PLUG on Nasdaq

Plug Power

Logo: Plug Power Inc., Public domain, via Wikimedia Commons⁵

American technology company

Plug Power Inc. is an American company engaged in the development of hydrogen fuel cell and electrolyzer systems that replace conventional batteries in equipment and vehicles powered by electricity. The company is headquartered in Slingerlands, New York, and has facilities in Spokane, Washington, and Rochester, New York.³ Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

1997Founded¹

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TickerPLUG on Nasdaq¹
IndustryElectrical Industrial Apparatus¹
HeadquartersSlingerlands¹
Websitewww.plugpower.com
Legal formcorporation¹
Incorporated inDE⁶
Business address125 Vista Boulevard, Slingerlands, Ny 12159⁶
Filer categoryLarge accelerated filer⁶
LEI549300JPDKRSJ8JSM954⁴
StatusActive⁴
LEI statusLapsed (not renewed)⁴
Registered addressC/O The Corporation Trust Company, 19801 Wilmington, United States⁴
Registered withDivision of Corporations, Department of State, 3083208⁴

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-34.1%Gross margin⁸

-206.7%Operating margin⁸

-229.8%Net margin⁸

12.9%Revenue growth, 2025⁸

-166.8%Return on equity⁸

-$647.0MFree cash flow⁸

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Sale Of Electrolyzers brought in 26% of the revenue Plug Power broke down this way in fiscal 2025.

Sale Of Electrolyzers$187.8M⁸26%up 39% from 2024
Fuel Delivered To Customers And Related Equipment$133.4M⁸19%up 36% from 2024
Power Purchase Agreements$107.6M⁸15%up 38% from 2024
Sale Of Cryogenic Equipment$95.7M⁸13%down 14% from 2024
Services Performed On Fuel Cell Systems And Related Infrastructure$94.5M⁸13%up 81% from 2024
Sales Of Fuel Cell Systems$54.0M⁸8%up 4% from 2024
Sale Of Hydrogen Infrastructure$26.8M⁸4%down 61% from 2024
Sale Of Engineered Equipment$6.9M⁸1%down 69% from 2024
Other Product And Services$3.4M⁸0%down 68% from 2024

Products and services by year

Products and services	2023	2024	2025
Sale Of Electrolyzers	$82.6M	$135.5M	$187.8M
Fuel Delivered To Customers And Related Equipment	$66.2M	$97.9M	$133.4M
Power Purchase Agreements	$63.7M	$77.8M	$107.6M
Sale Of Cryogenic Equipment	$231.7M	$111.5M	$95.7M
Services Performed On Fuel Cell Systems And Related Infrastructure	$39.1M	$52.2M	$94.5M
Sales Of Fuel Cell Systems	$181.2M	$52.1M	$54.0M
Sale Of Hydrogen Infrastructure	$183.6M	$69.1M	$26.8M
Sale Of Engineered Equipment	$32.4M	$22.1M	$6.9M
Other Product And Services	$10.8M	$10.6M	$3.4M

Regions

United States brought in 75% of the revenue Plug Power broke down this way in fiscal 2025.

United States$535.9M⁸75%up 25% from 2024
Outside the United States$174.0M⁸25%down 13% from 2024

Regions by year

Regions	2023	2024	2025
United States	$741.5M	$428.2M	$535.9M
Outside the United States	$149.8M	$200.6M	$174.0M

Where the money goes

Where each dollar of revenue went, fiscal 2025

Cost of revenueSelling, general and admin

Cost of revenue65¢$952.0M
Research and development4¢$58.0M
Selling, general and admin26¢$379.6M
Interest4¢$65.1M
Income tax0¢$356.0K

Out of $709.9M in revenue.⁸ The company lost money this year.

Financial statements

Revenue⁹¹⁰¹¹¹²⁸$709.9M in 2025+209% since 2019

Gross profit⁹¹⁰¹¹¹²⁸-$242.0M in 2025

Operating income⁹¹⁰¹¹¹²⁸-$1.5B in 2025+2982% since 2019

Net income⁹¹⁰¹¹¹²⁸-$1.6B in 2025+1848% since 2019

Every line of the income statement as filed: the last 3 fiscal years, latest first.⁸

Period ending	2025-12-31	2024-12-31	2023-12-31
Net revenue	$709.9M	$628.8M	$891.3M
Total cost of revenue	$952.0M	$1.3B	$1.4B
Gross loss	-$242.0M	-$624.9M	-$507.8M
Research and development	$58.0M	$77.2M	$113.7M
Selling, general and administrative	$379.6M	$376.1M	$422.5M
Restructuring	$25.9M	$8.2M
Impairment	$785.4M	$949.3M	$269.5M
Change in fair value of contingent consideration	-$23.5M	-$15.8M	$30.0M
Total operating expenses	$1.2B	$1.4B	$835.7M
Operating loss	-$1.5B	-$2.0B	-$1.3B
Interest income	$19.4M	$30.7M	$55.8M
Interest expense	-$65.1M	-$46.6M	-$45.2M
Other income/(expense), net	$7.6M	-$20.0M	-$131.0K
Realized loss on investments, net			-$12.8M
Change in fair value of equity securities			$11.4M
Loss on extinguishment of convertible debt instruments and debt	-$31.5M	-$16.3M
Change in fair value of convertible debt instruments and debt	-$32.9M	-$3.4M
Inducement of common warrant exercise	-$196.5M
Change in fair value of warrant liabilities	$128.1M
Loss on equity method investments	-$55.1M	-$32.2M	-$41.8M
Loss before income taxes	-$1.7B	-$2.1B	-$1.4B
Income tax (expense)/benefit	-$356.0K	$2.7M	$7.4M
Net loss	-$1.7B	-$2.1B	-$1.4B
Net loss attributable to non-controlling interest	-$62.1M	-$204.0K
Net loss attributable to Plug Power Inc.	-$1.6B	-$2.1B	-$1.4B
Net loss per share, basic (in dollars per share)	-$1.42	-$2.68	-$2.30
Net loss per share, diluted (in dollars per share)	-$1.42	-$2.68	-$2.30
Weighted average number of common stock outstanding, basic (in shares)	1.1B shares	785.0M shares	595.5M shares
Weighted average number of common stock outstanding, diluted (in shares)	1.1B shares	785.0M shares	595.5M shares

Total assets⁹¹⁰¹¹¹²⁸$2.6B in 2025+293% since 2019

Total liabilities⁹¹⁰¹¹¹²⁸$1.6B in 2025+201% since 2019

Shareholders’ equity¹⁰¹¹¹²⁸$978.1M in 2025+653% since 2019

Cash⁹¹⁰¹¹¹²⁸$368.5M in 2025+164% since 2019

Long-term debt¹⁰¹¹$3.9M in 2023−57% since 2022

Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.⁸

Period ending	2025-12-31	2024-12-31	2023-12-31	2022-12-31
Cash and cash equivalents	$368.5M	$205.7M
Restricted cash	$186.7M	$198.0M
Accounts receivable, net of allowance of $46,805 as of December 31, 2025 and $37,712 as of December 31, 2024	$134.8M	$157.2M
Inventory, net	$521.0M	$682.6M
Contract assets	$105.3M	$94.1M
Prepaid expenses, tax credits, and other current assets	$94.0M	$139.8M
Total current assets	$1.4B	$1.5B
Restricted cash	$438.7M	$637.0M
Property, plant, and equipment, net	$281.0M	$866.3M
Right of use assets related to finance leases, net	$44.9M	$51.8M
Right of use assets related to operating leases, net	$182.2M	$218.1M
Equipment related to power purchase agreements and fuel delivered to customers, net	$122.9M	$144.1M
Contract assets	$24.1M	$24.0M
Intangible assets, net	$29.2M	$84.7M
Investments in non-consolidated entities and non-marketable securities	$46.9M	$85.5M
Other assets	$14.3M	$13.9M
Accounts payable	$168.7M	$181.0M
Accrued expenses	$128.0M	$103.1M
Deferred revenue and other contract liabilities	$66.7M	$144.1M
Operating lease liabilities	$70.4M	$71.2M
Finance lease liabilities	$10.9M	$12.8M
Finance obligations	$76.2M	$83.1M
Current portion of convertible debt instruments, net	$2.6M	$58.3M
Current portion of long-term debt	$626.0K	$946.0K
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)	$86.4M	$93.9M
Total current liabilities	$610.6M	$748.5M
Deferred revenue and other contract liabilities	$34.2M	$58.5M
Operating lease liabilities	$194.7M	$242.1M
Finance lease liabilities	$17.6M	$22.8M
Finance obligations	$191.8M	$264.3M
Warrant liabilities	$52.3M
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)	$431.0M	$321.1M
Long-term debt	$1.3M	$1.9M
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)	$57.7M	$135.8M
Total liabilities	$1.6B	$1.8B
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	$13.9M	$9.3M
Additional paid-in capital	$9.2B	$8.4B
Accumulated other comprehensive income/(loss)	$6.8M	-$2.5M
Accumulated deficit	-$8.2B	-$6.6B
Less common stock in treasury: 970,588 as of December 31, 2025 and 20,230,043 as of December 31, 2024	-$2.9M	-$108.8M
Total Plug Power Inc. stockholders' equity	$978.1M	$1.7B
Non-controlling interest	$25.2M	$73.6M
Total stockholders' equity	$1.0B	$1.8B	$2.9B	$4.1B
Total liabilities and stockholders' equity	$2.6B	$3.6B
Allowance for credit losses	$46.8M	$37.7M
Fair value of contingent consideration, current	$4.9M	$29.0M
Fair value of convertible debt instruments, net, non-current	$431.0M	$173.2M
Fair value of contingent consideration, non-current	$6.9M	$31.8M
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized	1.5B shares	1.5B shares
Common stock, shares issued (including shares in treasury)	1.4B shares	934.1M shares
Common stock in treasury, shares	970.6K shares	20.2M shares
Total assets	$2.6B	$3.6B

Period ending	2025-12-31	2024-12-31	2023-12-31	2022-12-31
Cash and cash equivalents	$368.5M	$205.7M
Restricted cash	$186.7M	$198.0M
Accounts receivable, net of allowance of $46,805 as of December 31, 2025 and $37,712 as of December 31, 2024	$134.8M	$157.2M
Inventory, net	$521.0M	$682.6M
Contract assets	$105.3M	$94.1M
Prepaid expenses, tax credits, and other current assets	$94.0M	$139.8M
Total current assets	$1.4B	$1.5B
Restricted cash	$438.7M	$637.0M
Property, plant, and equipment, net	$281.0M	$866.3M
Right of use assets related to finance leases, net	$44.9M	$51.8M
Right of use assets related to operating leases, net	$182.2M	$218.1M
Equipment related to power purchase agreements and fuel delivered to customers, net	$122.9M	$144.1M
Contract assets	$24.1M	$24.0M
Intangible assets, net	$29.2M	$84.7M
Investments in non-consolidated entities and non-marketable securities	$46.9M	$85.5M
Other assets	$14.3M	$13.9M
Accounts payable	$168.7M	$181.0M
Accrued expenses	$128.0M	$103.1M
Deferred revenue and other contract liabilities	$66.7M	$144.1M
Operating lease liabilities	$70.4M	$71.2M
Finance lease liabilities	$10.9M	$12.8M
Finance obligations	$76.2M	$83.1M
Current portion of convertible debt instruments, net	$2.6M	$58.3M
Current portion of long-term debt	$626.0K	$946.0K
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)	$86.4M	$93.9M
Total current liabilities	$610.6M	$748.5M
Deferred revenue and other contract liabilities	$34.2M	$58.5M
Operating lease liabilities	$194.7M	$242.1M
Finance lease liabilities	$17.6M	$22.8M
Finance obligations	$191.8M	$264.3M
Warrant liabilities	$52.3M
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)	$431.0M	$321.1M
Long-term debt	$1.3M	$1.9M
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)	$57.7M	$135.8M
Total liabilities	$1.6B	$1.8B
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	$13.9M	$9.3M
Additional paid-in capital	$9.2B	$8.4B
Accumulated other comprehensive income/(loss)	$6.8M	-$2.5M
Accumulated deficit	-$8.2B	-$6.6B
Less common stock in treasury: 970,588 as of December 31, 2025 and 20,230,043 as of December 31, 2024	-$2.9M	-$108.8M
Total Plug Power Inc. stockholders' equity	$978.1M	$1.7B
Non-controlling interest	$25.2M	$73.6M
Total stockholders' equity	$1.0B	$1.8B	$2.9B	$4.1B
Total liabilities and stockholders' equity	$2.6B	$3.6B
Allowance for credit losses	$46.8M	$37.7M
Fair value of contingent consideration, current	$4.9M	$29.0M
Fair value of convertible debt instruments, net, non-current	$431.0M	$173.2M
Fair value of contingent consideration, non-current	$6.9M	$31.8M
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized	1.5B shares	1.5B shares
Common stock, shares issued (including shares in treasury)	1.4B shares	934.1M shares
Common stock in treasury, shares	970.6K shares	20.2M shares
Total assets	$2.6B	$3.6B

Cash from operations⁹¹⁰¹¹¹²⁸-$535.8M in 2025+905% since 2019

Capital spending⁹¹⁰¹¹¹²⁸$111.2M in 2025+1856% since 2019

Free cash flow⁹¹⁰¹¹¹²⁸-$647.0M in 2025+996% since 2019

Every line of the cash flow as filed: the last 3 fiscal years, latest first.⁸

Period ending	2025-12-31	2024-12-31	2023-12-31
Net loss	-$1.7B	-$2.1B	-$1.4B
Depreciation of long-lived assets	$37.6M	$61.1M	$52.0M
Amortization of intangible assets	$7.0M	$23.4M	$19.1M
Lower of cost or net realizable value inventory adjustments and provision for excess and obsolete inventory	$97.1M	$172.0M	$93.7M
Stock-based compensation	$50.5M	$82.2M	$162.9M
Loss on extinguishment of convertible debt instruments and debt	$31.5M	$15.7M
Provision for losses on accounts receivable	$28.5M	$28.9M	$8.4M
Provision for losses on prepaid expenses	$19.1M
Amortization of discount/(premium) of debt issuance costs on convertible debt instruments and long-term debt	$1.3M	-$2.8M	$2.2M
Provision for common stock warrants	$45.4M	$39.0M	$11.2M
Deferred income tax expense/(benefit)	$10.0K	-$3.2M	-$8.5M
Impairment	$785.4M	$949.3M	$269.5M
(Recovery)/provision on service contracts	-$67.5M	-$3.0M	$56.6M
Write-off of capitalized closing fees related to DOE loan guarantee	$13.2M
Loss on sale of long-lived assets		$2.9M
Change in fair value of contingent consideration	-$23.5M	-$15.8M	$30.0M
Net realized loss on investments			$12.8M
Accretion of premium on available-for-sale securities			-$6.6M
Right of use asset restructuring charge	$3.9M
Lease origination costs		-$3.5M	-$9.6M
Change in fair value for equity securities			-$11.4M
Change in fair value of convertible debt instruments and debt	$32.9M	$3.4M
Inducement of common warrant exercise	$196.5M
Change in fair value of warrant liability	-$128.1M
Loss on equity method investments	$55.1M	$32.2M	$41.8M
Change in fair value of derivative financial instruments		$1.7M
Accounts receivable	-$5.4M	$57.7M	-$122.8M
Inventory	$51.9M	$129.3M	-$408.6M
Contract assets	-$42.0M	-$2.5M	-$40.3M
Prepaid expenses and other assets	$24.8M	-$31.2M	$32.5M
Accounts payable, accrued expenses, and other liabilities	$83.7M	-$59.5M	$21.7M
Payments of contingent consideration	-$8.4M	-$9.9M	-$2.9M
Payments of operating lease liability, net	-$23.8M	-$5.3M
Deferred revenue and other contract liabilities	-$108.8M	-$85.7M	$58.4M
Net cash used in operating activities	-$535.8M	-$728.6M	-$1.1B
Purchases of property, plant and equipment	-$111.2M	-$287.1M	-$665.2M
Purchases of equipment related to power purchase agreements and equipment related to fuel delivered to customers	-$14.5M	-$47.1M	-$30.9M
Proceeds from sale of long-lived assets		$500.0K	$1.1M
Proceeds from sales of available-for-sale securities			$345.3M
Proceeds from maturities of available-for-sale securities			$1.0B
Proceeds from sales of equity securities			$144.2M
Proceeds from sale of interest in non-consolidated entity	$6.5M
Cash paid for non-consolidated entities and non-marketable securities	-$19.9M	-$68.6M	-$72.6M
Net cash used in investing activities	-$139.0M	-$402.4M	$728.1M
Payments of contingent consideration	-$18.6M	-$19.9M	-$10.1M
Proceeds from public and private offerings, net of transaction costs	$322.4M	$857.9M
Payments of tax withholding on behalf of employees for net stock settlement of stock-based compensation	-$3.6M	-$2.5M	-$10.0M
Contributions by non-controlling interest	$1.8M	$10.2M
Proceeds from exercise of stock options	$991.0K	$154.0K	$1.6M
Proceeds from convertible debt instruments	$400.0M	$190.0M
Cash penalty from early settlement of convertible senior notes		$612.0K
Principal payments on convertible debt instruments	-$323.9M	-$22.5M
Premium on principal of convertible debt instruments and debt settled in cash	-$17.8M
Proceeds from long-term debt issuance	$243.3M
Principal payments on long-term debt	-$263.9M	-$3.5M	-$6.0M
Cash paid for capitalized closing fees related to DOE loan guarantee	-$13.7M
Proceeds from finance obligations		$60.3M	$104.3M
Principal repayments of finance obligations and finance leases	-$94.2M	-$87.5M	-$73.6M
Net cash provided by financing activities	$630.0M	$983.2M	$6.1M
Effect of exchange rate changes on cash	-$1.8M	$19.4M	-$7.8M
Increase/(decrease) in cash and cash equivalents	$162.8M	$70.7M	-$555.6M
(Decrease)/increase in restricted cash	-$209.6M	-$199.1M	$175.4M
Cash paid for interest, net of capitalized interest of $14.8 million, $8.3 million and $8.1 million, respectively	$59.7M	$45.0M	$41.8M
Recognition of right of use asset - finance leases	$7.0M	$163.0K	$8.9M
Recognition of right of use asset - operating leases	$25.6M	$21.3M	$90.8M
Principal payment on convertible debenture paid in common stock	$50.0M
(Decrease)/increase to inventory due to net transfers between inventory and long-lived assets	-$13.5M	$22.2M	$728.0K
Contributions of property, plant, and equipment from non-controlling interest	$2.8M	$10.5M
Earnouts from acquisitions paid in common stock and warrants		$18.2M	$8.0M
Purchases of long-lived asset from financing agreement		$2.0M
Accrued purchase of fixed assets, cash to be paid in subsequent period	$25.8M	$54.9M	$160.6M
Capitalized interest	$14.8M	$8.3M	$8.1M

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Corporate structure

Plug Power sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Plug Power

BlackRock Filed SCHEDULE 13G/A on Plug Power, latest Jul 29, 2026 (8 filings since Feb 3, 2022)
VANGUARD CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G on Plug Power, latest Apr 30, 2026
VANGUARD GROUP INC Filed SCHEDULE 13G/A on Plug Power, latest Mar 27, 2026 (4 filings since Feb 10, 2022)
NORGES BANK Filed SCHEDULE 13G/A on Plug Power, latest Jul 24, 2025 (2 filings since Oct 10, 2024)
Grove Energy Capital LLC Filed SCHEDULE 13D/A on Plug Power, latest Jun 25, 2025 (3 filings since May 11, 2022)

Plug Power Wilmington, Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Plug Power reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

Item	Latest	A year before	Change
Property and equipment, before depreciation	$305.1M⁸ Dec 31, 2025	$908.1M⁸ Dec 31, 2024	−66.4%
Accumulated depreciation	$24.1M⁸ Dec 31, 2025	$41.8M⁸ Dec 31, 2024	−42.3%
Property and equipment, net	$281.0M⁸ Dec 31, 2025	$866.3M⁸ Dec 31, 2024	−67.6%
Finance-lease assets	$44.9M⁸ Dec 31, 2025	$51.8M⁸ Dec 31, 2024	−13.4%
Operating-lease assets (leased space)	$182.2M⁸ Dec 31, 2025	$218.1M⁸ Dec 31, 2024	−16.5%

Investments

Item	Latest	A year before	Change
Cash and cash equivalents	$368.5M⁸ Dec 31, 2025	$205.7M⁸ Dec 31, 2024	+79.2%
Debt securities available for sale	$0¹² Dec 31, 2024	$0¹² Dec 31, 2023
Equity securities at fair value	$0¹² Dec 31, 2024	$0¹² Dec 31, 2023
Stakes in other companies (equity method)	$44.3M⁸ Dec 31, 2025	$82.9M⁸ Dec 31, 2024	−46.6%

Intangibles and goodwill

Item	Latest	A year before	Change
Goodwill	$0¹² Dec 31, 2024	$0¹² Dec 31, 2023
Intangible assets, net (excluding goodwill)	$29.2M⁸ Dec 31, 2025	$84.7M⁸ Dec 31, 2024	−65.5%
Finite-lived intangibles, gross	$34.8M⁸ Dec 31, 2025	$103.2M⁸ Dec 31, 2024	−66.3%
Accumulated amortization	$5.6M⁸ Dec 31, 2025	$18.6M⁸ Dec 31, 2024	−70.0%
Finite-lived intangibles, net	$29.2M⁸ Dec 31, 2025	$84.7M⁸ Dec 31, 2024	−65.5%

Inventory

Item	Latest	A year before	Change
Inventory, total	$521.0M⁸ Dec 31, 2025	$682.6M⁸ Dec 31, 2024	−23.7%
Raw materials	$350.9M⁸ Dec 31, 2025	$414.4M⁸ Dec 31, 2024	−15.3%
Work in process	$84.2M⁸ Dec 31, 2025	$129.8M⁸ Dec 31, 2024	−35.1%
Finished goods	$85.8M⁸ Dec 31, 2025	$138.4M⁸ Dec 31, 2024	−38.0%

Properties, in its own words

The following table sets forth information regarding our principal operating properties and other significant properties as of December 31, 2025, which we use for our single operating segment. In general, our operating properties are well maintained, suitably equipped, and in good operating condition:

Continent · Location · Facility · Size · Ownership Status

The rest of Item 2

North America

New York

Rochester · Manufacturing, research and development, and office · 155,979 sq ft · Lease

Slingerlands · Manufacturing, warehousing, and corporate offices · 350,000 sq ft · Lease

Massachusetts

Concord · Manufacturing · 33,000 sq ft · Lease

Ohio

Miamisburg · Service center · 71,550 sq ft · Lease

Texas

Houston · Manufacturing and office · 192,446 sq ft · Lease

Magnolia · Manufacturing and office · 69,550 sq ft · Lease

Indiana

LaFayette · Manufacturing and office · 123,000 sq ft · Own

Georgia

Kingsland · Hydrogen production plant · 882,556 sq ft · Own

Tennessee

Charleston · Hydrogen production plant · 217,800 sq ft · Own

Louisiana

St. Gabriel · Hydrogen production plant · 371,000 sq ft · Joint venture

Europe

Netherlands

Alphen aan den Rijn · Office · 100,299 sq ft · Lease

Hengelo · Research and development · 3,100 sq ft · Lease

France

Paris · Office · 2,260 sq ft · Lease

See Note 10, “Operating and Finance Lease Liabilities,” to the consolidated financial statements for further discussion of the leases. We believe that our facilities are sufficient to accommodate our anticipated production volumes.

Item 2 of the 10-K filed Mar 2, 2026.¹⁵

The story

Plug Power was founded in 1997 as a joint venture between DTE Energy and Mechanical Technology Inc. The company went public in October 1999.

The company was subject to a shareholder class action complaint for securities fraud following the IPO for allegedly misleading statements about their fuel cell technology capabilities and on its material sales and distribution relationship with General Electric. By order dated October 30, 2000, the Eastern District of New York court consolidated the complaints into one action, entitled Plug Power Inc. Securities Litigation, CV-00-5553 (ERK) (RML). On December 29, 2004, the company settled the matter with the sum of $5 million paid by Plug Power company directors to plaintiffs.

In February 2017, the company announced the first shipments of its ProGen fuel cell engines designed for electric delivery vehicles and the adoption of its GenDrive system by the USPS forklift fleet in Capitol Heights, Maryland.

In February 2020, the company introduced 125 kW Progen fuel cell engines for class 6, 7 & 8 trucks and heavy duty off-road equipment. In January 2021, SK Group, a major South Korean company, announced an investment of $1.5 billion in Plug Power for around 10% share. They will form a joint venture company in South Korea to supply hydrogen fuel cell products to Asian markets.

In January 2021, the company signed a memorandum of understanding with French automobile manufacturer Renault. The deal would launch a joint venture in France by the end of June 2021.

On March 2, 2021, Plug Power filed a Notification of Late Filing with the Securities and Exchange Commission stating that it could not timely file its annual report for the period ended December 31, 2020. On March 16, 2021, the company announced that they would have to restate financial statements for fiscal years 2018 and 2019 as well as some recent quarterly filings. It is subject to an ongoing shareholder class action lawsuit for securities fraud over alleged misrepresentations and/or failures to disclose its inability to timely file its 2020 annual report and material weaknesses in its internal controls over financial reporting.

Due to the rarity of hydrogen infrastructure, Plug Power delivers several mobile refueler solution for transit agencies and trucking fleet customers.

In January 2024 the company completed largest electrolytic liquid hydrogen production plant operating in the United States in Woodbine, Georgia. The plant is designed to produce 15 tons per day (TPD) of liquid electrolytic hydrogen. Through eight 5-megawatt (MW) PEM electrolyzers, water is separated into hydrogen and oxygen. The hydrogen gas is then condensed into liquid form at -423F to be delivered to customers’ hydrogen fueling stations through Plug’s logistics network using cryogenic trailers.

Read the full text

In October 2025, Plug Power announced it delivered the first of ten 10MW GenEco electrolyzer to Galp's Sines Refinery. The full 100MW deployment is expected to replace 20% of Galp's gray hydrogen and cut 110,000 tons of carbon dioxide annually.

From Wikipedia’s article on Plug Power, shared under CC BY-SA 4.0.⁷

Leadership

Who has led Plug Power, and when. Pick a name to see everywhere that person has worked.

Chair

George C. McNamee2013–2014

President

Chief financial officer

Chief operating officer

200020052010201520202025

ChairGeorge C. McNamee Apr 3, 2013 to Jul 2, 2014¹⁶
PresidentPaul B. Middleton Dec 3, 2015 to Dec 3, 2015¹⁷
PresidentGregory A. Silvestri Jul 26, 2006 to Jul 26, 2006¹⁸
Chief financial officerPaul B. Middleton Dec 5, 2014 to now¹⁹
Chief financial officerGerald A. Anderson Jul 11, 2007 to Dec 16, 2011²⁰
Chief financial officerDavid A. Neumann Feb 10, 2006 to Feb 10, 2006²¹
Chief financial officerJean M. Nelson Nov 28, 2006 to Nov 28, 2006²²
Chief operating officerDean Fullerton Aug 2, 2024 to now²³
Chief operating officerKeith Schmid Nov 5, 2013 to May 2, 2022²⁴
Chief operating officerGregory A. Silvestri Feb 10, 2006 to Mar 6, 2007²⁵

Board members and other officers (51)

OfficerPaul B. Middleton Jun 9, 2025 to now²⁶
EVP, EMEA RegionBenjamin Haycraft Sep 12, 2025 to now²⁷
EVP, Global ManufacturingDavid Mindnich Mar 14, 2023 to Jan 19, 2024²⁸
GM New Mkts & Pres New Prd DvKeith Schmid May 30, 2023 to Oct 3, 2023²⁹
GM New Mkts & Pres New Prd DvKeith Schmidt Dec 2, 2022 to Dec 2, 2022³⁰
GM, Electrolyzer SolutionsDirk Ole Hoefelmann Dec 28, 2021 to Apr 27, 2023³¹
GM, MATL Handling, Key AcctsJose Luis Crespo Dec 28, 2021 to now³²
Chief Strategy OfficerSanjay K. Shrestha May 13, 2019 to Apr 30, 2024³³
Gen Consel, Corp Sec & SVPGerard L. Conway Jr. Sep 5, 2017 to now³⁴
Corporate Controller and CAOMartin Daniel Hull Apr 1, 2015 to now³⁵
Chief Technology OfficerAdrian J. Corless Feb 25, 2010 to Jul 30, 2013³⁶
VP Strategy and Corporate DevAllen K. Bucknam Jun 4, 2007 to Oct 24, 2007³⁷
VP OperationsBradley H. Johnson Jun 4, 2007 to May 22, 2008³⁸
Chief Technology OfficerJohn F. Elter Feb 10, 2006 to Mar 6, 2007³⁹
Chief Marketing OfficerMark A. Sperry Feb 10, 2006 to Mar 26, 2010⁴⁰
Vice President of EngineeringThomas M. Hutchison Jun 30, 2006 to May 22, 2008⁴¹
VP Human ResourcesJoseph M. Millington Aug 1, 2006 to May 22, 2008⁴²
Vice President, SalesAllan Greenberg Oct 31, 2006 to May 22, 2008⁴³
Board memberColin Angle Aug 22, 2024 to now⁴⁴
Board memberMark J. Bonney Jul 18, 2023 to now⁴⁵
Board memberPatrick Joggerst Jul 18, 2023 to now⁴⁶
Board memberJean A. Bua Apr 18, 2022 to Jul 6, 2023⁴⁷
Board memberKavita Mahtani Apr 18, 2022 to now⁴⁸
Board memberKim Harriman Feb 24, 2021 to Jul 15, 2022⁴⁹
Board memberKyungyeol Song Mar 8, 2021 to Mar 8, 2021⁵⁰
Board memberJonathan M. Silver Jul 2, 2018 to Jul 6, 2023⁵¹
Board memberLucas P. Schneider Apr 5, 2017 to Apr 5, 2023⁵²
Board memberGregory B. Graves May 15, 2017 to Jul 1, 2019⁵³
Board memberSa Axane Aug 4, 2015 to Aug 28, 2015⁵⁴
Board memberGregory Kenausis Nov 5, 2013 to now⁵⁵
Board memberJohannes Minho Roth Nov 5, 2013 to Jul 15, 2022⁵⁶
Board memberLiquide Investissements D'Avenir Et De Demonstration Air Nov 12, 2013 to Sep 27, 2017⁵⁷
Board memberXavier Pontone Nov 12, 2013 to Apr 5, 2017⁵⁸
Board memberEvgeny Miroshnichenko Oct 26, 2011 to Jul 2, 2014⁵⁹
Board memberEvgeny Rasskazov Oct 26, 2011 to Jul 5, 2013⁶⁰
Board memberAndrew Dimitri Aug 1, 2008 to Apr 3, 2009⁶¹
Board memberDennis Pivnyuk V. Aug 1, 2008 to Apr 3, 2009⁶²
Board memberJeffrey M. Drazan Nov 10, 2008 to Jan 10, 2011⁶³
Board memberMaureen O. Helmer Feb 6, 2006 to now⁶⁴
Board memberGary K. Willis Jun 30, 2006 to now⁶⁵
Board memberGeorge C. McNamee Jun 30, 2006 to now⁶⁶
Board memberJ. Douglas Grant Jun 30, 2006 to Jan 7, 2009⁶⁷
Board memberJoel D. Gross Jun 30, 2006 to Apr 3, 2009⁶⁸
Board memberJohn M. Shalikashvili Jun 30, 2006 to Jun 30, 2006⁶⁹
Board memberLarry Garberding Jun 30, 2006 to Apr 5, 2017⁷⁰
Board memberPeter Woicke Jun 30, 2006 to Jan 7, 2009⁷¹
Board memberSergey Batekhin Jun 30, 2006 to Oct 6, 2008⁷²
Board memberSergey Polikarpov Jun 30, 2006 to Jul 3, 2008⁷³
Board memberDouglas T. Hickey Jul 5, 2006 to Jul 5, 2018⁷⁴
Board memberLisa Rosenblum Jul 31, 2006 to Oct 6, 2008⁷⁵
General counselGerard L. Conway Jr. Feb 10, 2006 to Aug 18, 2016⁷⁶

Timeline

Oct 15, 20268-K Results of operations⁷⁷
Sep 23, 20268-K Executive or director change⁷⁸
Aug 10, 20268-K Results of operations⁷⁹
Jul 13, 20268-K Entered a material agreement; Results of operations; Regulation FD disclosure⁸⁰
Jun 15, 20268-K Shareholder vote; Other events⁸¹
Jun 11, 20268-K Regulation FD disclosure⁸²
Jun 4, 20268-K Executive or director change⁸³
May 11, 20268-K Results of operations⁸⁴
Mar 10, 20268-K Executive or director change⁸⁵
Mar 2, 20268-K Results of operations⁸⁶
Feb 26, 20268-K Entered a material agreement; Other events⁸⁷
Feb 13, 20268-K Bylaws or fiscal year changed; Shareholder vote⁸⁸
1997Founded Founded¹

Calendar

Coming up

Nov 9, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported ($0.12) a share, on Nov 10, 2025.⁸⁹

When it reported results

Oct 15, 2026Reported quarterly or annual results⁷⁷
Aug 10, 2026Reported quarterly or annual results⁷⁹
Jul 13, 2026Reported quarterly or annual results⁸⁰
May 11, 2026Reported quarterly or annual results⁸⁴
Mar 2, 2026Reported quarterly or annual results⁸⁶
Nov 10, 2025Reported quarterly or annual results⁹⁰
Aug 11, 2025Reported quarterly or annual results⁹¹
May 12, 2025Reported quarterly or annual results⁹²

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

551 filings to the SEC since October 2021: 8 annual reports, 15 quarterly reports, 109 major events, 311 insider forms, 18 large holders, 90 other. The latest 20:

The 551 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

17 open-market trades by officers, directors and large owners since October 2021: 3 buys and 14 sales. Grants, option exercises and gifts are left out.

Date	Who	Trade	Shares	Price	Value	Filing
Sep 18, 2026	Haycraft BenjaminCSO & GM EMEA	Sale	200,000	$2.14	$428.0K	Form 4
Sep 15, 2026	Haycraft BenjaminCSO & GM EMEA	Sale	18,750	$2.06	$38.6K	Form 4
Sep 11, 2026	Haycraft BenjaminCSO & GM EMEA	Sale	13,810	$2.14	$29.6K	Form 4
Jun 8, 2026	HELMER MAUREEN ODirector	Sale	50,000	$3.23	$161.5K	Form 4
Jan 12, 2026	Haycraft BenjaminCSO & GM EMEA	Sale	40,000	$2.17	$86.8K	Form 4
Dec 15, 2025	Crespo Jose LuisSee Remarks	Buy	37,300	$2.34	$87.3K	Form 4
Dec 10, 2025	Haycraft BenjaminCSO & GM EMEA	Sale	40,000	$2.20	$88.0K	Form 4
Nov 10, 2025	Haycraft BenjaminCSO & GM EMEA	Sale	10,000	$2.92	$29.2K	Form 4
Oct 10, 2025	Haycraft BenjaminCSO & GM EMEA	Sale	10,000	$3.80	$38.0K	Form 4
Sep 16, 2025	Haycraft BenjaminCSO & GM EMEA	Sale	10,972	$1.59	$17.4K	Form 4
Jun 11, 2025	Crespo Jose LuisSee Remarks	Sale	37,300	$1.32	$49.2K	Form 4
Jun 9, 2025	MIDDLETON PAUL BCFO & Executive VP	Buy	650,000	$1.03	$669.5K	Form 4
May 16, 2025	MIDDLETON PAUL BCFO & Executive VP	Buy	350,000	$0.72	$252.0K	Form 4
Nov 1, 2024	MCNAMEE GEORGE CDirector	Sale	10,000	$2.09	$20.9K	Form 4
Aug 1, 2024	MCNAMEE GEORGE CDirector	Sale	10,000	$2.37	$23.7K	Form 4
May 10, 2024	MCNAMEE GEORGE CDirector	Sale	10,000	$2.56	$25.6K	Form 4
Oct 2, 2023	Crespo Jose LuisSee Remarks	Sale	31,958	$7.20	$230.1K	Form 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

BlackRockSCHEDULE 13G/A, 8 filings Feb 3, 2022 to Jul 29, 2026⁹³
VANGUARD CAPITAL MANAGEMENT LLCSCHEDULE 13G, 1 filing Apr 30, 2026⁹⁴
VANGUARD GROUP INCSCHEDULE 13G/A, 4 filings Feb 10, 2022 to Mar 27, 2026⁹⁵
NORGES BANKSCHEDULE 13G/A, 2 filings Oct 10, 2024 to Jul 24, 2025⁹⁶
Grove Energy Capital LLCSCHEDULE 13D/A, 3 filings May 11, 2022 to Jun 25, 2025⁹⁷

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

Year	Executive	Salary	Total pay
2025	Non-Executive Chairman and Former Executive Chairman andChief Executive Officer	$2.7M	$4.4M⁹⁸
2025	Chief Executive Officer andPresident	$397.5K	$2.6M⁹⁸
2024	Non-Executive Chairman and Former Executive Chairman andChief Executive Officer	$783.7K	$2.2M⁹⁸
2024	Chief Executive Officer andPresident	$375.6K	$1.6M⁹⁸
2023	Non-Executive Chairman and Former Executive Chairman andChief Executive Officer	$750.0K	$7.3M⁹⁸
2023	Chief Executive Officer andPresident	$400.0K	$3.7M⁹⁸

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

Fund	Shares	Value	Share of the fund	Change
BlackRock, Inc.	184,032,469	$498.7M	0.0%	+31,939,194
Vanguard Portfolio Management LLC	66,175,149	$179.3M	0.0%	+6,571,343
Vanguard Capital Management LLC	62,937,084	$170.6M	0.0%	+386,646
State Street Corp	38,763,529	$105.0M	0.0%	+2,214,427
Geode Capital Management, LLC	36,557,253	$99.1M	0.0%	+1,848,436
UBS Group AG	33,127,276	$89.8M	0.0%	−8,466,203
Citadel Advisors LLC	24,149,952	$65.4M	0.0%	+23,291,268
Two Sigma Investments, LP	22,610,124	$61.3M	0.0%	−4,785,812
D. E. Shaw & Co., Inc.	21,943,120	$59.5M	0.0%	−27,015,380
Dimensional Fund Advisors LP	19,502,331	$52.8M	0.0%	+1,367,418
Millennium Management LLC	13,703,609	$37.1M	0.0%	+3,474,835
Northern Trust Corp	12,754,552	$34.6M	0.0%	+1,066,713
Goldman Sachs Group Inc	12,387,564	$33.6M	0.0%	+3,220,357
Renaissance Technologies LLC	11,779,800	$31.9M	0.0%	−15,958,700
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.	11,681,867	$31.5M	0.0%	+2,790,466
Charles Schwab Investment Management Inc	11,588,495	$31.4M	0.0%	+294,748
Barclays PLC	10,940,208	$29.6M	0.0%	+2,225,248
Vanguard Fiduciary Trust Co	9,962,553	$27.0M	0.0%	+997,191
Legal & General Group Plc	9,717,433	$26.3M	0.0%	+540,103
Nuveen, LLC	8,697,094	$23.6M	0.0%	−1,207,059
Jupiter Asset Management Ltd	8,093,562	$21.9M	0.1%	+4,038,001
Morgan Stanley	7,697,993	$20.9M	0.0%	+1,978,572
Invesco Ltd.	6,284,359	$17.0M	0.0%	−1,923,464
Van Eck Associates Corp	5,548,968	$15.0M	0.0%	+293,529
First Trust Advisors LP	5,315,559	$14.4M	0.0%	+1,638,252

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

7 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

Date	Member	Trade	Amount	Vs S&P since	Filing
Jul 31, 2024	Austin ScottRepublican, House	Sale	$1,001 - $15,000	+79.8%	Report
Apr 10, 2023	Daniel S. GoldmanDemocratic, House	Buy	$15,001 - $50,000	−172.5%	Report
Mar 6, 2023	Daniel S. GoldmanDemocratic, House	Sale	$15,001 - $50,000	+179.9%	Report
Jan 31, 2023	Daniel S. GoldmanDemocratic, House	Buy	$15,001 - $50,000	−181.1%	Report
Nov 8, 2022	Christopher L. Jacobs, House	Sale	$1,001 - $15,000	+192.0%	Report
Jul 18, 2022	Christopher L. Jacobs, House	Buy	$1,001 - $15,000	−193.0%	Report
Dec 22, 2020	Pat Roberts, Senate	Buy	$1,001 - $15,000	−206.0%	Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How Plug Power is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

Name on EDGARPLUG POWER INC²
CIK0001093691
Employer ID (EIN)22-3672377¹⁵
Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company¹⁵
Incorporated inDelaware¹⁵
Fiscal year endsDecember 31²
Industry code (SIC)3620 Electrical Industrial Apparatus²
SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance²
Business address125 Vista Boulevard, Slingerlands, NY 12159²
Phone5187827700²
Shares outstanding1,397,195,278 as of Aug 6, 2026¹⁴
Public float$1.5B as of Jun 30, 2025¹⁵
AuditorDeloitte & Touche LLP, Rochester, NY PCAOB ID 34; it also attests to the company’s internal control over financial reporting¹⁵
On EDGAR sinceAug 27, 1999²
Filings2,294 in all: 4 (1,223), 8-K (380), 10-Q (81), 3 (62), DEFA14A (42), SC 13D/A (38), 424B5 (36), SC 13G/A (35)²
All 56 form types
5 (33), UPLOAD (31), DEF 14A (29), 10-K (26), CORRESP (26), 4/A (24), SC 13G (22), 144 (19), SC 13D (19), 8-K/A (14), S-8 (14), PRE 14A (11), S-3 (11), 424B7 (10), S-1/A (10), 8-A12B/A (9), 10-K/A (8), ARS (8), EFFECT (8), SCHEDULE 13G/A (6), 3/A (5), 424B2 (5), S-3ASR (5), S-4/A (5), 424B3 (4), 425 (4), S-3/A (4), SC TO-I/A (3), 424B4 (2), NT 10-K (2), S-1 (2), SD (2), 10-K405 (1), 10-Q/A (1), 15-12B (1), 25 (1), 424B1 (1), 8-A12B (1), 8-A12G (1), CT ORDER (1), FWP (1), NT 10-Q (1), S-1MEF (1), S-3MEF (1), S-4 (1), SC TO-I (1), SCHEDULE 13D/A (1), SCHEDULE 13G (1)
Latest filingsAnnual report (10-K) Mar 2, 2026
Quarterly report (10-Q) Aug 10, 2026
Proxy statement (DEF 14A) Apr 30, 2026
Latest 8-K (8-K) Oct 15, 2026

Securities registered for trading

Class	Symbol	Exchange
Common Stock, par value $.01 per share	PLUG	NASDAQ

From the cover page of the 10-K filed Mar 2, 2026 (Section 12(b) of the Exchange Act).¹⁵

Risk factors and legal proceedings

The risks Plug Power names in Item 1A of its 10-K filed Mar 2, 2026: 51 risks under these headings, as written.¹⁵

A. MARKET RISKS
We may be unable to successfully execute and operate our hydrogen production facilities and such facilities may cost more and take longer to complete than we expect or may underperform, be delayed or require additional capital.
Our products and performance depend largely on the availability of hydrogen and insufficient supplies of hydrogen could negatively affect our sales and deployment of our products and services.
Our investments in hydrogen production and infrastructure may be underutilized or may not generate expected returns.
Our business may be adversely affected by customer concentration and the creditworthiness and purchasing decisions of significant customers.
Inflationary trends, economic uncertainty, market trends, political instability, and other conditions could negatively impact our sales growth and results of operations.
Volatile commodity prices and shortages may adversely affect our gross margins and financial results.
Our ability to source parts and raw materials from our suppliers could be disrupted or delayed in our supply chain, which could adversely affect our results of operations.
We face risks associated with our plans to market, distribute, and service our products internationally.
Our past and potential future investments in joint ventures and similar arrangements involve risks that could adversely affect our business and results of operations.
Our products and services face competition.
We will continue to be dependent on certain third-party key suppliers for components of our products, hydrogen generation facilities, and manufacturing facilities, and failure of a supplier to develop and supply components on mutually agreeable terms or at all, or our inability to substitute sources of these components on a timely basis or on terms acceptable to us, could impair our ability to manufacture our products, increase our cost of production, or affect our ability to generate hydrogen, which would in turn negatively affect our sales and deployment of our products and services.

The other 40 risks

B. FINANCIAL AND LIQUIDITY RISKS
Our ability to achieve our business objectives and to continue to meet our obligations is dependent upon our ability to maintain a sufficient level of liquidity and access capital.
We have incurred losses and anticipate continuing to incur losses and may not achieve or sustain profitability.
We may have to raise additional capital through public or private equity or debt transactions and/or complete one or more strategic transactions to continue our business and such capital may not be available to us or, if received, may not be available to us on favorable terms.
Our estimated future revenue may not be indicative of actual future revenue or profitability.
While our activities related to the DOE loan program continue to be suspended, we have engaged in active discussions with the DOE to reframe the nature of activities that would be executed under the DOE loan; however, the outcome of these discussions is uncertain and failure to achieve a mutually beneficial result could adversely affect our ability to access to low-cost capital, delay project execution, and expose us to potential termination of the DOE loan guarantee.
If we cannot obtain financing to support the sale of our products and service to customers or our power purchase agreements with customers, such failure may adversely affect our liquidity and financial position.
Our indebtedness could adversely affect our liquidity, financial condition and our ability to fulfill our obligations and operate our business.
The accounting method for convertible debt securities that may be settled in cash could have a material effect on our reported financial results.
Unfavorable developments affecting the banking and financial services industry could adversely affect our business, liquidity and financial condition, and overall results of operations.
We may be required to record impairment charges or other significant non-cash charges related to our long-lived assets, investments, or intangibles, which could adversely affect our results of operations and financial condition.
C. OPERATIONAL RISKS
We may not be able to expand our business or manage our future growth effectively.
If we fail to maintain effective internal control over financial reporting, we may not be able to accurately report our financial results in a timely manner or prevent fraud and may be subject to fines, penalties or judgments, which can harm our reputation or otherwise cause a decline in investor confidence.
Delays in or not completing our product and project development goals may adversely affect our revenue and profitability.
Our purchase orders may not ship, be commissioned or installed, or convert to revenue, which could have an adverse impact on our revenue and cash flow.
Our future plans could be harmed if we are unable to leverage, attract or retain key personnel.
Changes in senior leadership, including our announced Chief Executive Officer transition, or difficulty executing management transitions could disrupt our operations and strategy execution.
Our restructuring activities, including the 2024 Restructuring Plan, the 2025 Restructuring Plan and any subsequent workforce reductions, may be disruptive to our operations and harm our business.
We are subject to legal proceedings and legal compliance risks that could harm our business.
We may incur significant costs and liabilities as a result of contract disputes, which could harm our business, financial condition and results of operations.
Certain component quality issues have resulted in adjustments to our warranty reserves and the accrual for loss contracts.
We are dependent on information technology in our operations and the failure of such technology may adversely affect our business. Security breaches of our information technology systems, including cyber-attacks, ransomware attacks, or use of malware or phishing or other malicious techniques by threat actors, have in the past, and could in the future impact our operations or lead to liability, or damage our reputation and financial results.
We may not be able to protect important intellectual property and we could incur substantial costs defending against claims that our products infringe on the proprietary rights of others.
Our financial results may be adversely affected by changes in accounting principles generally accepted in the United States.
If our estimates or judgments relating to our critical accounting policies are based on assumptions that change or prove to be incorrect, our operating results could fall below expectations of investors, resulting in a decline in our stock price.
Our products use, or generate, flammable fuels that are inherently dangerous substances, which could subject our business to product safety, product liability, other claims, product recalls, negative publicity, or heightened regulatory scrutiny of our products.
Our success depends on our ability to improve our financial and operational performance and execute our business strategy.
D. REGULATORY RISKS
Our ability to monetize clean energy tax credits and similar incentives may be limited, delayed or subject to challenge, which could adversely affect our liquidity and results of operations.
Changes in U.S. or foreign trade policies, treaties, tariffs and taxes as well as geopolitical conditions and other factors could have a material adverse effect on our business.
The reduction or elimination of government subsidies and economic incentives for alternative energy technologies, or the failure to renew such subsidies and incentives, could reduce demand for our products, lead to a reduction in our revenues, and adversely impact our operating results and liquidity.
We are subject to various federal, state, local and non-U.S. environmental and human health and safety laws and regulations that could impose significant costs and liabilities on us and impact our business practices, including climate change and environmental, social and governance (“ESG”) reporting requirements.
Changes in tax laws or regulations or adverse outcomes resulting from examination of our income or other tax returns could adversely affect our operating results and financial condition.
The changes in the carryforward/carryback periods as well as the new limitations on use of net operating losses (“NOLs”) may significantly impact our valuation allowance assessments for NOLs.
We are exposed to fluctuations in currency exchange rates, which could negatively affect our operating results.
E. STRATEGIC RISKS
We may be unable to establish or maintain relationships with third parties for certain aspects of continued product developments, manufacturing, distribution, sale, servicing, and supply components for our products.
We may be unable to make attractive acquisitions or successfully integrate acquired businesses, assets, or properties, and any inability to do so may disrupt our business and hinder our ability to grow, divert the attention of key personnel, disrupt our business, and impair our financial results.
We may pursue asset monetizations or other strategic transactions to improve liquidity, and we may be unable to complete such transactions on the terms or timeline we expect, or at all.
Our stock price and stock trading volume have been and could remain volatile, and the value of your investment could decline and if securities analysts do not maintain coverage of us or if they publish unfavorable or inaccurate research or reports about our business, our stock, or our industry, the price of our stock and the trading volume could decline.
Sales of substantial amounts of our common stock in the public markets, or the perception that such sales might occur, could reduce the price that our common stock might otherwise attain and may dilute your voting power and your ownership interest in us.
Provisions in our governing documents and Delaware law may discourage or delay an acquisition of the Company by a third party that stockholders may consider favorable and may limit a stockholder’s ability to bring a claim in a forum a stockholder finds favorable.
We do not anticipate paying any dividends on our common stock.

Legal proceedings

As disclosed in Note 25, “Commitments and Contingencies,” of the notes to the consolidated financial statements, we are engaged in certain legal proceedings, and the disclosure set forth in Note 25, “Commitments and Contingencies,” relating to legal and other contingencies is incorporated by reference into this Item 3.

The opening of Item 3, Legal Proceedings.¹⁵

Sources

The numbers on this page point here. Each one links to the record it came from.

1
WikidataPlug Power on Wikidata
2
SEC EDGARPlug Power filings on SEC EDGAR
3
WikipediaPlug Power on Wikipedia
4
GLEIFPlug Power LEI record (549300JPDKRSJ8JSM954)
5
Wikimedia CommonsPlug Power logo by Plug Power Inc., Public domain
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SEC EDGARPlug Power filings on SEC EDGAR
7
WikipediaPlug Power on Wikipedia (revision used)
8
SEC EDGARPlug Power 10-K for fiscal 2025
9
SEC EDGARPlug Power 10-K for fiscal 2019
10
SEC EDGARPlug Power 10-K for fiscal 2020
11
SEC EDGARPlug Power 10-K for fiscal 2021
12
SEC EDGARPlug Power 10-K for fiscal 2022
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SEC EDGARPlug Power 10-Q for fiscal 2026
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SEC EDGARPlug Power 10-Q for fiscal 2026
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SEC EDGARPlug Power 10-K filed Mar 2, 2026: Item 2, Properties
16
SEC EDGARGeorge C. McNamee, Chair
17
SEC EDGARPaul B. Middleton, President
18
SEC EDGARGregory A. Silvestri, President
19
SEC EDGARPaul B. Middleton, Chief financial officer
20
SEC EDGARGerald A. Anderson, Chief financial officer
21
SEC EDGARDavid A. Neumann, Chief financial officer
22
SEC EDGARJean M. Nelson, Chief financial officer
23
SEC EDGARDean Fullerton, Chief operating officer
24
SEC EDGARKeith Schmid, Chief operating officer
25
SEC EDGARGregory A. Silvestri, Chief operating officer
26
SEC EDGARPaul B. Middleton, Officer
27
SEC EDGARBenjamin Haycraft, EVP, EMEA Region
28
SEC EDGARDavid Mindnich, EVP, Global Manufacturing
29
SEC EDGARKeith Schmid, GM New Mkts & Pres New Prd Dv
30
SEC EDGARKeith Schmidt, GM New Mkts & Pres New Prd Dv
31
SEC EDGARDirk Ole Hoefelmann, GM, Electrolyzer Solutions
32
SEC EDGARJose Luis Crespo, GM, MATL Handling, Key Accts
33
SEC EDGARSanjay K. Shrestha, Chief Strategy Officer
34
SEC EDGARGerard L. Conway Jr., Gen Consel, Corp Sec & SVP
35
SEC EDGARMartin Daniel Hull, Corporate Controller and CAO
36
SEC EDGARAdrian J. Corless, Chief Technology Officer
37
SEC EDGARAllen K. Bucknam, VP Strategy and Corporate Dev
38
SEC EDGARBradley H. Johnson, VP Operations
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SEC EDGARJohn F. Elter, Chief Technology Officer
40
SEC EDGARMark A. Sperry, Chief Marketing Officer
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SEC EDGARThomas M. Hutchison, Vice President of Engineering
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SEC EDGARJoseph M. Millington, VP Human Resources
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SEC EDGARAllan Greenberg, Vice President, Sales
44
SEC EDGARColin Angle, Board member
45
SEC EDGARMark J. Bonney, Board member
46
SEC EDGARPatrick Joggerst, Board member
47
SEC EDGARJean A. Bua, Board member
48
SEC EDGARKavita Mahtani, Board member
49
SEC EDGARKim Harriman, Board member
50
SEC EDGARKyungyeol Song, Board member
51
SEC EDGARJonathan M. Silver, Board member
52
SEC EDGARLucas P. Schneider, Board member
53
SEC EDGARGregory B. Graves, Board member
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SEC EDGARSa Axane, Board member
55
SEC EDGARGregory Kenausis, Board member
56
SEC EDGARJohannes Minho Roth, Board member
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SEC EDGARLiquide Investissements D'Avenir Et De Demonstration Air, Board member
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SEC EDGARXavier Pontone, Board member
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SEC EDGAREvgeny Miroshnichenko, Board member
60
SEC EDGAREvgeny Rasskazov, Board member
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SEC EDGARAndrew Dimitri, Board member
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SEC EDGARDennis Pivnyuk V., Board member
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SEC EDGARJeffrey M. Drazan, Board member
64
SEC EDGARMaureen O. Helmer, Board member
65
SEC EDGARGary K. Willis, Board member
66
SEC EDGARGeorge C. McNamee, Board member
67
SEC EDGARJ. Douglas Grant, Board member
68
SEC EDGARJoel D. Gross, Board member
69
SEC EDGARJohn M. Shalikashvili, Board member
70
SEC EDGARLarry Garberding, Board member
71
SEC EDGARPeter Woicke, Board member
72
SEC EDGARSergey Batekhin, Board member
73
SEC EDGARSergey Polikarpov, Board member
74
SEC EDGARDouglas T. Hickey, Board member
75
SEC EDGARLisa Rosenblum, Board member
76
SEC EDGARGerard L. Conway Jr., General counsel
77
SEC EDGARResults of operations
78
SEC EDGARExecutive or director change
79
SEC EDGARResults of operations
80
SEC EDGAREntered a material agreement; Results of operations; Regulation FD disclosure
81
SEC EDGARShareholder vote; Other events
82
SEC EDGARRegulation FD disclosure
83
SEC EDGARExecutive or director change
84
SEC EDGARResults of operations
85
SEC EDGARExecutive or director change
86
SEC EDGARResults of operations
87
SEC EDGAREntered a material agreement; Other events
88
SEC EDGARBylaws or fiscal year changed; Shareholder vote
89
NasdaqNasdaq calendar
90
SEC EDGARPlug Power 8-K, Item 2.02 (results of operations)
91
SEC EDGARPlug Power 8-K, Item 2.02 (results of operations)
92
SEC EDGARPlug Power 8-K, Item 2.02 (results of operations)
93
SEC EDGARBlackRock SCHEDULE 13G/A on Plug Power
94
SEC EDGARVANGUARD CAPITAL MANAGEMENT LLC SCHEDULE 13G on Plug Power
95
SEC EDGARVANGUARD GROUP INC SCHEDULE 13G/A on Plug Power
96
SEC EDGARNORGES BANK SCHEDULE 13G/A on Plug Power
97
SEC EDGARGrove Energy Capital LLC SCHEDULE 13D/A on Plug Power
98
SEC EDGARPlug Power proxy statement (DEF 14A), 2025 pay