2022 Q2 Form 10-Q Financial Statement

#000155837022007818 Filed on May 09, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q4
Revenue $151.3M $140.8M $161.9M
YoY Change 21.47% 95.68% -47.62%
Cost Of Revenue $183.7M $176.2M $249.7M
YoY Change 11.43% 109.38% 56.45%
Gross Profit -$32.50M -$35.35M -$87.80M
YoY Change -19.35% 190.44% -79.63%
Gross Profit Margin -21.48% -25.11% -54.23%
Selling, General & Admin $96.00M $80.89M $73.20M
YoY Change 148.37% 216.24% 125.93%
% of Gross Profit
Research & Development $23.60M $20.46M $27.10M
YoY Change 109.83% 110.03%
% of Gross Profit
Depreciation & Amortization $13.54M $2.842M $6.370M
YoY Change 194.99% -48.46% 30.8%
% of Gross Profit
Operating Expenses $114.5M $103.8M $102.7M
YoY Change 132.07% 187.48% 120.1%
Operating Profit -$147.0M -$139.2M -$190.5M
YoY Change 63.99% 188.23% -60.13%
Interest Expense -$23.50M $8.648M -$8.100M
YoY Change -328.87% -29.88% -56.22%
% of Operating Profit
Other Income/Expense, Net -$2.500M -$1.300M -$300.0K
YoY Change 2400.0% 550.0% -127.27%
Pretax Income -$172.9M -$156.9M -$209.1M
YoY Change 73.54% 158.29% -59.58%
Income Tax $400.0K -$400.0K -$16.20M
% Of Pretax Income
Net Earnings -$173.3M -$156.5M -$192.9M
YoY Change 73.94% 157.61% -62.22%
Net Earnings / Revenue -114.54% -111.14% -119.15%
Basic Earnings Per Share -$0.30 -$0.27
Diluted Earnings Per Share -$299.8K -$0.27 -$334.3K
COMMON SHARES
Basic Shares Outstanding 578.1M 577.9M 576.4M
Diluted Shares Outstanding 578.0M 577.9M

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.972B $3.295B $3.722B
YoY Change -32.5% -30.7% 183.57%
Cash & Equivalents $2.256B $2.496B $2.481B
Short-Term Investments $715.9M $799.2M $1.240B
Other Short-Term Assets $392.2M $375.7M $326.5M
YoY Change 49.47% 236.95% 201.48%
Inventory $429.5M $333.4M $269.2M
Prepaid Expenses
Receivables $100.5M $96.00M $131.3M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.894B $4.100B $4.449B
YoY Change -21.59% -19.55% 177.48%
LONG-TERM ASSETS
Property, Plant & Equipment $800.3M $324.7M $255.6M
YoY Change 624.42% 10.88% 242.89%
Goodwill $232.0M $220.4M
YoY Change 222.27% 204.47%
Intangibles $212.4M $158.2M
YoY Change 453.24% 303.07%
Long-Term Investments $37.00M $41.30M $12.90M
YoY Change
Other Assets $563.6M $546.3M $536.3M
YoY Change 56.47% 90.41% 103.61%
Total Long-Term Assets $1.840B $1.704B $1.502B
YoY Change 123.77% 146.92% 131.69%
TOTAL ASSETS
Total Short-Term Assets $3.894B $4.100B $4.449B
Total Long-Term Assets $1.840B $1.704B $1.502B
Total Assets $5.734B $5.804B $5.950B
YoY Change -0.94% 0.3% 164.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $146.2M $78.71M $92.31M
YoY Change 108.78% 66.87% 83.89%
Accrued Expenses $135.6M $64.97M $79.24M
YoY Change 283.0% 127.21% 71.94%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $15.30M
YoY Change -39.76%
Long-Term Debt Due $54.10M $4.155M $15.25M
YoY Change 77.94% -80.57% -39.93%
Total Short-Term Liabilities $427.8M $358.3M $420.6M
YoY Change 70.39% 86.81% 89.13%
LONG-TERM LIABILITIES
Long-Term Debt $537.5M $544.3M $541.7M
YoY Change 8.28% 10.9% 39.25%
Other Long-Term Liabilities $430.5M $176.2M $139.8M
YoY Change 901.79% 335.93% 245.63%
Total Long-Term Liabilities $968.0M $176.2M $139.8M
YoY Change 2152.58% 335.93% 245.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $427.8M $358.3M $420.6M
Total Long-Term Liabilities $968.0M $176.2M $139.8M
Total Liabilities $1.396B $1.328B $1.344B
YoY Change 45.71% 53.09% 71.4%
SHAREHOLDERS EQUITY
Retained Earnings -$2.553B -$2.397B
YoY Change -26697.83% 23.14%
Common Stock $5.952M $5.947M
YoY Change 2.22% 25.46%
Preferred Stock
YoY Change
Treasury Stock (at cost) $73.99M $72.53M
YoY Change 82.99% 79.37%
Treasury Stock Shares $17.15M $17.07M
Shareholders Equity $4.339B $4.476B $4.606B
YoY Change
Total Liabilities & Shareholders Equity $5.734B $5.804B $5.950B
YoY Change -0.94% 0.3% 164.3%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income -$173.3M -$156.5M -$192.9M
YoY Change 73.94% 157.61% -62.22%
Depreciation, Depletion And Amortization $13.54M $2.842M $6.370M
YoY Change 194.99% -48.46% 30.8%
Cash From Operating Activities -$195.2M -$209.9M -$9.680M
YoY Change 50.68% 79.27% -1039.81%
INVESTING ACTIVITIES
Capital Expenditures -$87.92M $78.39M -$83.99M
YoY Change 220.29% 693.54% 255.59%
Acquisitions $26.47M
YoY Change
Other Investing Activities $79.37M $359.1M -$642.6M
YoY Change -108.27% -188.63%
Cash From Investing Activities -$8.540M $273.9M -$726.6M
YoY Change -99.13% -165.47% 2977.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -12.48M -18.24M 16.02M
YoY Change -196.59% -100.51% -98.27%
NET CHANGE
Cash From Operating Activities -195.2M -209.9M -9.680M
Cash From Investing Activities -8.540M 273.9M -726.6M
Cash From Financing Activities -12.48M -18.24M 16.02M
Net Change In Cash -216.2M 45.75M -720.3M
YoY Change -80.41% -98.5% -179.78%
FREE CASH FLOW
Cash From Operating Activities -$195.2M -$209.9M -$9.680M
Capital Expenditures -$87.92M $78.39M -$83.99M
Free Cash Flow -$107.3M -$288.3M $74.31M
YoY Change 5.07% 127.06% 201.46%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">1.  </b><b style="font-weight:bold;">Nature of Operations</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">Plug Power Inc. (the “Company,” “Plug,” “we” or “our”) is facilitating the paradigm shift to an increasingly electrified world by innovating cutting-edge hydrogen and fuel cell solutions.  While we continue to develop commercially-viable hydrogen and fuel cell product solutions to replace lead-acid and lithium batteries in electric material handling vehicles and industrial trucks for some of the world’s largest retail-distribution and manufacturing businesses, we have expanded our offerings to support a variety of commercial operations that can be powered with green hydrogen. We also provide electrolyzers that allow customers — such as refineries, producers of chemicals, steel and fertilizer and commercial refueling stations — to generate hydrogen on-site. Additionally, we intend for our electrolyzers to be used to generate green hydrogen within Plug’s own plants that will then be sold to customers. We are focusing our efforts on industrial mobility applications, including electric forklifts and electric industrial vehicles, at multi-shift high volume manufacturing and high throughput distribution sites where we believe our products and services provide a unique combination of productivity, flexibility, and environmental benefits. Additionally, we manufacture and sell fuel cell products to replace batteries and diesel generators in stationary back-up power applications for telecommunications, transportation, and utility customers. Plug supports these markets with an ecosystem of integrated products that make, transport, handle, dispense and use hydrogen. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p>
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CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2022Q1 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
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CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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CY2022Q1 us-gaap Finance Lease Liability Payments Due After Year Five
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CY2022Q1 plug Operating And Finance Lease Liability To Be Paid After Year Five
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CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
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CY2022Q1 us-gaap Operating Lease Liability
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CY2021Q1 us-gaap Operating Lease Payments
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CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
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1868000
CY2021Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
433000
CY2022Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
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CY2021Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
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0.065
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CY2021Q4 plug Letter Of Credit
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250000
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P2Y1M6D
CY2022Q1 us-gaap Number Of Operating Segments
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1
CY2022Q1 us-gaap Revenues
Revenues
140804000
CY2021Q1 us-gaap Revenues
Revenues
71958000
CY2022Q1 us-gaap Noncurrent Assets
NoncurrentAssets
671788000
CY2021Q4 us-gaap Noncurrent Assets
NoncurrentAssets
573556000

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