# EDGAR Filing Document

**Accession Number:** 0001093691
**File Stem:** 0001104659-26-022247
**Filing Date:** 2026-3
**Character Count:** 40022
**Document Hash:** 17dfd3f56baad693d97f783ad36f3a19
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-022247.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0001104659-26-022247

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20260302

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260302

**DATE AS OF CHANGE**: 20260302

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PLUG POWER INC
- **CENTRAL INDEX KEY:** 0001093691
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRICAL INDUSTRIAL APPARATUS [3620]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 223672377
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34392
- **FILM NUMBER:** 26707563

**BUSINESS ADDRESS:**
- **STREET 1:** 125 VISTA BOULEVARD
- **CITY:** SLINGERLANDS
- **STATE:** NY
- **ZIP:** 12159
- **BUSINESS PHONE:** 5187827700

**MAIL ADDRESS:**
- **STREET 1:** 125 VISTA BOULEVARD
- **CITY:** SLINGERLANDS
- **STATE:** NY
- **ZIP:** 12159

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549** 

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): March 2, 2026

**Plug Power Inc.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **1-34392** | **22-3672377** |
| (State or other jurisdiction | (Commission File | (IRS Employer |
| of incorporation) | Number) | Identification No.) |

---

---

| | |
|:---|:---|
| **125 Vista Boulevard,<br> Slingerlands, New York** | **12159** |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **(518) 782-7700**

**N/A**

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

---

| |
|:---|
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |

---

Securities registered pursuant to 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which<br> registered** |
| Common Stock, par value $0.01 per share | PLUG | The Nasdaq Capital Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

**Item 2.02 Results of Operations and Financial Condition.**

On March 2, 2026, Plug Power Inc., a Delaware corporation (the "Company"), issued a press release regarding its financial results for the fourth quarter and year ended December 31, 2025. A copy of the press release is furnished herewith as Exhibit 99.1.

The information in this Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as expressly set forth by specific reference in such filing.

**Item 9.01. Financial Statements and Exhibits.**

(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit<br> Number** | **Title** |
| [99.1](tm267677d1_ex99-1.htm) | [Press Release of Plug Power Inc., dated March 2, 2026.](tm267677d1_ex99-1.htm) |
| 104 | Cover Page Interactive Data File (embedded with the Inline XBRL document). |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  |  | **Plug Power Inc.** |
| Date: March 2, 2026 | By: | /s/ Paul Middleton |
|  |  | Name: Paul Middleton |
|  |  | Title: Chief Financial Officer and Chief Accounting Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**FOR IMMEDIATE RELEASE**

**Plug Power Reports Q4 and Full Year 2025 Results with Strong Sales Growth and Margin Expansion**

*Achieved Positive 4<sup>th</sup> Quarter 2025 Gross Margin*

*Setting the Stage for 2026 Financial Targets*

**Slingerlands, NY – March 2, 2026** – Plug Power Inc., a global leader in comprehensive hydrogen solutions for the hydrogen economy, today announced financial results and operational milestones for the 4th quarter and fiscal year ended December 31, 2025, and outlined strategic priorities for 2026 and beyond.

**2025 Goals in Review**

---

| |
|:---|
| Achieved Over $700 million in revenue |
| Achieved positive gross margin for Q4 2025 |
| Established strong liquidity platform to fund 2026 |
| Positioned Company to achieve the EBITDAS Q4 2026 goal |

---

This past year marked a pivotal commercial inflection point for Plug. Over the last year, through Project Quantum Leap, Plug has taken decisive steps to improve margins and cash flows, including operations optimization, workforce streamlining, facilities consolidation, pricing increases on certain offerings, working capital reduction, and reprioritizing investments.

In addition to collective improvement efforts over the last two years, the Company has launched multiple follow-on actions to continue reducing cost and improving cash flows and margins in 2026 to accelerate the Company's path to profitability. As Plug continues to drive innovation and expansion in the hydrogen economy, the Company remains focused on strengthening its financial foundation and executing its profitable growth strategy with discipline and efficiency.

**Operational and Financial Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;· **Revenues:** Full year 2025, revenue increased 12.9% year-over-year at ~$710 million, with 4<sup>th</sup>
 quarter 2025 revenue totaling $225.2 million. This marks a 17.6% growth over 4<sup>th</sup>
 quarter 2024 and increased 27.2% from 3<sup>rd</sup> quarter 2025. This revenue improvement
 was driven by higher equipment sales volumes and continued commercial momentum across core
 markets.

&nbsp;&nbsp;&nbsp;&nbsp;· **Gross Margin:** In the 4<sup>th</sup> quarter 2025, the Company reported $5.5 million in positive
 gross profit, 2.4% of sales compared to gross margin loss of -122.5% of sales in the 4<sup>th</sup>
 quarter 2024. This improvement was driven primarily by increased sales volume, favorable
 mix, increased pricing, enhancements in the fuel network, reduced service cost-per-unit,
 and manufacturing efficiency gains under the Company's Project Quantum Leap initiative.
 Given the improvements over the last year, we believe we have now achieved sustainable operational
 profitability in the material handling services offering. This marks a significant milestone.

&nbsp;&nbsp;&nbsp;&nbsp;· **Liquidity Planning:** The Company announced an agreement expected to generate over $275 million through
 asset monetization, supporting major U.S. data center build-out and strengthening near-term
 liquidity and infrastructure utilization. This includes three separate transactions, the
 first of which was signed in February 2026, and is targeted to close within the next
 six weeks. The other two transactions are targeted to close within the first half of 2026.
 In addition, during the 4<sup>th</sup> quarter 2025 the Company restructured its debt which
 reduces future interest expenses, enhances future debt capital optionality, and improves
 near-term liquidity given extended maturities.

&nbsp;&nbsp;&nbsp;&nbsp;· **Cash Management:** The Company ended 2025 with $368.5 million in unrestricted cash. Net cash
 used in operating activities was $535.8 million for the full year 2025, compared to $728.6
 million for the full year 2024. This reflects a reduction of over 26.5% year-over-year. Continued
 improvements planned in 2026, coupled with reduced capex requirements, position for the Company
 to achieve another substantial reduction in cash burn in 2026 consistent with the last two
 years. The continued improvements in cash flows, the beginning cash position, and planned
 proceeds from the data center asset sale collectively position the Company to fund operations
 through 2026.

&nbsp;&nbsp;&nbsp;&nbsp;· **Asset Impairment and Other Charges:** Plug recorded ~$763 million in various net charges in the
 4<sup>th</sup> quarter of 2025 predominantly associated with non-cash charges for varied
 asset impairments and capital transactions. These charges stem from strategic shifts in its
 business operations and the continued Project Quantum Leap initiative, as outlined above.
 As a result of the impairment charges recorded, it will reduce associated future depreciation
 and amortization. In addition, similar to the data center project sale, these impaired assets
 represent opportunities for the Company to monetize and extract significant value as the
 market opportunities evolve. In addition, in association with the varied capital transactions
 undertaken in the 4<sup>th</sup> quarter 2025, the Company recorded certain non-cash charges.

&nbsp;&nbsp;&nbsp;&nbsp;· **Earnings-per-Share (EPS):** For the 4<sup>th</sup> quarter 2025, GAAP EPS was ($0.63) compared to GAAP EPS
 of ($1.48) for Q4 2024. Excluding the charges described above, the adjusted EPS for the quarter
 was ($0.06) versus adjusted EPS of ($0.29) for Q4 2024 that excludes similar charges. A reconciliation
 of GAAP to non-GAAP measures is provided below.

**Commercial Business Update**

In 2025, Plug continued to execute its commercial growth strategy. Building on this momentum, the Company expects continued growth across material handling, GenEco electrolyzers, cryogenic equipment, and hydrogen fuel. Plug has established strong platforms for expansion in 2026, with greater scale potential in 2027 and beyond.

**Material Handling Solutions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Performance
 improved during the period, supported by Investment Tax Credit dynamics, increased customer
 demand, and improved service execution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 Company saw new deployments and fleet refresh programs at key customer sites, with increased
 activity across both new and repeat accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In
 the fourth quarter of 2025, Plug expanded its GenDrive and GenFuel solutions with Floor and
 Decor, deploying hydrogen-powered units supported by on-site liquid hydrogen storage and
 dispensing infrastructure at its Frederickson, Washington distribution center.

**GenEco Electrolyzer Solutions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Delivered
 a record $187 million revenue year for electrolyzers in 2025, and have an approximate $8
 billion global sales funnel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· During
 the year, Plug advanced engineering, configuration, and project planning milestones with
 Allied Green Ammonia across large-scale green hydrogen and derivatives projects tied to potential
 multi-gigawatt deployments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 Company was selected by Carlton Power to supply and service 55 megawatts of GenEco electrolyzers
 across three UK green hydrogen projects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Plug
 completed installation of 100 megawatts of GenEco PEM electrolyzer array at GALP's
 Sines Refinery in Portugal. All ten 10-megawatt arrays were delivered and installed, and
 commissioning is underway. Once operational, the system is expected to produce up to 15,000
 tons of renewable hydrogen annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Delivered
 and installed five 5-megawatt containerized electrolyzers to the Iberdrola site in Castellon,
 Spain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· To
 date, the Company has shipped over 300 megawatts of GenEco electrolyzers globally, and is
 now deployed on six continents, demonstrating broad commercial adoption and operating experience
 across multiple markets.

**Fuel and Energy Solutions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Fuel
 and energy operations continued to scale across the Company's hydrogen production network
 in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 Louisiana hydrogen plant came online in the first half of 2025. Together with facilities
 in Georgia and Tennessee, the network has the combined capacity to produce up to 40 tons
 of liquid hydrogen per day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· During
 2025, the Company was awarded its first liquid hydrogen supply contract with NASA, expanding
 into the aerospace and space research market and validating product quality and delivery
 performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 Company delivers approximately 25 tons of hydrogen per day through its logistics network,
 supported by 34 liquid hydrogen trailers and 89 gaseous trailers, improving delivery flexibility
 and supply reliability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· To
 complement our own network, during 2025, we reached an agreement with one of the largest
 IGCs that provided us with competitively priced hydrogen for the additional 30 tons per day
 of additional capacity.

**Leadership Update**

Jose Luis Crespo will assume the role of Chief Executive Officer effective March 2, 2026, bringing deep industry experience and a strong record of commercial leadership. Prior to his expected appointment as CEO, he served as President and Chief Revenue Officer at Plug, where he led revenue strategy, global sales, and commercial operations across all product lines and market segments. Crespo has more than a decade of experience in hydrogen, fuel cells, and industrial solutions, with a career marked by revenue growth, strategic customer wins, and global sales leadership. Over his tenure, Crespo was a principal architect of a multi-billion-dollar sales pipeline and cultivated strategic relationships with major enterprise customers. Crespo brings a natural fluency in European markets that has been instrumental in deepening Plug's commercial relationships across the continent – an increasingly important growth region for the Company.

Jose Luis Crespo said, "I'm honored to have the opportunity to lead Plug Power at this pivotal stage of growth and transformation. In 2025, we achieved $710 million in revenues and Q4 margin positive as we projected at the start of the year. In 2026, we will continue executing with discipline, driving margin improvement, and delivering exceptional outcomes for our customers. By leveraging our strong commercial foundation, advancing cost-efficiency initiatives, and capitalizing on our more than $8 billion global sales funnel, we are converting operational momentum into sustainable financial performance. Our targets remain consistent in achieving positive EBITDAS in Q4 of 2026, positive operating income by the end of 2027, and full profitability by the end of 2028, while still growing the Company substantially."

**Earnings Call Details**

Management will host a conference call to discuss results and business outlook.

Date: March 2, 2026<br> Time: 4:30 PM ET<br> Toll-Free: 877-407-9221 / +1 201-689-8597<br> Direct Webcast: https://event.webcasts.com/starthere.jsp?ei=1751318&tp_key=e18033c0ef

A live webcast will be available on the Plug Investor Relations website at www.ir.plugpower.com, and a playback will remain available online following the call.

**About Plug**

Plug designs, builds, and operates a fully integrated hydrogen ecosystem spanning production, storage, delivery, and power generation—enabling the global hydrogen economy. A first mover in the industry, Plug has built its business around electrolyzers, fuel cells, and hydrogen production plants, serving customers across material handling, industrial applications, and energy markets, and advancing energy resilience and industrial decarbonization.

Plug's GenEco electrolyzers span five continents, while more than 74,000 GenDrive fuel cell systems operate worldwide across 280+ hydrogen-powered material handling sites. Plug also operates its own hydrogen generation network to ensure a reliable, domestically produced supply. Production facilities are currently operational in Georgia, Tennessee, and Louisiana, representing a combined capacity of 40 tons per day.

With employees and state-of-the-art manufacturing facilities around the world, Plug serves global leaders including Walmart, Amazon, Home Depot, BMW, and BP.

For more information, visit www.plugpower.com.

**Forward-Looking Statements**

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements regarding the Company's expectations and projections about future financial performance; liquidity and capital resources; anticipated reductions in cash burn; expected benefits of Project Quantum Leap; anticipated cost reductions and margin improvements; expected reductions in future interest expense and the anticipated benefits of debt restructuring, including enhanced capital optionality; expected depreciation and amortization trends; expected timing and proceeds of contemplated asset monetization transactions; potential future monetization of impaired assets; hydrogen production capacity, utilization, and related infrastructure; anticipated project deployments; demand for hydrogen and electrolyzers; the Company's expectations regarding future commercial expansion and scale; anticipated participation and growth in end markets, including aerospace and related sectors; and the Company's targets of achieving positive EBITDAS in 2026, positive operating income by the end of 2027, and full profitability by the end of 2028. Forward-looking statements are generally identified by words such as "expect," "believe," "estimate," "anticipate," "project," "intend," "plan," "target," "will," "would," "could," "should," "may," "potential," "opportunity," and similar expressions. These statements are based on current expectations and assumptions and are subject to numerous risks and uncertainties that could cause actual results to differ materially. Factors that could cause actual results to differ materially include, but are not limited to: the Company's ability to achieve or sustain positive gross margins; execute cost reduction initiatives; realize the anticipated benefits of debt restructuring; complete contemplated asset monetization transactions or successfully monetize impaired assets; improve infrastructure utilization; access capital and manage liquidity; fluctuations in hydrogen demand and market conditions; delays in customer deployments; supply chain constraints; changes in government policies, incentives, or funding programs; competitive developments; the Company's ability to expand commercially or achieve anticipated scale; and other risks described in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, and subsequent filings with the Securities and Exchange Commission. All forward-looking statements speak only as of the date of this press release, and the Company undertakes no obligation to update these statements, whether as a result of new information, future events, or otherwise, except as required by law.

**Plug Power Inc. and Subsidiaries**

**Consolidated Balance Sheets**

**As of December 31, 2025 and 2024**

**(In thousands, except share and per share amounts)**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Assets** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $368540 | $205693 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 186746 | 198008 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance of $46,805 as of December 31, 2025 and $37,712 as of December 31, 2024 | 134758 | 157244 |
| &nbsp;&nbsp;&nbsp;Inventory, net | 520968 | 682642 |
| &nbsp;&nbsp;&nbsp;Contract assets | 105268 | 94052 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses, tax credits, and other current assets | 93988 | 139845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 1410268 | 1477484 |
| Restricted cash | 438698 | 637008 |
| Property, plant, and equipment, net | 281001 | 866329 |
| Right of use assets related to finance leases, net | 44852 | 51822 |
| Right of use assets related to operating leases, net | 182206 | 218081 |
| Equipment related to power purchase agreements and fuel delivered to customers, net | 122926 | 144072 |
| Contract assets | 24137 | 23963 |
| Intangible assets, net | 29228 | 84660 |
| Investments in non-consolidated entities and non-marketable securities | 46909 | 85494 |
| Other assets | 14343 | 13933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $2594568 | $3602846 |
| **Liabilities and Stockholders' Equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $168744 | $180966 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 128010 | 103145 |
| &nbsp;&nbsp;&nbsp;Deferred revenue and other contract liabilities | 66742 | 144093 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | 70407 | 71250 |
| &nbsp;&nbsp;&nbsp;Finance lease liabilities | 10934 | 12802 |
| &nbsp;&nbsp;&nbsp;Finance obligations | 76160 | 83129 |
| &nbsp;&nbsp;&nbsp;Current portion of convertible debt instruments, net | 2583 | 58273 |
| &nbsp;&nbsp;&nbsp;Current portion of long-term debt | 626 | 946 |
| &nbsp;&nbsp;&nbsp;Contingent consideration, loss accrual for service contracts, and other current liabilities (of which $4,871 was measured at fair value as of December 31, 2025 and $28,954 was measured at fair value as of December 31, 2024) | 86382 | 93885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 610588 | 748489 |
| Deferred revenue and other contract liabilities | 34203 | 58532 |
| Operating lease liabilities | 194709 | 242148 |
| Finance lease liabilities | 17627 | 22778 |
| Finance obligations | 191806 | 264318 |
| Warrant liabilities | 52323 |  |
| Convertible debt instruments, net (of which $431,014 was measured at fair value as of December 31, 2025 and $173,150 was measured at fair value as of December 31, 2024) | 431014 | 321060 |
| Long-term debt | 1306 | 1932 |
| Contingent consideration, loss accrual for service contracts, and other liabilities (of which $6,906 was measured at fair value as of December 31, 2025 and $31,792 was measured at fair value as of December 31, 2024) | 57678 | 135833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | $1591254 | $1795090 |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;Common stock, $.01 par value per share; 1,500,000,000 shares authorized; Issued (including shares in treasury): 1,394,241,538 as of December 31, 2025 and 934,126,897 as of December 31, 2024 | 13943 | 9342 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 9186314 | 8430537 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income/(loss) | 6796 | (2502) |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (8226039) | (6594445) |
| &nbsp;&nbsp;&nbsp;Less common stock in treasury: 970,588 as of December 31, 2025 and 20,230,043 as of December 31, 2024 | (2945) | (108795) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Plug Power Inc. stockholders' equity | 978069 | 1734137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interest | 25245 | 73619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 1003314 | 1807756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $2594568 | $3602846 |

---

**Plug Power Inc. and Subsidiaries**

**Consolidated Statements of Operations**

**For the years ended December 31, 2025, 2024 and 2023**

**(In thousands, except share and per share amounts)**

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
| Net revenue: |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales of equipment, related infrastructure and other | $371081 | $390335 | $711433 |
| &nbsp;&nbsp;&nbsp;Services performed on fuel cell systems and related infrastructure | 94462 | 52169 | 39093 |
| &nbsp;&nbsp;&nbsp;Power purchase agreements | 107572 | 77842 | 63731 |
| &nbsp;&nbsp;&nbsp;Fuel delivered to customers and related equipment | 133411 | 97882 | 66246 |
| &nbsp;&nbsp;&nbsp;Other | 3393 | 10586 | 10837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net revenue | $709919 | $628814 | $891340 |
| Cost of revenue: |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales of equipment, related infrastructure and other | 477741 | 696087 | 765575 |
| &nbsp;&nbsp;&nbsp;Services performed on fuel cell systems and related infrastructure | 70353 | 57766 | 75412 |
| &nbsp;&nbsp;&nbsp;(Benefit)/provision for loss contracts related to service | (24607) | 48539 | 86346 |
| &nbsp;&nbsp;&nbsp;Power purchase agreements | 178733 | 216947 | 218936 |
| &nbsp;&nbsp;&nbsp;Fuel delivered to customers and related equipment | 248061 | 228827 | 246318 |
| &nbsp;&nbsp;&nbsp;Other | 1678 | 5535 | 6544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cost of revenue | $951959 | $1253701 | $1399131 |
| Gross loss | $(242040) | $(624887) | $(507791) |
| Operating expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;Research and development | 57960 | 77226 | 113745 |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative | 379570 | 376110 | 422469 |
| &nbsp;&nbsp;&nbsp;Restructuring | 25857 | 8153 |  |
| &nbsp;&nbsp;&nbsp;Impairment | 785444 | 949315 | 269494 |
| &nbsp;&nbsp;&nbsp;Change in fair value of contingent consideration | (23486) | (15847) | 30024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | $1225345 | $1394957 | $835732 |
| Operating loss | (1467385) | (2019844) | (1343523) |
| &nbsp;&nbsp;&nbsp;Interest income | 19429 | 30717 | 55829 |
| &nbsp;&nbsp;&nbsp;Interest expense | (65127) | (46622) | (45201) |
| &nbsp;&nbsp;&nbsp;Other income/(expense), net | 7609 | (19963) | (131) |
| &nbsp;&nbsp;&nbsp;Realized loss on investments, net |  |  | (12806) |
| &nbsp;&nbsp;&nbsp;Change in fair value of equity securities |  |  | 11421 |
| &nbsp;&nbsp;&nbsp;Loss on extinguishment of convertible debt instruments and debt | (31501) | (16278) |  |
| &nbsp;&nbsp;&nbsp;Change in fair value of convertible debt instruments and debt | (32895) | (3424) |  |
| &nbsp;&nbsp;&nbsp;Inducement of common warrant exercise | (196482) |  |  |
| &nbsp;&nbsp;&nbsp;Change in fair value of warrant liabilities | 128101 |  |  |
| &nbsp;&nbsp;&nbsp;Loss on equity method investments | (55061) | (32177) | (41786) |
| Loss before income taxes | $(1693312) | $(2107591) | $(1376197) |
| &nbsp;&nbsp;&nbsp;Income tax (expense)/benefit | (356) | 2686 | 7364 |
| Net loss | $(1693668) | $(2104905) | $(1368833) |
| Net loss attributable to non-controlling interest | $(62074) | $(204) | $— |
| Net loss attributable to Plug Power Inc. | $(1631594) | $(2104701) | $(1368833) |
| Net loss per share attributable to Plug Power Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted | $(1.42) | $(2.68) | $(2.30) |
| Weighted average number of common stock outstanding | 1146691189 | 785024373 | 595468419 |

---

**Plug Power Inc. and Subsidiaries**

**Condensed Consolidated Statements of Cash Flows**

**For the years ended December 31, 2025 and 2024**

**(In thousands)**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operating activities** |  |  |
| Net loss | $(1693668) | $(2104905) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation of long-lived assets | 37610 | 61115 |
| &nbsp;&nbsp;&nbsp;Amortization of intangible assets | 6950 | 23441 |
| &nbsp;&nbsp;&nbsp;Lower of cost or net realizable value inventory adjustments and provision for excess and obsolete inventory | 97062 | 171980 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | 50545 | 82203 |
| &nbsp;&nbsp;&nbsp;Loss on extinguishment of convertible debt instruments and debt | 31501 | 15666 |
| &nbsp;&nbsp;&nbsp;Provision for losses on accounts receivable | 28455 | 28914 |
| &nbsp;&nbsp;&nbsp;Provision for losses on prepaid expenses | 19087 |  |
| &nbsp;&nbsp;&nbsp;Amortization of discount/(premium) of debt issuance costs on convertible debt instruments and long-term debt | 1256 | (2826) |
| &nbsp;&nbsp;&nbsp;Provision for common stock warrants | 45403 | 38984 |
| &nbsp;&nbsp;&nbsp;Deferred income tax expense/(benefit) | 10 | (3155) |
| &nbsp;&nbsp;&nbsp;Impairment | 785444 | 949315 |
| &nbsp;&nbsp;&nbsp;Recovery on service contracts | (67484) | (3039) |
| &nbsp;&nbsp;&nbsp;Write-off of capitalized closing fees related to DOE loan guarantee | 13195 |  |
| &nbsp;&nbsp;&nbsp;Loss on sale of long-lived assets |  | 2885 |
| &nbsp;&nbsp;&nbsp;Change in fair value of contingent consideration | (23486) | (15847) |
| &nbsp;&nbsp;&nbsp;Net realized loss on investments |  |  |
| &nbsp;&nbsp;&nbsp;Accretion of premium on available-for-sale securities |  |  |
| &nbsp;&nbsp;&nbsp;Right of use asset restructuring charge | 3936 |  |
| &nbsp;&nbsp;&nbsp;Lease origination costs |  | (3508) |
| &nbsp;&nbsp;&nbsp;Change in fair value for equity securities |  |  |
| &nbsp;&nbsp;&nbsp;Change in fair value of convertible debt instruments and debt | 32895 | 3424 |
| &nbsp;&nbsp;&nbsp;Inducement of common warrant exercise | 196482 |  |
| &nbsp;&nbsp;&nbsp;Change in fair value of warrant liability | (128101) |  |
| &nbsp;&nbsp;&nbsp;Loss on equity method investments | 55061 | 32177 |
| &nbsp;&nbsp;&nbsp;Change in fair value of derivative financial instruments |  | 1665 |
| &nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities that provide/(use) cash: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (5351) | 57653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory | 51894 | 129291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract assets | (42016) | (2493) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 24779 | (31175) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, accrued expenses, and other liabilities | 83678 | (59464) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments of contingent consideration | (8403) | (9924) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments of operating lease liability, net | (23815) | (5343) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue and other contract liabilities | (108754) | (85677) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (535835) | (728643) |
| **Investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of property, plant and equipment | (111164) | (287098) |
| &nbsp;&nbsp;&nbsp;Purchases of equipment related to power purchase agreements and equipment related to fuel delivered to customers | (14476) | (47150) |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of long-lived assets |  | 500 |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of available-for-sale securities |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from maturities of available-for-sale securities |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of equity securities |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of interest in non-consolidated entity | 6500 |  |
| &nbsp;&nbsp;&nbsp;Cash paid for non-consolidated entities and non-marketable securities | (19868) | (68616) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (139008) | (402364) |
| **Financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Payments of contingent consideration | (18602) | (19901) |
| &nbsp;&nbsp;&nbsp;Proceeds from public and private offerings, net of transaction costs | 322353 | 857872 |
| &nbsp;&nbsp;&nbsp;Payments of tax withholding on behalf of employees for net stock settlement of stock-based compensation | (3646) | (2527) |
| &nbsp;&nbsp;&nbsp;Contributions by non-controlling interest | 1780 | 10163 |
| &nbsp;&nbsp;&nbsp;Proceeds from exercise of stock options | 991 | 154 |
| &nbsp;&nbsp;&nbsp;Proceeds from issuances of common stock warrants, net of transaction costs | 6069 |  |
| &nbsp;&nbsp;&nbsp;Proceeds from exercises of common stock warrants, net of transaction costs | 391246 |  |
| &nbsp;&nbsp;&nbsp;Proceeds from convertible debt instruments | 399984 | 190000 |
| &nbsp;&nbsp;&nbsp;Cash penalty from early settlement of convertible senior notes |  | 612 |
| &nbsp;&nbsp;&nbsp;Principal payments on convertible debt instruments | (323945) | (22500) |
| &nbsp;&nbsp;&nbsp;Premium on principal of convertible debt instruments and debt settled in cash | (17802) |  |
| &nbsp;&nbsp;&nbsp;Proceeds from long-term debt issuance | 243306 |  |
| &nbsp;&nbsp;&nbsp;Principal payments on long-term debt | (263877) | (3526) |
| &nbsp;&nbsp;&nbsp;Cash paid for capitalized closing fees related to DOE loan guarantee | (13666) |  |
| &nbsp;&nbsp;&nbsp;Proceeds from finance obligations |  | 60287 |
| &nbsp;&nbsp;&nbsp;Principal repayments of finance obligations and finance leases | (94238) | (87464) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 629953 | 983170 |
| **Effect of exchange rate changes on cash** | (1835) | 19402 |
| **Increase in cash and cash equivalents** | 162847 | 70660 |
| **Decrease in restricted cash** | (209572) | (199095) |
| **Cash, cash equivalents, and restricted cash beginning of period** | 1040709 | 1169144 |
| **Cash, cash equivalents, and restricted cash end of period** | $993984 | $1040709 |

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**Plug Power Inc. and Subsidiaries**

**Reconciliation of Non-GAAP Financial Measures**

**(In thousands, except per share amounts)**

(Unaudited)

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| | | |
|:---|:---|:---|
|  | **For the three months ended<br> December 31,** | **For the three months ended<br> December 31,** |
|  | **2025** | **2024** |
| **Reconciliation of basic and diluted net loss per share attributable to Plug Power Inc. (GAAP) to adjusted basic and diluted net loss per share attributable to Plug Power Inc. (Non-GAAP):** |  |  |
| Basic and diluted net loss per share attributable to Plug Power Inc (GAAP): | $(0.63) | $(1.48) |
| &nbsp;&nbsp;&nbsp;Adjustments, net of estimated tax effect: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment, net of amount attributable to non - controlling interest | 0.45 | 1.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring, legal accruals, write-off of capitalized closing fees and various loans receivable, and bad debt | 0.02 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of contingent consideration | (0.01) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lower of cost or net realizable value inventory adjustments, provision for excess and obsolete inventory | 0.01 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of convertible debt instruments and debt | 0.02 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of convertible debt instruments and debt | 0.02 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inducement of common warrant exercise | 0.15 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of warrant liabilities | (0.09) |  |
| Adjusted basic and diluted net loss per share attributable to Plug Power Inc. (Non-GAAP) | $(0.06) | $(0.29) |

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**Explanatory Notes on Use of Non-GAAP Measures**

To supplement the Company's unaudited financial data presented on a generally accepted accounting principles (GAAP) basis, management has used adjusted basic and diluted net loss per share attributable to Plug Power Inc., which are non-GAAP performance-based measures. These non-GAAP measures are among the indicators management uses as a basis for evaluating the Company's financial performance as well as for forecasting future periods. Management establishes performance targets, annual budgets and makes operating decisions based in part upon these metrics. Accordingly, disclosure of these non-GAAP measures provides investors with the same information that management uses to understand the Company's economic performance year over year. In addition, the Company believes these non-GAAP financial measures improve understanding of comparable information from past reports of financial results.

Adjusted basic and diluted net loss per share attributable to Plug Power Inc. should not be considered as an alternative to net income or any other performance measure derived in accordance with GAAP, or as an alternative to cash flows from operating activities as a measure of our liquidity. Adjusted basic and diluted net loss per share attributable to Plug Power Inc. is defined as the basic and diluted attributable to Plug Power Inc. adjusted for impairment net of amount attributable to non-controlling interest, restructuring, write-off of capitalized closing fees and various loans receivable, accrual related to ongoing litigation costs, bad debt, and lower of cost or net realizable value inventory adjustments and provision for excess and obsolete inventory, change in fair value of contingent consideration, and various charges with debt and equity transactions, net of the estimated tax effect of these adjustments and any anticipated tax valuation adjustments. The adjustments made to the basic and diluted earnings per share have no income tax effect in light of the Company's full valuation allowance recorded on their deferred tax assets. While management believes that the non-GAAP financial measures provide useful supplemental information to investors, there are limitations associated with the use of these measures. The measures are not prepared in accordance with GAAP and may not be directly comparable to similarly titled measures of other companies due to potential differences in the exact method of calculation. The Company's non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with the Company's consolidated financial statements prepared in accordance with GAAP.

In addition, the Company's EBITDAS-positive target for the second half of 2026 is a forward-looking non-GAAP financial measure that cannot be reconciled to the most directly comparable GAAP measure, net income (loss), without unreasonable effort. The Company defines EBITDAS as earnings before interest, income tax, depreciation, amortization and share-based expense. This is because the Company is not able to forecast with reasonable accuracy certain items required for such reconciliation, including changes in fair value of derivatives, interest expense associated with financial arrangements, income taxes, and other non-cash or infrequent charges. These items are inherently uncertain, depends on future events outside of management's control, and could materially affect the Company's GAAP results. The Company provides this target to give investors insight into the direction of its operational objectives rather than as a prediction of GAAP earnings.