$PLUG
PLUG POWER INC

2024 Q3 Form 10-Q Financial Statement

#000155837024011593 Filed on August 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $173.7M $143.4M
YoY Change -12.57% -44.9%
Cost Of Revenue $273.8M $274.6M
YoY Change -18.69% -18.83%
Gross Profit -$100.0M -$131.3M
YoY Change -27.5% 67.97%
Gross Profit Margin -57.57% -91.56%
Selling, General & Admin $91.59M $85.14M
YoY Change -13.15% -15.83%
% of Gross Profit
Research & Development $19.71M $18.94M
YoY Change -28.71% -35.25%
% of Gross Profit
Depreciation & Amortization $21.80M $22.71M
YoY Change 4.05% 39.53%
% of Gross Profit
Operating Expenses $116.1M $113.4M
YoY Change -14.6% -27.16%
Operating Profit -$216.2M -$244.7M
YoY Change -21.1% 4.63%
Interest Expense $9.148M $9.511M
YoY Change -22.49% -15.57%
% of Operating Profit
Other Income/Expense, Net $15.51M -$9.080M
YoY Change 211.01% 78.67%
Pretax Income -$211.1M -$262.7M
YoY Change -26.76% 10.7%
Income Tax $100.0K -$400.0K
% Of Pretax Income
Net Earnings -$211.2M -$262.3M
YoY Change -25.51% 10.97%
Net Earnings / Revenue -121.55% -183.0%
Basic Earnings Per Share -$0.25 -$0.36
Diluted Earnings Per Share -$0.25 -$0.36
COMMON SHARES
Basic Shares Outstanding 879.6M 742.6M
Diluted Shares Outstanding 858.4M 736.8M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $93.94M $62.36M
YoY Change -81.2% -93.87%
Cash & Equivalents $93.94M $62.36M
Short-Term Investments
Other Short-Term Assets $341.6M $347.8M
YoY Change -22.46% -8.66%
Inventory $885.8M $939.5M
Prepaid Expenses
Receivables $167.2M $189.9M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.634B $1.672B
YoY Change -27.05% -36.1%
LONG-TERM ASSETS
Property, Plant & Equipment $1.534B $1.510B
YoY Change 22.48% 42.18%
Goodwill
YoY Change
Intangibles $175.0M $178.3M
YoY Change -9.41% -10.42%
Long-Term Investments $90.15M $94.20M
YoY Change 47.17% 83.29%
Other Assets $702.5M $744.9M
YoY Change -16.61% -7.91%
Total Long-Term Assets $3.091B $3.107B
YoY Change -3.78% 4.77%
TOTAL ASSETS
Total Short-Term Assets $1.634B $1.672B
Total Long-Term Assets $3.091B $3.107B
Total Assets $4.725B $4.780B
YoY Change -13.34% -14.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $207.2M $253.7M
YoY Change -29.26% 15.08%
Accrued Expenses $107.4M $112.6M
YoY Change -30.09% -32.29%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $155.5M $3.030M
YoY Change 5773.19% 490.64%
Total Short-Term Liabilities $786.9M $809.6M
YoY Change -15.44% -2.2%
LONG-TERM LIABILITIES
Long-Term Debt $456.9M $486.6M
YoY Change -11.87% -9.49%
Other Long-Term Liabilities $142.9M $159.8M
YoY Change 17.6% 56.82%
Total Long-Term Liabilities $142.9M $159.8M
YoY Change 17.6% 56.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $786.9M $809.6M
Total Long-Term Liabilities $142.9M $159.8M
Total Liabilities $1.696B $1.791B
YoY Change -12.73% -2.87%
SHAREHOLDERS EQUITY
Retained Earnings -$5.259B -$5.048B
YoY Change 38.4% 41.64%
Common Stock $9.003M $8.070M
YoY Change 44.21% 30.14%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.029B $2.989B
YoY Change
Total Liabilities & Shareholders Equity $4.725B $4.780B
YoY Change -13.34% -14.39%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$211.2M -$262.3M
YoY Change -25.51% 10.97%
Depreciation, Depletion And Amortization $21.80M $22.71M
YoY Change 4.05% 39.53%
Cash From Operating Activities -$174.9M -$254.7M
YoY Change -26.78% -26.82%
INVESTING ACTIVITIES
Capital Expenditures $89.72M $106.3M
YoY Change -47.69% -33.04%
Acquisitions
YoY Change
Other Investing Activities -$155.0K -$41.82M
YoY Change -100.59% -106.26%
Cash From Investing Activities -$89.87M -$148.1M
YoY Change -38.02% -129.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 252.4M 243.7M
YoY Change -2354.39% 1219.86%
NET CHANGE
Cash From Operating Activities -174.9M -254.7M
Cash From Investing Activities -89.87M -148.1M
Cash From Financing Activities 252.4M 243.7M
Net Change In Cash -12.38M -159.1M
YoY Change -96.87% -188.37%
FREE CASH FLOW
Cash From Operating Activities -$174.9M -$254.7M
Capital Expenditures $89.72M $106.3M
Free Cash Flow -$264.7M -$361.0M
YoY Change -35.51% -28.77%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CurrentFiscalYearEndDate
--12-31
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dei Entity File Number
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dei Entity Registrant Name
EntityRegistrantName
PLUG POWER INC
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
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EntityAddressAddressLine1
125 VISTA BOULEVARD
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SLINGERLANDS
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dei City Area Code
CityAreaCode
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dei Security12b Title
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Common Stock, par value $.01 per share
dei Trading Symbol
TradingSymbol
PLUG
dei Security Exchange Name
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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plug Shares Issued During Period Value Earnouts From Prior Acquisitions Paid In Stock
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plug Shares Issued During Period Value Earnouts From Prior Acquisitions Paid In Stock
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us-gaap Capital Expenditures Incurred But Not Yet Paid
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us-gaap Nature Of Operations
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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, we have expanded our offerings to support a variety of commercial operations that can be powered with clean hydrogen. We provide electrolyzers that allow customers — such as refineries, producers of chemicals, steel, fertilizer and commercial refueling stations — to generate hydrogen on-site. We are focusing our efforts on (a) 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; (b) production of hydrogen; and (c) stationary power systems that will support critical operations, such as data centers, microgrids, and generation facilities, in either a backup power or continuous power role, and replace batteries, diesel generators or the grid for telecommunication logistics, transportation, and utility customers. Plug expects to support these products and customers with an ecosystem of vertically integrated products that produce, transport, store and handle, dispense, and use hydrogen for mobility and power applications.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;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;"><b style="font-weight:bold;">Liquidity and Capital Resources</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">The Company’s working capital was $862.8 million as of June 30, 2024, which included unrestricted cash and cash equivalents of $62.4 million and restricted cash of $956.5 million. On January 17, 2024, the Company entered into the At Market Issuance Sales Agreement (the “Original ATM Agreement”) with B. Riley Securities, Inc. (“B. Riley”), pursuant to which the Company may, from time to time, offer and sell through or to B. Riley, as sales agent or principal, shares of the Company’s common stock, having an aggregate offering price of up to $1.0 billion. As of February 23, 2024, the Company had $697.9 million remaining authorized for issuance under the Original ATM Agreement. On February 23, 2024, the Company and B. Riley entered into Amendment No. 1 to the Original ATM Agreement (the “Amendment” and, together with the Original ATM Agreement, the “ATM Agreement”) to increase the aggregate offering price of shares of the Company’s common stock available for future issuance under the Original ATM Agreement to $1.0 billion. Under the ATM Agreement, for a period of 18 months, the Company has the right at its sole discretion to direct B. Riley to act on a principal basis and purchase directly from the Company up to $11.0 million of shares of its common stock on any trading day (the “Maximum Commitment Advance Purchase Amount”) and up to $55.0 million of shares in any calendar week (the “Maximum Commitment Advance Purchase Amount Cap”). On and after June 1, 2024, so long as the Company’s market capitalization is no less than $1.0 billion, the Maximum Commitment Advance Purchase Amount will remain $11.0 million and the Maximum Commitment Advance Purchase Amount Cap will remain $55.0 million. If the Company’s market capitalization is less than $1.0 billion on and after June 1, 2024, the Maximum Commitment Advance Purchase Amount will be decreased to $10.0 million and the Maximum Commitment Advance Purchase Amount Cap will be decreased to $30.0 million. Since January 17, 2024, the Company has sold 189,411,442 shares of common stock for gross proceeds of $611.5 million. As of the date of filing of this Quarterly Report on Form 10-Q, the Company has a remaining $690.6 million available under the ATM Agreement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;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;">On July 22, 2024, the Company sold 78,740,157 shares of its common stock at a public offering price of $2.54 per share for net proceeds of $191.0 million after deduction of the underwriting discount and related offering expenses in an underwritten public offering with Morgan Stanley &amp; Co. LLC. The Company granted the underwriter a <span style="-sec-ix-hidden:Hidden_-2rEoZeRZkCjRDHI44BOzQ;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">30-day</span></span> option to purchase up to an additional 11,811,023 shares of common stock at the public offering price, less the underwriting discount.</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;">The Company believes that its working capital and cash position, together with its right to direct B. Riley to purchase shares directly from the Company under the ATM Agreement and its public offering of common stock completed in July 2024, will be sufficient to fund its on-going operations for a period of at least 12 months subsequent to the issuance of the accompanying unaudited interim condensed consolidated financial statements.</p>
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CY2023 us-gaap Loss Contingency Accrual Provision
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CY2023Q4 plug Inventory Raw Materials And Supplies Customer Locations Net Of Reserves
InventoryRawMaterialsAndSuppliesCustomerLocationsNetOfReserves
20751000
CY2024Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
144544000
CY2023Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
149574000
CY2024Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
228380000
CY2023Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
226110000
CY2024Q2 us-gaap Inventory Net
InventoryNet
939534000
CY2023Q4 us-gaap Inventory Net
InventoryNet
961253000
CY2024Q2 us-gaap Inventory Adjustments
InventoryAdjustments
112900000
CY2023Q4 us-gaap Inventory Adjustments
InventoryAdjustments
85200000
CY2024Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1618676000
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1517633000
CY2024Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
108983000
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
81456000
CY2024Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1509693000
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1436177000
plug Number Of Hydrogen Production Plant
NumberOfHydrogenProductionPlant
3
CY2024Q2 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
3100000
CY2023Q2 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
2000000.0
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
5200000
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
4000000.0
CY2024Q2 us-gaap Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
13100000
CY2023Q2 us-gaap Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
7300000
us-gaap Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
24700000
us-gaap Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
12800000
CY2024Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
234504000
CY2024Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
56166000
CY2024Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
178338000
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
236041000
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
47155000
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
188886000
CY2024Q2 plug Amortization Of Acquired Intangible Assets
AmortizationOfAcquiredIntangibleAssets
4600000
CY2023Q2 plug Amortization Of Acquired Intangible Assets
AmortizationOfAcquiredIntangibleAssets
4800000
plug Amortization Of Acquired Intangible Assets
AmortizationOfAcquiredIntangibleAssets
9400000
plug Amortization Of Acquired Intangible Assets
AmortizationOfAcquiredIntangibleAssets
9800000
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
9380000
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
18036000
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
16462000
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
16455000
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
16046000
CY2024Q2 plug Finite Lived Intangible Assets Amortization Expense Year Five And After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFiveAndAfterYearFive
101959000
CY2024Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
178338000
CY2024Q2 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
18267000
CY2023Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
32584000
CY2024Q2 plug Accrued Expenses On Capital Projects
AccruedExpensesOnCapitalProjects
16684000
CY2023Q4 plug Accrued Expenses On Capital Projects
AccruedExpensesOnCapitalProjects
83781000
CY2024Q2 plug Accrued Accounts Payable Current
AccruedAccountsPayableCurrent
55203000
CY2023Q4 plug Accrued Accounts Payable Current
AccruedAccountsPayableCurrent
64767000
CY2024Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
19797000
CY2023Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
17207000
CY2024Q2 us-gaap Interest Payable Current
InterestPayableCurrent
991000
CY2023Q4 us-gaap Interest Payable Current
InterestPayableCurrent
562000
CY2024Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1670000
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1643000
CY2024Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
112612000
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
200544000
CY2024Q2 us-gaap Long Term Debt
LongTermDebt
3700000
CY2024Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
4900000
CY2024Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
1200000
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
2757000
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
1200000
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
900000
CY2024Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
4857000
CY2024Q2 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.0700
CY2024Q2 us-gaap Revenues
Revenues
143350000
CY2023Q2 us-gaap Revenues
Revenues
260182000
us-gaap Revenues
Revenues
263614000
us-gaap Revenues
Revenues
470468000
plug Contract With Customer Asset Increase Decrease For Cash Received
ContractWithCustomerAssetIncreaseDecreaseForCashReceived
-21195000
CY2023 plug Contract With Customer Asset Increase Decrease For Cash Received
ContractWithCustomerAssetIncreaseDecreaseForCashReceived
-151965000
plug Contract With Customer Liability Increase Decrease Related To Warrants
ContractWithCustomerLiabilityIncreaseDecreaseRelatedToWarrants
-219000
CY2023 plug Contract With Customer Liability Increase Decrease Related To Warrants
ContractWithCustomerLiabilityIncreaseDecreaseRelatedToWarrants
-440000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
63870000
CY2023 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
94001000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-42456000
CY2023 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
58404000
CY2024Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
1102602000
CY2024Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-400000
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-900000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-200000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-2200000
plug Fair Value Assets And Liabilities Transfers Between Level1 Level2 Level3 Amount
FairValueAssetsAndLiabilitiesTransfersBetweenLevel1Level2Level3Amount
0
CY2023Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
126216000
CY2024Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
10000000
CY2024Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
-9200000
CY2024Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Other Comprehensive Income
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInOtherComprehensiveIncome
690000
CY2024Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
106326000
CY2024Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
1000000
CY2024Q2 plug Shares Issued During Period Value Earnouts From Prior Acquisitions Paid In Stock
SharesIssuedDuringPeriodValueEarnoutsFromPriorAcquisitionsPaidInStock
18241000
CY2024Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
3768000
CY2024Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Other Comprehensive Income
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInOtherComprehensiveIncome
233000
CY2024Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
90620000
CY2024Q2 us-gaap Equity Method Investments
EquityMethodInvestments
94195000
CY2023Q4 us-gaap Equity Method Investments
EquityMethodInvestments
56096000
CY2024Q2 plug Equity Method Investment Capital Commitment Due Remainder Of Fiscal Year
EquityMethodInvestmentCapitalCommitmentDueRemainderOfFiscalYear
23700000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
50083000
CY2024Q2 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
6041000
CY2024Q2 plug Operating And Finance Lease Liability To Be Paid Remainder Year One
OperatingAndFinanceLeaseLiabilityToBePaidRemainderYearOne
56124000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
95589000
CY2024Q2 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
15000000
CY2024Q2 plug Operating And Finance Lease Liability To Be Paid Next Twelve Months
OperatingAndFinanceLeaseLiabilityToBePaidNextTwelveMonths
110589000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
86743000
CY2024Q2 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
12142000
CY2024Q2 plug Operating And Finance Lease Liability To Be Paid Year Two
OperatingAndFinanceLeaseLiabilityToBePaidYearTwo
98885000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
73066000
CY2024Q2 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
8260000
CY2024Q2 plug Operating And Finance Lease Liability To Be Paid Year Three
OperatingAndFinanceLeaseLiabilityToBePaidYearThree
81326000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
50655000
CY2024Q2 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
1931000
CY2024Q2 plug Operating And Finance Lease Liability To Be Paid Year Four
OperatingAndFinanceLeaseLiabilityToBePaidYearFour
52586000
CY2024Q2 plug Lessee Operating Lease Liability Payments Due Year Five And After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFiveAndAfterYearFive
149565000
CY2024Q2 plug Finance Lease Liability Payments Due Year Five And After Year Five
FinanceLeaseLiabilityPaymentsDueYearFiveAndAfterYearFive
3300000
CY2024Q2 plug Operating And Finance Lease Liability To Be Paid Year Five And After Year Five
OperatingAndFinanceLeaseLiabilityToBePaidYearFiveAndAfterYearFive
152865000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
505701000
CY2024Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
46674000
CY2024Q2 plug Operating And Finance Lease Liability Payment Due Total
OperatingAndFinanceLeaseLiabilityPaymentDueTotal
552375000
CY2024Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
175045000
CY2024Q2 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
5942000
CY2024Q2 plug Operating And Finance Lease Liability Undiscounted Excess Amount
OperatingAndFinanceLeaseLiabilityUndiscountedExcessAmount
180987000
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
330656000
CY2024Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
40732000
CY2024Q2 plug Operating And Finance Lease Liability
OperatingAndFinanceLeaseLiability
371388000
CY2024Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
25900000
CY2023Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
23300000
us-gaap Operating Lease Expense
OperatingLeaseExpense
52200000
us-gaap Operating Lease Expense
OperatingLeaseExpense
45200000
CY2024Q1 plug Prepaid Rent And Security Deposit
PrepaidRentAndSecurityDeposit
7400000
CY2023Q4 plug Prepaid Rent And Security Deposit
PrepaidRentAndSecurityDeposit
7400000
us-gaap Operating Lease Payments
OperatingLeasePayments
49932000
us-gaap Operating Lease Payments
OperatingLeasePayments
43304000
CY2024Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y1M24D
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y1M28D
CY2024Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.113
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.112
CY2024Q2 plug Finance Lease Right Of Use Asset Amortization And Interest Expense
FinanceLeaseRightOfUseAssetAmortizationAndInterestExpense
1800000
CY2023Q2 plug Finance Lease Right Of Use Asset Amortization And Interest Expense
FinanceLeaseRightOfUseAssetAmortizationAndInterestExpense
1900000
plug Finance Lease Right Of Use Asset Amortization And Interest Expense
FinanceLeaseRightOfUseAssetAmortizationAndInterestExpense
3700000
plug Finance Lease Right Of Use Asset Amortization And Interest Expense
FinanceLeaseRightOfUseAssetAmortizationAndInterestExpense
3700000
CY2024Q2 us-gaap Finance Lease Right Of Use Asset Before Accumulated Amortization
FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization
54700000
CY2023Q4 us-gaap Finance Lease Right Of Use Asset Before Accumulated Amortization
FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization
57300000
CY2024Q2 us-gaap Finance Lease Right Of Use Asset Accumulated Amortization
FinanceLeaseRightOfUseAssetAccumulatedAmortization
11200000
CY2023Q4 us-gaap Finance Lease Right Of Use Asset Accumulated Amortization
FinanceLeaseRightOfUseAssetAccumulatedAmortization
9000000.0
plug Finance Lease Payments Operating Cash Flow
FinanceLeasePaymentsOperatingCashFlow
1488000
plug Finance Lease Payments Operating Cash Flow
FinanceLeasePaymentsOperatingCashFlow
1587000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
4586000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
4153000
CY2024Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P3Y5M19D
CY2023Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P3Y5M19D
CY2024Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.068
CY2023Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.068
CY2024Q2 plug Finance Obligation Future Minimum Payments Due Remainder Of Fiscal Year
FinanceObligationFutureMinimumPaymentsDueRemainderOfFiscalYear
63617000
CY2024Q2 plug Finance Obligation Due In Next Twelve Months
FinanceObligationDueInNextTwelveMonths
106776000
CY2024Q2 plug Finance Obligation Due In Second Year
FinanceObligationDueInSecondYear
90053000
CY2024Q2 plug Finance Obligation Due In Third Year
FinanceObligationDueInThirdYear
73482000
CY2024Q2 plug Finance Obligation Due In Fourth Year
FinanceObligationDueInFourthYear
53203000
CY2024Q2 plug Finance Obligation Due In Fifth Year And Thereafter
FinanceObligationDueInFifthYearAndThereafter
26635000
CY2024Q2 plug Finance Obligation Payments Due
FinanceObligationPaymentsDue
413766000
CY2024Q2 plug Finance Obligation Imputed Interest
FinanceObligationImputedInterest
83113000
CY2024Q2 plug Financing Transaction Finance Obligation Amount
FinancingTransactionFinanceObligationAmount
330653000
plug Finance Obligations Payments
FinanceObligationsPayments
57319000
plug Finance Obligations Payments
FinanceObligationsPayments
49256000
CY2024Q2 plug Finance Obligations Weighted Average Remaining Term
FinanceObligationsWeightedAverageRemainingTerm
P4Y21D
CY2023Q2 plug Finance Obligations Weighted Average Remaining Term
FinanceObligationsWeightedAverageRemainingTerm
P4Y9M10D
CY2024Q2 plug Finance Obligations Weighted Average Discount Rate
FinanceObligationsWeightedAverageDiscountRate
0.113
CY2023Q2 plug Finance Obligations Weighted Average Discount Rate
FinanceObligationsWeightedAverageDiscountRate
0.112
CY2024Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
525600000
CY2023Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
573500000
CY2024Q2 plug Letter Of Credit
LetterOfCredit
340700000
CY2023Q4 plug Letter Of Credit
LetterOfCredit
370700000
CY2024Q2 plug Letters Of Credit Pledged As Security
LettersOfCreditPledgedAsSecurity
305600000
CY2023Q4 plug Letters Of Credit Pledged As Security
LettersOfCreditPledgedAsSecurity
340000000.0
CY2024Q2 plug Customs Related Letters Of Credit
CustomsRelatedLettersOfCredit
35100000
CY2023Q4 plug Customs Related Letters Of Credit
CustomsRelatedLettersOfCredit
30700000
CY2024Q2 us-gaap Security Deposit
SecurityDeposit
77100000
CY2023Q4 us-gaap Security Deposit
SecurityDeposit
76800000
CY2024Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
CY2023Q2 us-gaap Guarantee Obligations Current Carrying Value
GuaranteeObligationsCurrentCarryingValue
20000000
plug Payments Related To Guarantor Obligations
PaymentsRelatedToGuarantorObligations
0
CY2024Q2 us-gaap Recorded Unconditional Purchase Obligation Due In Remainder Of Fiscal Year
RecordedUnconditionalPurchaseObligationDueInRemainderOfFiscalYear
27185000
CY2024Q2 us-gaap Recorded Unconditional Purchase Obligation Due Within One Year
RecordedUnconditionalPurchaseObligationDueWithinOneYear
8023000
CY2024Q2 us-gaap Recorded Unconditional Purchase Obligation Due In Second Year
RecordedUnconditionalPurchaseObligationDueInSecondYear
8023000
CY2024Q2 us-gaap Recorded Unconditional Purchase Obligation Due In Third Year
RecordedUnconditionalPurchaseObligationDueInThirdYear
2638000
CY2024Q2 us-gaap Recorded Unconditional Purchase Obligation
RecordedUnconditionalPurchaseObligation
45869000
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
22746000
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
36861000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
33118000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
77049000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2024Q2 us-gaap Revenues
Revenues
143350000
CY2023Q2 us-gaap Revenues
Revenues
260182000
us-gaap Revenues
Revenues
263614000
us-gaap Revenues
Revenues
470468000
CY2024Q2 us-gaap Noncurrent Assets
NoncurrentAssets
2057869000
CY2023Q4 us-gaap Noncurrent Assets
NoncurrentAssets
2004688000
CY2024Q2 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
1600000
us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
7600000
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

Files In Submission

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0001558370-24-011593-index-headers.html Edgar Link pending
0001558370-24-011593-index.html Edgar Link pending
0001558370-24-011593.txt Edgar Link pending
0001558370-24-011593-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
plug-20240630.xsd Edgar Link pending
plug-20240630x10q.htm Edgar Link pending
plug-20240630xex10d1.htm Edgar Link pending
plug-20240630xex10d4.htm Edgar Link pending
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