PLUG POWER INC, 10-Q filed on 5/11/2026
Quarterly Report
v3.26.1
Document and Entity Information - shares
 3 Months Ended
Mar. 31, 2026
May 06, 2026
Document and Entity Information:    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Securities Act File Number 1-34392  
Entity Registrant Name PLUG POWER INC  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 22-3672377  
Title of 12(b) Security Common Stock, par value $.01 per share  
Trading Symbol PLUG  
Security Exchange Name NASDAQ  
Entity Address, Address Line One 125 VISTA BOULEVARD  
Entity Address, City or Town SLINGERLANDS  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 12159  
City Area Code 518  
Local Phone Number 782-7700  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   1,395,069,082
Entity Central Index Key 0001093691  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Amendment Flag false  
v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
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 [1] 2,368,184 2,594,568
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] 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: X 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 [1] 773,889 1,003,314
Total liabilities and stockholders' equity $ 2,368,184 $ 2,594,568
[1] Includes balances associated with a consolidated variable interest entity (“VIE”), including amounts reflected in “total assets” that can only be used to settle obligations of the VIE of $50,740 and $51,801 as of March 31, 2026 and December 31, 2025, respectively, as well as liabilities of the VIE reflected within “total liabilities” for which creditors do not have recourse to the general credit of Plug Power Inc. of $2,581 and $1,311 as of March 31, 2026 and December 31, 2025, respectively. Refer to Note 19, “Variable Interest Entities,” for additional information.
v3.26.1
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Allowance for credit losses $ 44,980 $ 46,805
Fair value of contingent consideration, current 601 4,871
Fair value of contingent consideration, non-current $ 7,185 $ 6,906
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized 3,000,000,000 1,500,000,000
Common stock, shares issued (including shares in treasury) 1,395,643,390 1,394,241,538
Common stock in treasury, shares 987,495 970,588
Total assets [1] $ 2,368,184 $ 2,594,568
Total liabilities [1] 1,594,295 1,591,254
VIE    
Total assets 50,740 51,801
Total liabilities $ 2,581 $ 1,311
[1] Includes balances associated with a consolidated variable interest entity (“VIE”), including amounts reflected in “total assets” that can only be used to settle obligations of the VIE of $50,740 and $51,801 as of March 31, 2026 and December 31, 2025, respectively, as well as liabilities of the VIE reflected within “total liabilities” for which creditors do not have recourse to the general credit of Plug Power Inc. of $2,581 and $1,311 as of March 31, 2026 and December 31, 2025, respectively. Refer to Note 19, “Variable Interest Entities,” for additional information.
v3.26.1
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Net revenue:    
Net revenue $ 163,513 $ 133,674
Cost of revenue:    
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) 0
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.:    
Net loss per share, basic (in dollars per share) $ (0.18) $ (0.21)
Net loss per share, diluted (in dollars per share) $ (0.18) $ (0.21)
Weighted average number of common stock outstanding, basic (in shares) 1,389,672,378 945,767,987
Weighted average number of common stock outstanding, diluted (in shares) 1,389,672,378 945,767,987
Sales of equipment, related infrastructure and other    
Net revenue:    
Net revenue $ 79,022 $ 63,506
Cost of revenue:    
Cost of revenue 85,327 74,556
Services performed on fuel cell systems and related infrastructure    
Net revenue:    
Net revenue 21,970 16,874
Cost of revenue:    
Cost of revenue 14,421 14,462
(Benefit)/provision for loss contracts related to service    
Cost of revenue:    
Cost of revenue (7,814) 8,888
Power purchase agreements    
Net revenue:    
Net revenue 26,290 23,210
Cost of revenue:    
Cost of revenue 40,148 49,932
Fuel delivered to customers and related equipment    
Net revenue:    
Net revenue 35,795 29,457
Cost of revenue:    
Cost of revenue 52,892 59,354
Other    
Net revenue:    
Net revenue 436 627
Cost of revenue:    
Cost of revenue $ 146 $ 343
v3.26.1
Condensed Consolidated Statements of Comprehensive Loss - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Condensed Consolidated Statements of Comprehensive Loss    
Net loss $ (246,037) $ (196,859)
Other comprehensive loss    
Foreign currency translation loss (3,354) (2,729)
Comprehensive loss, net of tax (249,391) (199,588)
Less: comprehensive loss attributable to non-controlling interest (733) (203)
Total comprehensive loss attributable to Plug Power Inc. $ (248,658) $ (199,385)
v3.26.1
Condensed Consolidated Statements of Stockholders' Equity - USD ($)
$ in Thousands
Total Plug Power Stockholders' Equity
Common Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Income/(Loss)
Treasury Stock
Accumulated Deficit
Non-controlling Interests
Total
Beginning Balance at Dec. 31, 2024 $ 1,734,137 $ 9,342 $ 8,430,537 $ (2,502) $ (108,795) $ (6,594,445) $ 73,619 $ 1,807,756
Beginning Balance, shares at Dec. 31, 2024   934,126,897            
Treasury Stock, Beginning Balance, shares at Dec. 31, 2024         20,230,043      
Increase (Decrease) in Stockholders' Equity                
Net loss (196,656)         (196,656) (203) (196,859)
Other comprehensive loss (2,729)     (2,729)       (2,729)
Stock-based compensation 11,087 $ 15 11,072         11,087
Stock-based compensation, shares   1,545,763            
Public offerings, common stock, net of issuance costs 276,053 $ 517 275,536         276,053
Public offerings, common stock, net of issuance costs, shares   51,654,177            
Stock option exercises and issuance of common stock upon grant/vesting of restricted stock and restricted stock unit awards   $ (2) 2          
Stock option exercises and issuance of common stock upon grant/vesting of restricted stock and restricted stock unit awards, shares   (157,005)            
Treasury stock acquired from employees upon exercise of stock options and vesting of restricted stock and restricted stock unit awards (49)       $ (49)     (49)
Treasury stock acquired from employees upon exercise of stock options and vesting of restricted stock and restricted stock unit awards, shares         27,027      
Provision for common stock warrants 7,049   7,049         7,049
Additional paid-in capital due to contributions to consolidated VIE (1,971)   (1,971)       1,971  
Principal payment of convertible debenture settled in common stock 30,279 $ 105 30,174         30,279
Principal payment of convertible debenture settled in common stock, shares   10,440,906            
Ending Balance at Mar. 31, 2025 1,857,200 $ 9,977 8,752,399 (5,231) $ (108,844) (6,791,101) 75,387 1,932,587
Ending Balance, shares at Mar. 31, 2025   997,610,738            
Treasury Stock, Ending Balance, shares at Mar. 31, 2025         20,257,070      
Beginning Balance at Dec. 31, 2025 978,069 $ 13,943 9,186,314 6,796 $ (2,945) (8,226,039) 25,245 $ 1,003,314 [1]
Beginning Balance, shares at Dec. 31, 2025   1,394,241,538           1,394,241,538
Treasury Stock, Beginning Balance, shares at Dec. 31, 2025         970,588     970,588
Increase (Decrease) in Stockholders' Equity                
Net loss (245,304)         (245,304) (733) $ (246,037)
Other comprehensive loss (3,354)     (3,354)       (3,354)
Stock-based compensation 13,938 $ 14 13,924         13,938
Stock-based compensation, shares   1,432,765            
Stock option exercises and issuance of common stock upon grant/vesting of restricted stock and restricted stock unit awards 90   90         90
Stock option exercises and issuance of common stock upon grant/vesting of restricted stock and restricted stock unit awards, shares   (30,913)            
Treasury stock acquired from employees upon exercise of stock options and vesting of restricted stock and restricted stock unit awards (37)       $ (37)     (37)
Treasury stock acquired from employees upon exercise of stock options and vesting of restricted stock and restricted stock unit awards, shares         16,907      
Provision for common stock warrants 5,675   5,675         5,675
Additional paid-in capital due to contributions to consolidated VIE 733   733       (733)  
Contributions by non-controlling interest             300 300
Ending Balance at Mar. 31, 2026 $ 749,810 $ 13,957 $ 9,206,736 $ 3,442 $ (2,982) $ (8,471,343) $ 24,079 $ 773,889 [1]
Ending Balance, shares at Mar. 31, 2026   1,395,643,390           1,395,643,390
Treasury Stock, Ending Balance, shares at Mar. 31, 2026         987,495     987,495
[1] Includes balances associated with a consolidated variable interest entity (“VIE”), including amounts reflected in “total assets” that can only be used to settle obligations of the VIE of $50,740 and $51,801 as of March 31, 2026 and December 31, 2025, respectively, as well as liabilities of the VIE reflected within “total liabilities” for which creditors do not have recourse to the general credit of Plug Power Inc. of $2,581 and $1,311 as of March 31, 2026 and December 31, 2025, respectively. Refer to Note 19, “Variable Interest Entities,” for additional information.
v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 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 liability, 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
Supplemental disclosure of cash flow information    
Cash paid for interest, net of capitalized interest of $0 and $5.0 million, respectively 8,992 6,692
Summary of non-cash activity    
Recognition of right of use asset - finance leases 2,876  
Recognition of right of use asset - operating leases 1,533 9,428
Principal payment on convertible debenture paid in common stock   30,000
Increase to other current assets due to net transfers between other current assets and long-lived assets 39,200  
(Decrease)/increase to inventory due to net transfers between inventory and long-lived assets (4,617) 476
Accrued purchase of fixed assets, cash to be paid in subsequent period $ 26,066 $ 47,447
v3.26.1
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Condensed Consolidated Statements of Cash Flows    
Capitalized interest $ 0.0 $ 5.0
v3.26.1
Nature of Operations
 3 Months Ended
Mar. 31, 2026
Nature of Operations  
Nature of Operations

1. Nature of Operations

​

Plug Power Inc. (the “Company,” “Plug,” “we” or “our”) is facilitating the paradigm shift to an increasingly electrified world by innovating cutting-edge hydrogen and fuel cell solutions. While we continue to develop commercially viable hydrogen and fuel cell product solutions, we have expanded our offerings to support a variety of commercial operations that can be powered with clean hydrogen. We provide electrolyzers that allow customers — such as refineries, producers of chemicals, steel, fertilizer and commercial refueling stations — to generate hydrogen on-site. We are focusing our efforts on (a) industrial mobility applications, including electric forklifts and electric industrial vehicles, at multi-shift high volume manufacturing and high throughput distribution sites where we believe our products and services provide a unique combination of productivity, flexibility, and environmental benefits; and (b) production of hydrogen. Plug expects to support these products and customers with an ecosystem of vertically integrated products that produce, transport, store and handle, dispense, and use hydrogen for mobility and power applications.

​

Liquidity and Capital Resources

​

The Company has continued to experience negative cash flows from operations and net losses. The Company incurred net losses of approximately $246.0 million and $196.9 million during the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, the Company’s working capital was $734.1 million, which included unrestricted cash and cash equivalents of $223.2 million and current restricted cash of $183.7 million, and the Company had an accumulated deficit of $8.5 billion.

​

The Company’s primary sources of liquidity have historically included cash on hand, proceeds from equity and debt financings, and operating cash flows. The Company continues to evaluate opportunities to strengthen its balance sheet and enhance financial flexibility. As part of its ongoing initiatives to strengthen the balance sheet and enhance liquidity, the Company initiated an infrastructure optimization initiative as described in Note 29, “Subsequent Events,” of the notes to the Company’s consolidated financial statements in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the “2025 Form 10-K”). If completed as expected, the initiative is reasonably likely to improve the Company’s near-term liquidity position. However, the timing and ultimate magnitude of the impact will depend on execution, satisfaction of closing conditions, market conditions and other factors.

​

The future use of our available liquidity will be based upon the ongoing review of the funding needs of our businesses, the optimal allocation of our resources, and the timing of cash flow generation. To the extent that we desire to access alternative sources of capital, market conditions could adversely impact our ability to do so at that time and at terms favorable to the Company.

​

The Company has an “at-the-market” equity offering program with B. Riley Securities, Inc. (“B. Riley”) pursuant to which the Company may, from time to time, offer and sell through or to B. Riley, as sales agent or principal, shares of the Company’s common stock, having an aggregate gross sales price of up to $1.0 billion under a sales agreement. On August 15, 2025, the Company and B. Riley amended the “at-the-market” equity offering program to extend the term. The “at-the-market” equity offering program will terminate upon the earliest of (a) August 15, 2027, with respect to principal and agency transactions, (b) the sale of all shares of common stock under the program or (c) termination of the sales agreement. On September 29, 2025, the Company and B. Riley amended the “at-the-market” equity offering program to add Yorkville Securities, LLC (“Yorkville”) as an additional sales agent and/or principal through which the Company may offer and sell shares pursuant to the “at-the-market” equity offering program. As of March 31, 2026, the Company had $944.1 million of aggregate gross sales price of shares available to be sold under the “at-the-market” equity offering program.

​

The Company has also entered into a Standby Equity Purchase Agreement (the “SEPA”) with Yorkville, pursuant to which the Company has the right, at its option, to sell to Yorkville up to $1.0 billion in the aggregate gross sales price of its common stock, subject to certain limitations and conditions set forth therein. The Company has the right, but not the obligation, from time to time at its sole discretion to direct Yorkville to purchase directly from the Company up to $10.0 million in the aggregate gross sales price of its common stock on any trading day. The SEPA expires on February 10,

2027. During the three months ended March 31, 2026, the Company sold no shares of common stock pursuant to the SEPA.

​

The Company believes that its working capital, cash position and restricted cash to be released over the next 12 months, and amortization requirements of the Company’s finance obligations, together with other key assumptions, support the Company’s conclusion that it has sufficient capital to fund its on-going operations for a period of at least 12 months subsequent to the issuance of the accompanying unaudited interim condensed consolidated financial statements. Key assumptions are based on factors such as forecasted sales and costs, the Company’s right to direct B. Riley and Yorkville to purchase shares from the Company under the “at-the-market” equity offering program, and the Company’s right to direct Yorkville to purchase shares from the Company under the SEPA.
v3.26.1
Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2026
Summary of Significant Accounting Policies  
Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

​

Principles of Consolidation

​

The unaudited interim condensed consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. In addition, we include our share of the results of our joint venture with Acciona Generación Renovable, S.A. in Spain, named AccionaPlug S.L., our investment in Clean H2 Infra Fund and our former joint venture with SK Innovation Co., Ltd, successor in interest to SK E&S Co., Ltd. in South Korea, named SK Plug Hyverse (prior period only), using the equity method based on our economic ownership interest and our ability to exercise significant influence over the operating and financial decisions of AccionaPlug S.L., Clean H2 Infra Fund and SK Plug Hyverse. Additionally, we consolidated the results of Hidrogenii, LLC (“Hidrogenii”), our joint venture with Niloco Hydrogen Holdings LLC, a wholly-owned subsidiary of Olin Corporation (“Olin”).

​

Interim Financial Statements

​

The accompanying unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments, which consist solely of normal recurring adjustments, necessary to present fairly, in accordance with U.S. generally accepted accounting principles (“GAAP”), the financial position, results of operations and cash flows for all periods presented, have been made. The results of operations for the interim periods presented are not necessarily indicative of the results that may be expected for the full year.

​

Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the 2025 Form 10-K.

​

The information presented in the accompanying unaudited interim condensed consolidated balance sheets as of December 31, 2025 has been derived from the Company’s 2025 audited consolidated financial statements.

​

Recent Accounting Pronouncements

​

Recently Adopted Accounting Guidance

​

In July 2025, Accounting Standards Update 2025-05 (“ASU 2025-05”), Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, was issued to address challenges encountered when applying the guidance in Topic 326 to current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. This standard introduces a practical expedient for entities that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. This standard is effective for annual periods, including interim reporting periods within annual reporting periods, beginning after December

15, 2025 with early adoption permitted. The Company adopted this guidance on January 1, 2026, with no material effect on the Company’s financial position or results of operations.

​

In November 2024, ASU 2024-04, Debt with Conversion and Other Options (“ASU 2024-04”), was issued to improve the relevance and consistency in application of the induced conversion guidance in Subtopic 470-20. This standard is effective for annual periods beginning after December 15, 2025, including interim periods within those fiscal years. The Company adopted this guidance on January 1, 2026, with no material effect on the Company’s financial position or results of operations.

​

Recent Accounting Guidance Not Yet Effective

​

Other than the accounting standards mentioned in our 2025 Form 10-K, all issued but not yet effective accounting and reporting standards as of March 31, 2026 are either not applicable to the Company or are not expected to have a material impact on the Company.

v3.26.1
Inventory
 3 Months Ended
Mar. 31, 2026
Inventory  
Inventory

3. Inventory

​

Inventory as of March 31, 2026 and December 31, 2025 consisted of the following (in thousands):

​

​

​

​

​

​

​

​

March 31,

  ​ ​ ​

December 31,

​

2026

​

2025

Raw materials and supplies

$

347,034

​

$

350,910

Work-in-process

 

95,582

​

 

84,250

Finished goods

 

73,537

​

 

85,808

Inventory

$

516,153

​

$

520,968

​

Inventory is comprised of raw materials and supplies, work-in-process, and finished goods. The Company has recorded reductions to inventory comprising excess and obsolete items and related lower of cost or net realizable value adjustments of $149.0 million and $151.9 million as of March 31, 2026 and December 31, 2025, respectively.
v3.26.1
Intangible Assets
 3 Months Ended
Mar. 31, 2026
Intangible Assets  
Intangible Assets

4. Intangible Assets

​

The gross carrying amount and accumulated amortization of the Company’s acquired identifiable intangible assets as of March 31, 2026 were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted Average

​

Gross Carrying

​

Accumulated

​

​

​

​

  ​ ​ ​

Amortization Period

  ​ ​ ​

Amount

  ​ ​ ​

Amortization

  ​ ​ ​

Total

Acquired technology

 

11 years

 

$

15,993

​

$

(3,439)

​

$

12,554

Dry stack electrolyzer technology

​

10 years

​

​

11,351

​

​

(2,296)

​

​

9,055

Customer relationships, trade name, and other

​

14 years

​

 

7,363

​

​

(741)

​

​

6,622

​

​

​

​

$

34,707

​

$

(6,476)

​

$

28,231

​

The gross carrying amount and accumulated amortization of the Company’s acquired identifiable intangible assets as of December 31, 2025 were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted Average

​

Gross Carrying

​

Accumulated

​

​

​

​

  ​ ​ ​

Amortization Period

  ​ ​ ​

Amount

  ​ ​ ​

Amortization

  ​ ​ ​

Total

Acquired technology

 

11 years

​

$

15,997

​

$

(3,047)

​

$

12,950

Dry stack electrolyzer technology

​

10 years

​

​

11,352

​

​

(1,913)

​

​

9,439

Customer relationships, trade name, and other

 

14 years

​

 

7,446

​

​

(607)

​

 

6,839

​

​

​

​

$

34,795

​

$

(5,567)

​

$

29,228

​

The change in the gross carrying amount of the acquired technology and customer relationships, trade name and other during the three months ended March 31, 2026 was due to foreign currency translation.

​

Amortization expense for acquired identifiable intangible assets during the three months ended March 31, 2026 and 2025 was $0.9 million and $2.0 million, respectively.

​

The estimated amortization expense for subsequent years as of March 31, 2026 is as follows (in thousands):

​

​

​

​

Remainder of 2026

$

2,751

2027

​

3,668

2028

​

3,331

2029

​

3,217

2030

​

3,197

2031 and thereafter

​

12,067

Total

$

28,231

​
v3.26.1
Investments
 3 Months Ended
Mar. 31, 2026
Investments  
Investments

5. Investments

​

Investments in Non-consolidated Entities and Non-marketable Securities

​

Non-marketable Securities

​

Our investment in non-marketable securities was $12.8 million as of March 31, 2026 and December 31, 2025, respectively, of which $10.2 million matures within the next 12 months and is included in prepaid expenses, tax credits, and other current assets on the Company’s unaudited interim condensed consolidated balance sheets.

​

Equity Method Investments

​

As of March 31, 2026 and December 31, 2025, the Company accounted for the following investments in the investee’s common stock under the equity method, which are included in the investments in non-consolidated entities and non-marketable securities on the unaudited interim condensed consolidated balance sheets (amounts in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of March 31, 2026

​

As of December 31, 2025

​

  ​ ​ ​

Formation

  ​ ​ ​

Common Stock

​

Carrying

  ​ ​ ​

Common Stock

  ​ ​ ​

Carrying

Investee

​

Date

​

Ownership %

​

Value

​

Ownership %

​

Value

AccionaPlug S.L.

​

Q4 2021

​

50%

​

​

4,479

​

50%

​

​

4,531

Clean H2 Infra Fund

​

Q4 2021

​

5%

​

​

38,514

​

5%

​

​

39,760

​

​

​

​

​

​

$

42,993

​

​

​

$

44,291

​

During the three months ended March 31, 2026, the Company contributed approximately $0.4 million and $0 to AccionaPlug S.L. and Clean H2 Infra Fund, respectively. During the three months ended March 31, 2025, the Company contributed approximately $0.5 million and $0 to AccionaPlug S.L. and Clean H2 Infra Fund, respectively.

​

As of March 31, 2026, the Company’s capital commitments related to its equity method investments was $5.9 million, all of which is expected to be paid during the second quarter of 2026.
v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Measurements  
Fair Value Measurements

6. Fair Value Measurements

​

The Company records the fair value of assets and liabilities in accordance with ASC 820, Fair Value Measurement (“ASC 820”). ASC 820 defines fair value as the price received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity.

​

In addition to defining fair value, ASC 820 expands the disclosure requirements around fair value and establishes a fair value hierarchy for valuation inputs. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of the three levels, which is determined by the lowest level input that is significant to the fair value measurement in its entirety.

​

These levels are:

​

●Level 1 — quoted prices (unadjusted) in active markets for identical assets or liabilities.
●Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument.
●Level 3 — unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability at fair value.

​

Financial instruments not recorded at fair value on a recurring basis include equity method investments that have not been remeasured or impaired in the current period, such as our investments in AccionaPlug S.L. and Clean H2 Infra Fund.

​

The following table summarizes the carrying amount and estimated fair value of the Company’s financial instruments as of March 31, 2026 and December 31, 2025 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of March 31, 2026

​

​

Carrying

​

Fair

​

Fair Value Measurements

​

  ​ ​ ​

Amount

  ​ ​ ​

Value

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

Liabilities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$7.75 Warrants

​

$

106,963

​

$

106,963

​

$

—

​

$

—

​

$

106,963

6.75% Convertible Senior Notes

​

​

502,770

​

​

502,770

​

​

—

​

​

—

​

​

502,770

Contingent consideration

​

​

7,786

​

​

7,786

​

​

—

​

​

—

​

​

7,786

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of December 31, 2025

​

​

Carrying

​

Fair

​

Fair Value Measurements

​

  ​ ​ ​

Amount

  ​ ​ ​

Value

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

Liabilities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$7.75 Warrants

​

$

52,323

​

$

52,323

​

$

—

​

$

—

​

$

52,323

6.75% Convertible Senior Notes

​

​

431,014

​

​

431,014

​

​

431,014

​

​

—

​

​

—

Contingent consideration

​

​

11,777

​

​

11,777

​

​

4,353

​

​

—

​

​

7,424

​

The liabilities measured at fair value on a recurring basis that have unobservable inputs and are therefore categorized as Level 3 are related to the $7.75 Warrants, 6.75% Convertible Senior Notes (each, as defined below) and contingent consideration, all of which are described below.

​

Assets and Liabilities Measured at Fair Value on a Recurring Basis

​

$7.75 Warrants

​

The fair value of the $7.75 Warrants as of March 31, 2026 and December 31, 2025 was comprised of a single financial liability under ASC 825 with changes in fair value recorded in gain/loss from changes in fair value of warrant liabilities recorded in the unaudited interim condensed consolidated statements of operations.

​

The Company estimated and recorded the fair value of the $7.75 Warrants as of March 31, 2026 and December 31, 2025 based on a Black-Scholes Option Pricing Model. The valuations utilized significant Level 3 unobservable inputs, including volatility. Other significant assumptions include risk-free rate, exercise price, the Company’s common stock price and maturity date. Significant judgment is required in selecting the significant inputs and assumptions. Actual assumptions may differ from our current estimates and such differences could materially impact the fair value of the $7.75 Warrants.

​

Refer to Note 7, “Warrant Liabilities,” for the significant assumptions utilized in the fair value of the $7.75 Warrants as of March 31, 2026 and December 31, 2025, respectively, as well as the change in the carrying amount of the $7.75 Warrants during the three months ended March 31, 2026.

​

6.75% Convertible Senior Notes

​

The fair value of the 6.75% Convertible Senior Notes as of March 31, 2026 and December 31, 2025 was comprised of a single financial liability in which the Company elected the fair value option under ASC 825, Financial Instruments (“ASC 825”), with changes in fair value recorded in gain/loss from change in fair value of convertible debt instruments in the unaudited interim condensed consolidated statements of operations. The Company elected the fair value option due to its multiple conversions features required to be presented at fair value. The Company has also elected to present interest expense separately from the change in fair value of convertible debt instruments measured at fair value through earnings. Total changes in the fair value of the liability that resulted from a change in the instrument-specific credit risk are separately recorded in other comprehensive income. There was no change in the instrument-specific credit risk during the three months ended March 31, 2026.

​

As of March 31, 2026, the Company estimated and recorded the fair value of the 6.75% Convertible Notes based on a Lattice Model. The valuation utilized significant Level 3 unobservable inputs, including volatility and calibrated yield. Other significant assumptions include risk-free rate, conversion price, coupon interest rate, the Company’s common stock price, issuance date and maturity date. Significant judgment is required in selecting the significant inputs and assumptions. Actual assumptions may differ from our current estimates and such differences could materially impact the fair value of the 6.75% Convertible Notes. As of December 31, 2025, the Company estimated and recorded the fair value of the 6.75% Convertible Notes utilizing Level 1 inputs as it was based on recent trading activity. As such, the 6.75% Convertible Senior Notes were transferred from Level 1 to Level 3 during the three months ended March 31, 2026.

​

Refer to Note 8, “Convertible Senior Notes,” for the change in the carrying amount of the 6.75% Convertible Senior Notes during the three months ended March 31, 2026.

​

Contingent consideration

​

The fair value of contingent consideration as of March 31, 2026 is related to the Joule Processing LLC (“Joule”) acquisition in 2022 and the fair value of contingent consideration as of December 31, 2025 is related to the Joule acquisition in 2022 and the Frames Holding B.V. (“Frames”) acquisition in 2021.

​

In the unaudited interim condensed consolidated balance sheets, contingent consideration was recorded in the contingent consideration, loss accrual for service contracts, and other current liabilities and contingent consideration, loss accrual for service contracts, and other liabilities financial statement line items and was comprised of the following unobservable inputs as of March 31, 2026:

​

​

​

​

​

​

​

​

​

​

​

Financial Instrument

​

Fair Value

​

Valuation Technique

  ​ ​ ​

Unobservable Input

  ​ ​ ​

Weighted Average

Contingent consideration

​

$

7,786

​

Scenario-based method

​

Credit spread

​

11.77%

​

​

​

​

​

​

​

Discount rate

​

15.44% - 15.45%

​

​

​

7,786

​

​

​

​

​

​

​

In the unaudited interim condensed consolidated balance sheets, contingent consideration was recorded in the contingent consideration, loss accrual for service contracts, and other current liabilities and contingent consideration, loss accrual for service contracts, and other liabilities financial statement line items and was comprised of the following unobservable inputs as of December 31, 2025:

​

​

​

​

​

​

​

​

​

​

​

Financial Instrument

  ​ ​ ​

Fair Value

  ​ ​ ​

Valuation Technique

  ​ ​ ​

Unobservable Input

  ​ ​ ​

Weighted Average

Contingent consideration

​

$

7,424

​

Scenario-based method

​

Credit spread

​

11.77%

​

​

​

​

​

​

​

Discount rate

​

15.44% - 15.45%

​

​

​

7,424

​

​

​

​

​

​

​

The change in the carrying amount of contingent consideration during the three months ended March 31, 2026 was as follows (in thousands):

​

​

​

​

Beginning balance as of December 31, 2025

$

11,777

Cash payments

​

(4,248)

Change in fair value of contingent consideration

​

280

Foreign currency translation adjustment

 

(23)

Ending balance as of March 31, 2026

$

7,786

​
v3.26.1
Warrant Liabilities
 3 Months Ended
Mar. 31, 2026
Warrant Liabilities  
Warrant Liabilities

7. Warrant Liabilities

​

On March 20, 2025, the Company sold 46,500,000 shares of its common stock, pre-funded warrants to purchase 138,930,464 shares of its common stock and warrants (the “Common Warrants”) to purchase 185,430,464 shares of its common stock in a registered direct offering pursuant to an underwriting agreement with several underwriters.

​

On October 8, 2025, the Company entered into a warrant exercise inducement agreement with the holder of the Common Warrants, whereby in consideration for exercising the 185,430,464 outstanding Common Warrants at the exercise price as set forth in the Common Warrants of $2.00 per share, the Company agreed to provide new Common Warrants to the holder to purchase up to 185,430,464 shares of the Company’s common stock at $7.75 per share (the “$7.75 Warrants”). In addition, under the warrant exercise inducement agreement, the holder was permitted to receive, upon exercise, in lieu of 154,430,464 common shares, new pre-funded warrants to purchase 154,430,464 shares of the Company’s common stock at $0.0001 per share.

​

The $7.75 Warrants contain a provision pursuant to which, upon a Change of Control (as defined in the $7.75 Warrants), the holder may elect to require the Company (or the successor entity) to purchase the warrant for cash equal to its Black-Scholes value (a “Change of Control Cash Election”). The Company has classified the $7.75 Warrants as a liability on the consolidated balance sheets because the Change of Control Cash Election represents a conditional obligation that could require the Company to settle the warrants in cash upon the occurrence of a Change of Control, which precludes equity classification under ASC 815, Derivatives and Hedging (“ASC 815”). The $7.75 Warrants became exercisable on February 28, 2026 and expire on March 20, 2028.

​

As of March 31, 2026 and December 31, 2025, the $7.75 Warrants were valued at $107.0 million and $52.3 million, respectively, using the following Black-Scholes assumptions:

​

​

​

​

​

​

As of

​

March 31, 2026

​

December 31, 2025

Risk-free interest rate

3.71%

​

3.43%

Volatility

101.00%

​

80.00%

Expected average term (years)

1.97

​

2.22

Exercise price

$7.75

​

$7.75

Stock price

$2.26

​

$1.97

Fair value per share

$0.58

​

$0.28

​

The change in the carrying amount of the $7.75 Warrants during the three months ended March 31, 2026 was as follows (in thousands):

​

​

​

​

​

Beginning balance as of December 31, 2025

​

$

52,323

Change in fair value of warrant liabilities

​

​

54,640

Ending balance as of March 31, 2026

​

$

106,963

​
v3.26.1
Convertible Senior Notes
 3 Months Ended
Mar. 31, 2026
Convertible Senior Notes  
Convertible Senior Notes  
Long-Term Debt

8. Convertible Senior Notes

​

6.75% Convertible Senior Notes

​

On November 21, 2025, the Company issued $431.3 million aggregate principal amount of 6.75% convertible senior notes due December 1, 2033 (the “6.75% Convertible Senior Notes”), including the exercise in full of the initial purchasers’ option to purchase up to an additional $56.3 million principal amount of the notes. The notes were issued pursuant to an indenture, dated November 21, 2025 (the “Indenture”).

​

The notes are convertible at the option of the holders at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of the Company’s common stock, or a combination of cash and shares of common stock, at the Company’s election, in the manner and subject to the terms and conditions provided in the Indenture; provided that unless and until the reserved share effective date occurs, the Company will settle conversion of notes solely with cash. There were no conversions of the 6.75% Convertible Senior Notes during the three months ended March 31, 2026. As of March 31, 2026, the Company was in compliance with all debt covenants associated with the 6.75% Convertible Senior Notes.

​

The change in the carrying amount of the 6.75% Convertible Senior Notes during the three months ended March 31, 2026 was as follows (in thousands):

​

​

​

​

​

Beginning balance as of December 31, 2025

​

$

431,014

Change in fair value of the convertible senior notes

​

​

70,782

Amortization of discount

​

​

974

Ending balance as of March 31, 2026

​

$

502,770

​

The following table summarizes the total interest expense and effective interest rate related to the 6.75% Convertible Senior Notes during the three months ended March 31, 2026 (in thousands, except for the effective interest rate):

​

​

​

​

​

Three months ended

​

March 31, 2026

Interest expense

$

7,178

Amortization of discount

​

974

Total

$

8,152

Effective interest rate

​

7.7%

​
v3.26.1
Extended Maintenance Contracts and Warranty Reserve
 3 Months Ended
Mar. 31, 2026
Extended Maintenance Contracts and Warranty Reserve  
Extended Maintenance Contracts and Warranty Reserve

9. Extended Maintenance Contracts and Warranty Reserve

​

Loss Accrual

​

On a quarterly basis, we evaluate any potential losses related to our extended maintenance contracts for sales of equipment, related infrastructure and other that have been sold. The following table shows the roll forward of balances in the accrual for loss contracts (in thousands):

​

​

​

​

​

​

​

​

​

​

Three months ended

​

Year ended

​

  ​ ​ ​

March 31, 2026

  ​ ​ ​

December 31, 2025

Beginning balance

​

$

67,987

​

$

134,356

Benefit for loss accrual

​

​

(7,797)

​

​

(23,901)

Releases to service cost of sales

​

​

(6,871)

​

​

(42,877)

Decrease to loss accrual related to customer warrants

​

​

(17)

​

​

(706)

Foreign currency translation adjustment

​

​

(113)

​

​

1,115

Ending balance

​

$

53,189

​

$

67,987

​

Product Warranty Reserve

​

On a quarterly basis, we evaluate our product warranty reserve. The Company applies a failure rate based on product type on total products under warranty identified through a contract-by-contract review to determine its product warranty reserve liability. The Company’s product warranty reserve liability balance as of March 31, 2026 and December 31, 2025 was $22.8 million and $23.0 million, respectively.
v3.26.1
Stockholders' Equity
 3 Months Ended
Mar. 31, 2026
Stockholders' Equity  
Stockholders' Equity

10. Stockholders’ Equity

​

Common Stock

​

Amendment to Increase Authorized Shares of Common Stock

​

On February 12, 2026, the Company’s stockholders approved an amendment to the Company’s amended and restated certificate of incorporation, as amended, to increase the number of authorized shares of the Company’s common stock from 1,500,000,000 shares to 3,000,000,000 shares. The amendment became effective February 12, 2026 upon its filing with the Secretary of State of the State of Delaware.

​

Share-Based Consideration Payable to a Customer

​

On August 24, 2022, the Company and Amazon.com, Inc. (“Amazon”) entered into a transaction agreement under which the Company concurrently issued to Amazon.com NV Investment Holdings LLC, a wholly owned subsidiary of Amazon, a warrant (the “2022 Amazon Warrant”) to acquire up to 16,000,000 shares of the Company’s common stock. As of March 31, 2026 and December 31, 2025, the balance of the contract asset related to the 2022 Amazon Warrant was $33.2 million and $32.1 million, respectively, which was recorded in contract assets in the Company’s unaudited interim condensed consolidated balance sheets. As of March 31, 2026 and December 31, 2025, 3,500,000 of the shares related to the 2022 Amazon Warrant had vested and none of the shares had been exercised. The total amount of provision for common stock warrants recorded as a reduction of revenue for the 2022 Amazon Warrant during the three months ended March 31, 2026 and 2025 was $3.0 million and $3.4 million, respectively.

​

In 2017, the Company issued a warrant to Walmart (the “2017 Walmart Warrant”) to purchase up to 55,286,696 shares of the Company’s common stock, subject to certain vesting events. On December 30, 2025, the Company entered into an agreement with Walmart in which Walmart agreed to forfeit all vested shares of the Company’s common stock related to the 2017 Walmart Warrant and the unvested portions of the 2017 Walmart Warrant were cancelled. Accordingly, no shares of common stock will become issuable by the Company in connection with the 2017 Walmart Warrant. In order to unwind the remaining provision associated with the 2017 Walmart Warrant, the total amount of provision for common stock warrants recorded as a reduction of revenue for the 2017 Walmart Warrant during the three months ended March 31, 2026 and 2025 was $1.6 million and $5.6 million, respectively.

​

Accumulated Other Comprehensive Income

​

Accumulated other comprehensive income is comprised of foreign currency translation gains and losses. There were no reclassifications from accumulated other comprehensive income during the three months ended March 31, 2026 and 2025.

​

Other comprehensive loss for the three months ended March 31, 2026 increased due to foreign currency translation losses of $3.4 million. Other comprehensive loss for the three months ended March 31, 2025 increased due to foreign currency translation losses of $2.7 million.
v3.26.1
Revenue
 3 Months Ended
Mar. 31, 2026
Revenue  
Revenue

11. Revenue

​

Disaggregation of revenue

​

The following table provides information about disaggregation of revenue (in thousands):

​

​

​

​

​

​

​

​

Three months ended March 31,

Major products and service lines

2026

  ​ ​ ​

2025

Sales of fuel cell systems

$

11,789

​

$

16,656

Sales of hydrogen infrastructure

​

12,610

​

​

5,648

Sales of electrolyzers

​

40,882

​

​

9,210

Sales of engineered equipment

​

1,219

​

​

1,529

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

Sales of cryogenic equipment and liquefiers

​

12,522

​

​

30,463

Other

​

436

​

​

627

Net revenue

$

163,513

​

$

133,674

​

Contract balances

​

Significant changes in the contract assets and the deferred revenue and other contract liabilities balances during the period are as follows (in thousands):

​

​

​

​

​

​

​

Contract assets

Three months ended

​

Year ended

​

March 31, 2026

  ​ ​ ​

December 31, 2025

Transferred to receivables from contract assets recognized at the beginning of the period

$

(41,476)

​

$

(21,348)

Change in contract assets related to warrants

​

1,122

​

​

(3,729)

Foreign currency translation (loss)/gain

​

(440)

​

​

1,208

Impairment

​

—

​

​

(28,105)

Revenue recognized and not billed as of the end of the period

​

40,800

​

​

63,364

Net change in contract assets

$

6

​

$

11,390

​

​

​

​

​

​

​

Deferred revenue and other contract liabilities

Three months ended

​

Year ended

​

March 31, 2026

  ​ ​ ​

December 31, 2025

Increases due to customer billings, net of amounts recognized as revenue during the period

$

23,322

​

$

19,144

Change in contract liabilities related to warrants

​

9

​

​

260

Foreign currency translation (gain)/loss

​

(475)

​

​

6,814

Revenue recognized that was included in the contract liability balance as of the beginning of the period

​

(25,678)

​

​

(127,898)

Net change in deferred revenue and other contract liabilities

$

(2,822)

​

$

(101,680)

​

Estimated future revenue

​

The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period, including provision for common stock warrants (in thousands):

​

​

​

​

​

​

​

​

As of

​

Expected recognition

​

March 31, 2026

  ​ ​ ​

period (years)

Sales of fuel cell systems

$

73,413

​

​

1 - 2

Sales of hydrogen installations and other infrastructure

​

53,269

​

​

1 - 2

Sales of electrolyzers

​

95,312

​

​

1 - 3

Sales of engineered equipment

​

744

​

​

1

Services performed on fuel cell systems and related infrastructure

​

146,917

​

​

1 - 10

Power purchase agreements

​

250,267

​

​

1 - 10

Fuel delivered to customers and related equipment

​

60,596

​

​

1 - 10

Sales of cryogenic equipment and other

​

56,534

​

​

1

Other

​

646

​

​

1

Total estimated future revenue

$

737,698

​

​

​

​
v3.26.1
Employee Benefit Plans
 3 Months Ended
Mar. 31, 2026
Employee Benefit Plans  
Employee Benefit Plans

12. Employee Benefit Plans

​

2011 and 2021 Stock Option and Incentive Plan

​

Stock-based compensation costs recognized, excluding the Company’s matching contributions of $2.9 million and $2.8 million to the Plug Power Inc. 401(k) Savings & Retirement Plan and quarterly Board and executive compensation, were $11.2 million and $8.5 million for the three months ended March 31, 2026 and 2025, respectively. The methods and assumptions used in the determination of the fair value of stock-based awards are consistent with those described in our 2025 Form 10-K.

​

The components and classification of stock-based compensation expense, excluding the Company’s matching contributions to the Plug Power Inc. 401(k) Savings & Retirement Plan and quarterly Board compensation, were as follows (in thousands):

​

​

​

​

​

​

​

​

Three months ended March 31,

​

2026

  ​ ​ ​

2025

Cost of sales

$

1,219

​

$

1,087

Research and development

​

956

​

​

1,137

Selling, general and administrative

​

8,985

​

​

6,249

​

$

11,160

​

$

8,473

​

Service Stock Options Awards

​

During the three months ended March 31, 2026, the Company granted 295,898 service stock option awards at a weighted average exercise price of $1.54. In addition, 43,584 service stock option awards were exercised at a weighted average exercise price of $2.07. Finally, 1,020,288 service stock option awards were forfeited at a weighted average exercise price of $9.41. The total fair value of the service stock option awards that vested during the three months ended March 31, 2026 and 2025 was approximately $0.3 million and $1.9 million, respectively.

​

Compensation cost associated with service stock option awards represented approximately $6.6 million and $3.5 million of the total share-based payment expense recorded during the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, there was approximately $44.9 million of unrecognized compensation cost related to service stock option awards to be recognized over the weighted average remaining period of 2.13 years.

​

Market Condition Stock Option Awards

​

During the three months ended March 31, 2026, the Company did not grant market condition stock option awards. In addition, no market condition stock option awards were exercised or forfeited during the three months ended March 31, 2026.

​

Compensation cost associated with market condition stock option awards represented approximately $0.6 million and $0.3 million of the total share-based payment expense recorded during the three months ended March 31, 2026 and 2025, respectively. Compensation costs associated with these awards are recognized as the requisite service period is rendered, regardless of when, if ever, the market condition is satisfied. As of March 31, 2026, there was approximately $0.3 million of unrecognized compensation cost related to market condition stock option awards to be recognized over the weighted average remaining period of 0.29 years.

​

As of March 31, 2026, there were 1,045,000 unvested market condition stock option awards for which the employee requisite service period had not been rendered but were expected to vest. The aggregate intrinsic value of these unvested market condition stock option awards was $0 as of March 31, 2026. As of March 31, 2026, the weighted average exercise price of these unvested market condition stock option awards was $7.87 and the weighted average remaining contractual term was 4.13 years.

​

Restricted Stock and Restricted Stock Unit Awards

​

During the three months ended March 31, 2026, the Company granted 45,000 restricted stock awards at a weighted average exercise price of $1.79. In addition, 166,831 restricted stock and restricted stock unit awards were forfeited at a weighted average exercise price of $4.63. The total fair value of the 17,833 restricted stock and restricted stock unit awards that vested during the three months ended March 31, 2026 and 2025 was approximately $0.1 million and $1.7 million, respectively.

​

Compensation cost associated with restricted stock and restricted stock unit awards represented approximately $4.0 million and $4.7 million during the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, there was $21.7 million of unrecognized compensation cost related to restricted stock and restricted stock unit awards to be recognized over the weighted average period of 2.15 years.

​

401(k) Savings & Retirement Plan

​

The Company issued 1,340,602 and 1,460,079 shares of common stock pursuant to the Plug Power Inc. 401(k) Savings & Retirement Plan during the three months ended March 31, 2026 and 2025, respectively.

​

The Company’s expense for this plan was approximately $2.9 million and $2.8 million during the three months ended March 31, 2026 and 2025, respectively.

​

Non-Employee Director Compensation

​

The Company granted 45,585 and 134,491 shares of common stock to non-employee directors as compensation during the three months ended March 31, 2026 and 2025, respectively. All common stock issued is fully vested at the time of issuance and is valued at fair value on the date of issuance. The Company’s share-based compensation expense in connection with non-employee director compensation was approximately $0.1 million and $0.2 million during the three months ended March 31, 2026 and 2025, respectively.

​

During the three months ended March 31, 2026, non-employee directors were also granted 163,638 service stock option awards and 87,260 common stock options that vest over a one and three year period, respectively, with the 163,638 service stock option awards included within the total 295,898 service stock option awards disclosed above. The Company’s share-based compensation expense in connection with these awards was approximately $19 thousand during the three months ended March 31, 2026. Additionally, in accordance with the non-employee director compensation plan, during the

three months ended March 31, 2026 and 2025, the Company reimbursed $0 and $0.1 million of administrative expenses incurred by non-employee directors, respectively.
v3.26.1
Restructuring
 3 Months Ended
Mar. 31, 2026
Restructuring  
Restructuring

13. Restructuring

​

In January 2026, the Company initiated reductions to its workforce (the “2026 Restructuring Plan”). We began executing the 2026 Restructuring Plan in January 2026 and expect the 2026 Restructuring Plan to be substantially completed in the second quarter of 2026, subject to local law and consultation requirements.

​

In March 2025, the Company announced initiatives to reduce its workforce, realign its manufacturing footprint and streamline its organization to enhance operational efficiency and improve overall liquidity (the “2025 Restructuring Plan”). We began executing the 2025 Restructuring Plan in March 2025 and it was effectively completed during the fourth quarter of 2025.

​

During the three months ended March 31, 2026 and 2025, the Company incurred $1.4 million and $17.2 million in restructuring costs, respectively, which were recorded in the restructuring financial statement line item in the unaudited interim condensed consolidated statements of operations. The following table reflects the category of restructuring charges incurred during the three months ended March 31, 2026 and 2025 (in thousands):

​

​

​

​

​

​

​

​

Three months ended March 31,

​

2026

  ​ ​ ​

2025

Employee severance and benefit arrangements

$

1,425

​

$

15,887

Legal and professional fees

​

—

​

​

171

Lease and contract termination costs

​

—

​

​

1,096

Total restructuring charges

$

1,425

​

$

17,154

​

The accrued restructuring balances as of March 31, 2026 and December 31, 2025 were recorded in the accrued expenses financial statement line item in the unaudited interim condensed consolidated balance sheets. Accrued restructuring activities during the three months ended March 31, 2026 were as follows (in thousands):

​

​

​

​

Accrued balance as of December 31, 2025

$

978

Accruals and adjustments

​

1,425

Cash payments

​

(1,337)

Accrued balance as of March 31, 2026

$

1,066

​

As of March 31, 2026, total accrued expenses related to restructuring activities were comprised of $1.1 million of employee severance and benefit arrangements.

​

We estimate that we will incur future restructuring costs of $0.2 million related to employee severance and benefit arrangements during the second half of 2026. The actual timing and amount of such costs associated may differ from our current expectations and estimates and such differences may be material.
v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
Income Taxes  
Income Taxes

14. Income Taxes

​

The Company recorded income tax expense of $41 thousand and $0 during the three months ended March 31, 2026 and 2025, respectively. The income tax expense for the three months ended March 31, 2026 was primarily attributable to current tax incurred in foreign jurisdictions. The Company has not changed its overall conclusion with respect to the need for a valuation allowance against its net deferred tax assets in the United States, which remain fully reserved. Except for a few service entities mainly in Europe, all deferred tax assets are offset by a full valuation allowance because it is more likely than not that the tax benefits of the net operating loss carryforwards and other deferred tax assets will not be realized. As of March 31, 2026, the Company’s Netherlands subsidiary maintains a full valuation allowance on its deferred tax assets that will not be realized.
v3.26.1
Earnings Per Share
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Earnings Per Share

15. Earnings Per Share

​

Basic earnings per common stock are computed by dividing net loss by the weighted average number of common stock outstanding during the reporting period. Since the Company is in a net loss position, all common stock equivalents would be considered anti-dilutive and are therefore not included in the determination of diluted earnings per share. Accordingly, basic and diluted loss per share are the same.

​

As of March 31, 2026 and 2025, the Company had potentially dilutive securities outstanding, consisting of stock options, restricted stock units, warrants and other equity instruments, representing shares of common stock totaling 431,644,251 and 423,211,385, respectively, on an as-converted basis. Since the Company is in a net loss position for all periods presented, all potentially dilutive securities are considered anti-dilutive and are therefore excluded from the calculation of diluted earnings per share in accordance with ASC 260, Earnings Per Share.
v3.26.1
Segment and Geographic Area Reporting
 3 Months Ended
Mar. 31, 2026
Segment and Geographic Area Reporting  
Segment and Geographic Area Reporting

16. Segment Reporting

​

Our organization is managed from a sales perspective based on “go-to-market” sales channels, emphasizing shared learning across end-user applications and common supplier/vendor relationships. These sales channels are structured to serve a range of customers for our products and services. As a result of this structure, we concluded that we have one operating and reportable segment – the design, development and sale of hydrogen products and solutions that help customers meet their business goals while decarbonizing their operations. Our chief executive officer was identified as the chief operating decision maker (“CODM”). All significant operating decisions made by management are based upon analysis of the Company on a total company basis, including assessments related to our incentive compensation plans. The accounting policies of the segment are the same as those described in the summary of significant accounting policies.

​

The information regularly provided to the CODM used to assess performance and allocate resources is the same as the Company’s consolidated financial statements. The measure of segment profit or loss used by the CODM in assessing segment performance and how to allocate resources is consolidated net loss which is presented in the unaudited interim condensed consolidated statements of operations. The CODM uses net loss in strategic planning, for example, decision making of whether to allocate resources towards strengthening sales channels, investing in research and development, focusing on cost-down initiatives, and/or analyzing Company overhead in respect to specific products and service lines. Net loss is also used to monitor budget versus actual results and is considered in assessments related to company-wide incentive compensation. The significant segment expenses included within the segment measure of profit or loss are total costs of revenue, research and development expense, selling, general and administrative expense, and impairment expense. Other segment items are comprised of restructuring, change in fair value of contingent consideration, interest income, interest expense, other income, net, gain/(loss) on extinguishment of convertible debt instruments and finance obligations, change in fair value of convertible debt instruments, change in fair value of warrant liabilities, loss on equity method investments, income tax expense and net loss attributable to non-controlling interest, which are presented in the unaudited interim condensed consolidated statements of operations. The CODM is not regularly provided a measure of segment assets.

​

The following table presents reported segment revenue, significant segment expenses, other segment items and segment measure of profit/(loss):

​

​

​

​

​

​

​

​

​

​

Three months ended March 31,

​

  ​ ​ ​

2026

  ​ ​ ​

2025

Total 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 costs of revenue

​

​

(146)

​

​

(343)

Operating expenses:

​

​

​

​

​

​

Research and development

​

$

(12,113)

​

$

(17,357)

Selling, general and administrative

​

​

(70,208)

​

​

(80,839)

Impairment

​

​

(3,856)

​

​

(1,064)

Other segment items, net(1)

​

$

(137,520)

​

$

(23,535)

Consolidated net loss attributable to Plug Power Inc.

​

$

(245,304)

​

$

(196,656)

(1)Included in other segment items, net are restructuring, change in fair value of contingent consideration, interest income, interest expense, other income, net, gain/(loss) on extinguishment of convertible debt instruments and finance obligations, change in fair value of convertible debt instruments, change in fair value of warrant liabilities, loss on equity method investments, income tax expense and net loss attributable to non-controlling interest.
v3.26.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies.  
Commitments and Contingencies

17. Commitments and Contingencies

​

Restricted Cash

​

In connection with certain of the noted sale/leaseback agreements, cash of $328.0 million and $352.3 million was required to be restricted as security as of March 31, 2026 and December 31, 2025, respectively, which will be released over the lease term. As of March 31, 2026 and December 31, 2025, the Company also had bank guarantees backed by security deposits totaling $170.7 million and $193.1 million, respectively, of which $137.6 million and $159.6 million are security for the noted sale/leaseback agreements, respectively, and $33.1 million and $33.5 million are customs-related letters of credit and bank guarantees, respectively.

​

As of March 31, 2026 and December 31, 2025, the Company had $62.0 million held in escrow related to the construction of the Texas hydrogen production plant and the Company had $18.1 million and $18.0 million, respectively, held in escrow related to the construction of the Georgia hydrogen production plant.

​

Litigation

​

Legal matters are handled in the ordinary course of business. The outcome of any such matters, regardless of the merits, is inherently uncertain; therefore, assessing the likelihood of loss and any estimated damages is difficult and subject to considerable judgment. Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. While we are not in a position to accurately predict the outcome of any legal or other proceedings, where there is at least a reasonable possibility that a loss may be incurred, GAAP requires us to disclose an estimate of the reasonably possible loss or range of loss, if material, or make a statement that such an estimate cannot be made. Except for below, a reasonably possible loss or range of loss associated with any individual legal proceeding cannot be currently estimated.

​

Securities Litigation and Related Stockholder Derivative Litigation

​

2023 Securities Action and Related Derivative Litigation

​

A consolidated action is pending in the United States District Court for the District of Delaware asserting claims under the federal securities laws against the Company and certain of its senior officers on behalf of a putative class of purchasers of the Company’s securities, styled In re Plug Power, Inc. Securities Litigation, No. 1:23-cv-00576-MN (the “2023 Securities Action”). The plaintiffs filed a consolidated complaint on September 28, 2023, in which they assert claims under the federal securities laws against the Company and four of its senior officers, Mr. Marsh, Mr. Middleton, Sanjay Shrestha, and former officer David Mindnich, on behalf of a putative class of purchasers of the Company’s common stock between January 19, 2022 and March 1, 2023. The complaint alleges that the defendants made “materially false and/or misleading statements” about the Company’s business and operations, including the Company’s revenue goals for 2022, its ability to effectively manage its supply chain and product manufacturing, and its progress in construction of new hydrogen production capacity. On February 4, 2025, the Court issued an opinion and order dismissing the consolidated complaint, with leave to replead. The plaintiffs filed an amended complaint on February 25, 2025, in which they no longer name Mr. Mindnich. Defendants filed a motion to dismiss the second amended complaint on April 30, 2025. On April 20, 2026, the court issued an opinion and order granting in part and denying in part defendants’ motion to dismiss. Defendants’ responsive pleadings to the complaint are due on May 21, 2026.

​

Beginning on September 13, 2023, three separate actions were filed in the U.S. District Court for the District of Delaware and in the U.S. District Court for the Southern District of New York asserting claims derivatively, on behalf of the Company, against certain former and current Company officers and directors based on the allegations and claims in the 2023 Securities Action. Those cases have been consolidated in the District of Delaware under the caption In re Plug Power, Inc. Stockholder Deriv. Litig., No. 1:23-cv-01007-MN (D. Del.). The defendants named in the constituent complaint were Mr. Marsh, Mr. Middleton, Mr. Mindnich, Martin Hull, Ms. Helmer, Mr. Kenausis, Mr. McNamee, Mr. Schneider, Mr. Silver, Mr. Willis, and current or former directors Jean Bua, Kavita Mahtani, and Kyungyeol Song. In an order entered on April 26, 2024, the Court approved the parties’ stipulation to stay all proceedings until motions to dismiss have been resolved in the 2023 Securities Action.

​

On February 27, 2026, alleged stockholder Debra Burnett filed an action in the U.S. District Court for the Northern District of New York asserting claims derivatively on behalf of the Company against certain former and current directors and officers based on allegations in the 2023 Securities Action and in the Adote action. The individual defendants are Mr. Marsh, Mr. Middleton, Mr. McNamee, Ms. Bua, Ms. Helmer, Mr. Kenausis, Ms. Mahtani, Mr. Schneider, Mr. Shrestha, Mr. Silver, Mr. Song, Mr. Willis, Mr. Angle, Mr. Bonney, and Mr. Joggerst. On March 19, 2026, the court entered an order approving a stipulation to stay all proceedings in this case until motions to dismiss have been resolved.

​

On March 9, 2026, Roberto Medina filed an action in the U.S. District Court for the Northern District of New York asserting claims derivatively on behalf of the Company against certain current and former directors and officers based on allegations in the 2026 Securities Action (described below). On April 2, 2026, the court entered an order approving a stipulation extending all defendants’ time to respond to the complaint until May 29, 2026.

​

On March 25, 2026, Richard Modjeski filed an action in the U.S. District Court for the Northern District of New York asserting claims derivatively on behalf of the Company against certain current and former officers and directors based on allegations in the Adote Action (described below). The individual defendants are Mr. Marsh, Mr. Middleton, Mr. Shrestha, Mr. Bonney, Ms. Helmer, Mr. Joggerst, Mr. Kenausis, Ms. Mahtani, Mr. McNamee, Mr. Song, and Mr. Willis. On April 17, 2026, the court approved a stipulation to extend Plug Power’s deadline to respond to the complaint until April 30, 2026.

​

2024 Securities Litigation

​

On March 22, 2024, Ete Adote filed a complaint in the United States District Court for the Northern District of New York asserting claims under the federal securities laws against the Company, Mr. Marsh, and Mr. Middleton, on behalf of an alleged class of purchasers of the Company’s common stock between May 9, 2023 and January 16, 2024,

styled Adote v. Plug Power, Inc. et al., No. 1:24-cv-00406-MAD-DJS (N.D.N.Y.) (the "Adote Action"). The complaint alleges that the defendants made misstatements concerning the Company’s progress in construction of new hydrogen production capacity and its ability to effectively manage its supply chain. On April 30, 2024, a second complaint asserting substantially similar claims against the same defendants, but on behalf of a putative class of purchasers of the Company’s common stock between March 1, 2023 and January 16, 2024, was filed in the Northern District of New York, styled Lee v. Plug Power, et al., No. 1:24;cv-0598-MAD-DJS (N.D.N.Y.). On November 25, 2024, the magistrate judge issued an order consolidating the two cases and appointing lead plaintiffs. Lead plaintiff filed a consolidated complaint on August 25, 2025. All defendants filed motions to dismiss the complaint, and briefing was completed on December 23, 2025.

​

2026 Securities Litigation

​

On February 2, 2026, Joseph Ortolani filed a complaint in the United States District Court for the Northern District of New York asserting claims under the federal securities laws against the Company, Mr. Marsh and Mr. Middleton, on behalf of an alleged class of purchasers of Plug common stock between January 17, 2025 and November 13, 2025, styled Ortolani v. Plug Power Inc., et al., No. 1:26-cv-165-MAD-DJS (the "2026 Securities Action"). The complaint alleges that the defendants made misstatements concerning the Company’s business and operations in connection with a loan from the United States Department of Energy’s Loan Program Office for the construction of facilities that would produce and liquefy zero or low-carbon hydrogen. On April 3, 2026, five competing applications were filed by putative class members seeking to be appointed lead plaintiff.

​

Other Litigation

​

On October 23, 2024, a case entitled First Solar, Inc. v. Plug Power Inc., Index No. 655610/2024 was filed in the New York State Supreme Court, New York County, asserting a claim for breach of contract associated with a purchase order for solar panels manufactured by First Solar to be purchased by the Company. The complaint seeks monetary relief along with pre-judgment interest. On December 22, 2025, First Solar moved for summary judgment. Oral argument on the motion occurred on May 1, 2026, and the parties are awaiting a decision. A pre-trial conference is scheduled for September 9, 2026. As of March 31, 2026, the Company recorded an accrual related to ongoing litigation costs.

​

Guarantee

​

On February 24, 2026, our joint venture, AccionaPlug S.L., entered into a subsidy agreement with the European Hydrogen Bank, which is managed by Instituto para la Diversificación y Ahorro de la Energía (“IDAE”), a Spanish governing body, to subsidize a renewable hydrogen production project in Spain. In connection with the subsidy agreement, AccionaPlug S.L. is required to meet certain performance targets. The Company has provided a guarantee of €7.5M which can be called by IDAE if the joint venture fails to meet its performance targets under the subsidy agreement. As of March 31, 2026, no payments related to this guarantee have been made by the Company, and the Company did not record a liability for this guarantee as the likelihood of the guarantee being called upon is remote.

​

Unconditional Purchase Obligations

​

The Company has entered into certain off–balance sheet commitments that require the future purchase of goods or services (“unconditional purchase obligations”). The Company’s unconditional purchase obligations primarily consist of supplier arrangements, take or pay contracts and service agreements. For certain vendors, the Company’s unconditional obligation to purchase a minimum quantity of raw materials at an agreed upon price is fixed and determinable; while certain other raw material costs will vary due to product forecasting and future economic conditions.

​

Future payments under non-cancellable unconditional purchase obligations with a remaining term in excess of one year as of March 31, 2026 were as follows (in thousands):

​

​

​

​

Remainder of 2026

​

25,355

2027

​

36,577

2028

​

39,555

2029

​

—

2030

​

—

2031 and thereafter

​

—

Total

​

101,487

​

During 2025, the Company finalized the renegotiation of a supplier arrangement that previously contained minimum purchase requirements. As of March 31, 2026 and December 31, 2025, the Company had a remaining liability of $19.8 million and $27.2 million, respectively, which was recorded in contingent consideration, loss accrual for service contracts, and other current liabilities. During the three months ended March 31, 2026, the Company made payments of $6.8 million that reduced the liability.
v3.26.1
Government Tax Credits
 3 Months Ended
Mar. 31, 2026
Government Tax Credits  
Government Tax Credits

18. Government Tax Credits

​

Section 48 Investment Tax Credit for Qualified Fuel Cell Properties of Energy Storage Technologies

​

As of March 31, 2026, the Company determined that it qualified for the Section 48 Investment Tax Credit (“ITC”) for Qualified Fuel Cell Properties of Energy Storage Technologies related to its hydrogen storage and liquefaction assets at its Louisiana hydrogen plant owned by Hidrogenii, the Company’s joint venture with Olin. A base rate credit of 6% is available to qualified energy storage property in the year that it is placed in-service, with availability of increased credit rates if the property qualifies. The Company determined that it qualified for a rate credit of 30%. As the ITC is considered a transferable tax credit, the Company accounts for it as a grant related to assets. Therefore, the ITC was recognized as a reduction to the Louisiana hydrogen production plant’s cost-basis, recognized within property, plant, and equipment, net in the unaudited interim condensed consolidated balance sheets, which will reduce future depreciation over the next 30 years. As of March 31, 2026, the balance of the ITC was $39.2 million and was recognized in prepaid expenses, tax credits, and other current assets in the unaudited interim condensed consolidated balance sheets.
v3.26.1
Variable Interest Entities
 3 Months Ended
Mar. 31, 2026
Variable Interest Entities  
Variable Interest Entities

19. Variable Interest Entities

​

Hidrogenii

​

In 2022, our wholly-owned subsidiary, Plug Power LA JV, LLC, created Hidrogenii, LLC, our joint venture with Niloco Hydrogen Holdings LLC, a wholly-owned subsidiary of Olin, to support reliability of supply and speed to market for hydrogen throughout North America and to set the foundation for broader collaboration between Plug and Olin. During the second quarter of 2025, Hidrogenii placed into service a 15-ton-per-day hydrogen plant in St. Gabriel, Louisiana. Hidrogenii is owned 50% by Plug Power LA JV, LLC and 50% by Niloco Hydrogen Holdings LLC.

​

The Company has determined Hidrogenii to be a VIE, and the Company is considered to be the VIE’s primary beneficiary as we determined we have both the power to direct the activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. On an ongoing basis, we are contractually obligated to certain operational funding. We consolidated the joint venture’s results within our single consolidated reportable segment. Hidrogenii has similar risks to those described in Item 1A, “Risk Factors,” in the Company’s 2025 Form 10-K.

​

The VIE’s assets can be used to settle only the VIE’s obligations and the creditors related to the VIE’s liabilities have no recourse against the general credit of the Company. The table below summarizes balances associated with Hidrogenii as reflected on our unaudited interim condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025 (in thousands):

​

​

​

​

​

​

​

​

​

​

As of

​

  ​ ​ ​

March 31, 2026

  ​ ​ ​

December 31, 2025

Assets

  ​ ​ ​

​

​

  ​ ​ ​

​

​

Cash and cash equivalents

  ​ ​ ​

$

731

  ​ ​ ​

$

1,465

Inventory, net

​

​

161

​

​

98

Prepaid expenses, tax credits and other current assets

  ​ ​ ​

​

39,232

  ​ ​ ​

​

32

Total current assets

  ​ ​ ​

​

40,124

  ​ ​ ​

​

1,595

Property, plant, and equipment, net

  ​ ​ ​

​

10,616

  ​ ​ ​

​

50,206

Total assets

  ​ ​ ​

$

50,740

  ​ ​ ​

$

51,801

Liabilities

  ​ ​ ​

​

​

  ​ ​ ​

​

​

Accounts payable

  ​ ​ ​

$

865

  ​ ​ ​

$

785

Accrued expenses

  ​ ​ ​

​

1,716

  ​ ​ ​

​

526

Total liabilities

  ​ ​ ​

$

2,581

  ​ ​ ​

$

1,311

Stockholders' equity

  ​ ​ ​

​

​

  ​ ​ ​

​

​

Stockholders' equity

  ​ ​ ​

$

48,159

  ​ ​ ​

$

50,490

Total stockholders' equity

  ​ ​ ​

$

48,159

  ​ ​ ​

$

50,490

Total liabilities and stockholders' equity

  ​ ​ ​

$

50,740

  ​ ​ ​

$

51,801

​

​

As of March 31, 2026, the Company had capital commitments to Hidrogenii of $0.3 million to be made in the second quarter of 2026.
v3.26.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Pay vs Performance Disclosure    
Net Income (Loss) $ (245,304) $ (196,656)
v3.26.1
Insider Trading Arrangements - Maureen Helmer
 3 Months Ended
Mar. 31, 2026
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement

​

On March 9, 2026, Maureen Helmer, a member of the Company’s Board of Directors, adopted a new stock trading plan established pursuant to Rule 10b5-1 of the Exchange Act (the “New Plan”), which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c), and which provides for the sale of up to 164,863 shares of the Company’s common stock upon the later of: 1) June 8, 2026; or 2) the earlier of: a) the third business day following the disclosure of the Issuer’s financial results in a Form 10-Q or Form 10-K for the completed fiscal quarter in which the New Plan is adopted; or b) July 8, 2026. The New Plan was adopted during an open insider trading window.
Name Maureen Helmer
Title member of the Company’s Board of Directors
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 9, 2026
Expiration Date later of: 1) June 8, 2026; or 2) the earlier of: a) the third business day following the disclosure of the Issuer’s financial results in a Form 10-Q or Form 10-K for the completed fiscal quarter in which the New Plan is adopted; or b) July 8, 2026
Aggregate Available 164,863
v3.26.1
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2026
Summary of Significant Accounting Policies  
Principles of Consolidation

Principles of Consolidation

​

The unaudited interim condensed consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. In addition, we include our share of the results of our joint venture with Acciona Generación Renovable, S.A. in Spain, named AccionaPlug S.L., our investment in Clean H2 Infra Fund and our former joint venture with SK Innovation Co., Ltd, successor in interest to SK E&S Co., Ltd. in South Korea, named SK Plug Hyverse (prior period only), using the equity method based on our economic ownership interest and our ability to exercise significant influence over the operating and financial decisions of AccionaPlug S.L., Clean H2 Infra Fund and SK Plug Hyverse. Additionally, we consolidated the results of Hidrogenii, LLC (“Hidrogenii”), our joint venture with Niloco Hydrogen Holdings LLC, a wholly-owned subsidiary of Olin Corporation (“Olin”).

​
Interim Financial Statements

Interim Financial Statements

​

The accompanying unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments, which consist solely of normal recurring adjustments, necessary to present fairly, in accordance with U.S. generally accepted accounting principles (“GAAP”), the financial position, results of operations and cash flows for all periods presented, have been made. The results of operations for the interim periods presented are not necessarily indicative of the results that may be expected for the full year.

​

Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the 2025 Form 10-K.

​

The information presented in the accompanying unaudited interim condensed consolidated balance sheets as of December 31, 2025 has been derived from the Company’s 2025 audited consolidated financial statements.
Recent Accounting Pronouncements

Recent Accounting Pronouncements

​

Recently Adopted Accounting Guidance

​

In July 2025, Accounting Standards Update 2025-05 (“ASU 2025-05”), Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, was issued to address challenges encountered when applying the guidance in Topic 326 to current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. This standard introduces a practical expedient for entities that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. This standard is effective for annual periods, including interim reporting periods within annual reporting periods, beginning after December

15, 2025 with early adoption permitted. The Company adopted this guidance on January 1, 2026, with no material effect on the Company’s financial position or results of operations.

​

In November 2024, ASU 2024-04, Debt with Conversion and Other Options (“ASU 2024-04”), was issued to improve the relevance and consistency in application of the induced conversion guidance in Subtopic 470-20. This standard is effective for annual periods beginning after December 15, 2025, including interim periods within those fiscal years. The Company adopted this guidance on January 1, 2026, with no material effect on the Company’s financial position or results of operations.

​

Recent Accounting Guidance Not Yet Effective

​

Other than the accounting standards mentioned in our 2025 Form 10-K, all issued but not yet effective accounting and reporting standards as of March 31, 2026 are either not applicable to the Company or are not expected to have a material impact on the Company.

v3.26.1
Inventory (Tables)
 3 Months Ended
Mar. 31, 2026
Inventory  
Schedule of inventory

Inventory as of March 31, 2026 and December 31, 2025 consisted of the following (in thousands):

​

​

​

​

​

​

​

​

March 31,

  ​ ​ ​

December 31,

​

2026

​

2025

Raw materials and supplies

$

347,034

​

$

350,910

Work-in-process

 

95,582

​

 

84,250

Finished goods

 

73,537

​

 

85,808

Inventory

$

516,153

​

$

520,968
v3.26.1
Intangible Assets (Tables)
 3 Months Ended
Mar. 31, 2026
Intangible Assets  
Schedule of intangible assets

The gross carrying amount and accumulated amortization of the Company’s acquired identifiable intangible assets as of March 31, 2026 were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted Average

​

Gross Carrying

​

Accumulated

​

​

​

​

  ​ ​ ​

Amortization Period

  ​ ​ ​

Amount

  ​ ​ ​

Amortization

  ​ ​ ​

Total

Acquired technology

 

11 years

 

$

15,993

​

$

(3,439)

​

$

12,554

Dry stack electrolyzer technology

​

10 years

​

​

11,351

​

​

(2,296)

​

​

9,055

Customer relationships, trade name, and other

​

14 years

​

 

7,363

​

​

(741)

​

​

6,622

​

​

​

​

$

34,707

​

$

(6,476)

​

$

28,231

​

The gross carrying amount and accumulated amortization of the Company’s acquired identifiable intangible assets as of December 31, 2025 were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted Average

​

Gross Carrying

​

Accumulated

​

​

​

​

  ​ ​ ​

Amortization Period

  ​ ​ ​

Amount

  ​ ​ ​

Amortization

  ​ ​ ​

Total

Acquired technology

 

11 years

​

$

15,997

​

$

(3,047)

​

$

12,950

Dry stack electrolyzer technology

​

10 years

​

​

11,352

​

​

(1,913)

​

​

9,439

Customer relationships, trade name, and other

 

14 years

​

 

7,446

​

​

(607)

​

 

6,839

​

​

​

​

$

34,795

​

$

(5,567)

​

$

29,228
Schedule of amortization expense

The estimated amortization expense for subsequent years as of March 31, 2026 is as follows (in thousands):

​

​

​

​

Remainder of 2026

$

2,751

2027

​

3,668

2028

​

3,331

2029

​

3,217

2030

​

3,197

2031 and thereafter

​

12,067

Total

$

28,231

​
v3.26.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2026
Investments  
Summary of equity method investments

As of March 31, 2026 and December 31, 2025, the Company accounted for the following investments in the investee’s common stock under the equity method, which are included in the investments in non-consolidated entities and non-marketable securities on the unaudited interim condensed consolidated balance sheets (amounts in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of March 31, 2026

​

As of December 31, 2025

​

  ​ ​ ​

Formation

  ​ ​ ​

Common Stock

​

Carrying

  ​ ​ ​

Common Stock

  ​ ​ ​

Carrying

Investee

​

Date

​

Ownership %

​

Value

​

Ownership %

​

Value

AccionaPlug S.L.

​

Q4 2021

​

50%

​

​

4,479

​

50%

​

​

4,531

Clean H2 Infra Fund

​

Q4 2021

​

5%

​

​

38,514

​

5%

​

​

39,760

​

​

​

​

​

​

$

42,993

​

​

​

$

44,291
v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Measurements  
Schedule of carrying amount and estimated fair value of the Company's financial instruments

The following table summarizes the carrying amount and estimated fair value of the Company’s financial instruments as of March 31, 2026 and December 31, 2025 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of March 31, 2026

​

​

Carrying

​

Fair

​

Fair Value Measurements

​

  ​ ​ ​

Amount

  ​ ​ ​

Value

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

Liabilities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$7.75 Warrants

​

$

106,963

​

$

106,963

​

$

—

​

$

—

​

$

106,963

6.75% Convertible Senior Notes

​

​

502,770

​

​

502,770

​

​

—

​

​

—

​

​

502,770

Contingent consideration

​

​

7,786

​

​

7,786

​

​

—

​

​

—

​

​

7,786

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of December 31, 2025

​

​

Carrying

​

Fair

​

Fair Value Measurements

​

  ​ ​ ​

Amount

  ​ ​ ​

Value

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

Liabilities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$7.75 Warrants

​

$

52,323

​

$

52,323

​

$

—

​

$

—

​

$

52,323

6.75% Convertible Senior Notes

​

​

431,014

​

​

431,014

​

​

431,014

​

​

—

​

​

—

Contingent consideration

​

​

11,777

​

​

11,777

​

​

4,353

​

​

—

​

​

7,424
Contingent consideration  
Fair Value Measurements  
Schedule of valuation inputs used to measure fair value

In the unaudited interim condensed consolidated balance sheets, contingent consideration was recorded in the contingent consideration, loss accrual for service contracts, and other current liabilities and contingent consideration, loss accrual for service contracts, and other liabilities financial statement line items and was comprised of the following unobservable inputs as of March 31, 2026:

​

​

​

​

​

​

​

​

​

​

​

Financial Instrument

​

Fair Value

​

Valuation Technique

  ​ ​ ​

Unobservable Input

  ​ ​ ​

Weighted Average

Contingent consideration

​

$

7,786

​

Scenario-based method

​

Credit spread

​

11.77%

​

​

​

​

​

​

​

Discount rate

​

15.44% - 15.45%

​

​

​

7,786

​

​

​

​

​

​

​

In the unaudited interim condensed consolidated balance sheets, contingent consideration was recorded in the contingent consideration, loss accrual for service contracts, and other current liabilities and contingent consideration, loss accrual for service contracts, and other liabilities financial statement line items and was comprised of the following unobservable inputs as of December 31, 2025:

​

​

​

​

​

​

​

​

​

​

​

Financial Instrument

  ​ ​ ​

Fair Value

  ​ ​ ​

Valuation Technique

  ​ ​ ​

Unobservable Input

  ​ ​ ​

Weighted Average

Contingent consideration

​

$

7,424

​

Scenario-based method

​

Credit spread

​

11.77%

​

​

​

​

​

​

​

Discount rate

​

15.44% - 15.45%

​

​

​

7,424

​

​

​

​

​

​

​
Schedule of changes in the carrying amount of contingent consideration

The change in the carrying amount of contingent consideration during the three months ended March 31, 2026 was as follows (in thousands):

​

​

​

​

Beginning balance as of December 31, 2025

$

11,777

Cash payments

​

(4,248)

Change in fair value of contingent consideration

​

280

Foreign currency translation adjustment

 

(23)

Ending balance as of March 31, 2026

$

7,786

​
v3.26.1
Warrant Liabilities (Tables)
 3 Months Ended
Mar. 31, 2026
Warrant Liabilities  
Schedule of valuation assumptions

As of March 31, 2026 and December 31, 2025, the $7.75 Warrants were valued at $107.0 million and $52.3 million, respectively, using the following Black-Scholes assumptions:

​

​

​

​

​

​

As of

​

March 31, 2026

​

December 31, 2025

Risk-free interest rate

3.71%

​

3.43%

Volatility

101.00%

​

80.00%

Expected average term (years)

1.97

​

2.22

Exercise price

$7.75

​

$7.75

Stock price

$2.26

​

$1.97

Fair value per share

$0.58

​

$0.28

​
Schedule of change in carrying amount warrants

The change in the carrying amount of the $7.75 Warrants during the three months ended March 31, 2026 was as follows (in thousands):

​

​

​

​

​

Beginning balance as of December 31, 2025

​

$

52,323

Change in fair value of warrant liabilities

​

​

54,640

Ending balance as of March 31, 2026

​

$

106,963

​
v3.26.1
Convertible Senior Notes (Tables) - 6.75% Convertible Senior Notes
 3 Months Ended
Mar. 31, 2026
Convertible Senior Notes  
Schedule of changes in debt

The change in the carrying amount of the 6.75% Convertible Senior Notes during the three months ended March 31, 2026 was as follows (in thousands):

​

​

​

​

​

Beginning balance as of December 31, 2025

​

$

431,014

Change in fair value of the convertible senior notes

​

​

70,782

Amortization of discount

​

​

974

Ending balance as of March 31, 2026

​

$

502,770

​
Schedule of interest expense

The following table summarizes the total interest expense and effective interest rate related to the 6.75% Convertible Senior Notes during the three months ended March 31, 2026 (in thousands, except for the effective interest rate):

​

​

​

​

​

Three months ended

​

March 31, 2026

Interest expense

$

7,178

Amortization of discount

​

974

Total

$

8,152

Effective interest rate

​

7.7%

​
v3.26.1
Extended Maintenance Contracts and Warranty Reserve (Tables)
 3 Months Ended
Mar. 31, 2026
Extended Maintenance Contracts and Warranty Reserve  
Schedule of accrual for loss contracts

On a quarterly basis, we evaluate any potential losses related to our extended maintenance contracts for sales of equipment, related infrastructure and other that have been sold. The following table shows the roll forward of balances in the accrual for loss contracts (in thousands):

​

​

​

​

​

​

​

​

​

​

Three months ended

​

Year ended

​

  ​ ​ ​

March 31, 2026

  ​ ​ ​

December 31, 2025

Beginning balance

​

$

67,987

​

$

134,356

Benefit for loss accrual

​

​

(7,797)

​

​

(23,901)

Releases to service cost of sales

​

​

(6,871)

​

​

(42,877)

Decrease to loss accrual related to customer warrants

​

​

(17)

​

​

(706)

Foreign currency translation adjustment

​

​

(113)

​

​

1,115

Ending balance

​

$

53,189

​

$

67,987

v3.26.1
Revenue (Tables)
 3 Months Ended
Mar. 31, 2026
Revenue  
Schedule of disaggregation of revenue

The following table provides information about disaggregation of revenue (in thousands):

​

​

​

​

​

​

​

​

Three months ended March 31,

Major products and service lines

2026

  ​ ​ ​

2025

Sales of fuel cell systems

$

11,789

​

$

16,656

Sales of hydrogen infrastructure

​

12,610

​

​

5,648

Sales of electrolyzers

​

40,882

​

​

9,210

Sales of engineered equipment

​

1,219

​

​

1,529

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

Sales of cryogenic equipment and liquefiers

​

12,522

​

​

30,463

Other

​

436

​

​

627

Net revenue

$

163,513

​

$

133,674
Schedule of receivables, contract assets and deferred revenue and contract liabilities from contracts with customers

Significant changes in the contract assets and the deferred revenue and other contract liabilities balances during the period are as follows (in thousands):

​

​

​

​

​

​

​

Contract assets

Three months ended

​

Year ended

​

March 31, 2026

  ​ ​ ​

December 31, 2025

Transferred to receivables from contract assets recognized at the beginning of the period

$

(41,476)

​

$

(21,348)

Change in contract assets related to warrants

​

1,122

​

​

(3,729)

Foreign currency translation (loss)/gain

​

(440)

​

​

1,208

Impairment

​

—

​

​

(28,105)

Revenue recognized and not billed as of the end of the period

​

40,800

​

​

63,364

Net change in contract assets

$

6

​

$

11,390

​

​

​

​

​

​

​

Deferred revenue and other contract liabilities

Three months ended

​

Year ended

​

March 31, 2026

  ​ ​ ​

December 31, 2025

Increases due to customer billings, net of amounts recognized as revenue during the period

$

23,322

​

$

19,144

Change in contract liabilities related to warrants

​

9

​

​

260

Foreign currency translation (gain)/loss

​

(475)

​

​

6,814

Revenue recognized that was included in the contract liability balance as of the beginning of the period

​

(25,678)

​

​

(127,898)

Net change in deferred revenue and other contract liabilities

$

(2,822)

​

$

(101,680)
Schedule of estimated future revenue

The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period, including provision for common stock warrants (in thousands):

​

​

​

​

​

​

​

​

As of

​

Expected recognition

​

March 31, 2026

  ​ ​ ​

period (years)

Sales of fuel cell systems

$

73,413

​

​

1 - 2

Sales of hydrogen installations and other infrastructure

​

53,269

​

​

1 - 2

Sales of electrolyzers

​

95,312

​

​

1 - 3

Sales of engineered equipment

​

744

​

​

1

Services performed on fuel cell systems and related infrastructure

​

146,917

​

​

1 - 10

Power purchase agreements

​

250,267

​

​

1 - 10

Fuel delivered to customers and related equipment

​

60,596

​

​

1 - 10

Sales of cryogenic equipment and other

​

56,534

​

​

1

Other

​

646

​

​

1

Total estimated future revenue

$

737,698

​

​

​

​
v3.26.1
Employee Benefit Plans (Tables)
 3 Months Ended
Mar. 31, 2026
Employee Benefit Plans  
Schedule of components and classification of stock-based compensation expense

The components and classification of stock-based compensation expense, excluding the Company’s matching contributions to the Plug Power Inc. 401(k) Savings & Retirement Plan and quarterly Board compensation, were as follows (in thousands):

​

​

​

​

​

​

​

​

Three months ended March 31,

​

2026

  ​ ​ ​

2025

Cost of sales

$

1,219

​

$

1,087

Research and development

​

956

​

​

1,137

Selling, general and administrative

​

8,985

​

​

6,249

​

$

11,160

​

$

8,473
v3.26.1
Restructuring (Tables)
 3 Months Ended
Mar. 31, 2026
Restructuring  
Schedule of category of restructuring charges incurred The following table reflects the category of restructuring charges incurred during the three months ended March 31, 2026 and 2025 (in thousands):

​

​

​

​

​

​

​

​

Three months ended March 31,

​

2026

  ​ ​ ​

2025

Employee severance and benefit arrangements

$

1,425

​

$

15,887

Legal and professional fees

​

—

​

​

171

Lease and contract termination costs

​

—

​

​

1,096

Total restructuring charges

$

1,425

​

$

17,154
Schedule of restructuring activities related to the 2026, 2025 and 2024 Restructuring Plans Accrued restructuring activities during the three months ended March 31, 2026 were as follows (in thousands):

​

​

​

​

Accrued balance as of December 31, 2025

$

978

Accruals and adjustments

​

1,425

Cash payments

​

(1,337)

Accrued balance as of March 31, 2026

$

1,066
v3.26.1
Segment and Geographic Area Reporting (Tables)
 3 Months Ended
Mar. 31, 2026
Segment and Geographic Area Reporting  
Schedule of reported segment revenue, significant segment expenses and segment measure of profit/(loss)

The following table presents reported segment revenue, significant segment expenses, other segment items and segment measure of profit/(loss):

​

​

​

​

​

​

​

​

​

​

Three months ended March 31,

​

  ​ ​ ​

2026

  ​ ​ ​

2025

Total 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 costs of revenue

​

​

(146)

​

​

(343)

Operating expenses:

​

​

​

​

​

​

Research and development

​

$

(12,113)

​

$

(17,357)

Selling, general and administrative

​

​

(70,208)

​

​

(80,839)

Impairment

​

​

(3,856)

​

​

(1,064)

Other segment items, net(1)

​

$

(137,520)

​

$

(23,535)

Consolidated net loss attributable to Plug Power Inc.

​

$

(245,304)

​

$

(196,656)

(1)Included in other segment items, net are restructuring, change in fair value of contingent consideration, interest income, interest expense, other income, net, gain/(loss) on extinguishment of convertible debt instruments and finance obligations, change in fair value of convertible debt instruments, change in fair value of warrant liabilities, loss on equity method investments, income tax expense and net loss attributable to non-controlling interest.
v3.26.1
Commitments and Contingencies (Tables)
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies.  
Schedule of unconditional purchase obligations

Future payments under non-cancellable unconditional purchase obligations with a remaining term in excess of one year as of March 31, 2026 were as follows (in thousands):

​

​

​

​

Remainder of 2026

​

25,355

2027

​

36,577

2028

​

39,555

2029

​

—

2030

​

—

2031 and thereafter

​

—

Total

​

101,487
v3.26.1
Variable Interest Entities (Tables)
 3 Months Ended
Mar. 31, 2026
Variable Interest Entities  
Summary of balances associated with VIE The table below summarizes balances associated with Hidrogenii as reflected on our unaudited interim condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025 (in thousands):

​

​

​

​

​

​

​

​

​

​

As of

​

  ​ ​ ​

March 31, 2026

  ​ ​ ​

December 31, 2025

Assets

  ​ ​ ​

​

​

  ​ ​ ​

​

​

Cash and cash equivalents

  ​ ​ ​

$

731

  ​ ​ ​

$

1,465

Inventory, net

​

​

161

​

​

98

Prepaid expenses, tax credits and other current assets

  ​ ​ ​

​

39,232

  ​ ​ ​

​

32

Total current assets

  ​ ​ ​

​

40,124

  ​ ​ ​

​

1,595

Property, plant, and equipment, net

  ​ ​ ​

​

10,616

  ​ ​ ​

​

50,206

Total assets

  ​ ​ ​

$

50,740

  ​ ​ ​

$

51,801

Liabilities

  ​ ​ ​

​

​

  ​ ​ ​

​

​

Accounts payable

  ​ ​ ​

$

865

  ​ ​ ​

$

785

Accrued expenses

  ​ ​ ​

​

1,716

  ​ ​ ​

​

526

Total liabilities

  ​ ​ ​

$

2,581

  ​ ​ ​

$

1,311

Stockholders' equity

  ​ ​ ​

​

​

  ​ ​ ​

​

​

Stockholders' equity

  ​ ​ ​

$

48,159

  ​ ​ ​

$

50,490

Total stockholders' equity

  ​ ​ ​

$

48,159

  ​ ​ ​

$

50,490

Total liabilities and stockholders' equity

  ​ ​ ​

$

50,740

  ​ ​ ​

$

51,801
v3.26.1
Nature of Operations (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Feb. 10, 2025
Jan. 17, 2024
Nature of Operations          
Net loss attributable to the company $ 246,037 $ 196,859      
Working Capital 734,100        
Unrestricted cash and cash equivalents 223,189   $ 368,540    
Restricted cash 183,685   186,746    
Accumulated deficit 8,471,343   $ 8,226,039    
ATM Sales          
Nature of Operations          
Maximum value of shares authorized for issuance         $ 1,000,000
Remaining value of shares authorized for issuance $ 944,100        
SEPA sales          
Nature of Operations          
Maximum value of shares authorized for issuance       $ 1,000,000  
Maximum value of shares authorized for issuance per trading day       $ 10,000  
Number of shares issued 0        
v3.26.1
Inventory (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Inventory    
Raw materials and supplies $ 347,034 $ 350,910
Work-in-process 95,582 84,250
Finished goods 73,537 85,808
Inventory 516,153 520,968
Inventory adjustments $ 149,000 $ 151,900
v3.26.1
Intangible Assets - Gross Carrying Amount (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Sep. 30, 2025
Intangible Assets      
Gross Carrying Amount $ 34,707 $ 34,795  
Accumulated Amortization (6,476) (5,567)  
Total 28,231 29,228 $ 28,231
Acquired technology      
Intangible Assets      
Gross Carrying Amount 15,993 15,997  
Accumulated Amortization (3,439) (3,047)  
Total 12,554 12,950  
Dry stack electrolyzer technology      
Intangible Assets      
Gross Carrying Amount 11,351 11,352  
Accumulated Amortization (2,296) (1,913)  
Total 9,055 9,439  
Customer relationships, trade name, and other      
Intangible Assets      
Gross Carrying Amount 7,363 7,446  
Accumulated Amortization (741) (607)  
Total $ 6,622 $ 6,839  
v3.26.1
Intangible Assets - Estimated Amortization Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Sep. 30, 2025
Intangible Assets        
Amortization of intangible assets $ 908 $ 2,007    
Estimated amortization expense        
Remainder of 2026       $ 2,751
2027       3,668
2028       3,331
2029       3,217
2030       3,197
2031 and thereafter       12,067
Total $ 28,231   $ 29,228 $ 28,231
v3.26.1
Investments - Non-marketable Securities (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Investments    
Investment in non-marketable equity securities $ 12.8 $ 12.8
Maturing in the next 12 months $ 10.2  
v3.26.1
Investments - Equity Method Investments (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Sep. 30, 2025
Mar. 31, 2025
Dec. 31, 2025
Investments        
Carrying Value $ 42,993     $ 44,291
Capital commitment to be made in remainder of 2026 $ 5,900      
AccionaPlug S.L.        
Investments        
Common Stock Ownership % 50.00%     50.00%
Carrying Value $ 4,479     $ 4,531
Payments to acquire equity method investments $ 0 $ 0 $ 500  
Clean H2 Infra Fund        
Investments        
Common Stock Ownership % 5.00%     5.00%
Carrying Value $ 38,514     $ 39,760
Payments to acquire equity method investments $ 0 $ 0 $ 0  
v3.26.1
Fair Value Measurements - Hierarchy (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Oct. 08, 2025
Mar. 31, 2026
Dec. 31, 2025
Nov. 21, 2025
Fair Value Measurements        
Warrant liabilities   $ 106,963 $ 52,323  
6.75% Convertible Senior Notes        
Fair Value Measurements        
Interest rate   6.75% 6.75% 6.75%
$7.75 Warrants        
Fair Value Measurements        
Per share price at which warrants were issued $ 7.75 $ 7.75 $ 7.75  
Warrant liabilities   $ 106,963 $ 52,323  
Carrying value        
Fair Value Measurements        
Contingent consideration   7,786 11,777  
Carrying value | 6.75% Convertible Senior Notes        
Fair Value Measurements        
Convertible debt   502,770 431,014  
Carrying value | $7.75 Warrants        
Fair Value Measurements        
Warrant liabilities   106,963 52,323  
Fair Value        
Fair Value Measurements        
Contingent consideration   7,786 11,777  
Fair Value | 6.75% Convertible Senior Notes        
Fair Value Measurements        
Convertible debt   502,770 431,014  
Fair Value | $7.75 Warrants        
Fair Value Measurements        
Warrant liabilities   106,963 52,323  
Level 1        
Fair Value Measurements        
Contingent consideration     4,353  
Level 1 | 6.75% Convertible Senior Notes        
Fair Value Measurements        
Convertible debt     431,014  
Level 3        
Fair Value Measurements        
Contingent consideration   7,786 7,424  
Level 3 | 6.75% Convertible Senior Notes        
Fair Value Measurements        
Convertible debt   502,770    
Level 3 | $7.75 Warrants        
Fair Value Measurements        
Warrant liabilities   106,963 52,323  
Level 3 | Fair Value        
Fair Value Measurements        
Contingent consideration   $ 7,786 $ 7,424  
v3.26.1
Fair Value Measurements - Contingent consideration valuation (Details)
$ in Thousands
Mar. 31, 2026
USD ($)
Dec. 31, 2025
USD ($)
Fair Value    
Fair Value Measurements    
Contingent consideration liability, fair value $ 7,786 $ 11,777
Level 3    
Fair Value Measurements    
Contingent consideration liability, fair value 7,786 7,424
Level 3 | Fair Value    
Fair Value Measurements    
Contingent consideration liability, fair value $ 7,786 $ 7,424
Contingent consideration | Scenario-based method | Credit spread    
Fair Value Measurements    
Contingent Consideration, measurement input 0.1177 0.1177
Contingent consideration | Scenario-based method | Discount rate | Minimum    
Fair Value Measurements    
Contingent Consideration, measurement input 0.1544 0.1544
Contingent consideration | Scenario-based method | Discount rate | Maximum    
Fair Value Measurements    
Contingent Consideration, measurement input 0.1545 0.1545
v3.26.1
Fair Value Measurements - Contingent consideration changes (Details) - Contingent consideration
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
Fair Value Measurements  
Beginning balance $ 11,777
Cash payments (4,248)
Change in fair value of contingent consideration 280
Foreign currency translation adjustment (23)
Ending balance $ 7,786
v3.26.1
Warrant Liabilities - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Oct. 08, 2025
Mar. 20, 2025
Mar. 31, 2026
Dec. 31, 2025
Warrant Liabilities        
Fair value of warrant liabilities     $ 106,963 $ 52,323
Change fair value of warrant liability     $ (54,640)  
Common Warrants        
Warrant Liabilities        
Number of shares issued upon exercise of warrants 185,430,464      
Exercise price of warrants (in dollars per share) $ 2      
New Pre-Funded Warrants        
Warrant Liabilities        
Shares of common stock which may be purchased from warrants issued 154,430,464      
Number of shares issued upon exercise of warrants 154,430,464      
Per share price at which warrants were issued $ 0.0001      
$7.75 Warrants        
Warrant Liabilities        
Shares of common stock which may be purchased from warrants issued 185,430,464      
Per share price at which warrants were issued $ 7.75   $ 7.75 $ 7.75
Fair value of warrant liabilities     $ 106,963 $ 52,323
March 2025 Offering        
Warrant Liabilities        
Number of shares issued   46,500,000    
March 2025 Offering | Prefunded Warrants        
Warrant Liabilities        
Shares of common stock which may be purchased from warrants issued   138,930,464    
March 2025 Offering | Common Warrants        
Warrant Liabilities        
Shares of common stock which may be purchased from warrants issued   185,430,464    
v3.26.1
Warrant Liabilities - Valuation Assumptions (Details) - $7.75 Warrants
Mar. 31, 2026
Y
Dec. 31, 2025
Y
Risk-free interest rate    
Warrant Liabilities    
Warrants, measurement input 0.0371 0.0343
Volatility    
Warrant Liabilities    
Warrants, measurement input 1.01 0.80
Expected average term (years)    
Warrant Liabilities    
Warrants, measurement input 1.97 2.22
Exercise price    
Warrant Liabilities    
Warrants, measurement input 7.75 7.75
Stock price    
Warrant Liabilities    
Warrants, measurement input 2.26 1.97
Fair value per share    
Warrant Liabilities    
Warrants, measurement input 0.58 0.28
v3.26.1
Warrant Liabilities - Changes in carrying amount (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
Warrant Liabilities  
Beginning balance $ 52,323
Change in fair value of warrant liabilities (54,640)
Ending balance 106,963
$7.75 Warrants  
Warrant Liabilities  
Beginning balance 52,323
Change in fair value of warrant liabilities 54,640
Ending balance $ 106,963
v3.26.1
Convertible Senior Notes (Details) - 6.75% Convertible Senior Notes - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Nov. 21, 2025
Convertible Senior Notes      
Interest rate 6.75% 6.75% 6.75%
Principal amount     $ 431,300
Additional amount available for purchase     $ 56,300
Changes in carrying amount debt      
Beginning balance $ 431,014    
Change in fair value of the convertible senior notes 70,782    
Amortization of discount 974    
Ending balance 502,770    
Interest expense and effective interest rate      
Interest expense 7,178    
Amortization of discount 974    
Total $ 8,152    
Effective interest rate 7.70%    
v3.26.1
Extended Maintenance Contracts and Warranty Reserve (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Loss Accrual    
Beginning balance $ 67,987 $ 134,356
Benefit for loss accrual (7,797) (23,901)
Releases to service cost of sales (6,871) (42,877)
Decrease to loss accrual related to customer warrants (17) (706)
Foreign currency translation adjustment (113) 1,115
Ending balance 53,189 67,987
Product warranty reserve liability $ 22,800 $ 23,000
v3.26.1
Stockholders' Equity (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Aug. 24, 2022
Dec. 31, 2017
Stockholders' Equity          
Common stock, shares authorized 3,000,000,000   1,500,000,000    
Foreign currency translation losses $ 3,354 $ 2,729      
Amazon Transaction Agreement in 2022 | Nonemployee          
Stockholders' Equity          
Shares of common stock which may be purchased from warrants issued       16,000,000  
Contract asset related to warrant $ 33,200   $ 32,100    
Number of shares related to warrant, vested 3,500,000   3,500,000    
Number of vested shares which have been exercised 0   0    
Reduction in revenue $ 3,000 3,400      
Walmart Transaction Agreement 2017 | Nonemployee          
Stockholders' Equity          
Shares of common stock which may be purchased from warrants issued         55,286,696
Reduction in revenue due to unwinding of provision $ 1,600 $ 5,600      
v3.26.1
Revenue - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenue    
Net revenue $ 163,513 $ 133,674
Sales of fuel cell systems    
Revenue    
Net revenue 11,789 16,656
Sales of hydrogen infrastructure    
Revenue    
Net revenue 12,610 5,648
Sales of electrolyzers    
Revenue    
Net revenue 40,882 9,210
Sales of engineered equipment    
Revenue    
Net revenue 1,219 1,529
Services performed on fuel cell systems and related infrastructure    
Revenue    
Net revenue 21,970 16,874
Power purchase agreements    
Revenue    
Net revenue 26,290 23,210
Fuel delivered to customers and related equipment    
Revenue    
Net revenue 35,795 29,457
Sales of cryogenic equipment and liquefiers    
Revenue    
Net revenue 12,522 30,463
Other    
Revenue    
Net revenue $ 436 $ 627
v3.26.1
Revenue - Changes in contract assets and contract liabilities (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Contract assets    
Transferred to receivables from contract assets recognized at the beginning of the period $ (41,476) $ (21,348)
Change in contract assets related to warrants 1,122 (3,729)
Foreign currency translation (loss)/gain (440) 1,208
Impairment   (28,105)
Revenue recognized and not billed as of the end of the period 40,800 63,364
Net change in contract assets 6 11,390
Contract liabilities    
Increases due to customer billings, net of amounts recognized as revenue during the period 23,322 19,144
Change in contract liabilities related to warrants 9 260
Foreign currency translation (gain)/loss (475) 6,814
Revenue recognized that was included in the contract liability balance as of the beginning of the period (25,678) (127,898)
Net change in deferred revenue and contract liabilities $ (2,822) $ (101,680)
v3.26.1
Revenue - Estimated future revenue (Details)
$ in Thousands
Mar. 31, 2026
USD ($)
Revenue  
Estimated future revenue $ 737,698
Sales of fuel cell systems  
Revenue  
Estimated future revenue 73,413
Sale of hydrogen installations and other infrastructure  
Revenue  
Estimated future revenue 53,269
Sales of electrolyzers  
Revenue  
Estimated future revenue 95,312
Sales of engineered equipment  
Revenue  
Estimated future revenue 744
Services performed on fuel cell systems and related infrastructure  
Revenue  
Estimated future revenue 146,917
Power purchase agreements  
Revenue  
Estimated future revenue 250,267
Fuel delivered to customers and related equipment  
Revenue  
Estimated future revenue 60,596
Sales of cryogenic equipment and other  
Revenue  
Estimated future revenue 56,534
Other  
Revenue  
Estimated future revenue $ 646
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 | Sales of fuel cell systems | Minimum  
Revenue  
Estimated recognition period (years) 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 | Sales of fuel cell systems | Maximum  
Revenue  
Estimated recognition period (years) 2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 | Sale of hydrogen installations and other infrastructure | Minimum  
Revenue  
Estimated recognition period (years) 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 | Sale of hydrogen installations and other infrastructure | Maximum  
Revenue  
Estimated recognition period (years) 2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 | Sales of electrolyzers | Minimum  
Revenue  
Estimated recognition period (years) 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 | Sales of electrolyzers | Maximum  
Revenue  
Estimated recognition period (years) 3 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 | Sales of engineered equipment  
Revenue  
Estimated recognition period (years) 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 | Services performed on fuel cell systems and related infrastructure | Minimum  
Revenue  
Estimated recognition period (years) 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 | Services performed on fuel cell systems and related infrastructure | Maximum  
Revenue  
Estimated recognition period (years) 10 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 | Power purchase agreements | Minimum  
Revenue  
Estimated recognition period (years) 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 | Power purchase agreements | Maximum  
Revenue  
Estimated recognition period (years) 10 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 | Fuel delivered to customers and related equipment | Minimum  
Revenue  
Estimated recognition period (years) 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 | Fuel delivered to customers and related equipment | Maximum  
Revenue  
Estimated recognition period (years) 10 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 | Sales of cryogenic equipment and other  
Revenue  
Estimated recognition period (years) 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 | Other  
Revenue  
Estimated recognition period (years) 1 year
v3.26.1
Employee Benefit Plans - Stock Option and Incentive Plan (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Stock Incentive Plan 2011 And 2021    
Employee Benefit Plans    
Compensation cost $ 11,160 $ 8,473
Stock Incentive Plan 2011 And 2021 | Cost of sales    
Employee Benefit Plans    
Compensation cost 1,219 1,087
Stock Incentive Plan 2011 And 2021 | Research and development    
Employee Benefit Plans    
Compensation cost 956 1,137
Stock Incentive Plan 2011 And 2021 | Selling, general and administrative    
Employee Benefit Plans    
Compensation cost 8,985 6,249
401(k) Savings & Retirement Plan    
Employee Benefit Plans    
Company's matching contributions $ 2,900 $ 2,800
v3.26.1
Employee Benefit Plans - Service Stock Options Awards (Details) - Service Stock Options Awards - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Employee Benefit Plans    
Number of options granted 295,898  
Weighted-average exercise price of options granted $ 1.54  
Stock option exercises (in shares) 43,584  
Stock options exercised, weighted-average exercise price $ 2.07  
Number of options forfeited 1,020,288  
Weighted-average exercise price of options forfeited $ 9.41  
Fair value of stock options that vested during the period $ 0.3 $ 1.9
Compensation cost 6.6 $ 3.5
Unrecognized compensation cost $ 44.9  
Weighted average recognition period (in years) 2 years 1 month 17 days  
v3.26.1
Employee Benefit Plans - Market Condition Stock Option Awards (Details) - Market Condition Stock Option Awards - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Employee Benefit Plans    
Compensation cost $ 0.6 $ 0.3
Unrecognized compensation cost $ 0.3  
Weighted average recognition period (in years) 3 months 14 days  
Number of options vested and expected to vest 1,045,000  
Aggregate intrinsic value of options vested and expected to vest $ 0.0  
Weighted-average exercise price of options vested and expected to vest $ 7.87  
Weighted average remaining contractual term (in years) 4 years 1 month 17 days  
v3.26.1
Employee Benefit Plans - Restricted Common Stock and Restricted Stock Unit Awards (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Restricted Stock and Restricted Stock Unit Awards    
Employee Benefit Plans    
Number of awards forfeited 166,831  
Forfeited, weighted average exercise price $ 4.63  
Number of awards vested 17,833 17,833
Vested, total fair value $ 0.1 $ 1.7
Compensation cost 4.0 $ 4.7
Unrecognized compensation cost $ 21.7  
Weighted average recognition period (in years) 2 years 1 month 24 days  
Restricted stock    
Employee Benefit Plans    
Number of awards granted 45,000  
Granted, weighted average exercise price $ 1.79  
v3.26.1
Employee Benefit Plans - 401(K) Saving and Retirement Plan (Details) - 401(k) Savings & Retirement Plan - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Employee Benefit Plans    
Common stock, shares issued 1,340,602 1,460,079
Benefit plan expense $ 2.9 $ 2.8
v3.26.1
Employee Benefit Plans - Non-Employee Director Compensation (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Non-Employee Director    
Employee Benefit Plans    
Number of shares of common stock issued 45,585 134,491
Share-based compensation expense $ 100 $ 200
Reimbursement of administrative expenses to director 0 $ 100
Employee Stock Option | Non-Employee Director    
Employee Benefit Plans    
Share-based compensation expense $ 19  
Service Stock Options Awards    
Employee Benefit Plans    
Number of options granted 295,898  
Service Stock Options Awards | Non-Employee Director    
Employee Benefit Plans    
Number of options granted 163,638  
Market Condition Stock Option Awards | Non-Employee Director    
Employee Benefit Plans    
Number of options granted 87,260  
Market Condition Stock Option Awards | Non-Employee Director | Minimum    
Employee Benefit Plans    
Vesting period 1 year  
Market Condition Stock Option Awards | Non-Employee Director | Maximum    
Employee Benefit Plans    
Vesting period 3 years  
v3.26.1
Restructuring - Restructuring charges incurred (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Restructuring    
Total restructuring charges $ 1,425 $ 17,154
Employee severance and benefit arrangements    
Restructuring    
Total restructuring charges 1,425 15,887
Legal and professional fees    
Restructuring    
Total restructuring charges 0 171
Lease and contract termination costs    
Restructuring    
Total restructuring charges $ 0 $ 1,096
v3.26.1
Restructuring - Accrued restructuring balances (Details) - 2026 Restructuring Plan
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
Restructuring  
Beginning balance $ 978
Accruals and adjustments 1,425
Cash payments (1,337)
Ending balance $ 1,066
v3.26.1
Restructuring - Narrative (Details) - Employee severance and benefit arrangements
$ in Millions
Mar. 31, 2026
USD ($)
Restructuring  
Accrued restructuring costs $ 1.1
Estimated expected future restructuring costs $ 0.2
v3.26.1
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Taxes    
Income tax expense (benefit) $ 41 $ 0
v3.26.1
Earnings Per Share (Details) - shares
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Earnings Per Share [Abstract]    
Number of dilutive potential shares of common stock 431,644,251 423,211,385
v3.26.1
Segment and Geographic Area Reporting (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
segment
Mar. 31, 2025
USD ($)
Segment Reporting    
Number of operating segments | segment 1  
Number of reportable segments | segment 1  
Revenue $ 163,513 $ 133,674
Operating expenses:    
Research and development (12,113) (17,357)
Selling, general and administrative (70,208) (80,839)
Impairment (3,856) (1,064)
Net loss attributable to Plug Power Inc. (245,304) (196,656)
Sales of equipment, related infrastructure and other    
Cost of revenue:    
Cost of revenue (85,327) (74,556)
Services performed on fuel cell systems and related infrastructure    
Cost of revenue:    
Cost of revenue (14,421) (14,462)
Benefit/(provision) for loss contracts related to service    
Cost of revenue:    
Cost of revenue 7,814 (8,888)
Power purchase agreements    
Cost of revenue:    
Cost of revenue (40,148) (49,932)
Fuel delivered to customers and related equipment    
Cost of revenue:    
Cost of revenue (52,892) (59,354)
Other costs of revenue    
Cost of revenue:    
Cost of revenue (146) (343)
Single Reportable Segment    
Segment Reporting    
Revenue 163,513 133,674
Operating expenses:    
Research and development (12,113) (17,357)
Selling, general and administrative (70,208) (80,839)
Impairment (3,856) (1,064)
Other segment items, net (137,520) (23,535)
Net loss attributable to Plug Power Inc. (245,304) (196,656)
Single Reportable Segment | Sales of equipment, related infrastructure and other    
Cost of revenue:    
Cost of revenue (85,327) (74,556)
Single Reportable Segment | Services performed on fuel cell systems and related infrastructure    
Cost of revenue:    
Cost of revenue (14,421) (14,462)
Single Reportable Segment | Benefit/(provision) for loss contracts related to service    
Cost of revenue:    
Cost of revenue 7,814 (8,888)
Single Reportable Segment | Power purchase agreements    
Cost of revenue:    
Cost of revenue (40,148) (49,932)
Single Reportable Segment | Fuel delivered to customers and related equipment    
Cost of revenue:    
Cost of revenue (52,892) (59,354)
Single Reportable Segment | Other costs of revenue    
Cost of revenue:    
Cost of revenue $ (146) $ (343)
v3.26.1
Commitments and Contingencies - Restricted cash (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Security for sale/leaseback transactions to be released over lease term    
Commitments and Contingencies    
Restricted cash $ 328.0 $ 352.3
Bank guarantees backed by security deposits    
Commitments and Contingencies    
Restricted cash 170.7 193.1
Security for letters of credit related to sale/leaseback transactions    
Commitments and Contingencies    
Restricted cash 137.6 159.6
Security for letters of credit related to customs and other transactions    
Commitments and Contingencies    
Restricted cash 33.1 33.5
Escrow related to construction of production plants | Texas    
Commitments and Contingencies    
Restricted cash 62.0 62.0
Escrow related to construction of production plants | Georgia    
Commitments and Contingencies    
Restricted cash $ 18.1 $ 18.0
v3.26.1
Commitments and Contingencies - Guarantee (Details)
€ in Millions
Mar. 31, 2026
EUR (€)
Performance Guarantee  
Commitments and Contingencies  
Guarantor Obligations € 7.5
v3.26.1
Commitments and Contingencies - Unconditional Purchase Obligations (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Future payments under non-cancelable unconditional purchase obligations with a remaining term in excess of one year    
Remainder of 2026 $ 25,355  
2027 36,577  
2028 39,555  
Total 101,487  
Remaining liability 19,800 $ 27,200
Reduction in liability attributable to payments made $ 6,800  
v3.26.1
Government Tax Credits (Details) - Hydrogen production plants
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Government Tax Credits  
Section 48 Investment Tax Credit, Percent 30.00%
Investment Tax Credit $ 39.2
v3.26.1
Variable Interest Entities (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
Jun. 30, 2025
T
Dec. 31, 2025
USD ($)
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Variable Interest Entities          
Capital commitments to joint venture in remainder of 2026 $ 300        
Assets          
Cash and cash equivalents 223,189   $ 368,540    
Accounts receivable, net 106,511   134,758    
Inventory, net 516,153   520,968    
Prepaid expenses, tax credits, and other current assets 140,148   93,988    
Total current assets 1,274,785   1,410,268    
Property, plant, and equipment, net 240,499   281,001    
Total assets [1] 2,368,184   2,594,568    
Liabilities          
Accounts payable 144,251   168,744    
Accrued expenses 113,068   128,010    
Total current liabilities 540,706   610,588    
Stockholder's equity          
Stockholders' equity 773,889 [1]   1,003,314 [1] $ 1,932,587 $ 1,807,756
Total liabilities and stockholders' equity 2,368,184   2,594,568    
Variable interest entities          
Assets          
Cash and cash equivalents 731   1,465    
Inventory, net 161   98    
Prepaid expenses, tax credits, and other current assets 39,232   32    
Total current assets 40,124   1,595    
Property, plant, and equipment, net 10,616   50,206    
Total assets 50,740   51,801    
Liabilities          
Accounts payable 865   785    
Accrued expenses 1,716   526    
Total current liabilities 2,581   1,311    
Stockholder's equity          
Stockholders' equity 48,159   50,490    
Total liabilities and stockholders' equity $ 50,740   $ 51,801    
Hidrogenii          
Variable Interest Entities          
Construction capacity per day | T   15      
Hidrogenii | Plug Power LA JV LLC          
Variable Interest Entities          
Percentage of ownership interest 50.00%        
Niloco Hydrogen Holdings LLC | Hidrogenii          
Variable Interest Entities          
Percentage of ownership interest 50.00%        
[1] Includes balances associated with a consolidated variable interest entity (“VIE”), including amounts reflected in “total assets” that can only be used to settle obligations of the VIE of $50,740 and $51,801 as of March 31, 2026 and December 31, 2025, respectively, as well as liabilities of the VIE reflected within “total liabilities” for which creditors do not have recourse to the general credit of Plug Power Inc. of $2,581 and $1,311 as of March 31, 2026 and December 31, 2025, respectively. Refer to Note 19, “Variable Interest Entities,” for additional information.