Plug Power Files Q3 2024 10-Q

TL;DR

Plug Power's Q3 2024 10-Q is in, check the latest financials and Amazon deal details.

AI Summary

Plug Power Inc. reported its third-quarter 2024 results on November 12, 2024. The company's filing details its financial performance and operational updates for the period ending September 30, 2024. Specific financial figures and agreements, such as the Amazon Transaction Agreement, are referenced, indicating ongoing business activities and potential future impacts.

Why It Matters

This filing provides investors and stakeholders with the latest financial and operational details for Plug Power, crucial for understanding the company's current standing and future prospects in the hydrogen fuel cell market.

Risk Assessment

Risk Level: medium — The company operates in a rapidly evolving and capital-intensive industry, facing significant competition and technological risks.

Key Numbers

• 20240930 — Q3 End Date (Reporting period for the 10-Q filing.)
• 20241112 — Filing Date (Date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• PLUG POWER INC (company) — Filer
• 20240930 (date) — Conformed Period of Report
• 20241112 (date) — Filed as of Date
• Amazon Transaction Agreement (company) — Key Agreement Mentioned

FAQ

Filing Documents

• plug-20240930x10q.htm (10-Q) — 3021KB
• plug-20240930xex10d2.htm (EX-10.2) — 506KB
• plug-20240930xex31d1.htm (EX-31.1) — 12KB
• plug-20240930xex31d2.htm (EX-31.2) — 12KB
• plug-20240930xex32d1.htm (EX-32.1) — 8KB
• plug-20240930xex32d2.htm (EX-32.2) — 8KB
• 0001558370-24-015312.txt ( ) — 14440KB
• plug-20240930.xsd (EX-101.SCH) — 106KB
• plug-20240930_cal.xml (EX-101.CAL) — 107KB
• plug-20240930_def.xml (EX-101.DEF) — 461KB
• plug-20240930_lab.xml (EX-101.LAB) — 852KB
• plug-20240930_pre.xml (EX-101.PRE) — 659KB
• plug-20240930x10q_htm.xml (XML) — 2587KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

– Interim Condensed Consolidated Financial Statements (Unaudited)

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

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

Item 2 – Management's Discussion and Analysis of Financial Condition and Results of Operations 37

– Quantitative and Qualitative Disclosures About Market Risk

Item 3 – Quantitative and Qualitative Disclosures About Market Risk 60

– Controls and Procedures

Item 4 – Controls and Procedures 61

OTHER INFORMATION

PART II. OTHER INFORMATION

– Legal Proceedings

Item 1 – Legal Proceedings 61

– Risk Factors

Item 1A – Risk Factors 61

– Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds 62

– Defaults Upon Senior Securities

Item 3 – Defaults Upon Senior Securities 62

– Mine Safety Disclosures

Item 4 – Mine Safety Disclosures 62

– Other Information

Item 5 – Other Information 62

– Exhibits

Item 6 – Exhibits 63

Signatures

Signatures 64 2 Table of Contents PART 1. FINANCIAL INFORMATION

— Interim Financial Statements (Unaudited)

Item 1 — Interim Financial Statements (Unaudited) Plug Power Inc. and Subsidiaries Condensed Consolidated Balance Sheet s (In thousands, except share and per share amounts) (Unaudited) September 30, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 93,940 $ 135,033 Restricted cash 216,772 216,552 Accounts receivable, net of allowance of $ 7,340 as of September 30, 2024 and $ 8,798 as of December 31, 2023 167,222 243,811 Inventory, net 885,764 961,253 Contract assets 145,499 126,248 Prepaid expenses and other current assets 124,824 104,068 Total current assets 1,634,021 1,786,965 Restricted cash 689,483 817,559 Property, plant, and equipment, net 1,534,056 1,436,177 Right of use assets related to finance leases, net 52,947 57,281 Right of use assets related to operating leases, net 361,009 399,969 Equipment related to power purchase agreements and fuel delivered to customers, net 142,238 111,261 Contract assets 30,333 29,741 Intangible assets, net 175,006 188,886 Investments in non-consolidated entities and non-marketable equity securities 92,767 63,783 Other assets 13,014 11,116 Total assets $ 4,724,874 $ 4,902,738 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 207,224 $ 257,828 Accrued expenses 107,402 200,544 Deferred revenue and other contract liabilities 132,345 204,139 Operating lease liabilities 66,973 63,691 Finance lease liabilities 10,822 9,441 Finance obligations 83,305 84,031 Current portion of convertible senior notes, net 58,163 — Current portion of long-term debt 3,232 2,716 Contingent consideration, loss accrual for service contracts, and other current liabilities 117,479 142,410 Total current liabilities 786,945 964,800 Deferred revenue and other contract liabilities 59,529 84,163 Operating lease liabilities 249,191 292,00

View Full Filing

View this 10-Q filing on SEC EDGAR