three months ended June 30, 2024. The decrease was primarily related to headcount reductions related to the 2025 Restructuring Plan, a decrease in stock compensation and a decrease in system and component materials.
Previous wording
Selling, general and administrative. Selling, general and administrative expenses include cash and non-cash stock compensation, benefits, amortization of intangible assets and related costs in support of our general corporate functions, including general management, finance and accounting, human resources, selling and marketing, information technology and legal services. Selling, general and administrative expenses for the three months ended March 31, 2025 increased $2.8 million, or 3.7%, to $80.8 million from $78.0 million for the three months ended March 31, 2024. The increase was primarily due to contract termination fees, partially offset by headcount reductions related to the 2025 Restructuring Plan and a decrease in professional fees incurred.
Current wording
Selling, general and administrative. Selling, general and administrative expenses include cash and non-cash stock compensation, benefits, amortization of intangible assets and related costs in support of our general corporate functions, including general management, finance and accounting, human resources, selling and marketing, information technology and legal services. Selling, general and administrative expenses for the three months ended June 30, 2025 increased $2.8 million, or 3.2%, to $87.9 million from $85.1 million for the three months ended June 30, 2024. The increase was primarily due to an increase in contract exit costs and bad debt expenses, partially offset by a decrease in stock compensation.
Previous wording
Restructuring. Expenses related to restructuring activities for the three months ended March 31, 2025 increased $11.2 million, or 185.4%, to $17.2 million from $6.0 million for the three months ended March 31, 2024. The increase was due to severance and benefits related to the 2025 Restructuring Plan, which impacted more employees than the 2024 Restructuring Plan.
Current wording
Expenses related to restructuring activities for the six months ended June 30, 2025 increased $12.5 million, or 163.3%, to $20.1 million from $7.6 million for the six months ended June 30, 2024. The increase was due to severance and benefits related to the 2025 Restructuring Plan, which impacted more employees than the 2024 Restructuring Plan.
Previous wording
*Change in fair value of contingent consideration.*The change in fair value of contingent consideration is related to earn-outs for the Joule Processing LLC (“Joule”) and Frames Holding B.V. (“Frames”)acquisitions. The change in fair value of contingent consideration for the three months ended March 31, 2025 and 2024 was ($11.8) million and ($9.2) million, respectively. The decrease was primarily due to a decrease in the fair value of contingent consideration for Joule’s earn-out of $11.2 million during the three months ended March 31, 2025 due to changes in management assumptions.
Current wording
*Change in fair value of contingent consideration.*The change in fair value of contingent consideration is related to earn-outs for the Joule Processing LLC (“Joule”) and Frames Holding B.V. (“Frames”)acquisitions. The change in fair value of contingent consideration for the three months ended June 30, 2025 and 2024 was ($0.2) million and $3.8 million, respectively.
Previous wording
Interest income. Interest income primarily consists of income generated by our investment holdings, restricted cash escrow accounts, and money market accounts. Interest income for the three months ended March 31, 2025 decreased $4.1 million compared to the three months ended March 31, 2024 primarily due to the decrease in the Company’s average restricted cash balance during the first quarter of 2025.
Current wording
Interest income. Interest income primarily consists of income generated by our investment holdings, restricted cash escrow accounts, and money market accounts. Interest income for the three months ended June 30, 2025 decreased $2.0 million compared to the three months ended June 30, 2024. The decrease was primarily due to the decrease in the Company’s average restricted cash balance during the second quarter of 2025.
Previous wording
Interest expense. Interest expense consists of interest expense related to our long-term debt, convertible debt instruments, obligations under finance leases and our finance obligations. Interest expense for the three months ended March 31, 2025 increased $0.2 million compared to the three months ended March 31, 2024.
Current wording
Interest expense. Interest expense consists of interest expense related to our long-term debt, convertible debt instruments, obligations under finance leases and our finance obligations. Interest expense for the three months ended June 30, 2025 increased $6.4 million compared to the three months ended June 30, 2024. The increase was primarily due to interest expense incurred related to the 15.00% Secured Debenture, which was entered into during the second quarter of 2025.
Previous wording
Other income/(expense), net. Other income/(expense), net primarily consists of gains and losses related to energy contracts and foreign currency. Other income/(expense), net for the three months ended March 31, 2025 increased $8.3 million to other income, net of $1.3 million for the three months ended March 31, 2025 compared to other expense, net of ($7.0) million for the three months ended March 31, 2024. The increase was primarily due to foreign currency gains, partially offset by losses related to energy contracts.
Current wording
Other income/(expense), net. Other income/(expense), net primarily consists of gains and losses related to energy contracts and foreign currency translation. Other income/(expense), net for the three months ended June 30, 2025 increased $12.9 million to other income, net of $3.8 million compared to other expense, net of $9.1 million for the three months
Previous wording
Loss on extinguishment of convertible debt instruments and debt. Loss on extinguishment of convertible debt instruments and debt consists of losses that arise from retirement of the Company’s convertible debenture, convertible senior notes and debt before maturity. For the three months ended March 31, 2025, the Company had loss on extinguishment of convertible debt instruments and debt of $3.7 million as compared to loss on extinguishment of convertible debt instruments and debt of $14.0 million for the three months ended March 31, 2024. The losses during the first quarter of 2024 were driven by the exchange of $138.8 million in aggregate principal amount of the Company’s 3.75% Convertible Senior Notes for $140.4 million in aggregate principal amount of the Company’s 7.00% Convertible Senior Notes.
Current wording
Loss on extinguishment of convertible debt instruments and debt. Loss on extinguishment of convertible debt instruments and debt consists of losses that arise from retirement of the Company’s convertible debenture, convertible senior notes and debt before maturity. For the three months ended June 30, 2025, the Company had loss on extinguishment of convertible debt instruments and debt of $5.5 million as compared to loss on extinguishment of convertible debt instruments and debt of $0 for the three months ended June 30, 2024. The losses during the second quarter of 2025 were driven by the difference between the carrying amount of the 6.00% Convertible Debenture and principal settled in cash and premium costs on the 6.00% Convertible Debenture principal settled in cash.
Previous wording
Change in fair value of convertible debenture. Change in fair value of convertible debenture consists of losses that arise from the changes in fair value of the Company’s 6.00% Convertible Debenture. During the three months ended March 31, 2025, the Company recorded a change in fair value of convertible debenture of ($7.3) million as compared to a change in fair value of convertible debenture of $0 for the three months ended March 31, 2024. These losses are driven from the fair value changes that arose from the re-measurement of the Company’s 6.00% Convertible Debenture during the first quarter of 2025.
Current wording
Change in fair value of convertible debenture. Change in fair value of convertible debenture consists of gains/(losses) that arise from the changes in fair value of the Company’s 6.00% Convertible Debenture. During the three and six months ended June 30, 2025, the Company recorded a change in fair value of convertible debenture of ($9.2) million and ($1.9) million, respectively, compared to a change in fair value of convertible debenture of $0 for the three and six months ended June 30, 2024 as the 6.00% Convertible Debenture originated during the fourth quarter of 2024.
Previous wording
*Loss on equity method investments.*Loss on equity method investments consists of our interest in AccionaPlug S.L., which is our 50/50 joint venture with Acciona Generación Renovable, S.A., SK Plug Hyverse, which is our 49/51 joint venture with SK Innovation Co., Ltd, successor in interest to SK E&S Co., Ltd., and Clean H2 Infra Fund. For the three months ended March 31, 2025, the Company recorded a loss of $2.4 million on equity method investments compared to a loss of $13.1 million for the three months ended March 31, 2024. These losses are driven from the start-up activities for commercial and production operations of the aforementioned investments.
Current wording
*Loss on equity method investments.*Loss on equity method investments consists of our interest in AccionaPlug S.L., which is our 50/50 joint venture with Acciona Generación Renovable, S.A., SK Plug Hyverse, which is our 49/51 joint venture with SK Innovation Co., Ltd, successor in interest to SK E&S Co., Ltd., and Clean H2 Infra Fund. For the three months ended June 30, 2025, the Company recorded a loss of $45.9 million on equity method investments compared to a loss of $7.2 million for the three months ended June 30, 2024. The increase in loss on equity method investments was primarily due to the Company recording an other-than-temporary impairment loss of $42.5 million related to the Company’s investment in one of its equity method investments due to a decline in market conditions.
Previous wording
The Company recorded $0 and $0.2 million of income tax expense for the three months ended March 31, 2025 and 2024, respectively. The Company has not changed its overall conclusion with respect to the need for a valuation allowance against its net deferred tax assets in the U.S., which remain fully reserved. With the exception of a few service entities mainly in Europe, all domestic and foreign deferred tax assets are offset by a full valuation allowance because it is more likely than not that the tax benefits of the net operating loss carryforwards and other deferred tax assets will not be realized. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as a component of income tax expense.
Current wording
The Company recorded $12 thousand of income tax expense and $0.4 million of income tax benefit during the three months ended June 30, 2025 and 2024, respectively. The Company recorded $12 thousand of income tax expense and $0.2 million of income tax benefit during the six months ended June 30, 2025 and 2024, respectively. The Company has not changed its overall conclusion with respect to the need for a valuation allowance against its net deferred tax assets in the U.S., which remain fully reserved. With the exception of a few service entities mainly in Europe, all domestic and foreign deferred tax assets are offset by a full valuation allowance because it is more likely than not that the tax benefits of the net operating loss carryforwards and other deferred tax assets will not be realized. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as a component of income tax expense.
Previous wording
The net cash used in operating activities during the three months ended March 31, 2025 and 2024 was $105.6 million and $167.7 million, respectively. The decrease in net cash used in operating activities was primarily due to the decrease in net loss during the three months ended March 31, 2025 compared to the three months ended March 31, 2024. Other changes to net cash used in operating activities include a decrease in cash used related to inventory and deferred revenue and other contract liabilities as well as an increase in cash provided by prepaid expenses and other assets and accounts payable, accrued expenses, and other liabilities. Those changes were partially offset by a decrease in cash provided by accounts receivable, a decrease in non-cash inventory valuation adjustments during the three months ended March 31, 2025 and a decrease in non-cash loss on extinguishment of convertible debt instruments and debt.
Current wording
The net cash used in operating activities during the six months ended June 30, 2025 and 2024 was $297.4 million and $422.5 million, respectively. The decrease in net cash used in operating activities was primarily due to the decrease in net loss during the six months ended June 30, 2025 compared to the six months ended June 30, 2024. Other changes to net cash used in operating activities include an increase in cash provided by inventory and prepaid expenses and other assets. Those changes were partially offset by a decrease in cash provided by accounts receivable, a decrease in non-cash inventory valuation adjustments and a recovery on service contracts during the six months ended June 30, 2025 compared to a loss on service contracts during the six months ended June 30, 2024.
Previous wording
The net cash used in investing activities during the three months ended March 31, 2025 and 2024 was $46.6 million and $120.6 million, respectively. The decrease in net cash used in investing activities was primarily due to a decrease in purchases of property, plant and equipment during the three months ended March 31, 2025 as well as a decrease in contributions to equity method investments.
Current wording
The net cash used in investing activities during the six months ended June 30, 2025 and 2024 was $87.3 million and $268.7 million, respectively. The decrease in net cash used in investing activities was primarily due to a decrease in purchases of property, plant and equipment as well as a decrease in contributions to equity method investments during the six months ended June 30, 2025.
Previous wording
The net cash provided by financing activities during the three months ended March 31, 2025 and 2024 was $193.2 million and $283.1 million, respectively. The decrease in cash provided by financing activities was primarily driven by a decrease in proceeds from public and private offerings as well as an increase in principal payments related to the Company’s convertible debenture.
Current wording
The net cash provided by financing activities during the six months ended June 30, 2025 and 2024 was $226.1 million and $526.8 million, respectively. The decrease in cash provided by financing activities was primarily driven by a
Previous wording
The Company has continued to experience negative cash flows from operations and net losses. The Company incurred net losses of approximately $196.9 million and $295.8 million during the three months ended March 31, 2025 and 2024, respectively, and had an accumulated deficit of $6.8 billion as of March 31, 2025. The Company’s working capital was $745.5 million as of March 31, 2025, which included unrestricted cash and cash equivalents of $295.8 million and current restricted cash of $196.1 million.
Current wording
The Company has continued to experience negative cash flows from operations and net losses. The Company incurred net losses of approximately $228.7 million and $262.3 million during the three months ended June 30, 2025 and 2024, respectively. The Company incurred net losses of approximately $425.6 million and $558.1 million during the six months ended June 30, 2025 and 2024, respectively. The Company’s working capital was $494.2 million as of June 30, 2025, which included unrestricted cash and cash equivalents of $140.7 million and current restricted cash of $195.4 million, and the Company had an accumulated deficit of $7.0 billion.
Previous wording
$55.0 million of shares in any calendar week if the Company’s market capitalization is more than $1.0 billion (or up to $30.0 million if the Company’s market capitalization is less than $1.0 billion). On February 23, 2024 and November 7, 2024, the Company and B. Riley amended the at-the-market equity program to increase the aggregate offering price of shares of common stock available for issuance under the program to $1.0 billion. The “at-the-market” equity offering program will terminate upon the earliest of (a) December 31, 2025 with respect to principal transactions and January 17, 2026 with respect to agency transactions, (b) the sale of all shares of common stock under the program or (c) termination of the sales agreement. During the three months ended March 31, 2025, the Company sold through the “at-the-market” equity offering program 5,154,177 shares of common stock at a weighted-average sales price of $1.69 per share for gross proceeds of $8.7 million with related issuance costs of $0.2 million. Of the aggregate gross sales price of $1.0 billion available, the Company has $986.2 million of availability remaining.
Current wording
The Company has an “at-the-market” equity offering program with B. Riley Securities, Inc. (“B. Riley”) pursuant to which the Company may, from time to time, offer and sell through or to B. Riley, as sales agent or principal, shares of the Company’s common stock, having an aggregate gross sales price of up to $1.0 billion under a sales agreement. The “at-the-market” equity offering program will terminate upon the earliest of (a) December 31, 2025 with respect to principal transactions and January 17, 2026 with respect to agency transactions, (b) the sale of all shares of common stock under the program or (c) termination of the sales agreement. During the three months ended June 30, 2025, the Company sold no shares of common stock and during the six months ended June 30, 2025, the Company sold 5,154,177 shares of common stock at a weighted-average sales price of $1.69 per share for gross proceeds of $8.7 million with related issuance costs of $0.2 million through the “at-the-market” equity offering program. As of June 30, 2025, the Company had $986.2 million of aggregate gross sales price of shares available to be sold under the “at-the-market” equity offering program.
Previous wording
On February 10, 2025, the Company entered into a Standby Equity Purchase Agreement (the “SEPA”) with Yorkville, pursuant to which the Company has the right, at its option, to sell to Yorkville up to $1.0 billion in the aggregate gross sales of its common stock, subject to certain limitations and conditions set forth therein. The Company has the right, but not the obligation, from time to time at its sole discretion to direct Yorkville to purchase directly from the Company up to $10.0 million shares of its common stock on any trading day. The SEPA expires on February 10, 2027.
Current wording
The Company has also entered into a Standby Equity Purchase Agreement (the “SEPA”) with Yorkville, pursuant to which the Company has the right, at its option, to sell to Yorkville up to $1.0 billion in the aggregate gross sales price of its common stock, subject to certain limitations and conditions set forth therein. The Company has the right, but not the obligation, from time to time at its sole discretion to direct Yorkville to purchase directly from the Company up to $10.0 million in the aggregate gross price sales of its common stock on any trading day. The SEPA expires on February 10, 2027. During the three and six months ended June 30, 2025, the Company sold no shares of common stock pursuant to the SEPA.
Showing the first 40 of 76 pairs. Open the source sections for the rest.
Rearranged current paragraphs (12)
Current report — wording carried from elsewhere
Cost of revenue from PPAs during the six months ended June 30, 2025 decreased $14.3 million, or 13.1%, to $95.2 million from $109.5 million during the six months ended June 30, 2024. The decrease in cost was primarily due to a decrease in depreciation related to the Company’s right of use assets resulting from the Company’s annual impairment analysis conducted during the fourth quarter of 2024. Gross loss decreased to (103.2%) during the six months ended June 30, 2025 compared to (188.4%) during the six months ended June 30, 2024. The decrease in gross loss was primarily due to improved pricing and the reduction in cost described above.
Current report — wording carried from elsewhere
to severance and benefits related to the 2025 Restructuring Plan, which impacted more employees than the 2024 Restructuring Plan.
Current report — wording carried from elsewhere
The change in fair value of contingent consideration for the six months ended June 30, 2025 and 2024 was ($12.0) million and ($5.4) million, respectively. The decrease was primarily due to a decrease in the fair value of contingent consideration for Joule’s earn-out of $12.0 million during the six months ended June 30, 2025 due to changes in management assumptions.
Current report — wording carried from elsewhere
Interest income for the six months ended June 30, 2025 decreased $6.1 million compared to the six months ended June 30, 2024. The decrease was primarily due to the decrease in the Company’s average restricted cash balance during the first half of 2025.
Current report — wording carried from elsewhere
ended June 30, 2024. The increase was primarily due to foreign currency gains as well as a decrease in losses related to energy contracts.
Current report — wording carried from elsewhere
Other income/(expense), net for the six months ended June 30, 2025 increased $21.2 million to other income, net of $5.1 million compared to other expense, net of $16.1 million for the six months ended June 30, 2024. The increase was primarily due to foreign currency gains as well as a decrease in losses related to energy contracts.
Current report — wording carried from elsewhere
For the six months ended June 30, 2025, the Company had loss on extinguishment of convertible debt instruments and debt of $9.1 million as compared to loss on extinguishment of convertible debt instruments and debt of $14.0 million for the six months ended June 30, 2024. The losses during the first half of 2025 were driven by the difference between the carrying amount of the 6.00% Convertible Debenture and principal settled in cash and premium costs on the 6.00% Convertible Debenture principal settled in cash. The losses during the first half of 2024 were driven by the exchange of $138.8 million in aggregate principal amount of the Company’s 3.75% Convertible Senior Notes for $140.4 million in aggregate principal amount of the Company’s 7.00% Convertible Senior Notes.
Current report — wording carried from elsewhere
decrease in proceeds from public and private offerings and an increase in principal payments on convertible debentures, partially offset by an increase in proceeds from debt issuance.
Current report — wording carried from elsewhere
Each Common Warrant or Pre-Funded Warrant is exercisable solely by means of a cash exercise, except that a Common Warrant or Pre-Funded Warrant will be exercisable via cashless exercise if at the time of exercise, a registration statement registering the issuance of the shares of common stock underlying the Common Warrants and Pre-Funded Warrants under the Securities Act is not then effective or the prospectus contained therein is not available. The Common Warrants and Pre-Funded Warrants include certain rights upon “fundamental transactions” as described in the Common
Current report — wording carried from elsewhere
million subject to the satisfaction of the closing conditions set forth therein, which expires on May 6, 2026. The Secured Debenture Purchase Agreement also permits the Company to sell to Yorkville a third uncommitted tranche of the 15.00% Secured Debenture in an aggregate principal amount of up to $210.0 million. All secured debentures issued under the Secured Debenture Purchase Agreement will incur interest at a rate of 15% per annum, which interest will increase to 25% per annum upon the occurrence of an Event of Default (as defined in the Secured Debenture Purchase Agreement) for so long as such event remains uncured and unwaived. The Company used a portion of the net proceeds from the initial tranche of the 15.00% Secured Debenture to retire $60.0 million of principal on the 6.00% Convertible Debenture. Refer to Note 9, “Convertible Debt Instruments”, for additional information.
Current report — wording carried from elsewhere
The following table shows change in the carrying amount of the 15.00% Secured Debenture during the three months ended June 30, 2025 (in thousands):
Current report — wording carried from elsewhere
form the basis for making judgments about (1) the carrying values of assets and liabilities and (2) the amount of revenue and expenses realized that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.
Rearranged previous paragraphs (7)
Previous report — wording carried elsewhere
Amazon, Walmart and their affiliates within the period relative to the aggregate purchase levels required for vesting of the respective warrants, and the then-current fair value of the warrants.
Previous report — wording carried elsewhere
Finally, there was a decrease in cost of revenue of $2.2 million related to a decrease in sales of engineered equipment from the Frames acquisition, for which sales are not expected to continue beyond current commitments.
Previous report — wording carried elsewhere
The Company has an “at-the-market” equity offering program with B. Riley Securities, Inc. (“B. Riley”) pursuant to which the Company may, from time to time, offer and sell through or to B. Riley, as sales agent or principal, shares of the Company’s common stock, having an aggregate gross sales price of up to $1.0 billion under a sales agreement. The Company has the right at its sole discretion to direct B. Riley to act on a principal basis and purchase directly from the Company up to $11.0 million of shares of its common stock on any trading day if the Company’s market capitalization is more than $1.0 billion (or up to $10.0 million if the Company’s market capitalization is less than $1.0 billion) and up to
Previous report — wording carried elsewhere
Common Warrants to purchase 185,430,464 shares of its common stock for aggregate gross proceeds of $279.9 million with $11.9 million of underwriting discounts and $0.5 million of related issuance costs.
Previous report — wording carried elsewhere
In certain circumstances, Yorkville will be permitted to convert up to $22.5 million aggregate principal amount of the 6.00% Convertible Debenture plus accrued and unpaid interest thereon, each calendar month beginning with December 2024, at a conversion price equal to the lower of the (1) Fixed Price and (2) 97.25% of the lowest daily volume-weighted average price for the Company’s common stock during the three trading days immediately preceding the applicable conversion date (the “Market Price”); provided that such Market Price is not less than $0.3941 (the “Floor Price”). During the three months ended March 31, 2025, Yorkville converted $45.0 million aggregate principal amount of the 6.00% Convertible Debenture into cash and $30.0 million aggregate principal amount of the 6.00% Convertible Debenture into 10,440,906 shares of the Company’s common stock.
Previous report — wording carried elsewhere
As of March 31, 2025 and December 31, 2024, the 3.75% Convertible Senior Notes consisted of the following (in thousands):
Previous report — wording carried elsewhere
are security for the noted sale/leaseback agreements, respectively, and $30.3 million and $33.7 million are letters of credit related to customs and other transactions, respectively.