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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): May 11, 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,
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
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 May 11, 2026, Plug Power Inc., a Delaware corporation
(the “Company”), issued a press release regarding its financial results for the first quarter ended March 31, 2026. 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, 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
Number |
|
Title |
| 99.1 |
|
Press Release of Plug
Power Inc., dated May 11, 2026. |
| 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: May 11, 2026 |
By: |
/s/ Paul Middleton |
| |
|
Name: Paul Middleton |
| |
|
Title: Chief Financial Officer |
Exhibit 99.1
Plug
Power Reports Strong Q1 2026 Results with 22% Revenue Growth and 71% Margin Improvement Year over Year
SLINGERLANDS, N.Y., May 11, 2026 — Plug Power Inc., a global
leader in hydrogen solutions, today reported results for the first quarter of 2026, delivering strong revenue growth, meaningful margin
improvement, and continued progress toward profitability.
The Company exceeded its expectations on revenue and delivered its
margin and EPS targets for the quarter. This performance reflects disciplined execution across Plug’s integrated hydrogen platform,
improving unit economics, and continued demand across core markets.
Q1 2026 Financial Highlights
| · | Revenue increased 22% year-over-year to $163.5 million, reflecting growth
across material handling and electrolyzer businesses |
| · | GAAP
gross margin improved to (13%) from (55%) in the prior-year period, representing a 71% improvement in overall margin and a 42 percentage
point improvement in the margin rate year-over-year, driven by sales growth, cost optimization, improved service execution, and fuel
sourcing efficiencies |
| · | Q1
2026 GAAP EPS was ($0.18), inclusive of approximately $140 million primarily associated with non-cash charges related to adjustments
in convertible debt and warrant valuations stemming from changes in the stock market and the Company’s stock price escalation;
Q1 2025 GAAP EPS was ($0.21) |
| · | Adjusted
EPS improved to ($0.08) for Q1 2026 from ($0.17) in Q1 2025, excluding the impact of certain non-cash charges; see the reconciliation
below |
“Our first quarter results reflect strong commercial execution
and continued progress improving the underlying economics of the business and positions us to achieve our EBITDAS positive target in Q4
2026,” said Jose Luis Crespo, Chief Executive Officer of Plug. “We exceeded internal expectations on revenue, delivered on
our margin and EPS targets, and continue to strengthen our financial position. Our focus remains on execution and growth, driving efficiency,
expanding margins, and converting our scale into consistent financial performance.”
Commercial Business Update
Material Handling (GenDrive Fuel Cells and
GenFuel Systems)
| · | Expansion
with existing customer sites, including Amazon and Walmart, and continued new business development |
| · | Record
service performance, with GenDrive per-unit quarterly service costs down over 30% year-over-year, contributing to margin improvement |
| · | Ongoing
demand supported by productivity gains, reliability improvements, and reduced grid dependence |
Electrolyzer Solutions (GenEco)
| · | More
than 320 MW of electrolyzer capacity deployed globally |
| · | Over
$8 billion project pipeline across industrial and energy applications |
| · | Execution
on key projects: |
| ○ | 100
MW system with Galp Energia (Portugal) |
| ○ | 25
MW system with Iberdrola and BP (Spain) |
| · | New
and advancing opportunities: |
| ○ | 275
MW award of Front-End Engineering Design with Hy2gen (Québec, Canada) |
| ○ | Continued
progress with Allied Green Ammonia, including advancement with the Uzbekistan government on a binding tax incentive agreement and the
memorandum of understanding (MOU) with Uzbekistan Airports for SAF and e-SAF initiatives, two key steps toward final investment decision
(FID) |
Hydrogen Production
| · | Hydrogen
fuel sales increased by 22% for Q1 2026 in relation to Q1 2025, driven by customer growth, increasing prices, and reduced customer warrant
charges |
| · | Hydrogen
fuel margin rate improved by 54 percentage points in Q1 2026 versus Q1 2025, stemming from greater leverage on Plug’s hydrogen
network with higher volumes, reduced third-party sourcing costs, and efforts to improve network efficiency |
| · | Volume
is one of the key drivers to improve margins on hydrogen fuel sales as it provides even greater leverage on the Company’s production
facilities’ fixed overhead costs. The Company continues to scale new customer sites and utilization for existing sites. |
| · | Plug’s
production facilities in Georgia, Tennessee, and Louisiana provide approximately 40 TPD in total capacity supporting both internal demand
and broader commercial opportunities |
Liquidity and Capital Position
| · | Ended
the quarter with over $802 million in total cash, including $223 million in unrestricted cash and approximately $579 million of restricted
cash, which is expected to release ~$50 million per quarter over the next few years |
| · | Anticipated
proceeds of approximately $275 million from hydrogen project asset monetization initiatives, including the previously announced agreement
with Stream Data Centers. At this time, the first transaction for approximately $142 million is expected to close in June. |
| · | Expected
sale of an investment tax credit associated with the St. Gabriel, Louisiana joint venture hydrogen liquefier for $39.2 million, currently
targeted to close by the end of May 2026 |
| · | Cash
usage tracking modestly better than the Company’s internal plan; sequential improvement in cash usage is expected over the balance
of 2026, with positive EBITDAS targeted in Q4 2026 |
Positioned for Long-Term Value Creation
Plug continues to execute against a clear set of priorities: margin
expansion, disciplined capital deployment, and conversion of its project pipeline into profitable growth. The Company remains focused
on achieving positive EBITDAS in the fourth quarter of 2026. Operating at the center of the global energy transition, Plug has built a
scaled platform spanning hydrogen production, delivery, and end-use applications. Its integrated hydrogen ecosystem remains a key differentiator,
which management believes will drive increased revenue visibility, improved asset utilization, and expanding margins as the platform continues
to scale.
Earnings Call Details
Management will host a conference call to discuss results and business
outlook.
| · | Toll-free:
877-407-9221 / +1 201-689-8597 |
| · | Direct
webcast: https://event.webcasts.com/starthere.jsp?ei=1760125&tp_key=6963e219ef |
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 Power
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
delivers electrolyzers, fuel cells, and hydrogen production plants to customers across material handling, industrial applications, and
energy markets, advancing energy resilience and industrial decarbonization.
Plug’s GenEco electrolyzers span five continents, and the Company
has more than 74,000 GenDrive fuel cell systems and 280+ hydrogen-powered material handling sites deployed to date. Plug also operates
its own hydrogen generation network to ensure a reliable, domestically produced supply, with production facilities currently operational
in Georgia, Tennessee, and Louisiana, representing a combined capacity of approximately 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.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements
regarding the Company's expectations, beliefs, plans, projections, and anticipated results of operations, including statements regarding
anticipated financial results, targets, and objectives for future periods, cash usage, liquidity, asset monetization initiatives and the
timing of such closings, hydrogen production capacity and utilization, project pipeline opportunities, electrolyzer deployments, anticipated
benefits of “Project Quantum Leap,” and the Company’s ability to achieve positive EBITDAS in the fourth quarter of 2026.
Forward-looking statements are based on management’s current expectations and assumptions and are subject to risks and uncertainties
that could cause actual results to differ materially from those expressed or implied by such statements. Factors that could cause actual
results to differ materially include, but are not limited to: the Company’s ability to achieve anticipated cost reductions and operational
efficiencies; the Company’s ability to improve margins and manage cash usage; the Company’s ability to successfully execute
its hydrogen production, liquefaction, and logistics strategy; the availability, timing, and cost of hydrogen supply and production inputs;
the Company’s ability to complete asset monetization transactions on anticipated terms or timelines; the Company’s ability
to close or realize anticipated proceeds from investment tax credit transactions; the Company’s ability to execute on its electrolyzer
project pipeline and convert opportunities into revenue-generating projects; delays or disruptions in project development, permitting,
construction, or commissioning; the availability of financing or capital; changes in customer demand, including within the material handling
and energy markets; competitive pressures; changes in government policies, incentives, or regulations; macroeconomic conditions; and other
risks described in the Company’s filings with the Securities and Exchange Commission, including its most recent Annual Report on
Form 10-K and subsequent Quarterly Reports on Form 10-Q. The forward-looking statements included in this press release speak only as of
the date hereof. The Company undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events
or circumstances, except as required by law.
| Plug Power Inc. and Subsidiaries |
| Condensed Consolidated Balance Sheets |
| (In thousands, except share and per share amounts) |
| (Unaudited) |
| |
| | |
March 31, | | |
December 31, | |
| | |
2026 | | |
2025 | |
| Assets | |
| | | |
| | |
| Current assets: | |
| | | |
| | |
| Cash and cash equivalents | |
$ | 223,189 | | |
$ | 368,540 | |
| Restricted cash | |
| 183,685 | | |
| 186,746 | |
| Accounts receivable, net of allowance of $44,980 as of March 31, 2026 and $46,805 as of December 31, 2025 | |
| 106,511 | | |
| 134,758 | |
| Inventory, net | |
| 516,153 | | |
| 520,968 | |
| Contract assets | |
| 105,099 | | |
| 105,268 | |
| Prepaid expenses, tax credits, and other current assets | |
| 140,148 | | |
| 93,988 | |
| Total current assets | |
| 1,274,785 | | |
| 1,410,268 | |
| | |
| | | |
| | |
| Restricted cash | |
| 395,140 | | |
| 438,698 | |
| Property, plant, and equipment, net | |
| 240,499 | | |
| 281,001 | |
| Right of use assets related to finance leases, net | |
| 39,065 | | |
| 44,852 | |
| Right of use assets related to operating leases, net | |
| 170,193 | | |
| 182,206 | |
| Equipment related to power purchase agreements and fuel delivered to customers, net | |
| 133,788 | | |
| 122,926 | |
| Contract assets | |
| 24,312 | | |
| 24,137 | |
| Intangible assets, net | |
| 28,231 | | |
| 29,228 | |
| Investments in non-consolidated entities and non-marketable securities | |
| 45,612 | | |
| 46,909 | |
| Other assets | |
| 16,559 | | |
| 14,343 | |
| Total assets | |
$ | 2,368,184 | | |
$ | 2,594,568 | |
| | |
| | | |
| | |
| Liabilities and Stockholders’ Equity | |
| | | |
| | |
| Current liabilities: | |
| | | |
| | |
| Accounts payable | |
$ | 144,251 | | |
$ | 168,744 | |
| Accrued expenses | |
| 113,068 | | |
| 128,010 | |
| Deferred revenue and other contract liabilities | |
| 68,508 | | |
| 66,742 | |
| Operating lease liabilities | |
| 63,181 | | |
| 70,407 | |
| Finance lease liabilities | |
| 10,098 | | |
| 10,934 | |
| Finance obligations | |
| 66,374 | | |
| 76,160 | |
| Current portion of convertible debt instruments, net | |
| 2,495 | | |
| 2,583 | |
| Current portion of long-term debt | |
| 439 | | |
| 626 | |
| Contingent consideration, loss accrual for service contracts, and other current liabilities (of which $601 was measured at fair value as of March 31, 2026 and $4,871 was measured at fair value as of December 31, 2025) | |
| 72,292 | | |
| 86,382 | |
| Total current liabilities | |
| 540,706 | | |
| 610,588 | |
| | |
| | | |
| | |
| Deferred revenue and other contract liabilities | |
| 29,615 | | |
| 34,203 | |
| Operating lease liabilities | |
| 175,277 | | |
| 194,709 | |
| Finance lease liabilities | |
| 14,750 | | |
| 17,627 | |
| Finance obligations | |
| 173,531 | | |
| 191,806 | |
| Warrant liabilities | |
| 106,963 | | |
| 52,323 | |
| Convertible debt instruments, net | |
| 502,770 | | |
| 431,014 | |
| Long-term debt | |
| 1,258 | | |
| 1,306 | |
| Contingent consideration, loss accrual for service contracts, and other liabilities (of which $7,185 was measured at fair value as of March 31, 2026 and $6,906 was measured at fair value as of December 31, 2025) | |
| 49,425 | | |
| 57,678 | |
| Total liabilities | |
| 1,594,295 | | |
| 1,591,254 | |
| | |
| | | |
| | |
| Stockholders’ equity: | |
| | | |
| | |
| Common stock, $.01 par value per share; 3,000,000,000 shares authorized as of March 31, 2026 and 1,500,000,000 shares authorized as of December 31, 2025; Issued (including shares in treasury): 1,395,643,390 as of March 31, 2026 and 1,394,241,538 as of December 31, 2025 | |
| 13,957 | | |
| 13,943 | |
| Additional paid-in capital | |
| 9,206,736 | | |
| 9,186,314 | |
| Accumulated other comprehensive income | |
| 3,442 | | |
| 6,796 | |
| Accumulated deficit | |
| (8,471,343 | ) | |
| (8,226,039 | ) |
| Less common stock in treasury: 987,495 as of March 31, 2026 and 970,588 as of December 31, 2025 | |
| (2,982 | ) | |
| (2,945 | ) |
| Total Plug Power Inc. stockholders’ equity | |
| 749,810 | | |
| 978,069 | |
| Non-controlling interest | |
| 24,079 | | |
| 25,245 | |
| Total stockholders’ equity | |
| 773,889 | | |
| 1,003,314 | |
| Total liabilities and stockholders’ equity | |
$ | 2,368,184 | | |
$ | 2,594,568 | |
| Plug Power Inc. and Subsidiaries |
| Condensed Consolidated Statements of Operations |
| (In thousands, except share and per share amounts) |
| (Unaudited) |
| |
| | |
Three months ended March 31, | |
| | |
2026 | | |
2025 | |
| Net revenue: | |
| | | |
| | |
| Sales of equipment, related infrastructure and other | |
$ | 79,022 | | |
$ | 63,506 | |
| Services performed on fuel cell systems and related infrastructure | |
| 21,970 | | |
| 16,874 | |
| Power purchase agreements | |
| 26,290 | | |
| 23,210 | |
| Fuel delivered to customers and related equipment | |
| 35,795 | | |
| 29,457 | |
| Other | |
| 436 | | |
| 627 | |
| Net revenue | |
| 163,513 | | |
| 133,674 | |
| Cost of revenue: | |
| | | |
| | |
| Sales of equipment, related infrastructure and other | |
| 85,327 | | |
| 74,556 | |
| Services performed on fuel cell systems and related infrastructure | |
| 14,421 | | |
| 14,462 | |
| (Benefit)/provision for loss contracts related to service | |
| (7,814 | ) | |
| 8,888 | |
| Power purchase agreements | |
| 40,148 | | |
| 49,932 | |
| Fuel delivered to customers and related equipment | |
| 52,892 | | |
| 59,354 | |
| Other | |
| 146 | | |
| 343 | |
| Total cost of revenue | |
| 185,120 | | |
| 207,535 | |
| | |
| | | |
| | |
| Gross loss | |
| (21,607 | ) | |
| (73,861 | ) |
| | |
| | | |
| | |
| Operating expenses: | |
| | | |
| | |
| Research and development | |
| 12,113 | | |
| 17,357 | |
| Selling, general and administrative | |
| 70,208 | | |
| 80,839 | |
| Restructuring | |
| 1,425 | | |
| 17,154 | |
| Impairment | |
| 3,856 | | |
| 1,064 | |
| Change in fair value of contingent consideration | |
| 280 | | |
| (11,819 | ) |
| Total operating expenses | |
| 87,882 | | |
| 104,595 | |
| | |
| | | |
| | |
| Operating loss | |
| (109,489 | ) | |
| (178,456 | ) |
| | |
| | | |
| | |
| Interest income | |
| 3,845 | | |
| 5,153 | |
| Interest expense | |
| (17,351 | ) | |
| (11,486 | ) |
| Other income, net | |
| 1,086 | | |
| 1,290 | |
| Gain/(loss) on extinguishment of convertible debt instruments and finance obligations | |
| 1,805 | | |
| (3,652 | ) |
| Change in fair value of convertible debt instruments | |
| (70,782 | ) | |
| (7,338 | ) |
| Change in fair value of warrant liabilities | |
| (54,640 | ) | |
| — | |
| Loss on equity method investments | |
| (470 | ) | |
| (2,370 | ) |
| | |
| | | |
| | |
| Loss before income taxes | |
$ | (245,996 | ) | |
$ | (196,859 | ) |
| | |
| | | |
| | |
| Income tax expense | |
| (41 | ) | |
| — | |
| | |
| | | |
| | |
| Net loss | |
$ | (246,037 | ) | |
$ | (196,859 | ) |
| | |
| | | |
| | |
| Net loss attributable to non-controlling interest | |
| (733 | ) | |
| (203 | ) |
| | |
| | | |
| | |
| Net loss attributable to Plug Power Inc. | |
$ | (245,304 | ) | |
$ | (196,656 | ) |
| | |
| | | |
| | |
| Net loss per share attributable to Plug Power Inc.: | |
| | | |
| | |
| Basic and diluted | |
$ | (0.18 | ) | |
$ | (0.21 | ) |
| | |
| | | |
| | |
| Weighted average number of common stock outstanding | |
| 1,389,672,378 | | |
| 945,767,987 | |
| Plug Power Inc. and Subsidiaries |
| Condensed Consolidated Statements of Cash Flows |
| (In thousands) |
| (Unaudited) |
| |
| | |
Three months ended March 31, | |
| | |
2026 | | |
2025 | |
| Operating activities | |
| | | |
| | |
| Net loss | |
$ | (246,037 | ) | |
$ | (196,859 | ) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
| Depreciation of long-lived assets | |
| 6,312 | | |
| 12,134 | |
| Amortization of intangible assets | |
| 908 | | |
| 2,007 | |
| Lower of cost or net realizable value inventory adjustments and provision for excess and obsolete inventory | |
| 7,271 | | |
| 8,262 | |
| Stock-based compensation | |
| 13,938 | | |
| 11,087 | |
| (Gain)/loss on extinguishment of convertible debt instruments and finance obligations | |
| (1,805 | ) | |
| 3,652 | |
| Provision for losses on accounts receivable | |
| 2,394 | | |
| 40 | |
| Amortization of discount/(premium) of debt issuance costs on convertible debt instruments and long-term debt | |
| 997 | | |
| (320 | ) |
| Provision for common stock warrants | |
| 4,561 | | |
| 9,124 | |
| Impairment | |
| 3,856 | | |
| 1,064 | |
| Recovery on service contracts | |
| (14,685 | ) | |
| (2,937 | ) |
| Change in fair value of contingent consideration | |
| 280 | | |
| (11,819 | ) |
| Change in fair value of convertible debt instruments | |
| 70,782 | | |
| 7,338 | |
| Change in fair value of warrant liabilities | |
| 54,640 | | |
| - | |
| Loss on equity method investments | |
| 470 | | |
| 2,370 | |
| Changes in operating assets and liabilities that provide/(use) cash: | |
| | | |
| | |
| Accounts receivable | |
| 25,853 | | |
| 12,251 | |
| Inventory | |
| (6,860 | ) | |
| (18,357 | ) |
| Contract assets | |
| 1,561 | | |
| 580 | |
| Prepaid expenses and other assets | |
| (9,337 | ) | |
| 40,576 | |
| Accounts payable, accrued expenses, and other liabilities | |
| (43,343 | ) | |
| 47,578 | |
| Payments of contingent consideration | |
| (1,918 | ) | |
| (6,024 | ) |
| Payments of operating lease liabilities, net | |
| (17,523 | ) | |
| (5,618 | ) |
| Deferred revenue and other contract liabilities | |
| (2,356 | ) | |
| (21,697 | ) |
| Net cash used in operating activities | |
| (150,041 | ) | |
| (105,568 | ) |
| | |
| | | |
| | |
| Investing activities | |
| | | |
| | |
| Purchases of property, plant and equipment | |
| (2,407 | ) | |
| (40,451 | ) |
| Purchases of equipment related to power purchase agreements and equipment related to fuel delivered to customers | |
| (5,707 | ) | |
| (5,608 | ) |
| Cash paid for non-consolidated entities and non-marketable securities | |
| (367 | ) | |
| (514 | ) |
| Net cash used in investing activities | |
| (8,481 | ) | |
| (46,573 | ) |
| | |
| | | |
| | |
| Financing activities | |
| | | |
| | |
| Payments of contingent consideration | |
| (2,330 | ) | |
| - | |
| Proceeds from public and private offerings, net of transaction costs | |
| - | | |
| 276,053 | |
| Payments of tax withholding on behalf of employees for net stock settlement of stock-based compensation | |
| (37 | ) | |
| (49 | ) |
| Proceeds from exercise of stock options | |
| 90 | | |
| - | |
| Contributions by non-controlling interest | |
| 300 | | |
| - | |
| Principal payments on convertible debt instruments | |
| - | | |
| (45,000 | ) |
| Premium on principal of convertible debt instruments settled in cash | |
| - | | |
| (1,238 | ) |
| Principal payments on long-term debt | |
| (346 | ) | |
| (344 | ) |
| Cash paid for capitalized closing fees related to DOE loan guarantee | |
| - | | |
| (12,817 | ) |
| Principal repayments of finance obligations and finance leases | |
| (29,419 | ) | |
| (23,373 | ) |
| Net cash (used in)/provided by financing activities | |
| (31,742 | ) | |
| 193,232 | |
| Effect of exchange rate changes on cash | |
| (1,706 | ) | |
| (5,189 | ) |
| (Decrease)/increase in cash and cash equivalents | |
| (145,351 | ) | |
| 90,151 | |
| Decrease in restricted cash | |
| (46,619 | ) | |
| (54,249 | ) |
| Cash, cash equivalents, and restricted cash beginning of period | |
| 993,984 | | |
| 1,040,709 | |
| Cash, cash equivalents, and restricted cash end of period | |
$ | 802,014 | | |
$ | 1,076,611 | |
| Plug Power Inc. and Subsidiaries |
| Reconciliation of Non-GAAP Financial Measures |
| (In thousands, except per share amounts) |
| (Unaudited) |
| |
| | |
For the three months ended March 31, | |
| | |
2026 | | |
2025 | |
| Reconciliation of net loss attributable to Plug Power Inc. and adjusted net loss attributable to Plug Power Inc. (Non-GAAP): | |
| | | |
| | |
| Net loss attributable to Plug Power Inc. (GAAP): | |
$ | (245,304 | ) | |
$ | (196,656 | ) |
| Adjustments, net of estimated tax effect: | |
| | | |
| | |
| Impairment | |
| 3,856 | | |
| 1,064 | |
| Restructuring, legal accruals, write-off of various loans receivable, bad debt and supplier contract modification | |
| 4,819 | | |
| 24,971 | |
| Change in fair value of contingent consideration | |
| 280 | | |
| (11,819 | ) |
| Lower of cost or net realizable value inventory adjustments, and provision for excess and obsolete inventory | |
| 7,271 | | |
| 8,262 | |
| Losses on extinguishment and changes in fair value of convertible debt instruments, finance obligations and warrant liabilities, net | |
| 123,617 | | |
| 10,990 | |
| Adjusted net loss attributable to Plug Power Inc. (Non-GAAP): | |
$ | (105,461 | ) | |
$ | (163,188 | ) |
| | |
| | | |
| | |
| Adjusted basic and diluted net loss per share attributable to Plug Power Inc. (Non-GAAP): | |
$ | (0.08 | ) | |
$ | (0.17 | ) |
| | |
| | | |
| | |
| Weighted average number of common stock outstanding | |
| 1,389,672,378 | | |
| 945,767,987 | |
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, when applicable, impairment, restructuring, legal accruals, write-off of various loans receivable
and bad debt, change in fair value of contingent consideration, losses on extinguishment and changes in fair value of convertible
debt instruments, finance obligations and warrant liabilities, net, supplier contract modifications, lower of cost or net realizable value inventory adjustments, and provision for excess and obsolete inventory, and product warranty expense, 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 unaudited condensed consolidated financial statements prepared in accordance
with GAAP.
In addition, the Company’s EBITDAS-positive target for Q4 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 interest expense associated with
financial arrangements, income taxes, and other non-cash or infrequent charges. These items are inherently uncertain, depend 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.
