Plug Power Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Plug Power Inc. has filed its 2023 annual report (10-K) detailing financial activities and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

PLUG POWER INC (PLUG) filed a Annual Report (10-K) with the SEC on February 29, 2024. Plug Power Inc. filed its 2023 Form 10-K on February 29, 2024. The filing covers the fiscal year ending December 31, 2023. Key dates related to share-based compensation awards and warrant issuances are detailed. Information on treasury stock transactions for 2021, 2022, and 2023 is included. The company's principal business address is 968 Albany-Shaker Road, Latham, NY 12110.

Why It Matters

For investors and stakeholders tracking PLUG POWER INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Plug Power's financial performance, operational status, and strategic initiatives for the past fiscal year, which is crucial for investors to assess the company's health and future prospects. The detailed disclosures within the 10-K, including information on share-based compensation and warrant agreements, are essential for understanding potential dilution and the valuation of outstanding financial instruments.

Risk Assessment

Risk Level: medium — PLUG POWER INC shows moderate risk based on this filing. The filing is a standard annual report, but Plug Power has faced significant financial challenges and operational hurdles in recent periods, suggesting a medium level of risk associated with its overall financial health and future outlook.

Analyst Insight

Investors should carefully review the financial statements and risk factors within the 10-K to understand Plug Power's path to profitability and its ability to manage its cash burn.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-29 — Filing Date (Filed as of date)
• 001-34392 — SEC File Number (SEC file number for Plug Power Inc.)
• 223672377 — IRS Number (IRS Number for Plug Power Inc.)

Key Players & Entities

• PLUG POWER INC (company) — Filer name
• 0001093691 (company) — Central Index Key
• 20231231 (date) — Conformed period of report
• 20240229 (date) — Filed as of date
• 968 ALBANY-SHAKER ROAD (address) — Business address street
• LATHAM (address) — Business address city
• NY (address) — Business address state
• 12110 (address) — Business address zip

FAQ

Industry Context

Plug Power Inc. operates in the industrial apparatus sector, focusing on hydrogen fuel cell solutions.

Regulatory Implications

The filing is a standard SEC Form 10-K, adhering to regulations for public companies to disclose financial and operational information.

What Investors Should Do

1. Analyze Plug Power's revenue and profitability trends from the 10-K.
2. Assess the company's cash flow and liquidity position.
3. Evaluate the impact of any new risk factors or legal proceedings mentioned in the filing.

Year-Over-Year Comparison

This is the initial analysis of the 2023 10-K filing; a comparison to previous filings would require access to those documents.

Filing Documents

• plug-20231231x10k.htm (10-K) — 4414KB
• plug-20231231xex3d9.htm (EX-3.9) — 167KB
• plug-20231231xex4d7.htm (EX-4.7) — 22KB
• plug-20231231xex21d1.htm (EX-21.1) — 3KB
• plug-20231231xex23d1.htm (EX-23.1) — 2KB
• plug-20231231xex23d2.htm (EX-23.2) — 4KB
• plug-20231231xex31d1.htm (EX-31.1) — 16KB
• plug-20231231xex31d2.htm (EX-31.2) — 15KB
• plug-20231231xex32d1.htm (EX-32.1) — 8KB
• plug-20231231xex32d2.htm (EX-32.2) — 8KB
• plug-20231231xex97.htm (EX-97) — 41KB
• plug-20231231x10k001.jpg (GRAPHIC) — 44KB
• 0001558370-24-002178.txt (&nbsp;) — 20239KB
• plug-20231231.xsd (EX-101.SCH) — 138KB
• plug-20231231_cal.xml (EX-101.CAL) — 141KB
• plug-20231231_def.xml (EX-101.DEF) — 636KB
• plug-20231231_lab.xml (EX-101.LAB) — 1144KB
• plug-20231231_pre.xml (EX-101.PRE) — 925KB
• plug-20231231x10k_htm.xml (XML) — 3893KB

Business

Business 7 Item 1A.

Risk Factors

Risk Factors 16 Item 1B. Unresolved Staff Comments 39 Item 1C. Cybersecurity 39 Item 2.

Properties

Properties 40 Item 3.

Legal Proceedings

Legal Proceedings 40 Item 4. Mine Safety Disclosures 45 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 46 Item 6. [Reserved] 47 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 47 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 70 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 71 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 71 Item 9A.

Controls and Procedures

Controls and Procedures 71 Item 9B. Other Information 76 Item 9C . Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 76 PART III Item 10. Directors, Executive Officers and Corporate Governance 76 Item 11.

Executive Compensation

Executive Compensation 77 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 77 Item 13. Certain Relationships and Related Transactions, and Director Independence 77 Item 14. Principal Accounting Fees and Services 78 PART IV Item 15. Exhibits, Financial Statement Schedules 79 Item 16 . Form 10-K Summary 84 2 Table of Contents General References in this Annual Report on Form 10-K to "Plug," the "Company," "we," "our," or "us" refer to Plug Power Inc., including as the context requires, its subsidiaries. PART I

Forward-Looking Statements

Forward-Looking Statements The following discussion should be read in conjunction with our consolidated financial statements and notes thereto included within this Annual Report on Form 10-K. In addition to historical information, this Annual Report on Form 10-K and the following discussion contain statements that are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These forward-looking statements contain projections of our future results of operations or of our financial position or state other forward-looking information. In some cases you can identify these statements by forward-looking words such as "anticipate," "believe," "could," "continue," "estimate," "expect," "intend," "may," "should," "will," "would," "plan," "potential," "project," or the negative of such words or other similar words or phrases. We believe that it is important to communicate our future expectations to our investors. However, there may be events in the future that we are not able to accurately predict or control and that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. Investors are cautioned not to unduly rely on forward-looking statements because they involve risks and uncertainties, and actual results may differ materially from those discussed as a result of various factors, including, but not limited to: the actual savings and costs associated with the strategic initiative that we announced in February 2024; the anticipated benefits and actual cost savings resulting from the implementation of the strategic initiative described above; the risk that we continue to incur losses and might never achieve or maintain profitability; the risk that we will need to raise additional capital to fund our operations and such capit

Business

Item 1. Business Background Plug is building an end-to-end clean hydrogen ecosystem, from production, storage, and delivery to energy generation, to help its customers meet their business goals and decarbonize the economy. In creating the first commercially viable market for hydrogen fuel cells, the Company has deployed more than 69,000 fuel cell systems for forklifts and more than 250 fueling stations. Plug intends to deliver its hydrogen solutions directly to its customers, and through joint venture partners into multiple environments, including material handling, supply chain and logistics, e-mobility, stationary power generation, on-road electric vehicles ("EVs") and industrial applications. Plug is focused on delivering a number of hydrogen solutions to its customers. Its vertically integrated end-to-end hydrogen solutions, which are designed to fit individual customer needs, include hydrogen production equipment or the delivery of hydrogen fuel, including: Fuel cells : Plug offers stationary and mobile fuel cell products to its customers. Fuel cells are electrochemical devices that combine hydrogen and oxygen to produce electricity and heat without combustion. Plug's fuel cells power material handling vehicles (forklifts), replacing lead-acid batteries. Plug supports customers at multi-shift high volume manufacturing and high throughput distribution sites where Plug's fuel cell products provide a unique combination of productivity, flexibility, and environmental benefits. Proton exchange membrane ("PEM") electrolyzers : Plug electrolyzers use clean electricity to split water into hydrogen and oxygen. Using electrolyzers, customers can generate hydrogen for a variety of applications. PEM technology delivers high power density, carries low weight and volume and operates at relatively low temperatures which allows it to start quickly and cause less wear and tear on the system. In support of the market growth and its own ambitions, Plug has built a state-of

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View this 10-K filing on SEC EDGAR