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.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED June 30, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM                    TO                   

Commission File Number: 1-34392

PLUG POWER INC.

(Exact name of registrant as specified in its charter)

Delaware

22-3672377

(State or Other Jurisdiction of

(I.R.S. Employer

Incorporation or Organization)

Identification Number)

968 ALBANY SHAKER ROAD, LATHAM, NEW YORK 12110

(Address of Principal Executive Offices, including Zip Code)

(518) 782-7700

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

    

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common Stock, par value $.01 per share

 

PLUG

The NASDAQ Capital Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non- accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer 

Accelerated filer 

Non-accelerated filer 

Smaller reporting company 

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 

The number of shares of common stock, par value of $0.01 per share, outstanding as of August 5, 2022 was 578,695,912 shares.

INDEX to FORM 10-Q

Page

PART I. FINANCIAL INFORMATION

Item 1 – Interim Condensed Consolidated Financial Statements (Unaudited)

3

Condensed Consolidated Balance Sheets

3

Condensed Consolidated Statements of Operations

4

Condensed Consolidated Statements of Comprehensive Loss

5

Condensed Consolidated Statements of Stockholders’ Equity

6

Condensed Consolidated Statements of Cash Flows

7

Notes to Interim Condensed Consolidated Financial Statements

8

Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations

35

Item 3 – Quantitative and Qualitative Disclosures About Market Risk

50

Item 4 – Controls and Procedures

50

PART II. OTHER INFORMATION

Item 1 – Legal Proceedings

53

Item 1A – Risk Factors

53

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds

53

Item 3 – Defaults Upon Senior Securities

53

Item 4 – Mine Safety Disclosures

53

Item 5 – Other Information

53

Item 6 – Exhibits

54

Signatures

55

2

PART 1.  FINANCIAL INFORMATION

Item 1 — Interim Financial Statements (Unaudited)

Plug Power Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(In thousands, except share and per share amounts)

(Unaudited)

    

June 30,

    

December 31,

2022

2021

Assets

Current assets:

Cash and cash equivalents

$

2,255,951

$

2,481,269

Restricted cash

146,013

118,633

Available-for-sale securities, at fair value
(amortized cost $736,983 and allowance for credit losses of $0 at June 30, 2022 and amortized cost $1,242,933 and allowance for credit losses of $0 at December 31, 2021)

715,906

1,240,265

Equity securities

134,342

147,995

Accounts receivable

 

61,502

 

92,675

Inventory

 

429,549

 

269,163

Contract assets

38,961

38,637

Prepaid expenses and other current assets

 

111,846

 

59,888

Total current assets

 

3,894,070

 

4,448,525

Restricted cash

 

559,713

 

532,292

Property, plant, and equipment, net

431,492

 

255,623

Right of use assets related to finance leases, net

44,201

32,494

Right of use assets related to operating leases, net

241,421

212,537

Equipment related to power purchase agreements and fuel delivered to customers, net

83,159

 

72,902

Contract assets

182

120

Goodwill

235,026

220,436

Intangible assets, net

 

204,213

 

158,208

Investments in non-consolidated entities and non-marketable equity securities

37,007

12,892

Other assets

 

3,920

 

4,047

Total assets

$

5,734,404

$

5,950,076

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

$

146,166

$

92,307

Accrued expenses

 

98,341

 

79,237

Deferred revenue and other contract liabilities

 

60,315

 

116,377

Operating lease liabilities

37,214

30,822

Finance lease liabilities

6,324

4,718

Finance obligations

46,784

42,040

Current portion of long-term debt

980

15,252

Contingent consideration, loss accrual for service contracts, and other current liabilities

 

31,645

 

39,800

Total current liabilities

 

427,769

 

420,553

Deferred revenue and other contract liabilities

 

67,390

 

66,713

Operating lease liabilities

193,333

175,635

Finance lease liabilities

32,972

24,611

Finance obligations

 

219,622

 

211,644

Convertible senior notes, net

193,269

192,633

Long-term debt

91,677

112,794

Contingent consideration, loss accrual for service contracts, and other liabilities

 

169,791

 

139,797

Total liabilities

 

1,395,823

 

1,344,380

Stockholders’ equity:

Common stock, $0.01 par value per share; 1,500,000,000 shares authorized; Issued (including shares in treasury): 595,709,539 at June 30, 2022 and 594,729,610 at December 31, 2021

 

5,958

 

5,947

Additional paid-in capital

 

7,163,486

 

7,070,710

Accumulated other comprehensive loss

 

(28,989)

 

(1,532)

Accumulated deficit

 

(2,726,688)

 

(2,396,903)

Less common stock in treasury: 17,210,049 at June 30, 2022 and 17,074,710 at December 31, 2021

(75,186)

(72,526)

Total stockholders’ equity

 

4,338,581

 

4,605,696

Total liabilities and stockholders’ equity

$

5,734,404

$

5,950,076

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements

3

Plug Power Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(In thousands, except share and per share amounts)

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

2022

    

2021

2022

    

2021

Net revenue:

Sales of fuel cell systems, related infrastructure and equipment

$

116,233

$

99,278

$

225,080

$

146,050

Services performed on fuel cell systems and related infrastructure

8,822

5,675

17,062

11,720

Power purchase agreements

 

11,169

 

8,361

 

21,206

 

16,187

Fuel delivered to customers and related equipment

 

14,472

 

11,121

 

27,900

 

22,248

Other

571

122

822

310

Net revenue

151,267

124,557

292,070

196,515

Cost of revenue:

Sales of fuel cell systems, related infrastructure and equipment

 

94,153

 

79,913

 

182,981

 

108,887

Services performed on fuel cell systems and related infrastructure

 

11,612

 

15,475

 

25,487

 

28,561

Provision for loss contracts related to service

1,068

6,694

3,116

8,179

Power purchase agreements

 

34,892

 

22,234

 

66,645

 

40,577

Fuel delivered to customers and related equipment

 

41,607

 

40,331

 

80,879

 

62,474

Other

 

400

 

208

 

777

 

306

Total cost of revenue

 

183,732

 

164,855

 

359,885

 

248,984

Gross loss

 

(32,465)

 

(40,298)

 

(67,815)

 

(52,469)

Operating expenses:

Research and development

23,557

11,247

44,018

20,989

Selling, general and administrative

95,953

38,652

176,842

64,231

Change in fair value of contingent consideration

(5,066)

(560)

(2,605)

230

Total operating expenses

114,444

49,339

218,255

85,450

Operating loss

(146,909)

(89,637)

(286,070)

(137,919)

Interest income

 

3,838

 

1,446

 

5,892

 

1,513

Interest expense

(11,203)

(11,714)

(19,851)

(24,047)

Other expense, net

 

(2,456)

 

(70)

 

(3,765)

 

(268)

Realized loss on investments, net

(468)

18

(1,315)

18

Change in fair value of equity securities

(13,484)

323

(18,643)

323

Loss on equity method investments

(2,191)

(6,024)

Loss before income taxes

$

(172,873)

$

(99,634)

$

(329,776)

$

(160,380)

Income tax expense

 

423

 

 

9

 

Net loss

$

(173,296)

$

(99,634)

$

(329,785)

$

(160,380)

Net loss per share:

Basic and diluted

$

(0.30)

$

(0.18)

$

(0.57)

$

(0.30)

Weighted average number of common stock outstanding

 

578,043,278

 

567,033,722

 

578,217,636

 

540,394,003

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements

4

Plug Power Inc. and Subsidiaries

Condensed Consolidated Statements of Comprehensive Loss

(In thousands)

(Unaudited)

Three months ended

Six months ended

June 30,

June 30,

    

2022

    

2021

 

2022

    

2021

Net loss

$

(173,296)

$

(99,634)

$

(329,785)

$

(160,380)

Other comprehensive loss:

Foreign currency translation (loss) gain

 

(7,198)

 

581

 

(9,048)

 

(542)

Change in net unrealized loss on available-for-sale securities

(3,329)

(1,967)

(18,409)

(1,875)

Comprehensive loss attributable to the Company

$

(183,823)

$

(101,020)

$

(357,242)

$

(162,797)

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements

5

Plug Power Inc. and Subsidiaries

Condensed Consolidated Statements of Stockholders’ Equity

(In thousands, except share amounts)

(Unaudited)

    

    

    

    

    

    

    

Accumulated

    

    

    

    

    

    

Additional

Other

Total

Common Stock

 Paid-in

Comprehensive

Treasury Stock

Accumulated

Stockholders’

    

Shares

    

Amount

    

Capital

    

Income (Loss)

    

Shares

    

Amount

    

Deficit

    

Equity

December 31, 2021

 

594,729,610

$

5,947

$

7,070,710

$

(1,532)

 

17,074,710

$

(72,526)

$

(2,396,903)

$

4,605,696

Net loss

 

 

 

 

 

 

(156,489)

 

(156,489)

Other comprehensive loss

 

 

 

(16,930)

 

 

 

(16,930)

Stock-based compensation

226,221

 

2

 

43,384

 

 

 

 

 

43,386

Stock option exercises and issuance of shares of restricted common stock

253,525

 

3

 

288

 

 

 

 

 

291

Treasury stock acquired from employees upon exercise of stock options and vesting of restricted stock

71,627

(1,465)

(1,465)

Provision for common stock warrants

1,743

 

1,743

March 31, 2022

 

595,209,356

$

5,952

$

7,116,125

$

(18,462)

 

17,146,337

$

(73,991)

$

(2,553,392)

$

4,476,232

Net loss

 

 

 

 

 

 

(173,296)

 

(173,296)

Other comprehensive loss

 

 

 

(10,527)

 

 

 

(10,527)

Stock-based compensation

108,216

 

2

 

44,857

 

 

 

 

 

44,859

Stock option exercises and issuance of shares of restricted common stock

391,967

 

4

 

525

 

 

 

 

 

529

Treasury stock acquired from employees upon exercise of stock options and vesting of restricted stock

63,712

(1,195)

(1,195)

Provision for common stock warrants

1,979

 

1,979

June 30, 2022

595,709,539

$

5,958

$

7,163,486

$

(28,989)

 

17,210,049

$

(75,186)

$

(2,726,688)

$

4,338,581

December 31, 2020

 

473,977,469

$

4,740

$

3,446,650

$

2,451

 

15,926,068

$

(40,434)

$

(1,946,488)

$

1,466,919

Net loss

 

 

 

 

 

 

 

(60,746)

 

(60,746)

Cumulative impact of Accounting Standards Update 2020-06 adoption

(130,249)

9,550

(120,699)

Other comprehensive gain

 

 

 

 

(1,031)

 

 

 

 

(1,031)

Stock-based compensation

 

15,166

 

 

9,695

 

 

 

 

 

9,695

Public offerings, common stock, net

32,200,000

322

2,022,866

2,023,188

Private offerings, common stock, net

54,966,188

549

1,564,088

1,564,637

Stock option exercises

 

1,758,375

 

18

 

4,691

 

 

 

 

 

4,709

Exercise of warrants

16,308,978

163

15,282

15,445

Provision for common stock warrants

1,601

1,601

Conversion of 7.5% Convertible Senior Note

3,016,036

30

15,155

15,185

Repurchase of 5.5% Convertible Senior Notes, net of income tax benefit

69,808

1

159

160

March 31, 2021

 

582,312,020

$

5,823

$

6,949,938

$

1,420

 

15,926,068

$

(40,434)

$

(1,997,684)

$

4,919,063

Net loss

 

 

 

 

 

 

 

(99,634)

 

(99,634)

Cumulative impact of Accounting Standards Update 2020-06 adoption

64

(1)

63

Other comprehensive gain

 

 

 

 

(1,386)

 

 

 

 

(1,386)

Stock-based compensation

 

 

 

11,120

 

 

 

 

 

11,120

Stock option exercises

 

2,075

 

 

(4)

 

 

 

 

 

(4)

Exercise of warrants

4,534,130

45

(40)

5

Provision for common stock warrants

1,642

1,642

June 30, 2021

 

586,848,225

$

5,868

$

6,962,720

$

34

 

15,926,068

$

(40,434)

$

(2,097,319)

$

4,830,869

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements

6

Plug Power Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

Six months ended June 30,

2022

    

2021

    

Operating activities

Net loss

$

(329,785)

$

(160,380)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation of long-lived assets

 

11,204

 

9,725

Amortization of intangible assets

 

10,374

 

730

Stock-based compensation

 

88,245

 

20,815

Amortization of debt issuance costs and discount on convertible senior notes

1,336

1,726

Provision for common stock warrants

3,942

3,452

Deferred income tax benefit

(916)

(Benefit)/loss on service contracts

(18,131)

4,399

Fair value adjustment to contingent consideration

(2,605)

(230)

Net realized loss on investments

1,315

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