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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 September 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 November 4, 2022 was 582,904,421 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

38

Item 3 – Quantitative and Qualitative Disclosures About Market Risk

55

Item 4 – Controls and Procedures

55

PART II. OTHER INFORMATION

Item 1 – Legal Proceedings

58

Item 1A – Risk Factors

58

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

59

Item 3 – Defaults Upon Senior Securities

59

Item 4 – Mine Safety Disclosures

59

Item 5 – Other Information

59

Item 6 – Exhibits

60

Signatures

62

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,

2022

2021

Assets

Current assets:

Cash and cash equivalents

$

1,747,753

$

2,481,269

Restricted cash

156,686

118,633

Available-for-sale securities, at fair value
(amortized cost $845,509 and allowance for credit losses of $0 at September 30, 2022 and amortized cost $1,242,933 and allowance for credit losses of $0 at December 31, 2021)

819,440

1,240,265

Equity securities

130,121

147,995

Accounts receivable

 

95,472

 

92,675

Inventory

 

516,280

 

269,163

Contract assets

50,394

38,637

Prepaid expenses and other current assets

 

135,506

 

59,888

Total current assets

 

3,651,652

 

4,448,525

Restricted cash

 

650,651

 

532,292

Property, plant, and equipment, net

607,268

 

255,623

Right of use assets related to finance leases, net

49,603

32,494

Right of use assets related to operating leases, net

311,878

212,537

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

88,490

 

72,902

Contract assets

20,485

120

Goodwill

230,719

220,436

Intangible assets, net

 

195,647

 

158,208

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

41,162

12,892

Other assets

 

11,249

 

4,047

Total assets

$

5,858,804

$

5,950,076

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

$

199,865

$

92,307

Accrued expenses

 

157,479

 

79,237

Deferred revenue and other contract liabilities

 

108,026

 

116,377

Operating lease liabilities

43,363

30,822

Finance lease liabilities

7,216

4,718

Finance obligations

53,236

42,040

Current portion of long-term debt

937

15,252

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

 

29,269

 

39,800

Total current liabilities

 

599,391

 

420,553

Deferred revenue and other contract liabilities

 

81,119

 

66,713

Operating lease liabilities

245,715

175,635

Finance lease liabilities

35,864

24,611

Finance obligations

 

250,358

 

211,644

Convertible senior notes, net

193,592

192,633

Long-term debt

65,325

112,794

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

 

163,864

 

139,797

Total liabilities

 

1,635,228

 

1,344,380

Stockholders’ equity:

Common stock, $0.01 par value per share; 1,500,000,000 shares authorized; Issued (including shares in treasury): 598,777,468 at September 30, 2022 and 594,729,610 at December 31, 2021

 

5,988

 

5,947

Additional paid-in capital

 

7,245,396

 

7,070,710

Accumulated other comprehensive loss

 

(35,025)

 

(1,532)

Accumulated deficit

 

(2,897,446)

 

(2,396,903)

Less common stock in treasury: 18,015,881 at September 30, 2022 and 17,074,710 at December 31, 2021

(95,337)

(72,526)

Total stockholders’ equity

 

4,223,576

 

4,605,696

Total liabilities and stockholders’ equity

$

5,858,804

$

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

Nine Months Ended

September 30,

September 30,

2022

    

2021

2022

    

2021

Net revenue:

Sales of fuel cell systems, related infrastructure and equipment

$

157,985

$

115,999

$

383,065

$

262,049

Services performed on fuel cell systems and related infrastructure

8,406

6,677

25,468

18,397

Power purchase agreements

 

9,524

 

9,321

 

30,730

 

25,508

Fuel delivered to customers and related equipment

 

12,389

 

11,556

 

40,289

 

33,804

Other

324

369

1,146

679

Net revenue

188,628

143,922

480,698

340,437

Cost of revenue:

Sales of fuel cell systems, related infrastructure and equipment

 

127,381

 

89,235

 

310,362

 

198,122

Services performed on fuel cell systems and related infrastructure

 

12,619

 

18,697

 

38,106

 

47,258

Provision for loss contracts related to service

5,727

7,462

8,843

15,641

Power purchase agreements

 

35,549

 

31,199

 

102,194

 

71,776

Fuel delivered to customers and related equipment

 

53,129

 

27,857

 

134,008

 

90,331

Other

 

286

 

550

 

1,063

 

856

Total cost of revenue

 

234,691

 

175,000

 

594,576

 

423,984

Gross loss

 

(46,063)

 

(31,078)

 

(113,878)

 

(83,547)

Operating expenses:

Research and development

28,105

16,634

72,123

37,623

Selling, general and administrative

85,578

42,421

262,420

106,652

Change in fair value of contingent consideration

8,530

(2,605)

8,760

Total operating expenses

113,683

67,585

331,938

153,035

Operating loss

(159,746)

(98,663)

(445,816)

(236,582)

Interest income

 

13,429

 

4,151

 

19,321

 

5,664

Interest expense

(9,020)

(9,512)

(28,871)

(33,559)

Other expense, net

 

(5,399)

 

(50)

 

(9,164)

 

(318)

Realized loss on investments, net

(254)

(1,315)

(236)

Change in fair value of equity securities

(4,221)

(607)

(22,864)

(284)

Loss on equity method investments

(4,280)

(1,736)

(10,304)

(1,736)

Loss before income taxes

$

(169,237)

$

(106,671)

$

(499,013)

$

(267,051)

Income tax expense

 

1,521

 

 

1,530

 

Net loss

$

(170,758)

$

(106,671)

$

(500,543)

$

(267,051)

Net loss per share:

Basic and diluted

$

(0.30)

$

(0.19)

$

(0.87)

$

(0.48)

Weighted average number of common stock outstanding

 

578,043,278

 

574,520,806

 

578,217,636

 

551,894,779

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,

    

2022

    

2021

 

2022

    

2021

Net loss

$

(170,758)

$

(106,671)

$

(500,543)

$

(267,051)

Other comprehensive loss:

Foreign currency translation loss

 

(1,044)

 

(172)

 

(10,092)

 

(714)

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

(4,992)

(2,200)

(23,401)

(4,075)

Comprehensive loss attributable to the Company

$

(176,794)

$

(109,043)

$

(534,036)

$

(271,840)

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

Net loss

 

 

 

 

 

 

(170,758)

 

(170,758)

Other comprehensive loss

 

 

 

(6,036)

 

 

 

(6,036)

Stock-based compensation

113,352

 

1

 

46,738

 

 

 

 

 

46,739

Stock option exercises and issuance of shares of restricted common stock

2,954,577

 

29

 

1,286

 

 

 

 

 

1,315

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

805,832

(20,151)

(20,151)

Provision for common stock warrants

33,886

 

33,886

September 30, 2022

598,777,468

$

5,988

$

7,245,396

$

(35,025)

 

18,015,881

$

(95,337)

$

(2,897,446)

$

4,223,576

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 3.75% Convertible Senior Notes

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