v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 161,894 $ 368,540
Restricted cash 155,523 186,746
Accounts receivable, net of allowance of $39,278 as of June 30, 2026 and $46,805 as of December 31, 2025 125,861 134,758
Inventory, net 493,445 520,968
Contract assets 103,178 105,268
Prepaid expenses, tax credits, and other current assets 106,436 93,988
Total current assets 1,146,337 1,410,268
Restricted cash 354,111 438,698
Property, plant, and equipment, net 243,995 281,001
Right of use assets related to finance leases, net 35,938 44,852
Right of use assets related to operating leases, net 157,370 182,206
Equipment related to power purchase agreements and fuel delivered to customers, net 142,350 122,926
Contract assets 18,493 24,137
Intangible assets, net 27,292 29,228
Investments in non-consolidated entities and non-marketable securities 50,705 46,909
Other assets 15,975 14,343
Total assets [1] 2,192,566 2,594,568
Current liabilities:    
Accounts payable 144,259 168,744
Accrued expenses 105,692 128,010
Deferred revenue and other contract liabilities 60,304 66,742
Operating lease liabilities 56,200 70,407
Finance lease liabilities 9,523 10,934
Finance obligations 57,670 76,160
Current portion of convertible debt instruments, net   2,583
Current portion of long-term debt 314 626
Contingent consideration, loss accrual for service contracts, and other current liabilities (of which $1,971 was measured at fair value as of June 30, 2026 and $4,871 was measured at fair value as of December 31, 2025) 59,921 86,382
Total current liabilities 493,883 610,588
Deferred revenue and other contract liabilities 26,145 34,203
Operating lease liabilities 158,512 194,709
Finance lease liabilities 19,343 17,627
Finance obligations 156,181 191,806
Warrant liabilities 136,254 52,323
Convertible debt instruments, net 577,998 431,014
Long-term debt 1,210 1,306
Contingent consideration, loss accrual for service contracts, and other liabilities (of which $6,012 was measured at fair value as of June 30, 2026 and $6,906 was measured at fair value as of December 31, 2025) 35,750 57,678
Total liabilities [1] 1,605,276 1,591,254
Stockholders' equity:    
Common stock, $.01 par value per share; 3,000,000,000 shares authorized as of June 30, 2026 and 1,500,000,000 shares authorized as of December 31, 2025; Issued (including shares in treasury): 1,397,924,047 as of June 30, 2026 and 1,394,241,538 as of December 31, 2025 13,980 13,943
Additional paid-in capital 9,227,977 9,186,314
Accumulated other comprehensive income 2,450 6,796
Accumulated deficit (8,659,550) (8,226,039)
Less common stock in treasury: 1,025,649 as of June 30, 2026 and 970,588 as of December 31, 2025 (3,104) (2,945)
Total Plug Power Inc. stockholders' equity 581,753 978,069
Non-controlling interest [1] 5,537 25,245
Total stockholders' equity [1] 587,290 1,003,314
Total liabilities and stockholders' equity $ 2,192,566 $ 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 $13,641 and $51,801 as of June 30, 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 $2,566 and $1,311 as of June 30, 2026 and December 31, 2025, respectively. Refer to Note 19, “Variable Interest Entities,” for additional information.