v3.26.3
Employee Benefit Plans (Tables)
9 Months Ended
Sep. 30, 2026
Employee Benefit Plans  
Schedule of components and classification of stock-based compensation expense

The components and classification of stock-based compensation expense, excluding the Company’s matching contributions to the Plug Power Inc. 401(k) Savings & Retirement Plan and quarterly Board compensation, were as follows (in thousands):

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Three months ended September 30,

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Nine months ended September 30,

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2026

  ​ ​ ​

2025

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2026

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2025

Cost of sales

$

598

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$

1,147

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$

3,051

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$

3,629

Research and development

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750

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1,072

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2,671

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3,084

Selling, general and administrative

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9,699

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7,755

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27,171

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21,791

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$

11,047

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$

9,974

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$

32,893

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$

28,504

Service Stock Options Awards  
Employee Benefit Plans  
Schedule of assumptions used in valuation of options

The Company estimates the fair value of its service stock options using a Black-Scholes valuation model, and the resulting fair value is recorded as compensation cost on a straight-line basis over the option vesting period. Key inputs and assumptions used to estimate the fair value of the service stock options include the grant price of the award, the expected

option term, volatility of the Company’s stock, and an appropriate risk-free rate. Estimates of fair value are not intended to predict actual future events or the value ultimately realized by employees who receive equity awards, and subsequent events are not indicative of the reasonableness of the original estimates of fair value made by the Company. The assumptions made for purposes of estimating fair value under the Black-Scholes model for the 12,943,272 service stock options granted during the nine months ended September 30, 2026 were as follows:

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Expected term of options (years)

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5.00

Risk free interest rate

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3.48% - 5.03%

Volatility

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87.48% - 101.87%

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