Summary of Significant Accounting Policies (Policies)	6 Months Ended
Jun. 30, 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 Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (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.
Impairment	Impairment During the three and six months ended June 30, 2026, the Company recorded impairment charges primarily due to the strategic exit of material handling investments at customer sites impacting equipment related to power purchase agreements and fuel delivered to customers, net of $11.7 million and $12.6 million to the impairment financial statement line item in the unaudited interim condensed consolidated statement of operations, respectively. In addition, during the three and six months ended June 30, 2026, the Company recorded impairment charges of $2.5 million and $5.2 million related to the Company’s property, plant and equipment, net to the impairment financial statement line item in the unaudited interim condensed consolidated statement of operations, respectively, primarily due to assets that are no longer in service. Furthermore, during the three and six months ended June 30, 2026, the Company recorded an impairment charge of $5.2 million related to the Company’s right of use assets related to finance leases, net to the impairment financial statement line item in the unaudited interim condensed consolidated statement of operations, primarily due to changes in lease terms. Finally, during the three and six months ended June 30, 2026, the Company recorded impairment charges of $0 and $0.2 million related to a prepaid expense to the impairment financial statement line item in the unaudited interim condensed consolidated statement of operations, respectively.
Recoveries of Previously-Impaired Contract Assets, Property, Plant and Equipment and Other Assets	Recoveries of Previously-Impaired Contract Assets, Property, Plant and Equipment and Other Assets During the three months ended June 30, 2026, the Company recognized recoveries on previously-impaired contract assets, property, plant and equipment and other assets totaling $39.7 million. As disclosed in Note 17, “Commitments and Contingencies,” the Company recognized a recovery of $37.0 million associated with the resolution of a contract dispute on a previously-impaired contract asset. In addition, the Company recognized a recovery of $2.2 million associated with previously-impaired property, plant and equipment and a recovery of $0.5 million associated with an asset that was recorded within other assets in the unaudited condensed consolidated balance sheets. The Company recorded such recoveries of $39.7 million within selling, general, and administrative expenses in the unaudited interim condensed consolidated statements of operations. This classification aligns with the presentation of the Company’s historical impairment charges, which were also recorded within the Company's operating expenses.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Accounting Guidance There have been no significant changes in our reported financial position or results of operations and cash flows resulting from the adoption of new accounting pronouncements. Recent Accounting Guidance Not Yet Effective In May 2026, Accounting Standards Update 2026-02 (“ASU 2026-02”), Environmental Credits and Environmental Credit Obligations (Topic 818), was issued to improve the financial accounting for and disclosure of environmental credits and environmental credit obligations. This standard is effective for annual periods, including interim reporting periods within annual reporting periods, beginning after December 15, 2027 with early adoption permitted. The Company has not yet adopted ASU 2026-02 and is still evaluating the impact of the adoption on its unaudited interim condensed consolidated financial statements.

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2026

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

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 Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (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.

Impairment

Impairment

During the three and six months ended June 30, 2026, the Company recorded impairment charges primarily due to the strategic exit of material handling investments at customer sites impacting equipment related to power purchase agreements and fuel delivered to customers, net of $11.7 million and $12.6 million to the impairment financial statement line item in the unaudited interim condensed consolidated statement of operations, respectively. In addition, during the three and six months ended June 30, 2026, the Company recorded impairment charges of $2.5 million and $5.2 million related to the Company’s property, plant and equipment, net to the impairment financial statement line item in the unaudited interim condensed consolidated statement of operations, respectively, primarily due to assets that are no longer in service. Furthermore, during the three and six months ended June 30, 2026, the Company recorded an impairment charge of $5.2 million related to the Company’s right of use assets related to finance leases, net to the impairment financial statement line item in the unaudited interim condensed consolidated statement of operations, primarily due to changes in lease terms. Finally, during the three and six months ended June 30, 2026, the Company recorded impairment charges of

$0 and $0.2 million related to a prepaid expense to the impairment financial statement line item in the unaudited interim condensed consolidated statement of operations, respectively.

Recoveries of Previously-Impaired Contract Assets, Property, Plant and Equipment and Other Assets

Recoveries of Previously-Impaired Contract Assets, Property, Plant and Equipment and Other Assets

During the three months ended June 30, 2026, the Company recognized recoveries on previously-impaired contract assets, property, plant and equipment and other assets totaling $39.7 million. As disclosed in Note 17, “Commitments and Contingencies,” the Company recognized a recovery of $37.0 million associated with the resolution of a contract dispute on a previously-impaired contract asset. In addition, the Company recognized a recovery of $2.2 million associated with previously-impaired property, plant and equipment and a recovery of $0.5 million associated with an asset that was recorded within other assets in the unaudited condensed consolidated balance sheets. The Company recorded such recoveries of $39.7 million within selling, general, and administrative expenses in the unaudited interim condensed consolidated statements of operations. This classification aligns with the presentation of the Company’s historical impairment charges, which were also recorded within the Company's operating expenses.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Recently Adopted Accounting Guidance

There have been no significant changes in our reported financial position or results of operations and cash flows resulting from the adoption of new accounting pronouncements.

Recent Accounting Guidance Not Yet Effective

In May 2026, Accounting Standards Update 2026-02 (“ASU 2026-02”), Environmental Credits and Environmental Credit Obligations (Topic 818), was issued to improve the financial accounting for and disclosure of environmental credits and environmental credit obligations. This standard is effective for annual periods, including interim reporting periods within annual reporting periods, beginning after December 15, 2027 with early adoption permitted. The Company has not yet adopted ASU 2026-02 and is still evaluating the impact of the adoption on its unaudited interim condensed consolidated financial statements.