v3.26.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 134,131 $ 368,540
Restricted cash 146,287 186,746
Accounts receivable, net of allowance of $38,814 as of September 30, 2026 and $46,805 as of December 31, 2025 170,145 134,758
Inventory 472,426 520,968
Contract assets, net of allowance of $1,557 as of September 30, 2026 and $0 as of December 31, 2025 73,278 105,268
Assets held for sale 20,946  
Prepaid expenses, tax credits, and other current assets 93,263 93,988
Total current assets 1,110,476 1,410,268
Restricted cash 322,571 438,698
Property, plant, and equipment, net 191,739 281,001
Right of use assets related to finance leases, net 38,098 44,852
Right of use assets related to operating leases, net 146,962 182,206
Equipment related to power purchase agreements and fuel delivered to customers, net 163,750 122,926
Contract assets 31,307 24,137
Intangible assets, net 26,359 29,228
Investments in non-consolidated entities and non-marketable securities 49,684 46,909
Other assets 23,060 14,343
Total assets [1] 2,104,006 2,594,568
Current liabilities:    
Accounts payable 147,019 168,744
Accrued expenses 119,602 128,010
Deferred revenue and other contract liabilities 66,340 66,742
Operating lease liabilities 49,939 70,407
Finance lease liabilities 16,445 10,934
Finance obligations 56,560 76,160
Current portion of convertible debt instruments, net   2,583
Current portion of long-term debt 192 626
Contingent consideration, loss accrual for service contracts, and other current liabilities (of which $0 was measured at fair value as of September 30, 2026 and $4,871 was measured at fair value as of December 31, 2025) 45,475 86,382
Total current liabilities 501,572 610,588
Deferred revenue and other contract liabilities 45,251 34,203
Operating lease liabilities 138,004 194,709
Finance lease liabilities 17,344 17,627
Finance obligations 138,148 191,806
Warrant liabilities 52,088 52,323
Convertible debt instruments, net 470,690 431,014
Long-term debt 1,161 1,306
Contingent consideration, loss accrual for service contracts, and other liabilities (of which $4,167 was measured at fair value as of September 30, 2026 and $6,906 was measured at fair value as of December 31, 2025) 28,367 57,678
Total liabilities [1] 1,392,625 1,591,254
Stockholders' equity:    
Common stock, $.01 par value per share; 3,000,000,000 shares authorized as of September 30, 2026 and 1,500,000,000 shares authorized as of December 31, 2025; Issued (including shares in treasury): 1,400,004,604 as of September 30, 2026 and 1,394,241,538 as of December 31, 2025 14,001 13,943
Additional paid-in capital 9,254,997 9,186,314
Accumulated other comprehensive income 1,265 6,796
Accumulated deficit (8,559,784) (8,226,039)
Less common stock in treasury: 1,729,151 as of September 30, 2026 and 970,588 as of December 31, 2025 (4,583) (2,945)
Total Plug Power Inc. stockholders' equity 705,896 978,069
Non-controlling interest [1] 5,485 25,245
Total stockholders' equity 711,381 1,003,314
Total liabilities and stockholders' equity $ 2,104,006 $ 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 $13,772 and $51,801 as of September 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 $2,802 and $1,311 as of September 30, 2026 and December 31, 2025, respectively. Refer to Note 21, “Variable Interest Entities,” for additional information.