PLUG POWER INC

For the period ended Jun 30, 2025. Filed Aug 11, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2025 · Filed Aug 11, 2025

PLUG$1.50+3.4%Stored close · as of Nov 9, 2026

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Contents

Condensed Consolidated Balance Sheets

(In thousands, except share and per share amounts)


· June 30, · · December 31,
· 2025 · 2024
Assets
Current assets:
Cash and cash equivalents	$140,736	$205,693
Restricted cash	195,443	198,008
Accounts receivable, net of allowance of $42,384 as of June 30, 2025 and $37,712 as of December 31, 2024	138,743	157,244
Inventory, net	643,926	682,642
Contract assets	97,714	94,052
Prepaid expenses, tax credits, and other current assets	113,435	139,845
Total current assets	1,329,997	1,477,484

Restricted cash	540,622	637,008
Property, plant, and equipment, net	910,144	866,329
Right of use assets related to finance leases, net	55,017	51,822
Right of use assets related to operating leases, net	215,310	218,081
Equipment related to power purchase agreements and fuel delivered to customers, net	129,456	144,072
Contract assets	23,125	23,963
Intangible assets, net	81,043	84,660
Investments in non-consolidated entities and non-marketable equity securities	46,196	85,494
Other assets	22,870	13,933
Total assets(A)	$3,353,780	$3,602,846

Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$152,060	$180,966
Accrued expenses	105,173	103,145
Deferred revenue and other contract liabilities	107,063	144,093
Operating lease liabilities	72,478	71,250
Finance lease liabilities	14,147	12,802
Finance obligations	81,368	83,129
Current portion of convertible debt instruments, net	145,318	58,273
Current portion of long-term debt (of which $64,000 was measured at fair value as of June 30, 2025 and $0 was measured at fair value as of December 31, 2024)	64,936	946
Contingent consideration, loss accrual for service contracts, and other current liabilities (of which $25,017 was measured at fair value as of June 30, 2025 and $28,954 was measured at fair value as of December 31, 2024)	93,223	93,885
Total current liabilities	835,766	748,489

Deferred revenue and other contract liabilities	40,624	58,532
Operating lease liabilities	227,319	242,148
Finance lease liabilities	22,471	22,778
Finance obligations	228,609	264,318
Convertible debt instruments, net (of which $173,150 was measured at fair value as of December 31, 2024)	—	321,060
Long-term debt (of which $133,861 was measured at fair value as of June 30, 2025 and $0 was measured at fair value as of December 31, 2024)	135,325	1,932
Contingent consideration, loss accrual for service contracts, and other liabilities (of which $16,913 was measured at fair value as of June 30, 2025 and $31,792 was measured at fair value as of December 31, 2024)	99,706	135,833
Total liabilities(A)	1,589,820	1,795,090

Stockholders’ equity:
Common stock, $.01 par value per share; 1,500,000,000 shares authorized; Issued (including shares in treasury): 1,165,714,048 as of June 30, 2025 and 934,126,897 as of December 31, 2024	11,658	9,342
Additional paid-in capital	8,789,434	8,430,537
Accumulated other comprehensive income/(loss)	3,478	(2,502)
Accumulated deficit	(7,018,200)	(6,594,445)
Less common stock in treasury: 18,494,066 as of June 30, 2025 and 20,230,043 as of December 31, 2024	(105,304)	(108,795)
Total Plug Power Inc. stockholders’ equity	1,681,066	1,734,137
Non-controlling interest(A)	82,894	73,619
Total stockholders’ equity	1,763,960	1,807,756
Total liabilities and stockholders’ equity	$3,353,780	$3,602,846

(A)

Includes balances associated with a consolidated variable interest entity (“VIE”), including amounts reflected in “total assets” that can only be used to settle obligations of the VIE of $169,947 and $148,605 as of June 30, 2025 and December 31, 2024, respectively, as well as liabilities of the VIE reflected within “total liabilities” for which creditors do not have recourse to the general credit of Plug Power Inc. of $4,158 and $1,367 as of June 30, 2025 and December 31, 2024, respectively. Refer to Note 20, “Variable Interest Entities”, for additional information.

ContentsView on SEC.gov

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