10-Q 1 plug-20210930x10q.htm 10-Q UNITED STATES
0001093691--12-312021Q3falsePlug Power IncNY212463000P1YP5DP5DP5DP1DP3DP5YP7YP5Y240150000000000P1YP1YP1Y0001093691us-gaap:AdditionalPaidInCapitalMemberus-gaap:PrivatePlacementMember2021-01-012021-09-300001093691us-gaap:PrivatePlacementMember2021-01-012021-09-300001093691us-gaap:CommonStockMemberus-gaap:PrivatePlacementMember2021-01-012021-09-300001093691plug:FivePointFivePercentOfConvertibleSeniorNotesMemberus-gaap:ForwardContractsMember2021-01-012021-09-300001093691us-gaap:RetainedEarningsMember2021-09-300001093691us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2021-09-300001093691us-gaap:AdditionalPaidInCapitalMember2021-09-300001093691plug:AccountingStandardsUpdate202006Memberus-gaap:RetainedEarningsMember2020-12-310001093691plug:AccountingStandardsUpdate202006Memberus-gaap:AdditionalPaidInCapitalMember2020-12-310001093691us-gaap:RetainedEarningsMember2020-12-310001093691us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2020-12-310001093691us-gaap:AdditionalPaidInCapitalMember2020-12-310001093691plug:AccountingStandardsUpdate202006Member2020-12-310001093691us-gaap:RetainedEarningsMember2020-09-300001093691us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2020-09-300001093691us-gaap:AdditionalPaidInCapitalMember2020-09-300001093691us-gaap:RetainedEarningsMember2019-12-310001093691us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2019-12-310001093691us-gaap:AdditionalPaidInCapitalMember2019-12-310001093691plug:SubsidiaryOfSkHoldingsCoLtdMember2021-02-280001093691plug:PublicOfferingsMember2021-02-2800010936912020-11-3000010936912020-08-310001093691plug:StockOptionsVestingBasedOnServiceMember2020-01-012020-12-310001093691plug:StockOptionsVestingBasedOnServiceMember2020-12-310001093691us-gaap:EmployeeStockOptionMember2021-07-012021-09-300001093691us-gaap:EmployeeStockOptionMemberplug:StockOptionAndIncentivePlan2011Member2021-05-122021-05-120001093691us-gaap:EmployeeStockOptionMember2020-07-012020-09-300001093691plug:StockIncentivePlan2021Member2021-07-310001093691us-gaap:EmployeeStockOptionMemberplug:StockOptionAndIncentivePlan2011Member2021-09-300001093691plug:StockOptionAndIncentivePlan2011Member2021-07-310001093691us-gaap:EmployeeStockOptionMemberplug:StockOptionAndIncentivePlan2011Member2011-05-120001093691srt:MinimumMemberplug:StockOptionsVestingBasedOnServiceMember2021-01-012021-09-300001093691plug:StockOptionsVestingBasedOnServiceMemberplug:StockIncentivePlan2011And2021Member2021-01-012021-09-300001093691us-gaap:RestrictedStockMember2020-12-310001093691srt:MinimumMemberplug:StockOptionsVestingBasedOnServiceMemberplug:StockIncentivePlan2011And2021Member2021-01-012021-09-300001093691srt:MaximumMemberplug:StockOptionsVestingBasedOnServiceMemberplug:StockIncentivePlan2011And2021Member2021-01-012021-09-300001093691srt:MinimumMemberus-gaap:RestrictedStockMember2021-01-012021-09-300001093691srt:MaximumMemberus-gaap:RestrictedStockMember2021-01-012021-09-300001093691srt:ManagementMemberplug:StockOptionsVestingBasedOnServiceMember2021-01-012021-09-300001093691plug:EmployeesMemberplug:StockOptionsVestingBasedOnServiceMember2021-01-012021-09-300001093691plug:ServicesPerformedOnFuelCellSystemsAndRelatedInfrastructureMember2021-09-300001093691plug:SaleOfHydrogenInstallationsAndOtherInfrastructureMember2021-09-300001093691plug:PowerPurchaseAgreementsMember2021-09-300001093691plug:OtherProductAndServicesMember2021-09-300001093691plug:FuelDeliveredToCustomersMember2021-09-300001093691plug:SalesOfFuelCellSystemsMember2021-07-012021-09-300001093691plug:SaleOfHydrogenInstallationsAndOtherInfrastructureMember2021-07-012021-09-300001093691plug:SalesOfFuelCellSystemsMember2021-01-012021-09-300001093691plug:SaleOfHydrogenInstallationsAndOtherInfrastructureMember2021-01-012021-09-300001093691plug:SalesOfFuelCellSystemsMember2020-07-012020-09-300001093691plug:SaleOfHydrogenInstallationsAndOtherInfrastructureMember2020-07-012020-09-300001093691plug:SalesOfFuelCellSystemsMember2020-01-012020-09-300001093691plug:SaleOfHydrogenInstallationsAndOtherInfrastructureMember2020-01-012020-09-300001093691us-gaap:LetterOfCreditMember2021-09-300001093691us-gaap:LeaseholdImprovementsMember2021-09-300001093691us-gaap:LandMember2021-09-300001093691us-gaap:ConstructionInProgressMember2021-09-300001093691plug:SoftwareMachineryAndEquipmentMember2021-09-300001093691us-gaap:LeaseholdImprovementsMember2020-12-310001093691us-gaap:LandMember2020-12-310001093691us-gaap:ConstructionInProgressMember2020-12-310001093691plug:SoftwareMachineryAndEquipmentMember2020-12-310001093691plug:LoanAndSecurityAgreementMemberus-gaap:SecuredDebtMember2020-01-012020-12-310001093691plug:SubsidiaryOfSkHoldingsCoLtdMember2021-02-012021-02-280001093691plug:PublicOfferingsMember2021-01-012021-02-2800010936912020-11-012020-11-3000010936912020-08-012020-08-310001093691us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2021-01-012021-09-300001093691us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2020-01-012020-09-300001093691us-gaap:RetainedEarningsMember2021-01-012021-09-300001093691us-gaap:RetainedEarningsMember2020-01-012020-09-300001093691plug:UnitedHydrogenGroupIncMemberplug:TermLoanFacilityMember2021-09-300001093691plug:TermLoanFacilityMember2021-09-300001093691us-gaap:FairValueInputsLevel3Memberplug:LiabilitiesLongTermDebtMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001093691us-gaap:FairValueInputsLevel3Memberplug:FinanceObligationsMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001093691us-gaap:FairValueInputsLevel3Memberplug:ContingentConsiderationMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001093691us-gaap:FairValueInputsLevel2Memberus-gaap:ConvertibleNotesPayableMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001093691us-gaap:ConvertibleNotesPayableMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001093691plug:LiabilitiesLongTermDebtMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001093691plug:FinanceObligationsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001093691plug:ContingentConsiderationMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001093691us-gaap:FairValueInputsLevel3Memberplug:LiabilitiesLongTermDebtMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001093691us-gaap:FairValueInputsLevel3Memberplug:FinanceObligationsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001093691us-gaap:FairValueInputsLevel3Memberplug:ContingentConsiderationMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001093691us-gaap:FairValueInputsLevel2Memberus-gaap:ConvertibleNotesPayableMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001093691us-gaap:ConvertibleNotesPayableMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001093691plug:LiabilitiesLongTermDebtMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001093691plug:FinanceObligationsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001093691plug:ContingentConsiderationMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001093691us-gaap:ConvertibleNotesPayableMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001093691plug:LiabilitiesLongTermDebtMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001093691plug:FinanceObligationsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001093691plug:ContingentConsiderationMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001093691us-gaap:ConvertibleNotesPayableMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001093691plug:LiabilitiesLongTermDebtMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001093691plug:FinanceObligationsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001093691plug:ContingentConsiderationMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001093691srt:MinimumMember2021-09-300001093691srt:MaximumMember2021-09-300001093691plug:GinerElxIncMember2020-01-012020-09-300001093691us-gaap:InProcessResearchAndDevelopmentMember2021-09-300001093691us-gaap:InProcessResearchAndDevelopmentMember2020-12-310001093691us-gaap:TechnologyBasedIntangibleAssetsMember2021-09-300001093691plug:CustomerRelationshipsBacklogAndTrademarkMember2021-09-300001093691us-gaap:TechnologyBasedIntangibleAssetsMember2020-12-310001093691plug:CustomerRelationshipsBacklogAndTrademarkMember2020-12-310001093691plug:FinancingTransactionFinanceObligationMember2020-09-300001093691plug:FinancingTransactionFinanceObligationMember2020-01-012020-09-300001093691plug:FutureServicesMemberplug:SaleLeasebackAgreementsAssociatedWithProductsAndServicesMember2021-09-300001093691plug:SaleLeasebackAgreementsAssociatedWithProductsAndServicesMember2021-09-300001093691plug:FutureServicesMemberplug:SaleLeasebackAgreementsAssociatedWithProductsAndServicesMember2020-12-310001093691plug:SaleLeasebackAgreementsAssociatedWithProductsAndServicesMember2020-12-310001093691us-gaap:FixedIncomeFundsMember2021-01-012021-09-300001093691us-gaap:ExchangeTradedFundsMember2021-01-012021-09-300001093691us-gaap:FixedIncomeFundsMember2021-09-300001093691us-gaap:ExchangeTradedFundsMember2021-09-300001093691plug:RenaultMemberplug:HyviaMember2021-09-300001093691plug:PlugPowerFranceMemberplug:HyviaMember2021-09-300001093691plug:StockOptionsVestingBasedOnPerformanceMember2021-09-300001093691plug:StockOptionsVestingBasedOnServiceMember2020-09-300001093691us-gaap:RestrictedStockMember2021-09-300001093691us-gaap:RestrictedStockMember2020-09-300001093691plug:FivePointFivePercentOfConvertibleSeniorNotesMemberus-gaap:CallOptionMember2020-05-310001093691plug:SavingsAndRetirementPlan401KMember2021-07-012021-09-300001093691plug:SavingsAndRetirementPlan401KMember2021-01-012021-09-300001093691plug:SavingsAndRetirementPlan401KMember2020-07-012020-09-300001093691plug:SavingsAndRetirementPlan401KMember2020-01-012020-09-300001093691plug:FivePointFivePercentOfConvertibleSeniorNotesMemberus-gaap:CallOptionMember2020-05-012020-05-310001093691plug:FivePointFivePercentOfConvertibleSeniorNotesMember2021-09-300001093691plug:LoanAndSecurityAgreementMemberus-gaap:SecuredDebtMember2020-12-310001093691plug:SevenPointFivePercentOfConvertibleSeniorNotesMember2020-09-300001093691plug:FivePointFivePercentOfConvertibleSeniorNotesMember2020-09-300001093691plug:FivePointFivePercentOfConvertibleSeniorNotesMember2020-05-310001093691plug:LoanAndSecurityAgreementMemberus-gaap:SecuredDebtMember2019-12-310001093691plug:SevenPointFivePercentOfConvertibleSeniorNotesMember2019-09-300001093691plug:ThreePointSevenFivePercentOfConvertibleSeniorNotesMember2021-03-310001093691plug:FivePointFivePercentOfConvertibleSeniorNotesMember2021-01-310001093691plug:FivePointFivePercentOfConvertibleSeniorNotesMember2021-01-070001093691plug:FivePointFivePercentOfConvertibleSeniorNotesMember2020-12-310001093691plug:ThreePointSevenFivePercentOfConvertibleSeniorNotesMember2020-05-310001093691plug:ThreePointSevenFivePercentOfConvertibleSeniorNotesMember2020-05-290001093691plug:FivePointFivePercentOfConvertibleSeniorNotesMember2020-05-180001093691plug:FivePointFivePercentOfConvertibleSeniorNotesMember2019-09-300001093691plug:GenerateLendingLlcMemberus-gaap:SecuredDebtMemberplug:LoanAndSecurityAgreementMember2019-03-310001093691plug:FivePointFivePercentOfConvertibleSeniorNotesMember2018-03-310001093691plug:ThreePointSevenFivePercentOfConvertibleSeniorNotesMember2020-05-180001093691plug:ThreePointSevenFivePercentOfConvertibleSeniorNotesMember2021-07-012021-09-300001093691plug:ThreePointSevenFivePercentOfConvertibleSeniorNotesMember2021-04-012021-06-300001093691plug:FivePointFivePercentOfConvertibleSeniorNotesMember2021-01-072021-01-070001093691plug:ThreePointSevenFivePercentOfConvertibleSeniorNotesMember2021-01-012021-03-310001093691plug:FivePointFivePercentOfConvertibleSeniorNotesMember2021-01-012021-01-310001093691plug:FivePointFivePercentOfConvertibleSeniorNotesMember2019-09-012019-09-300001093691plug:ServicesPerformedOnFuelCellSystemsAndRelatedInfrastructureMember2021-07-012021-09-300001093691plug:SaleOfFuelCellSystemsAndOtherInfrastructureMember2021-07-012021-09-300001093691plug:ProvisionForLossContractsRelatedToServiceMember2021-07-012021-09-300001093691plug:PowerPurchaseAgreementsMember2021-07-012021-09-300001093691plug:OtherProductAndServicesMember2021-07-012021-09-300001093691plug:FuelDeliveredToCustomersMember2021-07-012021-09-300001093691plug:ServicesPerformedOnFuelCellSystemsAndRelatedInfrastructureMember2021-01-012021-09-300001093691plug:SaleOfFuelCellSystemsAndOtherInfrastructureMember2021-01-012021-09-300001093691plug:ProvisionForLossContractsRelatedToServiceMember2021-01-012021-09-300001093691plug:PowerPurchaseAgreementsMember2021-01-012021-09-300001093691plug:OtherProductAndServicesMember2021-01-012021-09-300001093691plug:FuelDeliveredToCustomersMember2021-01-012021-09-300001093691plug:ServicesPerformedOnFuelCellSystemsAndRelatedInfrastructureMember2020-07-012020-09-300001093691plug:SaleOfFuelCellSystemsAndOtherInfrastructureMember2020-07-012020-09-300001093691plug:ProvisionForLossContractsRelatedToServiceMember2020-07-012020-09-300001093691plug:PowerPurchaseAgreementsMember2020-07-012020-09-300001093691plug:OtherProductAndServicesMember2020-07-012020-09-300001093691plug:FuelDeliveredToCustomersMember2020-07-012020-09-300001093691plug:ServicesPerformedOnFuelCellSystemsAndRelatedInfrastructureMember2020-01-012020-09-300001093691plug:SaleOfFuelCellSystemsAndOtherInfrastructureMember2020-01-012020-09-300001093691plug:ProvisionForLossContractsRelatedToServiceMember2020-01-012020-09-300001093691plug:PowerPurchaseAgreementsMember2020-01-012020-09-300001093691plug:OtherProductAndServicesMember2020-01-012020-09-300001093691plug:FuelDeliveredToCustomersMember2020-01-012020-09-300001093691plug:ThreePointSevenFivePercentOfConvertibleSeniorNotesMember2021-09-300001093691plug:FivePointFivePercentOfConvertibleSeniorNotesMember2020-10-012020-12-310001093691us-gaap:OtherCurrentLiabilitiesMember2021-09-300001093691plug:SalesOfFuelCellSystemsMember2021-09-300001093691us-gaap:OtherCurrentLiabilitiesMember2020-12-310001093691plug:SalesOfFuelCellSystemsMember2020-12-310001093691plug:ThreeCustomersMemberus-gaap:RevenueFromContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMember2021-07-012021-09-300001093691plug:ThreeCustomersMemberus-gaap:RevenueFromContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMember2021-01-012021-09-300001093691plug:OneCustomersMemberus-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMember2021-01-012021-09-300001093691plug:TwoCustomersMemberus-gaap:RevenueFromContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMember2020-07-012020-09-300001093691plug:ThreeCustomersMemberus-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMember2020-01-012020-12-310001093691plug:TwoCustomersMemberus-gaap:RevenueFromContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMember2020-01-012020-09-300001093691plug:SeriesJuniorParticipatingCumulativePreferredStockMember2021-09-300001093691plug:SeriesJuniorParticipatingCumulativePreferredStockMember2020-12-310001093691us-gaap:TreasuryStockMember2021-09-300001093691us-gaap:CommonStockMember2021-09-300001093691us-gaap:TreasuryStockMember2020-12-310001093691us-gaap:CommonStockMember2020-12-310001093691us-gaap:TreasuryStockMember2020-09-300001093691us-gaap:CommonStockMember2020-09-300001093691us-gaap:TreasuryStockMember2019-12-310001093691us-gaap:CommonStockMember2019-12-310001093691plug:WarrantIssuedWithWalmartStoresIncTransactionAgreementInJuly2017Member2017-07-200001093691plug:TrancheThreeOfWarrantIssuedWithAmazon.comIncTransactionAgreementInJuly2017Member2017-07-200001093691plug:WarrantIssuedWithAmazon.comIncTransactionAgreementInApril2017Member2017-04-040001093691plug:TrancheOneOfWarrantIssuedWithAmazon.comIncTransactionAgreementInApril2017Member2017-04-040001093691plug:TrancheThreeOfWarrantIssuedWithAmazon.comIncTransactionAgreementInApril2017Member2021-09-3000010936912020-09-3000010936912019-12-310001093691plug:FramesGroupMemberus-gaap:SubsequentEventMember2021-11-012021-11-300001093691plug:AppliedCryoTechnologiesMemberus-gaap:SubsequentEventMember2021-10-142021-10-140001093691us-gaap:CertificatesOfDepositMember2021-09-300001093691us-gaap:USTreasurySecuritiesMember2021-09-300001093691us-gaap:CorporateBondSecuritiesMember2021-09-300001093691us-gaap:CommercialPaperMember2021-09-300001093691us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001093691us-gaap:USTreasurySecuritiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001093691us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001093691us-gaap:EquitySecuritiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001093691us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001093691us-gaap:CorporateBondSecuritiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001093691us-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001093691us-gaap:CommercialPaperMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001093691us-gaap:CertificatesOfDepositMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001093691us-gaap:CertificatesOfDepositMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001093691us-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001093691us-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001093691us-gaap:CashAndCashEquivalentsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001093691us-gaap:USTreasurySecuritiesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001093691us-gaap:EquitySecuritiesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001093691us-gaap:CorporateBondSecuritiesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001093691us-gaap:CommercialPaperMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001093691us-gaap:CertificatesOfDepositMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001093691us-gaap:CashAndCashEquivalentsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001093691us-gaap:WarrantMember2021-01-012021-09-300001093691us-gaap:RestrictedStockMember2021-01-012021-09-300001093691us-gaap:EmployeeStockOptionMember2021-01-012021-09-300001093691us-gaap:ConvertibleNotesPayableMember2021-01-012021-09-300001093691us-gaap:WarrantMember2020-01-012020-09-300001093691us-gaap:RestrictedStockMember2020-01-012020-09-300001093691us-gaap:EmployeeStockOptionMember2020-01-012020-09-300001093691us-gaap:ConvertibleNotesPayableMember2020-01-012020-09-300001093691us-gaap:RestrictedStockMember2021-07-012021-09-300001093691plug:StockOptionsVestingBasedOnServiceMember2021-07-012021-09-300001093691plug:StockOptionsVestingBasedOnPerformanceMember2021-07-012021-09-300001093691plug:StockOptionAndIncentivePlan2011Member2021-07-012021-09-300001093691plug:NonEmployeeDirectorMember2021-07-012021-09-300001093691us-gaap:RestrictedStockMember2021-01-012021-09-300001093691plug:StockOptionAndIncentivePlan2011Member2021-01-012021-09-300001093691plug:NonEmployeeDirectorMember2021-01-012021-09-300001093691us-gaap:RestrictedStockMember2020-07-012020-09-300001093691plug:StockOptionsVestingBasedOnServiceMember2020-07-012020-09-300001093691plug:StockOptionAndIncentivePlan2011Member2020-07-012020-09-300001093691plug:NonEmployeeDirectorMember2020-07-012020-09-300001093691us-gaap:RestrictedStockMember2020-01-012020-09-300001093691plug:StockOptionsVestingBasedOnServiceMember2020-01-012020-09-300001093691plug:StockOptionAndIncentivePlan2011Member2020-01-012020-09-300001093691plug:NonEmployeeDirectorMember2020-01-012020-09-300001093691us-gaap:TreasuryStockMember2021-01-012021-09-300001093691us-gaap:TreasuryStockMember2020-01-012020-09-3000010936912021-01-010001093691us-gaap:TechnologyBasedIntangibleAssetsMember2021-01-012021-09-300001093691plug:CustomerRelationshipsBacklogAndTrademarkMember2021-01-012021-09-300001093691us-gaap:TechnologyBasedIntangibleAssetsMember2020-01-012020-12-310001093691plug:CustomerRelationshipsBacklogAndTrademarkMember2020-01-012020-12-310001093691plug:TrancheThreeOfWarrantIssuedWithAmazon.comIncTransactionAgreementInApril2017Member2020-12-312020-12-310001093691plug:WarrantIssuedWithWalmartStoresIncTransactionAgreementInJuly2017Member2020-07-012020-09-300001093691plug:WarrantIssuedWithAmazon.comIncTransactionAgreementInApril2017Member2020-07-012020-09-300001093691plug:TrancheTwoOfWarrantIssuedWithAmazon.comIncTransactionAgreementInApril2017Member2020-01-012020-12-310001093691plug:TrancheThreeOfWarrantIssuedWithAmazon.comIncTransactionAgreementInApril2017Member2020-01-012020-12-310001093691plug:WarrantIssuedWithWalmartStoresIncTransactionAgreementInJuly2017Member2020-01-012020-09-300001093691plug:WarrantIssuedWithAmazon.comIncTransactionAgreementInApril2017Member2020-01-012020-09-300001093691plug:TrancheTwoOfWarrantIssuedWithAmazon.comIncTransactionAgreementInApril2017Member2019-01-012019-12-310001093691plug:TrancheTwoOfWarrantIssuedWithAmazon.comIncTransactionAgreementInApril2017Member2018-01-012018-12-310001093691plug:TrancheOneOfWarrantIssuedWithWalmartStoresIncTransactionAgreementInJuly2017Member2017-07-202017-07-2000010936912020-11-022020-11-0200010936912020-11-020001093691plug:ThreePointSevenFivePercentOfConvertibleSeniorNotesMemberus-gaap:AdditionalPaidInCapitalMember2021-01-012021-09-300001093691plug:FivePointFivePercentOfConvertibleSeniorNotesMemberus-gaap:AdditionalPaidInCapitalMember2021-01-012021-09-300001093691plug:FivePointFivePercentOfConvertibleSeniorNotesMember2021-01-012021-09-300001093691plug:SevenPointFivePercentOfConvertibleSeniorNotesMemberus-gaap:AdditionalPaidInCapitalMember2020-01-012020-09-300001093691plug:SevenPointFivePercentOfConvertibleSeniorNotesMember2020-01-012020-09-300001093691us-gaap:CommonStockMember2021-01-012021-09-300001093691plug:ThreePointSevenFivePercentOfConvertibleSeniorNotesMemberus-gaap:CommonStockMember2021-01-012021-09-300001093691plug:FivePointFivePercentOfConvertibleSeniorNotesMemberus-gaap:CommonStockMember2021-01-012021-09-300001093691plug:SevenPointFivePercentOfConvertibleSeniorNotesMemberus-gaap:CommonStockMember2020-01-012020-09-300001093691us-gaap:CommonStockMember2020-01-012020-09-300001093691plug:StockOptionsVestingBasedOnServiceMember2021-01-012021-09-300001093691plug:StockOptionsVestingBasedOnPerformanceMember2021-01-012021-09-300001093691plug:StockOptionsVestingBasedOnServiceMember2021-09-300001093691plug:FinancingTransactionFinanceObligationMember2021-01-012021-09-300001093691plug:ServicesPerformedOnFuelCellSystemsAndRelatedInfrastructureMembersrt:MinimumMember2021-01-012021-09-300001093691plug:ServicesPerformedOnFuelCellSystemsAndRelatedInfrastructureMembersrt:MaximumMember2021-01-012021-09-300001093691plug:SalesOfFuelCellSystemsMembersrt:MaximumMember2021-01-012021-09-300001093691plug:PowerPurchaseAgreementsMembersrt:MinimumMember2021-01-012021-09-300001093691plug:PowerPurchaseAgreementsMembersrt:MaximumMember2021-01-012021-09-300001093691plug:WarrantIssuedWithAmazonMember2020-01-012020-12-310001093691srt:MaximumMemberplug:StockOptionsVestingBasedOnServiceMember2021-01-012021-09-300001093691plug:TrancheThreeOfWarrantIssuedWithAmazon.comIncTransactionAgreementInApril2017Member2021-01-012021-09-300001093691plug:ThreePointSevenFivePercentOfConvertibleSeniorNotesMemberus-gaap:CallOptionMember2020-05-182020-05-180001093691us-gaap:ForwardContractsMember2021-07-012021-09-300001093691us-gaap:ForwardContractsMember2021-01-012021-09-300001093691us-gaap:ForwardContractsMember2020-10-012020-12-3100010936912020-01-012020-12-3100010936912020-12-310001093691plug:SaleOfFutureRevenueDebtMember2021-09-300001093691plug:FinancingTransactionFinanceObligationMember2021-09-3000010936912021-09-300001093691plug:WarrantIssuedWithAmazon.comIncTransactionAgreementInApril2017Member2020-11-022020-11-020001093691plug:WarrantIssuedWithAmazon.comIncTransactionAgreementInApril2017Member2020-01-012020-12-310001093691plug:ThreePointSevenFivePercentOfConvertibleSeniorNotesMember2021-01-012021-09-300001093691us-gaap:AdditionalPaidInCapitalMember2021-01-012021-09-300001093691plug:ThreePointSevenFivePercentOfConvertibleSeniorNotesMemberus-gaap:CallOptionMember2020-05-180001093691srt:MinimumMemberplug:ThreePointSevenFivePercentOfConvertibleSeniorNotesMember2020-05-182020-05-180001093691srt:MaximumMemberplug:ThreePointSevenFivePercentOfConvertibleSeniorNotesMember2020-05-182020-05-180001093691plug:FivePointFivePercentOfConvertibleSeniorNotesMember2020-05-012020-05-310001093691plug:ThreePointSevenFivePercentOfConvertibleSeniorNotesMember2020-05-182020-05-180001093691plug:ThreePointSevenFivePercentOfConvertibleSeniorNotesMember2020-05-012020-05-310001093691plug:CostOfRevenueFuelDeliveredToCustomersMember2021-01-012021-06-300001093691plug:OneCustomersMemberus-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMember2021-09-300001093691plug:ThreeCustomersMemberus-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMember2020-12-3100010936912020-07-012020-09-300001093691plug:WarrantIssuedWithAmazonAndWalmartStoresIncTransactionAgreementIn2017Member2021-01-012021-09-300001093691plug:WarrantIssuedWithAmazonAndWalmartStoresIncTransactionAgreementIn2017Member2020-01-012020-12-310001093691plug:WarrantIssuedWithWalmartStoresIncTransactionAgreementInJuly2017Member2021-09-300001093691plug:WarrantIssuedWithWalmartStoresIncTransactionAgreementInJuly2017Member2020-12-310001093691plug:WarrantIssuedWithAmazonMember2020-12-310001093691plug:WarrantIssuedWithAmazon.comIncTransactionAgreementInApril2017Member2020-12-310001093691plug:WarrantIssuedWithAmazonMember2020-11-020001093691plug:TrancheThreeOfWarrantIssuedWithAmazon.comIncTransactionAgreementInApril2017Member2020-11-020001093691plug:TrancheTwoOfWarrantIssuedWithAmazon.comIncTransactionAgreementInApril2017Member2019-01-010001093691plug:TrancheTwoOfWarrantIssuedWithWalmartStoresIncTransactionAgreementInJuly2017Member2017-07-200001093691plug:TrancheOneOfWarrantIssuedWithWalmartStoresIncTransactionAgreementInJuly2017Member2017-07-200001093691srt:MaximumMemberplug:WarrantIssuedWithAmazonAndWalmartStoresIncTransactionAgreementIn2017Member2017-01-012017-12-310001093691plug:TrancheOneOfWarrantIssuedWithAmazon.comIncTransactionAgreementInApril2017Member2021-01-012021-09-300001093691plug:WarrantIssuedWithWalmartStoresIncTransactionAgreementInJuly2017Member2021-07-012021-09-300001093691plug:WarrantIssuedWithAmazon.comIncTransactionAgreementInApril2017Member2021-07-012021-09-3000010936912021-07-012021-09-300001093691plug:WarrantIssuedWithWalmartStoresIncTransactionAgreementInJuly2017Member2021-04-012021-06-300001093691plug:WarrantIssuedWithWalmartStoresIncTransactionAgreementInJuly2017Member2021-01-012021-09-300001093691plug:WarrantIssuedWithAmazon.comIncTransactionAgreementInApril2017Member2021-01-012021-09-300001093691plug:WarrantIssuedWithWalmartStoresIncTransactionAgreementInJuly2017Member2021-01-012021-03-310001093691plug:WarrantIssuedWithWalmartStoresIncTransactionAgreementInJuly2017Member2020-10-012020-12-310001093691srt:MaximumMemberplug:TrancheThreeOfWarrantIssuedWithAmazon.comIncTransactionAgreementInApril2017Member2020-11-022020-11-020001093691plug:TrancheThreeOfWarrantIssuedWithAmazon.comIncTransactionAgreementInApril2017Member2020-11-022020-11-020001093691srt:MaximumMemberplug:TrancheTwoOfWarrantIssuedWithAmazon.comIncTransactionAgreementInApril2017Member2019-01-012019-01-010001093691plug:TrancheTwoOfWarrantIssuedWithAmazon.comIncTransactionAgreementInApril2017Member2019-01-012019-01-010001093691srt:MaximumMemberplug:WarrantIssuedWithWalmartStoresIncTransactionAgreementInJuly2017Member2017-07-202017-07-200001093691srt:MaximumMemberplug:TrancheTwoOfWarrantIssuedWithWalmartStoresIncTransactionAgreementInJuly2017Member2017-07-202017-07-200001093691srt:MaximumMemberplug:TrancheThreeOfWarrantIssuedWithAmazon.comIncTransactionAgreementInJuly2017Member2017-07-202017-07-200001093691plug:WarrantIssuedWithWalmartStoresIncTransactionAgreementInJuly2017Member2017-07-202017-07-200001093691plug:TrancheTwoOfWarrantIssuedWithWalmartStoresIncTransactionAgreementInJuly2017Member2017-07-202017-07-200001093691plug:TrancheThreeOfWarrantIssuedWithAmazon.comIncTransactionAgreementInJuly2017Member2017-07-202017-07-200001093691plug:TrancheOneOfWarrantIssuedWithAmazon.comIncTransactionAgreementInApril2017Member2017-04-042017-04-040001093691plug:AtMarketIssuanceSalesAgreementMember2020-04-132020-04-130001093691us-gaap:AdditionalPaidInCapitalMember2020-01-012020-09-3000010936912020-01-012020-09-3000010936912021-11-0800010936912021-01-012021-09-30xbrli:sharesiso4217:USDplug:customeriso4217:USDxbrli:sharesplug:installmentplug:itemxbrli:pureiso4217:EURplug:D

.

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 September 30, 2021

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 November 8, 2021 was 576,355,807.

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

33

Item 3 – Quantitative and Qualitative Disclosures About Market Risk

59

Item 4 – Controls and Procedures

60

PART II. OTHER INFORMATION

Item 1 – Legal Proceedings

61

Item 1A – Risk Factors

63

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

63

Item 3 – Defaults Upon Senior Securities

63

Item 4 – Mine Safety Disclosures

63

Item 5 – Other Information

63

Item 6 – Exhibits

64

Signatures

65

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)

    

September 30,

    

December 31,

2021

2020

Assets

Current assets:

Cash and cash equivalents

$

3,371,962

$

1,312,404

Restricted cash

90,688

64,041

Available-for-sale securities, at fair value
(amortized cost $756,841 and allowance for credit losses of $0 at September 30, 2021)

752,766

Equity securities

147,649

Accounts receivable

 

132,370

 

43,041

Inventory

 

229,814

 

139,386

Prepaid expenses and other current assets

 

62,746

 

44,324

Total current assets

 

4,787,995

 

1,603,196

Restricted cash

 

390,542

 

257,839

Property, plant, and equipment, net

169,586

 

74,549

Right of use assets related to finance leases, net

22,039

5,724

Right of use assets related to operating leases, net

167,907

117,016

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

78,711

 

75,807

Goodwill

71,856

72,387

Intangible assets, net

 

37,644

 

39,251

Other assets

 

13,820

 

5,513

Total assets

$

5,740,100

$

2,251,282

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

$

68,378

$

50,198

Accrued expenses

 

52,645

 

46,083

Deferred revenue

 

35,463

 

23,275

Operating lease liabilities

23,284

14,314

Finance lease liabilities

2,758

903

Finance obligations

35,595

32,717

Current portion of long-term debt

23,491

25,389

Other current liabilities

 

28,329

 

29,487

Total current liabilities

 

269,943

 

222,366

Deferred revenue

 

63,402

 

32,944

Operating lease liabilities

139,400

99,624

Finance lease liabilities

17,027

4,493

Finance obligations

 

172,242

 

148,836

Convertible senior notes, net

192,320

85,640

Long-term debt

123,764

150,013

Other liabilities

 

55,113

 

40,447

Total liabilities

 

1,033,211

 

784,363

Stockholders’ equity:

Common stock, $0.01 par value per share; 1,500,000,000 shares authorized; Issued (including shares in treasury): 593,077,995 at September 30, 2021 and 473,977,469 at December 31, 2020

 

5,930

 

4,740

Additional paid-in capital

 

6,978,454

 

3,446,650

Accumulated other comprehensive (loss) gain

 

(2,338)

 

2,451

Accumulated deficit

 

(2,203,989)

 

(1,946,488)

Less common stock in treasury: 17,032,648 at September 30, 2021 and 15,926,068 at December 31, 2020

(71,168)

(40,434)

Total stockholders’ equity

 

4,706,889

 

1,466,919

Total liabilities and stockholders’ equity

$

5,740,100

$

2,251,282

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

Nine Months Ended

September 30,

September 30,

2021

    

2020

2021

    

2020

Net revenue:

Sales of fuel cell systems and related infrastructure

$

115,999

$

83,662

$

262,049

$

151,876

Services performed on fuel cell systems and related infrastructure

6,677

6,829

18,397

19,586

Power Purchase Agreements

 

9,321

 

6,629

 

25,508

 

19,629

Fuel delivered to customers

 

11,556

 

9,831

 

33,804

 

24,536

Other

369

97

679

235

Net revenue

143,922

107,048

340,437

215,862

Cost of revenue:

Sales of fuel cell systems and related infrastructure

 

89,235

 

69,428

 

198,122

 

117,290

Services performed on fuel cell systems and related infrastructure

 

18,697

 

9,180

 

47,258

 

27,300

Provision for loss contracts related to service

7,462

25,147

15,641

25,948

Power Purchase Agreements

 

31,199

 

14,744

 

71,776

 

44,019

Fuel delivered to customers

 

27,857

 

17,002

 

90,331

 

39,332

Other

 

550

 

131

 

856

 

275

Total cost of revenue

 

175,000

 

135,632

 

423,984

 

254,164

Gross loss

 

(31,078)

 

(28,584)

 

(83,547)

 

(38,302)

Operating expenses:

Research and development

16,634

7,386

37,623

17,033

Selling, general and administrative

42,421

17,210

106,652

49,963

Change in fair value of contingent consideration

8,530

1,130

8,760

1,130

Total operating expenses

67,585

25,726

153,035

68,126

Operating loss

(98,663)

(54,310)

(236,582)

(106,428)

Interest, net

 

(5,361)

 

(17,248)

 

(27,895)

 

(42,407)

Other expense, net

 

(50)

 

(303)

 

(318)

 

(452)

Realized loss on investments, net

(254)

(236)

Change in fair value of equity securities

(607)

(284)

Gain on extinguishment of debt

13,222

Loss on equity method investments

(1,736)

(1,736)

Loss before income taxes

$

(106,671)

$

(71,861)

$

(267,051)

$

(136,065)

Income tax benefit

 

 

6,644

 

 

24,015

Net loss attributable to the Company

$

(106,671)

$

(65,217)

$

(267,051)

$

(112,050)

Preferred stock dividends declared

 

 

 

 

(26)

Net loss attributable to common stockholders

$

(106,671)

$

(65,217)

$

(267,051)

$

(112,076)

Net loss per share:

Basic and diluted

$

(0.19)

$

(0.18)

$

(0.48)

$

(0.34)

Weighted average number of common stock outstanding

 

574,520,806

 

371,010,544

 

551,894,779

 

330,949,265

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

Nine months ended

September 30,

September 30,

    

2021

    

2020

 

2021

    

2020

Net loss attributable to the Company

$

(106,671)

$

(65,217)

$

(267,051)

$

(112,050)

Other comprehensive gain (loss):

Foreign currency translation (loss) gain

 

(172)

 

687

 

(714)

 

558

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

(2,200)

(4,075)

Comprehensive loss attributable to the Company

$

(109,043)

$

(64,530)

$

(271,840)

$

(111,492)

Preferred stock dividends declared

(26)

Comprehensive loss attributable to common stockholders

$

(109,043)

$

(64,530)

$

(271,840)

$

(111,518)

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

    

Shares

    

Amount

    

Deficit

    

Equity

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 attributable to the Company

 

 

 

 

 

 

(267,051)

 

(267,051)

Cumulative impact of Accounting Standards Update 2020-06 adoption

(130,185)

9,550

(120,635)

Other comprehensive loss

 

 

 

(4,789)

 

 

 

(4,789)

Stock-based compensation

61,408

 

 

34,813

 

 

 

 

 

34,813

Public offerings, common stock, net

32,200,000

322

2,022,871

 

2,023,193

Private offerings, common stock, net

54,966,188

549

1,564,088

1,564,637

Stock option exercises

4,576,102

 

46

 

5,270

 

 

 

 

 

5,316

Stock exchanged for tax withholding

1,106,580

(30,734)

(30,734)

Exercise of warrants

24,210,984

 

242

 

15,203

 

 

 

 

15,445

Provision for common stock warrants

4,430

 

4,430

Conversion of 3.75% Convertible Senior Notes

3,016,036

30

15,155

 

15,185

Conversion of 5.5% Convertible Senior Notes

69,808

1

159

160

September 30, 2021

593,077,995

$

5,930

$

6,978,454

$

(2,338)

 

17,032,648

$

(71,168)

$

(2,203,989)

$

4,706,889

December 31, 2019

 

318,637,560

$

3,186

$

1,506,953

$

1,288

 

15,259,045

$

(31,216)

$

(1,350,307)

$

129,904

Net loss attributable to the Company

 

 

 

 

 

 

 

(112,050)

 

(112,050)

Other comprehensive gain

 

 

 

 

558

 

 

 

 

558

Stock-based compensation

 

402,003

 

4

 

9,254

 

 

 

 

 

9,258

Stock dividend

 

5,156

 

 

20

 

 

 

 

(20)

 

Public offerings, net

35,276,250

353

344,045

344,398

Stock option exercises

 

13,736,265

 

137

 

32,416

 

 

 

 

 

32,553

Stock exchanged for tax withholding

667,023

 

(9,218)

(9,218)

Equity component of convertible senior notes, net of issuance costs and income tax benefit

108,479

108,479

Purchase of capped calls

(16,253)

(16,253)

Termination of capped calls

24,158

24,158

Provision for common stock warrants

32,529

32,529

Accretion of discount, preferred stock

(29)

(29)

Conversion of preferred stock

 

2,998,526

 

30

 

1,148

 

 

 

 

 

1,178

Conversion of 7.5% Convertible Senior Note

16,000,000

160

42,713

42,873

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

9,409,591

94

(51,840)

(51,746)

Shares issued for acquisitions

9,658,465

97

49,576

49,673

September 30, 2020

 

406,123,816

$

4,061

$

2,083,169

$

1,846

 

15,926,068

$

(40,434)

$

(1,462,377)

$

586,265

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)

Nine months ended

September 30,

 

2021

    

2020

Operating Activities

Net loss attributable to the Company

$

(267,051)

$

(112,050)

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

Depreciation of long-lived assets

 

15,903

 

9,860

Amortization of intangible assets

 

1,095

 

835

Stock-based compensation

 

34,813

 

9,258

Gain on extinguishment of debt

(13,222)

Amortization of debt issuance costs and discount on convertible senior notes

2,371

12,183

Provision for common stock warrants

4,746

25,198

Income tax benefit

(24,015)

Impairment of long-lived assets

1,329

Loss on service contracts

9,586

25,110

Fair value adjustment to contingent consideration

(8,760)

1,130

Net realized loss on investments

236

Lease origination costs

(7,889)

Change in fair value for equity securities

284

Loss on equity method investments

1,736

Changes in operating assets and liabilities that provide (use) cash:

Accounts receivable

 

(89,329)

 

(86,056)

Inventory

 

(90,428)

 

(57,615)

Prepaid expenses, and other assets

 

(28,465)

 

(4,956)

Accounts payable, accrued expenses, and other liabilities

 

28,992

 

41,125

Deferred revenue

 

42,330

 

16,709

Net cash used in operating activities

 

(348,501)

 

(156,506)

Investing Activities

Purchases of property, plant and equipment

 

(91,384)

 

(11,265)

Purchase of intangible assets

(1,638)

Purchases of equipment related to power purchase agreements and equipment related to fuel delivered to customers

(17,900)

(13,699)

Purchase of available-for-sale securities

(1,862,951)

Proceeds from sales and maturities of available-for-sale securities

1,105,874

Proceeds from sales of equity securities

21,780

Purchase of equity securities

(169,713)

Net cash paid for acquisition

(45,113)

Net cash used in investing activities

 

(1,014,294)

 

(71,715)

Financing Activities

Proceeds from exercise of warrants, net of transaction costs

 

15,445

 

Proceeds from public and private offerings, net of transaction costs

 

3,587,830

 

344,398

Payments of tax withholding on behalf of employees for net stock settlement of stock-based compensation

(30,734)

(9,218)

Proceeds from exercise of stock options

 

5,316

 

32,553

Proceeds from issuance of convertible senior notes, net

205,098

Repurchase of convertible senior notes

(90,238)

Purchase of capped calls and common stock forward

(16,253)

Proceeds from termination of capped calls

24,158

Principal payments on long-term debt

(29,129)

(27,845)

Proceeds from long-term debt, net

99,000

Repayments of finance obligations and finance leases

(20,413)

(19,038)

Proceeds from finance obligations

 

53,447

 

47,568

Net cash provided by financing activities