Summary of Significant Accounting Policies (Policies)	9 Months Ended
Sep. 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 consolidate 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 nine months ended September 30, 2026, the Company recorded total impairment charges of $16.6 million and $39.9 million, respectively. These impairment charges were recorded to the impairment financial statement line item in the unaudited interim condensed consolidated statements of operations. During the three and nine months ended September 30, 2026, the Company recorded impairment charges of $15.6 million and $20.8 million, respectively, related to the Company’s property, plant and equipment, net primarily due to assets that are no longer in service and projects that are no longer probable of being completed. In addition, the Company recorded impairment charges related to the Company’s equipment related to power purchase agreements and fuel delivered to customers, net of $0.5 million and $13.1 million, respectively, primarily due to the strategic exit of material handling investments at customer sites. Furthermore, during the three and nine months ended September 30, 2026, the Company recorded an impairment charge of $0 and $5.2 million, respectively, related to the Company’s right of use assets related to finance leases, net primarily due to changes in lease terms. Finally, during the three and nine months ended September 30, 2026, the Company recorded impairment charges of $0.5 million and $0.8 million, respectively, related to a prepaid expense.
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)

9 Months Ended

Sep. 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 consolidate 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 nine months ended September 30, 2026, the Company recorded total impairment charges of $16.6 million and $39.9 million, respectively. These impairment charges were recorded to the impairment financial statement line item in the unaudited interim condensed consolidated statements of operations. During the three and nine months ended September 30, 2026, the Company recorded impairment charges of $15.6 million and $20.8 million, respectively, related to the Company’s property, plant and equipment, net primarily due to assets that are no longer in service and projects that are no longer probable of being completed. In addition, the Company recorded impairment charges related to the Company’s equipment related to power purchase agreements and fuel delivered to customers, net of $0.5 million and $13.1 million, respectively, primarily due to the strategic exit of material handling investments at customer sites. Furthermore, during the three and nine months ended September 30, 2026, the Company recorded an impairment charge of $0 and $5.2 million, respectively, related to the Company’s right of use assets related to finance leases, net primarily due to changes in lease terms. Finally, during the three and nine months ended September 30, 2026, the Company recorded impairment charges of $0.5 million and $0.8 million, respectively, related to a prepaid expense.

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.