Pay vs Performance Disclosure
pure in Millions
pure in Millions
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay Versus Performance Table
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Value of Initial Fixed $100 Investment Based on:(4) | | | | | | | | | | | | | | |||||||||
| Year(1) | | | Summary Compensation Table Total for PEO(2) | | | Compensation Actually Paid to PEO(3) | | | Average Summary Compensation Table Total for Non-PEO NEOs(2) | | | Average Compensation Actually Paid to Non-PEO NEOs(3) | | | Plug Power Total Shareholder Return | | | Peer Group Total Shareholder Return(5) | | | GAAP Net Income ($mil.) | | | GAAP Revenue ($mil.) | | ||||||||||||||||||||||||
| 2024 | | | | $ | 2,240,079 | | | | | $ | (406,623) | | | | | $ | 2,760,755 | | | | | $ | 1,749,209 | | | | | $ | 67 | | | | | $ | 138 | | | | | $ | (2,105) | | | | | $ | 629 | | |
| 2023 | | | | $ | 7,252,805 | | | | | $ | (4,110,966) | | | | | $ | 3,697,805 | | | | | $ | (1,575,440) | | | | | $ | 142 | | | | | $ | 170 | | | | | $ | (1,369) | | | | | $ | 891 | | |
| 2022 | | | | $ | 766,555 | | | | | $ | (75,973,705) | | | | | $ | 935,683 | | | | | $ | (26,246,111) | | | | | $ | 391 | | | | | $ | 190 | | | | | $ | (724) | | | | | $ | 701 | | |
| 2021 | | | | $ | 52,248,305 | | | | | $ | 3,988,254 | | | | | $ | 23,665,540 | | | | | $ | 11,696,569 | | | | | $ | 893 | | | | | $ | 274 | | | | | $ | (460) | | | | | $ | 502 | | |
| 2020 | | | | $ | 13,630,072 | | | | | $ | 80,721,434 | | | | | $ | 5,333,470 | | | | | $ | 27,607,125 | | | | | $ | 1,073 | | | | | $ | 282 | | | | | $ | (596) | | | | | $ | (93) | | |
(1)
Andrew J. Marsh served as the PEO for the entirety of 2024, 2023, 2022, 2021, and 2020. Our Non-PEO NEOs for the applicable years were as follows:
2024: Sanjay K. Shrestha, Paul B. Middleton, Dean Fullerton, and Gerard L. Conway, Jr.
2023: Paul B. Middleton, Sanjay K. Shrestha, Gerard L. Conway, Jr., and Jose Luis Crespo
2022: Paul B. Middleton, Sanjay K. Shrestha, Gerard L. Conway, Jr., Jose Luis Crespo, Dirk Ole Hoefelmann, and Keith C. Schmid
2021: Paul B. Middleton, Sanjay K. Shrestha, Dirk Ole Hoefelmann, and Gerard L. Conway, Jr.
2020: Paul B. Middleton, Sanjay K. Shrestha, Keith C. Schmid, and Jose Luis Crespo
(2)
Amounts reported in these columns represent (i) the total compensation reported in the Summary Compensation Table (“SCT”) for the applicable year in the case of our PEO, Mr. Marsh, and (ii) the average of the total compensation reported in the SCT for the applicable year for our Non-PEO NEOs.
(3)
Amounts reported in these columns represent CAP; adjustments were made to the amounts reported in the SCT for the applicable year. A reconciliation of the adjustments for Mr. Marsh and for the average of the Non-PEO NEOs is set forth in the following table, which describes the adjustments, each of which is prescribed by the SEC rules, to calculate the CAP Amounts from SCT amounts.
| | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | |||||||||||||||||||||||||||||||||||||||||||||
| | | | PEO | | | Average Non-PEO NEOs | | | PEO | | | Average Non-PEO NEOs | | | PEO | | | Average Non-PEO NEOs | | | PEO | | | Average Non-PEO NEOs | | | PEO | | | Average Non-PEO NEOs | | ||||||||||||||||||||||||||||||
| Summary Compensation Table Total | | | | $ | 2,240,079 | | | | | $ | 2,760,755 | | | | | $ | 7,252,805 | | | | | $ | 3,697,805 | | | | | $ | 766,555 | | | | | $ | 935,683 | | | | | $ | 52,248,305 | | | | | $ | 23,665,540 | | | | | $ | 13,630,072 | | | | | $ | 5,333,470 | | |
| Minus Change in Pension Value Reported in SCT for the Covered Year | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
| Plus Pension Value Service Cost for the Covered Year | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
| Minus Stock Award Value and Option Award Value Reported in SCT for the Covered Year | | | | $ | (1,612,500) | | | | | $ | (1,635,938) | | | | | $ | (6,485,000) | | | | | $ | (3,242,500) | | | | | $ | 0 | | | | | $ | 517,333 | | | | | $ | 50,800,000 | | | | | $ | 22,887,250 | | | | | $ | 11,438,075 | | | | | $ | 4,168,991 | | |
| Plus Year End Fair Value of Equity Awards Granted During the Covered Year that Remain Outstanding and Unvested as of Last Day of the Covered Year | | | | $ | 1,102,500 | | | | | $ | 1,323,516 | | | | | $ | 2,945,000 | | | | | $ | 1,472,500 | | | | | $ | 0 | | | | | $ | 324,000 | | | | | $ | 52,156,620 | | | | | $ | 22,534,449 | | | | | $ | 32,956,000 | | | | | $ | 11,986,625 | | |
| Plus Year over Year Change in Fair Value as of the Last Day of the Covered Year of Outstanding and Unvested Equity Awards Granted in Prior Years | | | | $ | (1,553,923) | | | | | $ | (582,721) | | | | | $ | (6,350,608) | | | | | $ | (2,967,601) | | | | | $ | (73,054,958) | | | | | $ | (25,617,390) | | | | | $ | (40,367,440) | | | | | $ | (9,546,769) | | | | | $ | 33,624,033 | | | | | $ | 11,020,441 | | |
| Plus Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Covered Year | | | | $ | 0 | | | | | $ | 106,031 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
| Plus Year over Year Change in Fair Value as of the Vesting Date of Equity Awards Granted in Prior Years that Vested During the Covered Year | | | | $ | (123,779) | | | | | $ | (41,495) | | | | | $ | (1,473,163) | | | | | $ | (535,644) | | | | | $ | (3,685,302) | | | | | $ | (1,371,071) | | | | | $ | (9,249,231) | | | | | $ | (2,069,401) | | | | | $ | 11,949,404 | | | | | $ | 3,435,580 | | |
| | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | |||||||||||||||||||||||||||||||||||||||||||||
| | | | PEO | | | Average Non-PEO NEOs | | | PEO | | | Average Non-PEO NEOs | | | PEO | | | Average Non-PEO NEOs | | | PEO | | | Average Non-PEO NEOs | | | PEO | | | Average Non-PEO NEOs | | ||||||||||||||||||||||||||||||
| Minus Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Covered Year | | | | $ | (459,000) | | | | | $ | (180,939) | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
| Plus Value of Dividends or other Earnings Paid on Stock or Option Awards Not Otherwise Reflected in Fair Value or Total Compensation for the Covered Year | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
| Compensation Actually Paid | | | | $ | (406,623) | | | | | $ | 1,749,209 | | | | | $ | (4,110,966) | | | | | $ | (1,575,440) | | | | | $ | (75,973,705) | | | | | $ | (26,246,111) | | | | | $ | 3,988,254 | | | | | $ | 11,696,569 | | | | | $ | 80,721,434 | | | | | $ | 27,607,125 | | |
(4)
Total Shareholder Return (“TSR”) is cumulative for the measurement periods beginning on December 31, 2019 and ending on December 31 of each of 2024, 2023, 2022, 2021 and 2020, respectively, calculated in accordance with Item 201(e) of Regulation S-K.
(5)
“Peer Group” represents the NASDAQ Clean Edge Green Energy Index, a published industry index, which is used by the Company for purposes of compliance with Item 201(e) of Regulation S-K.
(1)
Andrew J. Marsh served as the PEO for the entirety of 2024, 2023, 2022, 2021, and 2020. Our Non-PEO NEOs for the applicable years were as follows:
2024: Sanjay K. Shrestha, Paul B. Middleton, Dean Fullerton, and Gerard L. Conway, Jr.
2023: Paul B. Middleton, Sanjay K. Shrestha, Gerard L. Conway, Jr., and Jose Luis Crespo
2022: Paul B. Middleton, Sanjay K. Shrestha, Gerard L. Conway, Jr., Jose Luis Crespo, Dirk Ole Hoefelmann, and Keith C. Schmid
2021: Paul B. Middleton, Sanjay K. Shrestha, Dirk Ole Hoefelmann, and Gerard L. Conway, Jr.
2020: Paul B. Middleton, Sanjay K. Shrestha, Keith C. Schmid, and Jose Luis Crespo
(5)
“Peer Group” represents the NASDAQ Clean Edge Green Energy Index, a published industry index, which is used by the Company for purposes of compliance with Item 201(e) of Regulation S-K.
(3)
Amounts reported in these columns represent CAP; adjustments were made to the amounts reported in the SCT for the applicable year. A reconciliation of the adjustments for Mr. Marsh and for the average of the Non-PEO NEOs is set forth in the following table, which describes the adjustments, each of which is prescribed by the SEC rules, to calculate the CAP Amounts from SCT amounts.
| | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | |||||||||||||||||||||||||||||||||||||||||||||
| | | | PEO | | | Average Non-PEO NEOs | | | PEO | | | Average Non-PEO NEOs | | | PEO | | | Average Non-PEO NEOs | | | PEO | | | Average Non-PEO NEOs | | | PEO | | | Average Non-PEO NEOs | | ||||||||||||||||||||||||||||||
| Summary Compensation Table Total | | | | $ | 2,240,079 | | | | | $ | 2,760,755 | | | | | $ | 7,252,805 | | | | | $ | 3,697,805 | | | | | $ | 766,555 | | | | | $ | 935,683 | | | | | $ | 52,248,305 | | | | | $ | 23,665,540 | | | | | $ | 13,630,072 | | | | | $ | 5,333,470 | | |
| Minus Change in Pension Value Reported in SCT for the Covered Year | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
| Plus Pension Value Service Cost for the Covered Year | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
| Minus Stock Award Value and Option Award Value Reported in SCT for the Covered Year | | | | $ | (1,612,500) | | | | | $ | (1,635,938) | | | | | $ | (6,485,000) | | | | | $ | (3,242,500) | | | | | $ | 0 | | | | | $ | 517,333 | | | | | $ | 50,800,000 | | | | | $ | 22,887,250 | | | | | $ | 11,438,075 | | | | | $ | 4,168,991 | | |
| Plus Year End Fair Value of Equity Awards Granted During the Covered Year that Remain Outstanding and Unvested as of Last Day of the Covered Year | | | | $ | 1,102,500 | | | | | $ | 1,323,516 | | | | | $ | 2,945,000 | | | | | $ | 1,472,500 | | | | | $ | 0 | | | | | $ | 324,000 | | | | | $ | 52,156,620 | | | | | $ | 22,534,449 | | | | | $ | 32,956,000 | | | | | $ | 11,986,625 | | |
| Plus Year over Year Change in Fair Value as of the Last Day of the Covered Year of Outstanding and Unvested Equity Awards Granted in Prior Years | | | | $ | (1,553,923) | | | | | $ | (582,721) | | | | | $ | (6,350,608) | | | | | $ | (2,967,601) | | | | | $ | (73,054,958) | | | | | $ | (25,617,390) | | | | | $ | (40,367,440) | | | | | $ | (9,546,769) | | | | | $ | 33,624,033 | | | | | $ | 11,020,441 | | |
| Plus Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Covered Year | | | | $ | 0 | | | | | $ | 106,031 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
| Plus Year over Year Change in Fair Value as of the Vesting Date of Equity Awards Granted in Prior Years that Vested During the Covered Year | | | | $ | (123,779) | | | | | $ | (41,495) | | | | | $ | (1,473,163) | | | | | $ | (535,644) | | | | | $ | (3,685,302) | | | | | $ | (1,371,071) | | | | | $ | (9,249,231) | | | | | $ | (2,069,401) | | | | | $ | 11,949,404 | | | | | $ | 3,435,580 | | |
| | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | |||||||||||||||||||||||||||||||||||||||||||||
| | | | PEO | | | Average Non-PEO NEOs | | | PEO | | | Average Non-PEO NEOs | | | PEO | | | Average Non-PEO NEOs | | | PEO | | | Average Non-PEO NEOs | | | PEO | | | Average Non-PEO NEOs | | ||||||||||||||||||||||||||||||
| Minus Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Covered Year | | | | $ | (459,000) | | | | | $ | (180,939) | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
| Plus Value of Dividends or other Earnings Paid on Stock or Option Awards Not Otherwise Reflected in Fair Value or Total Compensation for the Covered Year | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
| Compensation Actually Paid | | | | $ | (406,623) | | | | | $ | 1,749,209 | | | | | $ | (4,110,966) | | | | | $ | (1,575,440) | | | | | $ | (75,973,705) | | | | | $ | (26,246,111) | | | | | $ | 3,988,254 | | | | | $ | 11,696,569 | | | | | $ | 80,721,434 | | | | | $ | 27,607,125 | | |
(3)
Amounts reported in these columns represent CAP; adjustments were made to the amounts reported in the SCT for the applicable year. A reconciliation of the adjustments for Mr. Marsh and for the average of the Non-PEO NEOs is set forth in the following table, which describes the adjustments, each of which is prescribed by the SEC rules, to calculate the CAP Amounts from SCT amounts.
| | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | |||||||||||||||||||||||||||||||||||||||||||||
| | | | PEO | | | Average Non-PEO NEOs | | | PEO | | | Average Non-PEO NEOs | | | PEO | | | Average Non-PEO NEOs | | | PEO | | | Average Non-PEO NEOs | | | PEO | | | Average Non-PEO NEOs | | ||||||||||||||||||||||||||||||
| Summary Compensation Table Total | | | | $ | 2,240,079 | | | | | $ | 2,760,755 | | | | | $ | 7,252,805 | | | | | $ | 3,697,805 | | | | | $ | 766,555 | | | | | $ | 935,683 | | | | | $ | 52,248,305 | | | | | $ | 23,665,540 | | | | | $ | 13,630,072 | | | | | $ | 5,333,470 | | |
| Minus Change in Pension Value Reported in SCT for the Covered Year | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
| Plus Pension Value Service Cost for the Covered Year | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
| Minus Stock Award Value and Option Award Value Reported in SCT for the Covered Year | | | | $ | (1,612,500) | | | | | $ | (1,635,938) | | | | | $ | (6,485,000) | | | | | $ | (3,242,500) | | | | | $ | 0 | | | | | $ | 517,333 | | | | | $ | 50,800,000 | | | | | $ | 22,887,250 | | | | | $ | 11,438,075 | | | | | $ | 4,168,991 | | |
| Plus Year End Fair Value of Equity Awards Granted During the Covered Year that Remain Outstanding and Unvested as of Last Day of the Covered Year | | | | $ | 1,102,500 | | | | | $ | 1,323,516 | | | | | $ | 2,945,000 | | | | | $ | 1,472,500 | | | | | $ | 0 | | | | | $ | 324,000 | | | | | $ | 52,156,620 | | | | | $ | 22,534,449 | | | | | $ | 32,956,000 | | | | | $ | 11,986,625 | | |
| Plus Year over Year Change in Fair Value as of the Last Day of the Covered Year of Outstanding and Unvested Equity Awards Granted in Prior Years | | | | $ | (1,553,923) | | | | | $ | (582,721) | | | | | $ | (6,350,608) | | | | | $ | (2,967,601) | | | | | $ | (73,054,958) | | | | | $ | (25,617,390) | | | | | $ | (40,367,440) | | | | | $ | (9,546,769) | | | | | $ | 33,624,033 | | | | | $ | 11,020,441 | | |
| Plus Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Covered Year | | | | $ | 0 | | | | | $ | 106,031 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
| Plus Year over Year Change in Fair Value as of the Vesting Date of Equity Awards Granted in Prior Years that Vested During the Covered Year | | | | $ | (123,779) | | | | | $ | (41,495) | | | | | $ | (1,473,163) | | | | | $ | (535,644) | | | | | $ | (3,685,302) | | | | | $ | (1,371,071) | | | | | $ | (9,249,231) | | | | | $ | (2,069,401) | | | | | $ | 11,949,404 | | | | | $ | 3,435,580 | | |
| | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | |||||||||||||||||||||||||||||||||||||||||||||
| | | | PEO | | | Average Non-PEO NEOs | | | PEO | | | Average Non-PEO NEOs | | | PEO | | | Average Non-PEO NEOs | | | PEO | | | Average Non-PEO NEOs | | | PEO | | | Average Non-PEO NEOs | | ||||||||||||||||||||||||||||||
| Minus Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Covered Year | | | | $ | (459,000) | | | | | $ | (180,939) | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
| Plus Value of Dividends or other Earnings Paid on Stock or Option Awards Not Otherwise Reflected in Fair Value or Total Compensation for the Covered Year | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
| Compensation Actually Paid | | | | $ | (406,623) | | | | | $ | 1,749,209 | | | | | $ | (4,110,966) | | | | | $ | (1,575,440) | | | | | $ | (75,973,705) | | | | | $ | (26,246,111) | | | | | $ | 3,988,254 | | | | | $ | 11,696,569 | | | | | $ | 80,721,434 | | | | | $ | 27,607,125 | | |
Relationship between CAP and TSR. The graph below illustrates the relationship between our TSR and the Peer Group TSR, as well as the relationship between PEO and average Non-PEO NEOs CAP and our TSR.
![[MISSING IMAGE: bc_capvstsr-4c.jpg]](bc_capvstsr-4c.jpg)
Relationship between CAP and GAAP Net Income. The graph below illustrates the relationship between the PEO and average Non-PEO NEOs CAP and our GAAP net income.
![[MISSING IMAGE: bc_capvsnetinc-4c.jpg]](bc_capvsnetinc-4c.jpg)
Relationship between CAP and GAAP Revenue (our Company-Selected Measure). The graph below illustrates the relationship between the PEO and average Non-PEO NEOs CAP and the Company’s GAAP revenue.
![[MISSING IMAGE: bc_capvsrevenue-4c.jpg]](bc_capvsrevenue-4c.jpg)
Relationship between CAP and TSR. The graph below illustrates the relationship between our TSR and the Peer Group TSR, as well as the relationship between PEO and average Non-PEO NEOs CAP and our TSR.
Performance Measures Used to Link Company Performance and CAP. The following is a list of performance measures that in our assessment represent the most important performance measures used by the Company to link CAP to the named executive officers for 2024. Each metric below is used for purposes of determining payouts under our annual incentive program. Please see the section titled “Compensation Discussion and Analysis” for a further description of these metrics and how they are used in the Company’s executive compensation program.
Gross Margin
Cash Usage
Revenue
Bookings
Inventory
Plant Construction and Investment
Cash Usage
Revenue
Bookings
Inventory
Plant Construction and Investment