Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 9, 2024

Plug Power Inc.

(Exact name of registrant as specified in its charter)

Delaware	1-34392	22-3672377
(State or other jurisdiction	(Commission File	(IRS Employer
of incorporation)	Number)	Identification No.)

968 Albany Shaker Road, Latham, New York		12110
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (518) 782-7700

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.01 per share		PLUG		The Nasdaq Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

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. ¨

Item 2.02 Results of Operations and Financial Condition.

On May 9, 2024, Plug Power Inc., a Delaware corporation (the “Company”), issued a press release regarding its financial results for the first quarter ended March 31, 2024. A copy of the press release is furnished herewith as Exhibit 99.1. The Company will be hosting a conference call at 8:30 a.m. Eastern Time regarding its financial results for the first quarter ended March 31, 2024. The conference call will be available through the Company's website at www.plugpower.com. A copy of the presentation that will be made available in connection with the conference call is attached as Exhibit 99.2 to this Current Report on Form 8-K.

The information in this Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 7.01 Regulation FD Disclosure.

The information contained in Item 2.02 of this Current Report on Form 8-K is incorporated herein by reference.

The information included in this Item 7.01, Exhibit 99.1 and Exhibit 99.2 of this Current Report on Form 8-K is not deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall this item, Exhibit 99.1 or Exhibit 99.2 be incorporated by reference into the Company’s filings under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such future filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number		Title
99.1		Press Release of Plug Power Inc., dated May 9, 2024.
99.2		Presentation of Plug Power Inc., dated May 9, 2024.
104		Cover Page Interactive Data File (embedded with the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		Plug Power Inc.

Date: May 9, 2024	By:	/s/ Paul Middleton
		Name: Paul Middleton
		Title: Chief Financial Officer

Exhibit 99.1

Plug Announces First Quarter 2024 Financial Results

LATHAM, N.Y., May 9, 2024 — Plug Power Inc. (NASDAQ: PLUG) (the “Company”), a global leader in comprehensive hydrogen solutions for the green hydrogen economy, announced its financial results and operational milestones for the first quarter of 2024.

First-Quarter Results

●

Earnings-Per-Share (EPS) and Revenue: The Company reported revenue of $120.3 million and EPS loss of $0.46 for the quarter ended March 31, 2024.

●

Enhanced Focus on Cash Management: Net cash used in operating activities and capital expenditures (includes purchases of property, plant, and equipment and purchases of equipment related to power purchase agreements and equipment related to fuel delivered to customers) collectively decreased 38% quarter-over-quarter (QoQ), and 42% year-over-year (YoY), with incremental improvement expected as internal hydrogen supply and pricing increases make an impact in coming quarters. Inventory reduction remains a key priority in our cash management strategy for 2024.

●

Gross Margins: The Company saw headwinds on equipment margins given focus on lowering inventory and limiting production, coupled with lower sales level collectively generating unfavorable overhead absorption; but given the restructuring announced coupled with ramp on volume for the balance of the year, the Company is postured to drive overhead leverage to improve equipment margins. The Company saw improvements in the quarter’s gross margins for Fuel Delivered, Service, and Power Purchase Agreements versus the first and fourth quarters of 2023, as well as lower operating expenses.

Consistently with past seasonality and continued new product scaling, Plug expects that one-third of its full year revenue will be in the first half of 2024. As of the Q1 2024 earnings date, Plug currently has 20 electrolyzer systems undergoing commissioning at third-party customer sites, with further deliveries to be made over the balance of 2024. The Company is also experiencing rebounding sales in its material handling business following the recalibration of pricing and changing of the business model to direct sales or customer-financed leases. In Q1 2024, for example, Plug expanded its partnership with Uline, extending hydrogen infrastructure and fuel cell solutions to an additional four sites and secured a substantial deal with a leading U.S. automotive manufacturer to provide its extensive new 6 square-mile manufacturing campus with Plug's hydrogen infrastructure and fuel cell solutions. These commercial successes are clear demonstrations on Plug’s value proposition following changes to our pricing and sales model.

Hydrogen Generation Network Milestones and Advancement

In Q1 2024, Plug’s hydrogen generation network reached significant milestones. The Georgia and Tennessee plants have produced at nameplate capacity, with a combined liquid hydrogen production capacity of 25 tons-per-day (TPD). Additionally, Plug’s Louisiana plant is on track for completion and first production in 2024, adding 15 TPD and bringing the Company’s total liquid hydrogen production capacity to 40 TPD. The addition of the Louisiana plant capacity will effectively meet the majority of Plug’s customer demand through its internal hydrogen generation network.

Plug continues to advance the pending loan guarantee from the Department of Energy (DOE) and awaits conditional commitment approval announcement; this program is expected to bolster the build out of Plug’s liquid hydrogen facilities throughout the U.S. Commensurately, the Company has commenced a process with advisors to complement its anticipated DOE project with project equity investors and/or project finance partners to finance the build out of the plants.

DOE Grants to Advance Capacities at State-of-the-Art Manufacturing Facilities

Through a highly competitive process, Plug, alongside project partners, secured awards from the DOE for grants of up to $163 million for use in Clean Hydrogen Electrolysis, Manufacturing, and Recycling projects. These grants will continue to advance Plug’s fuel cell and electrolyzer manufacturing capacities at its state-of-the art facilities in Rochester and Albany NY. Plug received the most awards in the $750 million total funding aimed to reduce the cost of hydrogen in the U.S., showcasing its leadership and commitment in the hydrogen and fuel cell industry.

Continued Growth in Electrolyzer Basic Engineering and Design Package (BEDP) Offering

Recent announcements in Q1 2024, bring the Company’s total amount of global BEDP contracts to ~4.5 gigawatts (GW) for Projects in the U.S. and Europe. Electrolyzer sales present a substantial growth lever for Plug, and the BEDP success underscores Plug’s strong industry positioning and market growth, while enabling customers to reach Final Investment Decision (FID) on their hydrogen projects.

Expansion in Cryogenic Sales

Plug has seen ongoing expansion in cryogenic equipment sales with customer agreements encompassing storage tanks, trailers, vaporizers, and portable units, both domestically in the U.S. and internationally. Additionally, Plug has delivered several first-of-its-kind liquid hydrogen portable refuelers to transit agencies and trucking fleet customers.

Financial Updates

●

Q1 Financial Performance: Sales of $120M reflect seasonality in our equipment sales and timing impacts from electrolyzer deployments.

●

Internal Hydrogen Supply: With Plug now producing up to ~25 TPD from our Georgia and Tennessee hydrogen plants, the Company will be able to displace higher cost third-party fuel with our own internal supply.

●

Pricing Increases: To better reflect the economic value of our product offering, Plug has worked with customers to put in place price increases across our entire product portfolio with a specific focus on hydrogen pricing. We expect to see a positive impact to our margins in coming quarters as a result of these actions.

●

Restructuring, Impairment, and Other Provisions: As a result of the evolving market dynamics, Plug mobilized certain cost down actions in the first quarter. This included headcount reduction, rooftop consolidation, and non-payroll cost downs. This resulted in restructuring costs of ~$6 million in the quarter. In addition, given certain business dyanmics, the Company wrote down certain assets which resulted in non-cash charges recorded in Q1 2024 of ~$40 million. Further details regarding these charges are provided in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2024.

Plug CEO Andy Marsh stated: “We continue to make steady progress by following our established goals and business priorities. As we enhance our financial performance in the upcoming quarters, Plug is set to retain its leadership role in advancing the hydrogen economy, which is anticipated to experience swift expansion and widespread adoption globally in the future decades.”

Conference Call

Plug Power has scheduled a conference call today, May 9, at 8:30 am ET to review the Company’s results for the first quarter of 2024. Interested parties are invited to listen to the conference call by calling 877-407-9221 / +1 201-689-8597.

The webcast can be accessed at:

https://event.webcasts.com/starthere.jsp?ei=1666679&tp_key=8ea4578409

A playback of the call will be available online for a period following the event. A presentation will be made available in connection with the call at: https://www.ir.plugpower.com/events-and-presentations/default.aspx

About Plug

Plug is building an end-to-end green 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 cell technology, the company has deployed more than 69,000 fuel cell systems and over 250 fueling stations, more than anyone else in the world, and is the largest buyer of liquid hydrogen.

With plans to operate a green hydrogen highway across North America and Europe, Plug built a state-of-the-art Gigafactory to produce electrolyzers and fuel cells and is developing multiple green hydrogen production plants targeting commercial operation by year-end 2028. Plug delivers its green hydrogen solutions directly to its customers and through joint venture partners into multiple environments, including material handling, e-mobility, power generation, and industrial applications.

For more information, visit www.plugpower.com.

Plug Media Contact

Fatimah Nouilati

Allison

PlugPR@allisonworldwide.com

Plug Power Safe Harbor Statement

This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks and uncertainties about Plug Power Inc. (“Plug”), including but not limited to statements about Plug’s projections regarding its future financial and market outlook, including timing of expected revenue for 2024 and timing of impacts to margins; Plug’s expectations with respect to grants and conditional commitment with respect to loans awarded by the United States Department of Energy (DOE); Plug’s expectation of incremental improvements as internal hydrogen supply and pricing increases make an impact and the timing thereof; Plug’s ability to execute on its cash management strategy for 2024, including inventory reduction; Plug’s belief that it can drive overhead leverage to improve equipment margins; Plug’s expected timing with respect to delivery of electrolyzer systems; Plug’s belief that fuel pricing increases and internal hydrogen production will create positive impacts; the anticipated benefits, capacity, capabilities, and output of Plug’s hydrogen plants, including the timing of hydrogen production at its plant located in Louisiana; Plug’s ability to meet customer demand and displace higher cost third-party fuel through its own internal hydrogen generation network; and Plug’s ability to successfully execute its business plan and achieve profitability in the future.

You are cautioned that such statements should not be read as a guarantee of future performance or results as such statements are subject to risks and uncertainties. Actual performance or results may differ materially from those expressed in these statements as a result of various factors, including, but not limited to, the following: the risk that we may continue to incur losses and might never achieve or maintain profitability; the risk that we may not realize the anticipated benefits and actual savings in connection with the restructuring; the risk that we may not be able to raise additional capital to fund our operations and such capital may not be available to us on favorable terms or at all; the risk that we may not be able to expand our business or manage our future growth effectively; the risk that we may not be able to remediate the material weaknesses identified in internal control over financial reporting as of December 31, 2023, or otherwise maintain an effective system of internal control over financial reporting; the risk thar global economic uncertainty, including inflationary pressures, fluctuating interest rates, currency fluctuations, and supply chain disruptions, may adversely affect our operating results; the risk that we may not be able to obtain from our hydrogen suppliers a sufficient supply of hydrogen at competitive prices or the risk that we may not be able to produce hydrogen internally at competitive prices; the risk that delays in or not completing our product and project development goals may adversely affect our revenue and profitability; the risk that our estimated future revenue may not be indicative of actual future revenue or profitability; the risk of elimination, reduction of, or changes in qualifying criteria for government subsidies and economic incentives for alternative energy products, including the Inflation Reduction Act; and the risk that we may not be able to manufacture and market products on a profitable and large-scale commercial basis. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Plug in general, see Plug’s public filings with the Securities and Exchange Commission, including the “Risk Factors” section of Plug’s Annual Report on Form 10-K for the year ended December 31, 2023 as well as any subsequent filings. Readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements are made as of the date hereof and are based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. We disclaim any obligation to update forward-looking statements except as may be required by law.

Plug Power Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(In thousands, except share and per share amounts)

(Unaudited)

	March 31,			December 31,
	2024			2023
Assets
Current assets:
Cash and cash equivalents	$	172,873		$	135,033
Restricted cash		219,616			216,552
Accounts receivable, net of allowance of $7,351 at March 31, 2024 and $8,798 at December 31, 2023		148,822			243,811
Inventory, net		975,898			961,253
Contract assets		129,994			126,248
Prepaid expenses and other current assets		119,370			104,068
Total current assets		1,766,573			1,786,965

Restricted cash	$	775,595		$	817,559
Property, plant, and equipment, net		1,453,991			1,436,177
Right of use assets related to finance leases, net		56,131			57,281
Right of use assets related to operating leases, net		389,201			399,969
Equipment related to power purchase agreements and fuel delivered to customers, net		115,109			111,261
Contract assets		30,380			29,741
Intangible assets, net		183,325			188,886
Investments in non-consolidated entities and non-marketable equity securities		66,691			63,783
Other assets		10,310			11,116
Total assets	$	4,847,306		$	4,902,738

Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	285,546		$	257,828
Accrued expenses		154,814			200,544
Deferred revenue and other contract liabilities		179,902			204,139
Operating lease liabilities		65,250			63,691
Finance lease liabilities		9,602			9,441
Finance obligations		85,175			84,031
Current portion of long-term debt		2,786			2,716
Contingent consideration, loss accrual for service contracts, and other current liabilities		128,369			142,410
Total current liabilities		911,444			964,800

Deferred revenue and other contract liabilities	$	75,900		$	84,163
Operating lease liabilities		278,220			292,002
Finance lease liabilities		33,673			36,133
Finance obligations		264,610			284,363
Convertible senior notes, net		209,802			195,264
Long-term debt		1,013			1,209
Contingent consideration, loss accrual for service contracts, and other liabilities		143,522			146,679
Total liabilities		1,918,184			2,004,613

Stockholders’ equity:
Common stock, $.01 par value per share; 1,500,000,000 shares authorized; Issued (including shares in treasury): 705,604,549 at March 31, 2024 and 625,305,025 at December 31, 2023	$	7,057		$	6,254
Additional paid-in capital		7,823,209			7,494,685
Accumulated other comprehensive loss		(9,078	)		(6,802	)
Accumulated deficit		(4,785,520	)		(4,489,744	)
Less common stock in treasury: 19,242,215 at March 31, 2024 and 19,169,366 at December 31, 2023		(106,546	)		(106,268	)
Total stockholders’ equity		2,929,122			2,898,125
Total liabilities and stockholders’ equity	$	4,847,306		$	4,902,738

Plug Power Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(In thousands, except share and per share amounts)

(Unaudited)

	Three months ended
	March 31
	2024			2023
Net revenue:
Sales of equipment, related infrastructure and other	$	68,295		$	182,094
Services performed on fuel cell systems and related infrastructure		13,023			9,097
Power purchase agreements		18,304			7,937
Fuel delivered to customers and related equipment		18,286			10,142
Other		2,356			1,016
Net revenue	$	120,264		$	210,286
Cost of revenue:
Sales of equipment, related infrastructure and other		135,125			158,320
Services performed on fuel cell systems and related infrastructure		12,957			12,221
Provision for loss contracts related to service		15,745			6,889
Power purchase agreements		55,228			46,816
Fuel delivered to customers and related equipment		58,573			54,501
Other		1,711			935
Total cost of revenue	$	279,339		$	279,682

Gross loss	$	(159,075	)	$	(69,396	)

Operating expenses:
Research and development		25,280			26,535
Selling, general and administrative		77,959			104,016
Restructuring		6,011			—
Impairment		284			1,083
Change in fair value of contingent consideration		(9,200	)		8,769
Total operating expenses	$	100,334		$	140,403

Operating loss		(259,409	)		(209,799	)

Interest income		9,277			17,632
Interest expense		(11,325	)		(10,650	)
Other expense, net		(6,996	)		(4,771	)
Realized loss on investments, net		—			(1	)
Change in fair value of equity securities		—			5,075
Loss on equity method investments		(13,113	)		(5,317	)
Loss on extinguishment of convertible senior notes		(14,047	)		—

Loss before income taxes	$	(295,613	)	$	(207,831	)

Income tax (expense)/benefit		(163	)		1,270

Net loss	$	(295,776	)	$	(206,561	)

Net loss per share:
Basic and diluted	$	(0.46	)	$	(0.35	)

Weighted average number of common stock outstanding		641,256,134			589,205,165

Plug Power Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

	Three months ended March 31,
	2024			2023
Operating activities
Net loss	$	(295,776	)	$	(206,561	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation of long-lived assets		16,606			9,789
Amortization of intangible assets		4,725			4,959
Lower of cost or net realizable value inventory adjustment and provision for excess and obsolete inventory		39,675			2,009
Stock-based compensation		13,704			43,302
Loss on extinguishment of convertible senior notes		14,047			-
(Recoveries)/provision for losses on accounts receivable		(1,447	)		237
Amortization of debt issuance costs and discount on convertible senior notes		330			621
Provision for common stock warrants		4,495			14,175
Deferred income tax expense/(benefit)		163			(947	)
Impairment		284			1,083
Loss on service contracts		3,809			221
Fair value adjustment to contingent consideration		(9,200	)		8,769
Net realized loss on investments		-			1
Accretion of premium on available-for-sale securities		-			(5,945	)
Lease origination costs		(1,331	)		(2,660	)
Change in fair value for equity securities		-			(5,075	)
Loss on equity method investments		13,113			5,317
Changes in operating assets and liabilities that provide (use) cash:
Accounts receivable		96,436			1,493
Inventory		(38,312	)		(131,581	)
Contract assets		1,356			(14,677	)
Prepaid expenses and other assets		(14,496	)		(5,522	)
Accounts payable, accrued expenses, and other liabilities		25,755			13,821
Payments of contingent consideration		(9,164	)		-
Deferred revenue and other contract liabilities		(32,500	)		(9,748	)
Net cash used in operating activities	$	(167,728	)	$	(276,919	)

Investing activities
Purchases of property, plant and equipment		(92,621	)		(168,565	)
Purchases of equipment related to power purchase agreements and equipment related to fuel delivered to customers		(6,072	)		(11,389	)
Proceeds from maturities of available-for-sale securities		-			315,827
Cash paid for non-consolidated entities and non-marketable equity securities		(21,891	)		(40,077	)
Net cash (used in)/provided by investing activities	$	(120,584	)	$	95,796

Financing activities
Payments of contingent consideration		(836	)		(2,000	)
Proceeds from public and private offerings, net of transaction costs		305,346			-
Payments of tax withholding on behalf of employees for net stock settlement of stock-based compensation		(278	)		(2,590	)
Proceeds from exercise of stock options		41			674
Principal payments on long-term debt		(300	)		(330	)
Proceeds from finance obligations		-			27,927
Principal repayments of finance obligations and finance leases		(20,908	)		(16,500	)
Net cash provided by financing activities	$	283,065		$	7,181
Effect of exchange rate changes on cash		4,187			(2,096	)
Increase/(decrease) in cash and cash equivalents		37,840			(215,769	)
(Decrease)/increase in restricted cash		(38,900	)		39,731
Cash, cash equivalents, and restricted cash beginning of period		1,169,144			1,549,344
Cash, cash equivalents, and restricted cash end of period	$	1,168,084		$	1,373,306

Supplemental disclosure of cash flow information
Cash paid for interest, net of capitalized interest of $2.1 million and $2.0 million	$	9,111		$	7,869

Exhibit 99.2

2 This presentation contains “forward - looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks and uncertainties about Plug Power Inc . (“Plug”), including but not limited to statements about Plug’s projections regarding its future financial and market outlook, including timing of expected revenue for 2024 ; Plug’s expectations with respect to grants and conditional commitment with respect to loans awarded by the United States Department of Energy (DOE) ; Plug’s ability to execute on its short - term business priorities, including its cash management and financing goals and its operational execution goals ; Plug’s ability to successfully eliminate its Power Purchase Agreement model and transition to a direct sales model ; Plug’s belief that its strategic priorities will enable growth reacceleration ; Plug’s ability to execute on its strategic priorities, including with respect to financing opportunities, converting Basic Engineering and Design Packages (BEDP) to orders, and delivering on pipeline ; Plug’s ability to grow equipment sales ; Plug’s belief that consolidation of operational sites and restructuring will achieve improved cost structure and the timing of such achievement ; Plug’s ability to attract customers with its updated pricing structure ; Plug’s belief that fuel pricing increases and internal hydrogen production will create positive impacts ; the anticipated benefits, capacity, capabilities, and output of Plug’s hydrogen plants, including the timing of hydrogen production at its plant located in Louisiana ; Plug’s ability to successfully reduce its existing inventory ; and Plug’s ability to execute on its priority pieces for profitability . You are cautioned that such statements should not be read as a guarantee of future performance or results as such statements are subject to risks and uncertainties . Actual performance or results may differ materially from those expressed in these statements as a result of various factors, including, but not limited to, the following : the risk that we may continue to incur losses and might never achieve or maintain profitability ; the risk that we may not be able to raise additional capital to fund our operations and such capital may not be available to us on favorable terms or at all ; the risk that we may not be able to expand our business or manage our future growth effectively ; the risk that we may not be able to remediate the material weaknesses identified in internal control over financial reporting as of December 31 , 2023 , or otherwise maintain an effective system of internal control over financial reporting ; the risk thar global economic uncertainty, including inflationary pressures, fluctuating interest rates, currency fluctuations, and supply chain disruptions, may adversely affect our operating results ; the risk that we may not be able to obtain from our hydrogen suppliers a sufficient supply of hydrogen at competitive prices or the risk that we may not be able to produce hydrogen internally at competitive prices ; the risk that delays in or not completing our product and project development goals may adversely affect our revenue and profitability ; the risk that our estimated future revenue may not be indicative of actual future revenue or profitability ; the risk of elimination, reduction of, or changes in qualifying criteria for government subsidies and economic incentives for alternative energy products, including the Inflation Reduction Act ; and the risk that we may not be able to manufacture and market products on a profitable and large - scale commercial basis . For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward - looking statements, as well as risks relating to the business of Plug in general, see Plug’s public filings with the Securities and Exchange Commission, including the “Risk Factors” section of Plug’s Annual Report on Form 10 - K for the year ended December 31 , 2023 as well as any subsequent filings . Readers are cautioned not to place undue reliance on these forward - looking statements . The forward - looking statements are made as of the date hereof and are based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management . We disclaim any obligation to update forward - looking statements except as may be required by law . Cautionary Note on Forward Looking Statements

3 1Q 2024 Overview and Business Update Hydrogen Plant Buildout Reaching Key Milestones • Production of liquid hydrogen at Georgia and Tennessee plants in Q1 Department of Energy (DOE) Manufacturing Grants • Plug is the prime awardee on ~$79M for investment at US manufacturing sites, as well as a subcontractor on additional ~$84M, for participation up to $163M • Plug received the most awards in ~$750M total funding aimed to reduce the cost of clean hydrogen in the US Recalibration of Material Handling Business • Implementing price increases and service enhancement roadmap • Eliminating Power Purchase Agreement model: Move to direct sales and customer - financed leases Continued Validation of Product Platform with Key Customers • ~ 4.5GW of Basic Engineering and Design Packages (BEDP) work for electrolyzer customers • 20 electrolyzer systems currently undergoing commissioning activities at customer sites • Material Handling orders from Uline and auto OEM with updated pricing structure Positive Impact From Strategic Initiatives to Lower Cash Burn Plug continues to advance the pending loan guarantee from the Department of Energy (DOE) and awaits conditional commitment ap pro val announcement

4 Cash Management and Financing Goals • Continue to Pursue Financing Partners and Opportunities • Working Capital Management • Inventory Reduction is a Key Priority • Pricing Increases Across Product Portfolio Operational Execution Goals • Recalibrating the Material Handling Business Model • Hydrogen Production in Georgia, Tennessee • Completing Construction in Louisiana • Prioritizing Equipment Sales Across Product Portfolio • Continue BEDPs for Large - Scale ELX and Liquefier Customers Short - Term Business Priorities

5 Exploring Financing Opportunities Converting 4.5GW in BEDP to Orders Developing US and EU Plant Network Manufacturing Scale to Meet Demand Hydrogen Plants Electrolyzers Delivering on Meaningful Pipeline Growing Storage and On - Road Offerings Developing Large - Scale Product Launching Mobile Refueler Product Liquefaction Cryogenics Recalibrating Existing Sales Platforms Optimizing Early Product Deployments Expanding Customer Diversification Advancing Datacenter Pilots Material Handling Stationary Power Strategic Priorities To Enable Growth Reacceleration

6 Financial Update Net cash used in operating activities combined with capex 1 down 38% QoQ and 42% YoY • Capex 1 down 47% QoQ and 45% YoY • Consolidation of operational sites and restructuring to achieve improved cost structure in coming quarters Hydrogen production and new pricing structure expected to significantly impact margins • Price increases across entire product portfolio with a specific focus on hydrogen pricing • Georgia and Tennessee reaching nameplate capacity, and Louisiana production targeted for 2024 Equipment sales expected to drive top - line growth and margin improvement • Maturing of product lines and greater volume expected to allow fixed - cost absorption and margin expansion • ~1/3 of revenue for 2024 expected in 1H 2024 Q1 Sales of $120.3M reflect seasonality in equipment sales and new product scale up • Rebound in material handling installations beginning in Q2 • New ELX product launches and customer scale ups working through maturity curve Margins impacted by hydrogen availability, lower fixed cost absorption, and non - cash charges • Fuel pricing increases and internal hydrogen production expected to create positive impacts going forward • Growth in equipment sales expected to improve labor and overhead leverage 1: Capex includes purchases of property, plant, and equipment and purchases of equipment related to power purchase agreements an d equipment related to fuel delivered to customers

7 Priority Pieces Towards Profitability Vertical Integration with Plug Hydrogen Network Pricing Increases Across the Material Handling Portfolio Equipment Sales Growth Increases Leverage on Fixed Manufacturing Costs Supply Chain Efficiency and Cost Downs Service Cost Improvement Roadmap Inventory and Asset Monetization Sustainable Operating Cost Profile Consolidation of Operational Sites

VP, Investor Relations Roberto Friedlander rfriedlander@plugpower.com Manager, Investor Relations Kevin O’Brien kobrien@plugpower.com Corporate Headquarters 8 British America Boulevard, Latham, New York, 12110 www.plugpower.com

Cover	May 09, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	May 09, 2024
Entity File Number	1-34392
Entity Registrant Name	Plug Power Inc.
Entity Central Index Key	0001093691
Entity Tax Identification Number	22-3672377
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	968 Albany Shaker Road
Entity Address, City or Town	Latham
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	12110
City Area Code	518
Local Phone Number	782-7700
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	PLUG
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false