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):
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).
On August 10, 2026, Plug Power Inc., a Delaware
corporation, issued a press release regarding its financial results for the second quarter ended June 30, 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.
(d) Exhibits.
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.
Exhibit 99.1
Plug
Reports Revenue of ~$178 Million, ~Break-Even Gross Margin, Net Cash Usage of ~$61 Million and Increases Revenue Guidance for 2026
SLINGERLANDS,
N.Y., Aug. 10, 2026 – Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the hydrogen
economy, today reported second quarter 2026 results. As compared to the prior year and prior quarter, the Company delivered higher revenue,
significant gross margin expansion, substantially lower operating expenses, and lower net cash usage. This was coupled with ongoing disciplined
capital management and continued commercial execution across its core businesses.
"Our
second quarter results demonstrate that Plug is executing its transformation into a stronger, more efficient and profitable company,"
said Jose Luis Crespo, Chief Executive Officer of Plug Power. "We delivered revenue growth, improved gross margins, reduced operating
expenses, strengthened liquidity, and advanced major commercial milestones across our core businesses. We continue to expand our installed
material handling base, which also builds our recurring revenues through equipment replacements, service, and hydrogen fuel. Our electrolyzer
pipeline continues to expand, and we see an increasing conversion rate. Given the historically second-half-weighted cadence of our business
and the strength of our commercial backlog, we are raising our full-year 2026 revenue growth guidance to a range of 15% to 16%. We believe
we are on track to achieve our positive EBITDAS target in the fourth quarter of 2026."
Key
Second Quarter Highlights
Second
quarter results reflect continued execution of Plug's strategy to improve profitability while continuing to grow our revenue streams
across our core businesses in material handling, hydrogen production, and electrolyzers.
| · | Gross
margin improved to ~breakeven compared to ~(31%) in the prior-year period and ~(13%) in the
first quarter of 2026. Equally important, this demonstrates that our breakeven threshold
continues to lower as we improve margins. |
| · | Operating
expenses declined ~50% year over year to ~$62 million, representing continued execution of
cost discipline coupled with our ongoing focus on asset monetization. |
| · | Net
revenue was ~$178 million, which reflects quarterly growth sequentially of ~9%. |
| · | GAAP
EPS was $(0.14) compared to prior year of $(0.20). |
| · | Adjusted
EPS was ($0.07) compared to prior year adjusted EPS of ($0.18) (see the reconciliation in
the attached financial tables). |
Commercial &
Operational Execution
Plug
continued translating its commercial pipeline into executed projects while expanding its global hydrogen platform.
Material
Handling
Plug's
material handling business continues to demonstrate strong commercial momentum, supported by an expanding installed base and increasing
recurring revenue.
Quarter
Highlights
| · | Deployed
1,666 GenDrive fuel cell units in the quarter, more than doubling deployments of 739 units
in Q2 2025 (up 125% year over year). |
| · | Two
of Plug's largest material handling customers are planning to refresh more than 20,000 GenDrive
units over the next three years, creating a significant recurring revenue opportunity as
customers upgrade to Plug's newest generation fuel cell technology. |
| · | Service
revenue grew 82% year over year to ~$30 million, demonstrating the increasing value of Plug's
expanding installed base and growing recurring aftermarket revenue. |
| · | Service
margin was 27% positive for the quarter. The Company has seen continued improvement in unit
performance driven from increased reliability and in turn this is enabling the Company to
increase units per service tech profiles, which drives improved overhead leverage. |
GenEco
Electrolyzers
Plug
continued converting its commercial pipeline into executable projects, demonstrating increasing customer confidence in large-scale PEM
electrolyzer deployments.
Quarter
Highlights
| · | We
announced the FID of the 30 MW Barrow Green Hydrogen project for Carlton Power in the UK.
This is part of the 55 MW awarded in November 2025. We expect the additional 25 MW to
reach FID in 2026. |
| · | We
announced the selection for the 275 MW GenEco FEED scope on Hy2gen's Courant Project in Québec. |
| · | On
July 7, 2026 we announced that Plug secured a 50 MW GenEco electrolyzer order following
Final Investment Decision for Orica's Hunter Valley Hydrogen Hub, Australia's largest renewable
hydrogen project to reach FID which builds on the commercial momentum in Q2. |
| · | Advanced
execution on major deployments, with the 100 MW GALP project in Portugal and the 25 MW Iberdrola
and BP project in Spain continuing to progress through commissioning activities. |
Hydrogen
Production
Plug
continued strengthening its vertically integrated hydrogen platform, supporting growing customer demand while improving production efficiency
and expanding recurring fuel revenue.
Quarter
Highlights
| · | Fuel
revenue increased ~15% year over year to ~$39 million, reflecting continued growth in hydrogen
consumption across Plug's expanding customer base. |
| · | Fuel
gross margin improved to ~(48%) from ~(91%) in the prior-year quarter, reflecting improved
plant utilization, production efficiency, and hydrogen network optimization. |
Balance
Sheet & Liquidity
Plug
continued strengthening its liquidity position with improvements in margin, continued focus on reducing capex, increasing leverage on
working capital, and progressing on its asset monetization initiatives.
Quarter
Highlights
| · | Unrestricted
cash was ~$162 million at quarter end, with net cash usage improving to ~$61 million for
the quarter, down ~58% sequentially. |
| · | Subsequent
to quarter end, Plug announced transactions expected to generate $80 million of near-term
liquidity through the sale of the Graham, Texas project and the staged closing of the New
York Gateway project. Over July and August to date, ~$47 million has been received
given a release of associated escrowed funds and the sale of certain power assets. This brings
the total since inception of this effort of funds collected to ~$52 million. These collective
transactions further advance the effort to unlock the $275 million total target for this
asset monetization and non-dilutive financing initiative. |
Outlook
For
the balance of 2026, Plug remains focused on:
| · | Growing
and converting its sales pipeline to achieve an updated full-year 2026 revenue growth target
of 15% to 16% and position 2027 for continued growth. |
| · | Improving
margins and maintaining cost discipline to achieve positive EBITDAS target in Q4 2026. |
| · | Strengthening
liquidity through additional non-dilutive financing initiatives, including unlocking the
incremental proceeds for the $275 million total target through our data center asset monetization
initiatives. |
Plug
believes long-term hydrogen demand continues to be supported by energy security, industrial decarbonization, and accelerating global
power demand. Combined with continued execution across its core businesses, the Company believes it is increasingly well positioned to
deliver sustainable profitable growth and long-term shareholder value.
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.choruscall.com/mediaframe/webcast.html?webcastid=78Bu4HFq |
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 76,000 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 statements that are considered forward-looking within the meaning of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements
to be covered by the safe harbor provisions for forward-looking statements contained in 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 the Company’s updated full-year 2026
revenue growth guidance of 15% to 16%, its target of achieving positive EBITDAS in the fourth quarter of 2026, anticipated margin improvement
and cost reductions, liquidity and capital resources, the timing and anticipated proceeds of asset monetization and non-dilutive financing
initiatives, electrolyzer and hydrogen production capacity, utilization, and project pipeline conversion; the Company’s target
of unlocking more than $275 million in aggregate liquidity through asset monetization and non-dilutive financing initiatives; anticipated
benefits of Project Quantum Leap; anticipated customer fleet refresh, upgrade, and replacement programs, including expected GenDrive
unit volumes; the Company’s beliefs regarding long-term hydrogen demand and the growth of the hydrogen economy, including with
respect to energy security, industrial decarbonization, and power demand trends; the Company’s plans and expectations for 2027
and beyond; and the Company’s long-term growth strategy and market opportunity. 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. These forward-looking statements are not guarantees of future performance, and you
should not place undue reliance on them. Factors that could cause actual results to differ materially include, but are not limited to:
the Company’s history of operating losses and negative cash flows and its ability to achieve or sustain profitability; the Company’s
need for additional capital and the availability of financing on acceptable terms; the timing and ability to complete the asset monetization
and non-dilutive financing transactions described in this press release, satisfy applicable closing conditions, and realize the anticipated
liquidity benefits therefrom in the amounts and within the timeframes currently anticipated; the Company’s ability to achieve anticipated
revenue growth, margin improvement, and cost reductions, including in light of the historically second-half-weighted cadence of its business;
the Company’s ability to convert its commercial and electrolyzer project pipeline into revenue-generating projects and achieve
anticipated deployment and utilization levels; delays or disruptions in project development, permitting, construction, or commissioning;
the availability, timing, and cost of hydrogen supply and production inputs; fluctuations in the Company’s operating results due
to non-cash changes in the fair value of its convertible debt instruments and warrant liabilities; customer and counterparty concentration
and the timing of customer orders and deployments, including the risk that anticipated customer fleet refresh, upgrade, or replacement
programs are delayed, reduced in scope, or do not materialize as currently planned; competitive, regulatory, and macroeconomic conditions,
including changes in government incentives, tariffs, and trade policy; and other risks described in the Company’s filings with
the Securities and Exchange Commission (the “SEC”), including its most recent Annual Report on Form 10-K, its Quarterly
Reports on Form 10-Q and its other subsequent filings with the SEC. All forward-looking statements included in this press release
are based on information available to the Company as of the date of this release and speak only as of that date. The Company assumes
no obligation to, and expressly disclaims any obligation to, update or revise any forward-looking statement, whether as a result of new
information, future events or otherwise, except as required by applicable law.
Plug Power Inc. and Subsidiaries
Consolidated Balance Sheets
(In thousands, except share
and per share amounts)
(Unaudited)
| | |
June 30, 2026 | | |
December 31, 2025 | |
| Assets | |
| | | |
| | |
| Current assets: | |
| | | |
| | |
| Cash and cash equivalents | |
$ | 161,894 | | |
$ | 368,540 | |
| Restricted cash | |
| 155,523 | | |
| 186,746 | |
| Accounts receivable, net of allowance of $39,278 as of June 30, 2026 and $46,805 as of December 31, 2025 | |
| 125,861 | | |
| 134,758 | |
| Inventory, net | |
| 493,445 | | |
| 520,968 | |
| Contract assets | |
| 103,178 | | |
| 105,268 | |
| Prepaid expenses, tax credits, and other current assets | |
| 106,436 | | |
| 93,988 | |
| Total current assets | |
| 1,146,337 | | |
| 1,410,268 | |
| | |
| | | |
| | |
| Restricted cash | |
| 354,111 | | |
| 438,698 | |
| Property, plant, and equipment, net | |
| 243,995 | | |
| 281,001 | |
| Right of use assets related to finance leases, net | |
| 35,938 | | |
| 44,852 | |
| Right of use assets related to operating leases, net | |
| 157,370 | | |
| 182,206 | |
| Equipment related to power purchase agreements and fuel delivered to customers, net | |
| 142,350 | | |
| 122,926 | |
| Contract assets | |
| 18,493 | | |
| 24,137 | |
| Intangible assets, net | |
| 27,292 | | |
| 29,228 | |
| Investments in non-consolidated entities and non-marketable securities | |
| 50,705 | | |
| 46,909 | |
| Other assets | |
| 15,975 | | |
| 14,343 | |
| Total assets | |
$ | 2,192,566 | | |
$ | 2,594,568 | |
| | |
| | | |
| | |
| Liabilities and Stockholders’ Equity | |
| | | |
| | |
| Current liabilities: | |
| | | |
| | |
| Accounts payable | |
$ | 144,259 | | |
$ | 168,744 | |
| Accrued expenses | |
| 105,692 | | |
| 128,010 | |
| Deferred revenue and other contract liabilities | |
| 60,304 | | |
| 66,742 | |
| Operating lease liabilities | |
| 56,200 | | |
| 70,407 | |
| Finance lease liabilities | |
| 9,523 | | |
| 10,934 | |
| Finance obligations | |
| 57,670 | | |
| 76,160 | |
| Current portion of convertible debt instruments, net | |
| — | | |
| 2,583 | |
| Current portion of long-term debt | |
| 314 | | |
| 626 | |
| Contingent consideration, loss accrual for service contracts, and other current liabilities (of which $1,971 was measured at fair value as of June 30, 2026 and $4,871 was measured at fair value as of December 31, 2025) | |
| 59,921 | | |
| 86,382 | |
| Total current liabilities | |
| 493,883 | | |
| 610,588 | |
| | |
| | | |
| | |
| Deferred revenue and other contract liabilities | |
| 26,145 | | |
| 34,203 | |
| Operating lease liabilities | |
| 158,512 | | |
| 194,709 | |
| Finance lease liabilities | |
| 19,343 | | |
| 17,627 | |
| Finance obligations | |
| 156,181 | | |
| 191,806 | |
| Warrant liabilities | |
| 136,254 | | |
| 52,323 | |
| Convertible debt instruments, net | |
| 577,998 | | |
| 431,014 | |
| Long-term debt | |
| 1,210 | | |
| 1,306 | |
| Contingent consideration, loss accrual for service contracts, and other liabilities (of which $6,012 was measured at fair value as of June 30, 2026 and $6,906 was measured at fair value as of December 31, 2025) | |
| 35,750 | | |
| 57,678 | |
| Total liabilities | |
| 1,605,276 | | |
| 1,591,254 | |
| | |
| | | |
| | |
| Stockholders’ equity: | |
| | | |
| | |
| Common stock, $.01 par value per share; 3,000,000,000 shares authorized as of June 30, 2026 and 1,500,000,000 shares authorized as of December 31, 2025; Issued (including shares in treasury): 1,397,924,047 as of June 30, 2026 and 1,394,241,538 as of December 31, 2025 | |
| 13,980 | | |
| 13,943 | |
| Additional paid-in capital | |
| 9,227,977 | | |
| 9,186,314 | |
| Accumulated other comprehensive income | |
| 2,450 | | |
| 6,796 | |
| Accumulated deficit | |
| (8,659,550 | ) | |
| (8,226,039 | ) |
| Less common stock in treasury: 1,025,649 as of June 30, 2026 and 970,588 as of December 31, 2025 | |
| (3,104 | ) | |
| (2,945 | ) |
| Total Plug Power Inc. stockholders’ equity | |
| 581,753 | | |
| 978,069 | |
| Non-controlling interest | |
| 5,537 | | |
| 25,245 | |
| Total stockholders’ equity | |
| 587,290 | | |
| 1,003,314 | |
| Total liabilities and stockholders’ equity | |
$ | 2,192,566 | | |
$ | 2,594,568 | |
Plug Power Inc. and Subsidiaries
Consolidated Statements of Operations
(In thousands, except share
and per share amounts)
(Unaudited)
| | |
Three months ended June 30, | | |
Six months ended June 30, | |
| | |
2026 | | |
2025 | | |
2026 | | |
2025 | |
| Net revenue: | |
| | | |
| | | |
| | | |
| | |
| Sales of equipment, related infrastructure and other | |
$ | 81,898 | | |
$ | 99,173 | | |
$ | 160,920 | | |
$ | 162,679 | |
| Services performed on fuel cell systems and related infrastructure | |
| 29,844 | | |
| 16,367 | | |
| 51,814 | | |
| 33,241 | |
| Power purchase agreements | |
| 26,932 | | |
| 23,633 | | |
| 53,222 | | |
| 46,843 | |
| Fuel delivered to customers and related equipment | |
| 39,472 | | |
| 34,399 | | |
| 75,267 | | |
| 63,856 | |
| Other | |
| 153 | | |
| 398 | | |
| 589 | | |
| 1,025 | |
| Net revenue | |
| 178,299 | | |
| 173,970 | | |
| 341,812 | | |
| 307,644 | |
| Cost of revenue: | |
| | | |
| | | |
| | | |
| | |
| Sales of equipment, related infrastructure and other | |
| 80,326 | | |
| 117,280 | | |
| 165,653 | | |
| 191,836 | |
| Services performed on fuel cell systems and related infrastructure | |
| 21,724 | | |
| 9,996 | | |
| 36,145 | | |
| 24,458 | |
| Benefit for loss contracts related to service | |
| (15,674 | ) | |
| (10,832 | ) | |
| (23,488 | ) | |
| (1,944 | ) |
| Power purchase agreements | |
| 35,000 | | |
| 45,272 | | |
| 75,148 | | |
| 95,204 | |
| Fuel delivered to customers and related equipment | |
| 58,495 | | |
| 65,636 | | |
| 111,387 | | |
| 124,990 | |
| Other | |
| 103 | | |
| 83 | | |
| 249 | | |
| 426 | |
| Total cost of revenue | |
| 179,974 | | |
| 227,435 | | |
| 365,094 | | |
| 434,970 | |
| | |
| | | |
| | | |
| | | |
| | |
| Gross loss | |
| (1,675 | ) | |
| (53,465 | ) | |
| (23,282 | ) | |
| (127,326 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Operating expenses: | |
| | | |
| | | |
| | | |
| | |
| Research and development | |
| 13,420 | | |
| 12,193 | | |
| 25,533 | | |
| 29,550 | |
| Selling, general and administrative | |
| 29,267 | | |
| 87,893 | | |
| 99,475 | | |
| 168,732 | |
| Restructuring | |
| 184 | | |
| 2,964 | | |
| 1,609 | | |
| 20,118 | |
| Impairment | |
| 19,365 | | |
| 20,599 | | |
| 23,221 | | |
| 21,663 | |
| Change in fair value of contingent consideration | |
| 197 | | |
| (168 | ) | |
| 477 | | |
| (11,987 | ) |
| Total operating expenses | |
| 62,433 | | |
| 123,481 | | |
| 150,315 | | |
| 228,076 | |
| | |
| | | |
| | | |
| | | |
| | |
| Operating loss | |
| (64,108 | ) | |
| (176,946 | ) | |
| (173,597 | ) | |
| (355,402 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Interest income | |
| 2,592 | | |
| 5,845 | | |
| 6,437 | | |
| 10,998 | |
| Interest expense | |
| (16,889 | ) | |
| (15,938 | ) | |
| (34,240 | ) | |
| (27,424 | ) |
| Other (expense)/income, net | |
| (7,199 | ) | |
| 3,817 | | |
| (6,113 | ) | |
| 5,107 | |
| (Loss)/gain on extinguishment of convertible debt instruments and finance obligations | |
| (90 | ) | |
| (5,475 | ) | |
| 1,715 | | |
| (9,127 | ) |
| Change in fair value of convertible debt instruments | |
| (74,235 | ) | |
| 9,240 | | |
| (145,017 | ) | |
| 1,902 | |
| Change in fair value of debt | |
| — | | |
| (3,408 | ) | |
| — | | |
| (3,408 | ) |
| Change in fair value of warrant liabilities | |
| (29,291 | ) | |
| — | | |
| (83,931 | ) | |
| — | |
| Loss on equity method investments | |
| (675 | ) | |
| (45,850 | ) | |
| (1,145 | ) | |
| (48,220 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Loss before income taxes | |
$ | (189,895 | ) | |
$ | (228,715 | ) | |
$ | (435,891 | ) | |
$ | (425,574 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Income tax expense | |
| (207 | ) | |
| (12 | ) | |
| (248 | ) | |
| (12 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Net loss | |
$ | (190,102 | ) | |
$ | (228,727 | ) | |
$ | (436,139 | ) | |
$ | (425,586 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Net loss attributable to non-controlling interest | |
| (1,895 | ) | |
| (1,628 | ) | |
| (2,628 | ) | |
| (1,831 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Net loss attributable to Plug Power Inc. | |
$ | (188,207 | ) | |
$ | (227,099 | ) | |
$ | (433,511 | ) | |
$ | (423,755 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Net loss per share attributable to Plug Power Inc.: | |
| | | |
| | | |
| | | |
| | |
| Basic and diluted | |
$ | (0.14 | ) | |
$ | (0.20 | ) | |
$ | (0.31 | ) | |
$ | (0.41 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Weighted average number of common stock outstanding | |
| 1,391,212,670 | | |
| 1,126,627,283 | | |
| 1,390,446,779 | | |
| 1,036,697,246 | |
Plug Power Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
| | |
Six months ended June 30, | |
| | |
2026 | | |
2025 | |
| Operating activities | |
| | | |
| | |
| Net loss | |
$ | (436,139 | ) | |
$ | (425,586 | ) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
| Depreciation of long-lived assets | |
| 12,871 | | |
| 24,910 | |
| Amortization of intangible assets | |
| 1,822 | | |
| 4,008 | |
| Lower of cost or net realizable value inventory adjustments and provision for excess and obsolete inventory | |
| 15,166 | | |
| 21,166 | |
| Stock-based compensation | |
| 26,888 | | |
| 24,167 | |
| (Gain)/loss on extinguishment of convertible debt instruments and finance obligations | |
| (1,715 | ) | |
| 9,127 | |
| Provision for losses on accounts receivable | |
| 2,394 | | |
| 4,672 | |
| Amortization of discount/(premium) of debt issuance costs on convertible debt instruments and long-term debt | |
| 2,081 | | |
| (214 | ) |
| Provision for common stock warrants | |
| 18,950 | | |
| 18,599 | |
| Impairment | |
| 23,221 | | |
| 21,663 | |
| Recovery on service contracts | |
| (35,175 | ) | |
| (25,806 | ) |
| Change in fair value of contingent consideration | |
| 477 | | |
| (11,987 | ) |
| Change in fair value of convertible debt instruments | |
| 145,017 | | |
| (1,902 | ) |
| Change in fair value of debt | |
| — | | |
| 3,408 | |
| Change in fair value of warrant liabilities | |
| 83,931 | | |
| — | |
| Loss on equity method investments | |
| 1,145 | | |
| 48,220 | |
| Changes in operating assets and liabilities that provide/(use) cash: | |
| | | |
| | |
| Accounts receivable | |
| 6,503 | | |
| 13,829 | |
| Inventory | |
| 3,530 | | |
| 16,356 | |
| Contract assets | |
| (6,942 | ) | |
| (5,210 | ) |
| Prepaid expenses and other assets | |
| (11,189 | ) | |
| 41,691 | |
| Accounts payable, accrued expenses, and other liabilities | |
| (49,394 | ) | |
| (4,077 | ) |
| Deferred revenue and other contract liabilities | |
| (13,910 | ) | |
| (54,938 | ) |
| Payments of contingent consideration | |
| (1,918 | ) | |
| (8,341 | ) |
| Payments of operating lease liabilities, net | |
| (31,719 | ) | |
| (11,133 | ) |
| Net cash used in operating activities | |
| (244,105 | ) | |
| (297,378 | ) |
| | |
| | | |
| | |
| Investing activities | |
| | | |
| | |
| Purchases of property, plant and equipment | |
| (8,711 | ) | |
| (79,069 | ) |
| Proceeds from sale of property, plant and equipment | |
| 1,035 | | |
| — | |
| Proceeds from sale of investment tax credit | |
| 36,148 | | |
| — | |
| Purchases of equipment related to power purchase agreements and equipment related to fuel delivered to customers | |
| (30,064 | ) | |
| (7,409 | ) |
| Cash paid for non-consolidated entities and non-marketable securities | |
| (6,600 | ) | |
| (838 | ) |
| Net cash used in investing activities | |
| (8,192 | ) | |
| (87,316 | ) |
| | |
| | | |
| | |
| Financing activities | |
| | | |
| | |
| Payments of contingent consideration | |
| (2,330 | ) | |
| — | |
| Proceeds from public and private offerings, net of transaction costs | |
| — | | |
| 276,192 | |
| Payments of tax withholding on behalf of employees for net stock settlement of stock-based compensation | |
| (159 | ) | |
| (207 | ) |
| Proceeds from exercise of stock options | |
| 1,636 | | |
| — | |
| Contributions by non-controlling interest | |
| 300 | | |
| 750 | |
| Distributions to non-controlling interest | |
| (16,474 | ) | |
| — | |
| Principal payments on convertible debt instruments | |
| (2,413 | ) | |
| (185,962 | ) |
| Premium on principal of convertible debt instruments settled in cash | |
| — | | |
| (3,832 | ) |
| Proceeds from debt issuance | |
| — | | |
| 199,500 | |
| Principal payments on long-term debt | |
| (692 | ) | |
| (688 | ) |
| Cash paid for capitalized closing fees related to DOE loan guarantee | |
| — | | |
| (13,414 | ) |
| Principal repayments of finance obligations and finance leases | |
| (47,788 | ) | |
| (46,275 | ) |
| Net cash (used in)/provided by financing activities | |
| (67,920 | ) | |
| 226,064 | |
| Effect of exchange rate changes on cash | |
| (2,239 | ) | |
| (5,278 | ) |
| Decrease in cash and cash equivalents | |
| (206,646 | ) | |
| (64,957 | ) |
| Decrease in restricted cash | |
| (115,810 | ) | |
| (98,951 | ) |
| Cash, cash equivalents, and restricted cash beginning of period | |
| 993,984 | | |
| 1,040,709 | |
| Cash, cash equivalents, and restricted cash end of period | |
$ | 671,528 | | |
$ | 876,801 | |
Plug Power
Inc. and Subsidiaries
Reconciliation
of Non-GAAP Financial Measures
(In
thousands, except per share amounts)
(Unaudited)
| | |
For the three months ended June 30, | |
| | |
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): | |
$ | (188,207 | ) | |
$ | (227,099 | ) |
| Adjustments, net of estimated tax effect: | |
| | | |
| | |
| Impairment | |
| 19,365 | | |
| 20,599 | |
| Restructuring and supplier contract modification | |
| 184 | | |
| 8,318 | |
| Transaction fees related to investment tax credit | |
| 3,140 | | |
| — | |
| Change in fair value of contingent consideration | |
| 197 | | |
| (168 | ) |
| Recovery of previously impaired assets | |
| (39,701 | ) | |
| — | |
| Losses on extinguishment and changes in fair value of convertible debt instruments, finance obligations and warrant liabilities, net | |
| 103,616 | | |
| (357 | ) |
| Adjusted net loss attributable to Plug Power Inc. (Non-GAAP): | |
$ | (101,406 | ) | |
$ | (198,707 | ) |
| | |
| | | |
| | |
| Adjusted basic and diluted net loss per share attributable to Plug Power Inc. (Non-GAAP): | |
$ | (0.07 | ) | |
$ | (0.18 | ) |
| | |
| | | |
| | |
| Weighted average number of common stock outstanding | |
| 1,391,212,670 | | |
| 1,126,627,283 | |
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
and supplier contract modifications, transaction fees related to investment tax credit, 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,
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.
