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.