NASDAQ : PLUG
Plug Power Inc. — Financial statements
Industrials · Electrical Equipment & Parts · United States
Last price 1.365 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 1.91B
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Financial statements
Plug Power Inc. (PLUG) reported revenue of 744.09M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 741.13M | 706.53M | 618.23M | 880.50M | 698.59M | 501.55M |
| Other Revenue | 2.96M | 3.39M | 10.59M | 10.84M | 2.85M | 789.00K |
| Revenue | 744.09M | 709.92M | 628.81M | 891.34M | 701.44M | 502.34M |
| Cost of Revenue | 928.23M | 976.57M | 1.21B | 1.31B | 869.00M | 601.66M |
| Gross Profit | -184.15M | -266.65M | -576.35M | -421.44M | -167.56M | -99.32M |
| Selling, General & Admin | 310.31M | 379.57M | 376.11M | 422.47M | 363.93M | 179.85M |
| Research & Development | 53.94M | 57.96M | 77.23M | 113.75M | 99.58M | 64.76M |
| Other Operating Expenses | -34.07M | -12.52M | 51.75M | 96.08M | 26.80M | 71.99M |
| Operating Expenses | 358.29M | 453.11M | 540.20M | 634.67M | 490.31M | 316.60M |
| Operating Income | -542.44M | -719.76M | -1.12B | -1.06B | -657.86M | -415.92M |
| Interest Expense | -71.94M | -65.13M | -46.62M | -45.20M | -39.04M | -43.23M |
| Interest & Investment Income | 14.87M | 19.43M | 30.72M | 55.83M | 37.26M | 4.04M |
| Earnings From Equity Investments | -7.99M | -55.06M | -32.18M | -41.79M | -20.17M | -5.70M |
| Currency Exchange Gain (Loss) | -15.20M | -15.20M | 13.00M | |||
| Other Non Operating Income (Expenses) | -173.62M | -78.47M | -36.39M | -131.00K | -1.14M | -606.00K |
| EBT Excluding Unusual Items | -796.32M | -914.18M | -1.19B | -1.09B | -680.94M | -461.42M |
| Merger & Restructuring Charges | -7.35M | -25.86M | -8.15M | |||
| Impairment of Goodwill | -249.48M | |||||
| Gain (Loss) on Sale of Investments | -3.00M | -1.39M | -19.55M | 6.66M | ||
| Asset Writedown | -746.81M | -745.26M | -907.99M | -7.90M | -5.22M | -10.22M |
| Other Unusual Items | -153.15M | -8.02M | -431.00K | -30.02M | -17.45M | -11.18M |
| Pretax Income | -1.70B | -1.69B | -2.11B | -1.38B | -723.17M | -476.16M |
| Income Tax Expense | 592.00K | 356.00K | -2.69M | -7.36M | 839.00K | -16.20M |
| Earnings From Continuing Operations | -1.70B | -1.69B | -2.10B | -1.37B | -724.01M | -459.96M |
| Minority Interest in Earnings | 62.87M | 62.07M | 204.00K | |||
| Net Income | -1.64B | -1.63B | -2.10B | -1.37B | -724.01M | -459.96M |
| Net Income to Common | -1.64B | -1.63B | -2.10B | -1.37B | -724.01M | -459.96M |
| Shares Outstanding (Basic) | 1.32B | 1.15B | 785.02M | 595.47M | 579.72M | 558.18M |
| Shares Outstanding (Diluted) | 1.32B | 1.15B | 785.02M | 595.47M | 579.72M | 558.18M |
| EPS (Basic) | -1.24 | -1.42 | -2.68 | -2.30 | -1.25 | -0.82 |
| EPS (Diluted) | -1.24 | -1.42 | -2.68 | -2.30 | -1.25 | -0.82 |
| Free Cash Flow | -560.50M | -661.48M | -1.06B | -1.80B | -1.29B | -550.51M |
| Free Cash Flow Per Share | -0.42 | -0.58 | -1.35 | -3.03 | -2.23 | -0.99 |
| Gross Margin | -24.75% | -37.56% | -91.66% | -47.28% | -23.89% | -19.77% |
| Operating Margin | -72.90% | -101.39% | -177.56% | -118.49% | -93.79% | -82.80% |
| Profit Margin | -220.59% | -229.83% | -334.71% | -153.57% | -103.22% | -91.56% |
| Free Cash Flow Margin | -75.33% | -93.18% | -169.03% | -202.25% | -184.26% | -109.59% |
| EBITDA | -512.11M | -675.20M | -1.03B | -985.03M | -606.27M | -392.56M |
| EBITDA Margin | -68.82% | -95.11% | -164.12% | -110.51% | -86.43% | -78.14% |
| D&A For EBITDA | 30.34M | 44.56M | 84.56M | 71.08M | 51.60M | 23.37M |
| EBIT | -542.44M | -719.76M | -1.12B | -1.06B | -657.86M | -415.92M |
| EBIT Margin | -72.90% | -101.39% | -177.56% | -118.49% | -93.79% | -82.80% |
| Revenue as Reported | 744.09M | 709.92M | 628.81M | 891.34M | 701.44M | 502.34M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 161.89M | 368.54M | 205.69M | 135.03M | 690.63M | 2.48B |
| Short-Term Investments | 10.20M | 10.20M | 1.47B | 1.39B | ||
| Cash & Short-Term Investments | 172.09M | 378.74M | 205.69M | 135.03M | 2.16B | 3.87B |
| Accounts Receivable | 229.04M | 240.03M | 251.30M | 370.06M | 191.91M | 131.31M |
| Other Receivables | 3.80M | 31.30M | 3.00M | 3.70M | ||
| Receivables | 232.84M | 240.03M | 282.60M | 370.06M | 194.91M | 135.01M |
| Inventory | 493.44M | 520.97M | 682.64M | 961.25M | 645.64M | 269.16M |
| Prepaid Expenses | 92.44M | 83.79M | 108.55M | 104.07M | 147.39M | 56.19M |
| Restricted Cash | 155.52M | 186.75M | 198.01M | 216.55M | 158.96M | 118.63M |
| Total Current Assets | 1.15B | 1.41B | 1.48B | 1.79B | 3.31B | 4.45B |
| Property, Plant & Equipment | 437.30M | 508.06M | 1.14B | 1.89B | 1.13B | 500.65M |
| Long-Term Investments | 50.70M | 46.91M | 85.49M | 63.78M | 31.25M | 12.89M |
| Goodwill | 248.61M | 220.44M | ||||
| Other Intangible Assets | 27.29M | 29.23M | 84.66M | 188.89M | 207.72M | 158.21M |
| Long-Term Accounts Receivable | 18.49M | 24.14M | 23.96M | 29.74M | 41.83M | 120.00K |
| Other Long-Term Assets | 512.44M | 575.97M | 795.01M | 939.94M | 795.74M | 609.24M |
| Total Assets | 2.19B | 2.59B | 3.60B | 4.90B | 5.76B | 5.95B |
| Accounts Payable | 144.26M | 168.74M | 180.97M | 257.83M | 191.90M | 92.31M |
| Accrued Expenses | 105.43M | 113.52M | 82.98M | 116.76M | 103.34M | 72.50M |
| Current Portion of Long-Term Debt | 57.98M | 72.41M | 136.72M | 76.72M | 60.54M | 52.75M |
| Current Portion of Leases | 65.72M | 88.30M | 89.68M | 83.16M | 60.53M | 40.08M |
| Current Unearned Revenue | 60.30M | 66.74M | 144.09M | 204.14M | 131.81M | 116.38M |
| Other Current Liabilities | 60.18M | 100.87M | 114.05M | 226.19M | 87.15M | 46.53M |
| Total Current Liabilities | 493.88M | 610.59M | 748.49M | 964.80M | 635.27M | 420.55M |
| Long-Term Debt | 735.39M | 562.42M | 522.19M | 473.27M | 454.44M | 504.53M |
| Long-Term Leases | 177.85M | 274.04M | 330.04M | 335.70M | 323.21M | 212.79M |
| Long-Term Unearned Revenue | 26.14M | 34.20M | 58.53M | 84.16M | 98.08M | 66.71M |
| Other Long-Term Liabilities | 172.00M | 110.00M | 135.83M | 146.68M | 193.05M | 139.80M |
| Total Liabilities | 1.61B | 1.59B | 1.80B | 2.00B | 1.70B | 1.34B |
| Common Stock | 13.98M | 13.94M | 9.34M | 6.25M | 6.08M | 5.95M |
| Additional Paid-In Capital | 9.23B | 9.19B | 8.43B | 7.49B | 7.30B | 7.07B |
| Retained Earnings | -8.66B | -8.23B | -6.59B | -4.49B | -3.12B | -2.40B |
| Treasury Stock | -3.10M | -2.94M | -108.80M | -106.27M | -96.26M | -72.53M |
| Comprehensive Income & Other | 2.45M | 6.80M | -2.50M | -6.80M | -26.00M | -1.53M |
| Total Common Equity | 581.75M | 978.07M | 1.73B | 2.90B | 4.06B | 4.61B |
| Minority Interest | 5.54M | 25.25M | 73.62M | |||
| Shareholders' Equity | 587.29M | 1.00B | 1.81B | 2.90B | 4.06B | 4.61B |
| Total Liabilities & Equity | 2.19B | 2.59B | 3.60B | 4.90B | 5.76B | 5.95B |
| Total Debt | 1.04B | 997.17M | 1.08B | 968.85M | 898.73M | 810.15M |
| Net Cash (Debt) | -864.86M | -618.43M | -872.94M | -833.82M | 1.26B | 3.06B |
| Net Cash Per Share | -0.65 | -0.54 | -1.11 | -1.40 | 2.17 | 5.48 |
| Filing Date Shares Outstanding | 1.40B | 1.39B | 925.18M | 684.26M | 593.39M | 577.86M |
| Total Common Shares Outstanding | 1.40B | 1.39B | 913.90M | 606.14M | 590.35M | 577.65M |
| Working Capital | 652.45M | 799.68M | 729.00M | 822.16M | 2.67B | 4.03B |
| Book Value Per Share | 0.42 | 0.70 | 1.90 | 4.78 | 6.88 | 7.97 |
| Tangible Book Value | 554.46M | 948.84M | 1.65B | 2.71B | 3.60B | 4.23B |
| Tangible Book Value Per Share | 0.40 | 0.68 | 1.80 | 4.47 | 6.10 | 7.32 |
| Land | 6.15M | 5.60M | 6.05M | 1.77M | 1.17M | |
| Machinery | 165.51M | 383.95M | 77.11M | 48.15M | ||
| Construction In Progress | 124.73M | 502.94M | 1.11B | 575.14M | 169.41M | |
| Leasehold Improvements | 8.72M | 15.63M | 95.23M | 21.36M | 2.10M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -1.64B | -1.63B | -2.10B | -1.37B | -724.01M | -459.96M |
| Depreciation & Amortization | 30.34M | 44.56M | 84.56M | 71.08M | 51.60M | 23.37M |
| Other Amortization | 3.55M | 1.26M | -2.83M | 2.21M | 3.02M | |
| Loss (Gain) From Sale of Assets | 2.88M | 268.00K | ||||
| Asset Writedown & Restructuring Costs | 750.75M | 749.19M | 907.99M | 257.38M | 5.22M | 10.22M |
| Loss (Gain) From Sale of Investments | 3.00M | -5.22M | 20.54M | 2.58M | ||
| Loss (Gain) on Equity Investments | 7.99M | 55.06M | 32.18M | 41.79M | 20.17M | 5.70M |
| Stock-Based Compensation | 53.27M | 50.55M | 82.20M | 162.91M | 179.63M | 76.47M |
| Provision & Write-off of Bad Debts | 54.28M | 56.56M | 64.03M | 10.78M | ||
| Other Operating Activities | 379.82M | 166.57M | 209.17M | 183.21M | 17.51M | 56.42M |
| Change in Accounts Receivable | -56.42M | -47.37M | 55.16M | -163.03M | -70.44M | -38.21M |
| Change in Inventory | 39.07M | 51.89M | 129.29M | -408.63M | -365.67M | -100.95M |
| Change in Accounts Payable | 38.36M | 83.68M | -59.46M | 21.72M | 88.46M | 24.91M |
| Change in Unearned Revenue | -67.73M | -108.75M | -85.68M | 58.40M | 40.62M | 70.65M |
| Change in Other Net Operating Assets | -74.48M | -7.44M | -46.44M | 29.65M | -92.52M | -32.39M |
| Operating Cash Flow | -482.56M | -535.84M | -728.64M | -1.11B | -828.62M | -358.18M |
| Capital Expenditures | -77.94M | -125.64M | -334.25M | -696.13M | -463.87M | -192.34M |
| Sale of Property, Plant & Equipment | 1.03M | 500.00K | 1.10M | |||
| Cash Acquisitions | -56.91M | -136.53M | ||||
| Sale (Purchase) of Intangibles | -928.00K | |||||
| Investment in Securities | -19.13M | -13.37M | -68.62M | 1.42B | -158.59M | -1.41B |
| Investing Cash Flow | -59.88M | -139.01M | -402.36M | 728.05M | -679.37M | -1.74B |
| Long-Term Debt Issued | 643.29M | 250.29M | 104.25M | 122.89M | 108.92M | |
| Total Debt Issued | 443.79M | 643.29M | 250.29M | 104.25M | 122.89M | 108.92M |
| Long-Term Debt Repaid | -682.06M | -113.49M | -79.64M | -176.24M | -88.31M | |
| Total Debt Repaid | -500.03M | -682.06M | -113.49M | -79.64M | -176.24M | -88.31M |
| Net Debt Issued (Repaid) | -56.24M | -38.77M | 136.80M | 24.62M | -53.36M | 20.61M |
| Issuance of Common Stock | 440.03M | 714.59M | 858.03M | 1.61M | 2.30M | 3.61B |
| Repurchase of Common Stock | -3.60M | -3.65M | -2.53M | -10.01M | -23.73M | -32.09M |
| Other Financing Activities | -44.23M | -42.22M | -9.13M | -10.11M | -2.67M | -1.54M |
| Financing Cash Flow | 335.97M | 629.95M | 983.17M | 6.12M | -77.46M | 3.60B |
| Foreign Exchange Rate Adjustments | 1.20M | -1.83M | 19.40M | -7.80M | 2.60M | -802.00K |
| Net Cash Flow | -205.27M | -46.73M | -128.44M | -380.20M | -1.58B | 1.50B |
| Free Cash Flow | -560.50M | -661.48M | -1.06B | -1.80B | -1.29B | -550.51M |
| Free Cash Flow Margin | -75.33% | -93.18% | -169.03% | -202.25% | -184.26% | -109.59% |
| Free Cash Flow Per Share | -0.42 | -0.58 | -1.35 | -3.03 | -2.23 | -0.99 |
| Levered Free Cash Flow | -247.10M | -351.78M | -799.99M | -1.36B | -1.05B | -486.30M |
| Unlevered Free Cash Flow | -205.69M | -312.33M | -768.02M | -1.34B | -1.03B | -462.30M |
| Cash Interest Paid | 63.47M | 59.67M | 44.96M | 41.81M | 35.52M | 19.33M |
| Change in Working Capital | -121.20M | -27.99M | -7.13M | -461.88M | -399.55M | -75.99M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.83B | 2.70B | 1.94B | 2.72B | 7.21B | 16.27B |
| Enterprise Value | 2.70B | 3.61B | 2.78B | 3.13B | 5.41B | 12.73B |
| Last Close Price | 1.31 | 1.97 | 2.13 | 4.50 | 12.37 | 28.23 |
| PS Ratio | 2.46 | 3.81 | 3.09 | 3.06 | 10.28 | 32.39 |
| PB Ratio | 3.15 | 2.70 | 1.07 | 0.94 | 1.78 | 3.53 |
| P/TBV Ratio | 3.30 | 2.85 | 1.18 | 1.01 | 2.00 | 3.85 |
| EV/Sales Ratio | 3.62 | 5.09 | 4.41 | 3.51 | 7.71 | 25.34 |
| Debt / Equity Ratio | 1.77 | 0.99 | 0.60 | 0.33 | 0.22 | 0.18 |
| Net Debt / Equity Ratio | 1.47 | 0.62 | 0.48 | 0.29 | -0.31 | -0.66 |
| Net Debt / EBITDA Ratio | -1.69 | -0.92 | -0.85 | -0.85 | 2.08 | 7.79 |
| Net Debt / FCF Ratio | -1.54 | -0.94 | -0.82 | -0.46 | 0.97 | 5.56 |
| Asset Turnover | 0.27 | 0.23 | 0.15 | 0.17 | 0.12 | 0.12 |
| Inventory Turnover | 1.63 | 1.62 | 1.47 | 1.63 | 1.90 | 2.94 |
| Quick Ratio | 0.82 | 1.01 | 0.65 | 0.52 | 3.70 | 9.52 |
| Current Ratio | 2.32 | 2.31 | 1.97 | 1.85 | 5.20 | 10.58 |
| Return on Equity (ROE) | -144.96% | -120.50% | -89.46% | -39.34% | -16.71% | -15.15% |
| Return on Assets (ROA) | -12.22% | -14.52% | -16.41% | -12.38% | -7.02% | -6.34% |
| Return on Capital Employed (ROCE) | -31.90% | -36.30% | -39.10% | -26.80% | -12.80% | -7.50% |
| Earnings Yield | -94.66% | -60.33% | -108.44% | -50.24% | -10.04% | -2.83% |
| FCF Yield | -30.62% | -24.46% | -54.76% | -66.16% | -17.93% | -3.38% |
| Buyback Yield / Dilution | -38.03% | -46.07% | -31.83% | -2.72% | -3.86% | -57.33% |