COMPANY PROFILE / HYDROGEN ENERGY
Plug Power
A U.S. company that spans forklift fuel cells, hydrogen production and supply, and electrolyzers: running large losses while funding itself through asset sales
Plug Power comes up in any discussion of hydrogen because it is a vertically integrated U.S. company that offers hydrogen fuel cells, hydrogen production and supply, electrolyzers and liquefiers under one roof. Its annual report (Form 10-K) for the year ended 31 December 2025, filed on 2 March 2026, says it has deployed more than 74,000 fuel cell systems and operates more than 275 fueling stations. The same report shows a net loss of about US$1.7 billion (about US$2.1 billion in 2024) and a gross loss of US$242.0 million. The company suspended activity under its U.S. Department of Energy (DOE) loan guarantee in November 2025, and in 2026 it has been raising cash by selling land and equipment to data-center buyers. This profile follows the statutory filings as written, setting out what the company has put into hydrogen, what is working, and what cannot be confirmed. It is not an assessment of the company's financial condition.
- Plug Power in 30 seconds, and where it stands in hydrogen
- The logo and how the name is written
- Where the company sits in the field
- Scale
- Resources committed to hydrogen
- What it has done so far
- What comes next
- What the company is aiming for in hydrogen
- Map of partnerships in hydrogen
- Technologies, products and services
- The risks this company carries
- Glossary, references and claim-to-source audit
1. Plug Power in 30 seconds, and where it stands in hydrogen
New York, U.S.Manufacturing in Slingerlands and Rochester, New York, among others
Electrolyzers and hydrogen supply (secondary)Reported as a single segment
Plug Power is a hydrogen company that started as a user of hydrogen (fuel cells for forklifts) and then extended into hydrogen production and supply, and into electrolyzers Sourced. Of 2025 revenue, equipment sales (fuel cells, electrolyzers, liquefiers, cryogenic equipment and the like) were US$371.1 million, services US$94.5 million, hydrogen supply contracts (PPAs) US$107.6 million and hydrogen fuel sales US$133.4 million. For hydrogen fuel sales, cost of revenue far exceeded revenue (gross margin of -85.9%, against -133.8% a year earlier); the 10-K attributes the improvement to better fuel prices negotiated with customers, lower purchased-fuel costs and more hydrogen produced in-house. Electrolyzer sales rose in 2025 on European demand, then fell in April-June 2026 on delivery timing. The balance between hydrogen price and production cost remains a work in progress in the hydrogen supply business Sourced.
2. The logo and how the name is written
A note on names: the legal entity is Plug Power Inc., and its logo is the green lower-case word "plug". Product names include GenDrive (fuel cells for forklifts), GenSure (stationary fuel cells), GenFuel (hydrogen storage and dispensing), GenCare (maintenance), GenKey (a bundled offer of those) and GenEco (electrolyzers), all Plug Power brands. The logo image (SVG) was taken from the one served by the company's official website (plugpower.com).
Official site: https://www.plugpower.com/3. Where the company sits in the field
4. Scale
The financial year runs from January to December. The figures below come from the annual report (10-K) for 2025 and the quarterly report (10-Q) for the six months to June 2026 Sourced.
| Indicator (US$ million) | Year to Dec 2024 | Year to Dec 2025 | First half 2026 (prior-year half) |
|---|---|---|---|
| Net revenue | 628.8 | 709.9 | 341.8 (307.6) |
| Gross profit / (loss) | -624.9 | -242.0 | -23.3 (-127.3) |
| Gross margin | -99.4% | -34.1% | -6.8% (-41.4%) |
| Net loss | about -2,100 | about -1,700 | -436.1 (-425.6) |
| R&D expense | 77.2 | 58.0 | n/a |
| Cash flow from operating activities | -728.6 | -535.8 | -244.1 (-297.4) |
| Revenue breakdown, 2025 (US$ million) | Revenue | Gross profit / (loss) | Gross margin |
|---|---|---|---|
| Equipment sales (fuel cells, electrolyzers, liquefiers, fueling stations and more) | 371.1 | -106.7 | -28.7% |
| Services (maintenance and parts) | 94.5 | 24.1 | 25.5% |
| Hydrogen supply contracts (PPAs) | 107.6 | -71.2 | -66.2% |
| Hydrogen fuel sales | 133.4 | -114.7 | -85.9% |
| Other indicators | Value | As of |
|---|---|---|
| Orders (company tally) | US$724.1 million (fuel cells, hydrogen installations, maintenance, electrolyzers, liquefiers, hydrogen fuel and more; delivery spans 90 days to 10 years) | 31 December 2025 |
| Cash | Unrestricted US$368.5 million plus current restricted US$186.7 million / unrestricted US$161.9 million plus current restricted US$155.5 million | 31 December 2025 / 30 June 2026 |
| Accumulated deficit | US$8.2 billion / US$8.7 billion | 31 December 2025 / 30 June 2026 |
| Main obligations (30 June 2026) | Convertible senior notes US$578.0 million, finance obligations US$213.9 million, operating leases US$214.7 million, warrant liabilities US$136.3 million | 30 June 2026 |
| Largest customer | Walmart accounted for 24.2% of 2025 revenue (the 10-K says the figure reflects a US$29.2 million warrant charge); the second-largest customer accounted for 14.3% | Year to December 2025 |
The figures above are statutory disclosures set side by side, not an assessment of financial condition. The 10-K and 10-Q say the company concluded, based on working capital, cash and restricted cash expected to be released, that it has sufficient capital to fund operations for at least 12 months after the financial statements are issued. That conclusion rests on key assumptions, including the company's right to direct sales under its at-the-market equity program (up to US$1.0 billion; US$944.1 million remaining at June 2026) and a standby equity purchase agreement with Yorkville (up to US$1.0 billion). The company sold no shares under either in the first half of 2026. It states plainly that it has a history of losses and may need to raise additional capital.
5. Resources committed to hydrogen
The whole of Plug Power is a hydrogen and fuel cell business, so company-wide figures are close to hydrogen figures. However, headcount, R&D spending and plant investment for electrolyzers alone are not broken out.
| Type of resource | What primary sources confirm | Status |
|---|---|---|
| People | 2,582 employees at 31 December 2025 (including 238 temporary; 2,216 in the U.S. and 366 elsewhere). Manufacturing: Slingerlands (fuel cells), Rochester (electrolyzer stack gigafactory), Houston and Lafayette, Indiana. Electrolyzer-only headcount is not disclosed | Sourced / partly undisclosed |
| Money (R&D) | R&D expense was US$58.0 million in 2025 (US$77.2 million in 2024 and US$113.7 million in 2023). The company lists cost, size, weight, durability, efficiency and manufacturability as improvement targets. R&D for electrolyzers alone is not disclosed | Sourced / partly undisclosed |
| Money (plants and equipment) | Hydrogen production plants at three sites (Charleston, Tennessee; Kingsland, Georgia; St. Gabriel, Louisiana). The Louisiana plant is the Hidrogenii joint venture, 50:50 with Olin (a U.S. chemicals company), a 15-tonne-a-day facility that started operating in April 2025. The company is reviewing the timing and scope of planned plants such as the Texas hydrogen plant (the 10-K says they may be deferred, modified or dropped). Total capital expenditure sits in the cash flow statement under purchases of long-lived assets; the electrolyzer share is not disclosed | Sourced / partly undisclosed |
| Acquisitions, investments, joint ventures and disposals | (1) Hidrogenii (50:50 with Olin; consolidated). (2) AccionaPlug S.L. (50:50 with Spain's Acciona; develops hydrogen projects in Spain and Portugal). (3) SK Plug Hyverse (a joint venture with Korea's SK Innovation; Plug held 49%): on 31 December 2025 Plug sold its whole stake to SK Innovation for US$6.5 million. (4) About 5% in France's Clean H2 Infra Fund, a hydrogen infrastructure fund. (5) Between February and July 2026, contracts to sell land and equipment at the "Gateway" site in New York and at Graham, Texas, to a data-center developer (see the table below) | Sourced |
| Universities, research institutes and public funding | DOE loan guarantee: finalized on 16 January 2025 for up to US$1.66 billion, to fund up to six green hydrogen production facilities. Activity was suspended on 7 November 2025, and US$13.2 million of capitalized closing fees was written off in 2025. The company is in talks with the DOE about reframing the activities; the outcome is uncertain. Tax credits: the Georgia hydrogen plant was determined to qualify for the clean hydrogen production tax credit (Section 45V), with US$7.1 million recognized in 2025 (US$4.0 million in 2024). Joint research with universities is not mentioned in the 10-K | Sourced / partly not confirmed |
| Investment in start-ups | Only the Clean H2 Infra Fund holding (about 5%). Individual start-up investments are not mentioned in the 10-K | Sourced / partly not confirmed |
Next, the main projects centered on electrolyzers and hydrogen plants. Stages are given in the wording of the company's own announcements.
| Project | Location | Size | Stage | Date | Source |
|---|---|---|---|---|---|
| Galp | Portugal | 100 MW (electrolyzers) | Commissioning activities in progress (company statement) | 10 August 2026 | Reference 3 |
| Iberdrola and BP | Spain | 25 MW | Commissioning activities in progress | 10 August 2026 | Reference 3 |
| Carlton Power "Barrow" | UK | 30 MW (part of 55 MW awarded in November 2025; the other 25 MW is expected to reach FID in 2026) | Final investment decision (FID) announced for the 30 MW | April-June 2026 | Reference 3 |
| Orica "Hunter Valley" | Australia | 50 MW | Electrolyzer order secured after the customer's FID (announced 7 July 2026) | 7 July 2026 | Reference 3 |
| Hy2gen "Courant" | Québec, Canada | 275 MW | Selected for the front-end engineering design (FEED) scope | April-June 2026 | Reference 3 |
| Hidrogenii (joint venture with Olin) | Louisiana, U.S. | 15 tonnes a day | Operating (liquid hydrogen; started in April 2025) | April 2025 | Reference 1 |
| New York "Gateway" | Genesee County, U.S. | n/a | Contract to sell land and equipment. A 9 July 2026 amendment extended the outside closing date to 31 March 2027 and fixed the price at US$142.0 million, with a framework for an earlier closing of the real property | 9 July 2026 | Reference 4, 5 |
| Graham, Texas | U.S. | 164 MW equivalent (reference capacity) | Contract to sell land and equipment: US$50.0 million plus an earn-out of up to US$26.5 million. US$40.0 million was received on 7 August 2026 from the sale of high-voltage electrical assets | 9 July 2026, August 2026 | Reference 2, 4 |
The company has set out plans to expand its hydrogen production and supply network, but the 10-K says that to prioritize capital, it may defer, modify or drop some plans, such as the Texas hydrogen plant. The New York (Gateway) and Texas plans have turned into sales contracts for data-center use Sourced.
Plug Power's fuel cells (GenDrive) and its electrolyzers (GenEco) are both built around a stack that layers a proton exchange membrane (PEM) and catalyst layers Sourced (the 10-K describes both as PEM). The 10-K says that component quality issues arose and required retrofits with replacement parts and a loss-contract provision under fuel cell maintenance contracts, and that it hopes to cut maintenance costs by improving stack durability and performance. The service business's gross margin improved to 25.5% in 2025 and 27.2% in April-June 2026. PEM stack degradation is generally attributed to chemical degradation of the membrane, dissolution or agglomeration of catalyst, and deterioration of seals and gaskets Not yet confirmed (a general explanation), but the 10-K and 10-Q do not say which factor Plug Power has improved. Nor did the materials we reviewed give published lifetime, degradation-rate or specific-energy figures for the electrolyzer stack.
6. What it has done so far
| When | What happened | Why it matters |
|---|---|---|
| 1997 | Organized as a Delaware corporation | Per the 10-K |
| Q4 2021 | Sets up AccionaPlug, a 50:50 joint venture with Spain's Acciona to develop hydrogen projects in Spain and Portugal | A vehicle for European hydrogen projects |
| Q3 2022 | Sets up Hidrogenii, a 50:50 joint venture with Olin (a U.S. chemicals company) for a Louisiana hydrogen plant | A hydrogen supply base in North America |
| February 2024 | Announces the 2024 restructuring plan (workforce and business streamlining); completed in the fourth quarter | Part of the loss-reduction effort the company calls "Project Quantum Leap" |
| 16 January 2025 | Finalizes the DOE loan guarantee (up to US$1.66 billion) | Funding for up to six green hydrogen production plants |
| March 2025 | Announces the 2025 restructuring plan (workforce cuts, manufacturing footprint realignment); effectively completed in the fourth quarter | A turn toward protecting cash |
| April 2025 | The Louisiana hydrogen plant (15 tonnes a day, Hidrogenii) starts operating | The third in-house liquid hydrogen production site |
| 7 November 2025 | Suspends activity under the DOE loan guarantee; writes off US$13.2 million of capitalized fees | A pause to reconsider how capital is allocated |
| 21 November 2025 | Issues US$431.25 million of 6.75% convertible senior notes due 2033; initial conversion price of about US$3.00 | Fundraising |
| 30-31 December 2025 | Signs a release-event license agreement with Walmart (the 2017 warrant for up to 55.29 million shares is terminated and vested portions are forfeited). Sells its 49% stake in SK Plug Hyverse to SK Innovation for US$6.5 million | Cuts future dilution and exits an overseas joint venture |
| 24 February 2026 | Contract to sell the New York Gateway land and equipment to Stream US Data Centers (US$132.5-142.0 million) | Start of an "infrastructure optimization" aimed at data-center buyers |
| 2 March 2026 | Andrew Marsh steps down as CEO and becomes non-executive Chairman; José Luis Crespo becomes CEO | A leadership change the company describes as planned |
| April-June 2026 | Resolves a contract dispute with a customer and receives US$50.0 million; sells investment tax credits on the Louisiana plant (net US$36.1 million) | Cash raised |
| 9 July 2026 | Amends the Gateway sale (price fixed at US$142.0 million, deadline extended to 31 March 2027); signs the Graham, Texas sale (US$50.0 million plus an earn-out of up to US$26.5 million) | Terms of the sales adjusted to reality |
| 10 August 2026 | Reports April-June 2026 (revenue about US$178 million, gross margin about breakeven); raises its 2026 revenue growth target to 15-16% | A company target, not a confirmed result |
| 17-23 September 2026 | The Chief Operating Officer, Dean Fullerton, gives notice of his resignation effective 23 October 2026 | Turnover among senior executives continues |
7. What comes next
in Q4 2026Company target (EBITDAS is earnings before interest, tax, depreciation, amortization and share-based expense)
FID expected in 2026Company expectation; customers' FIDs rest with customers
The figures above are company targets and outlooks, not results Not yet confirmed. The filings also describe the following plans.
- Gateway (New York): final transfer by 31 March 2027, subject to conditions including regulatory and environmental review
- Graham (Texas): satisfaction of closing conditions; the earn-out depends on the electrical capacity ultimately established (164 MW is the reference)
- Electrolyzers: commissioning of Galp (100 MW) and Iberdrola/BP (25 MW), delivery for Orica (50 MW), and whether Hy2gen "Courant" (275 MW) moves beyond FEED
- Material handling (forklifts): two of the largest customers plan to refresh more than 20,000 GenDrive units over three years (company statement; we could not confirm the contracts)
- European hydrogen plant network: described as planned in the 10-K, but no specific sites, sizes or dates could be confirmed
- DOE loan guarantee: activity suspended; the outcome of talks with the DOE is not settled
Revenue and profit for electrolyzers alone (there is one segment); published lifetime, degradation-rate or specific-energy figures for the electrolyzer stack; the capacity (tonnes a day) of the Tennessee and Georgia hydrogen plants; concrete plans for the European plant network; the annual capacity (GW) of the Rochester gigafactory; start-up dates for the Galp and Iberdrola/BP projects; and the outcome of the DOE talks. None of these appears in the 10-K, 10-Q and 8-Ks we reviewed.
8. What the company is aiming for in hydrogen
This section separates what the company says directly from what we read into it. Inference marks our own interpretation of primary information.
| What we read from it | Primary information behind it | Status |
|---|---|---|
| The aim is to be a company that supplies hydrogen from production through use | The 10-K opens by describing the building of a hydrogen ecosystem and lists fuel cells, electrolyzers, liquefiers, cryogenic equipment and hydrogen fuel as in-house offerings | Sourced (company description) |
| For now it is prioritizing smaller losses and cash over scale | The 2024 and 2025 restructurings, the suspended DOE loan guarantee, asset sales to data-center buyers (target US$275 million) and a goal of positive EBITDAS in Q4 2026 | Sourced / Inference (priority) |
| Hydrogen production is shifting from a nationwide network toward better use of its three existing plants | The 10-K says plans such as the Texas plant may be reviewed; the Gateway and Graham sales; improvement in the fuel gross margin (-133.8% to -85.9%, and about -48% in April-June 2026), which the company ties to better plant utilization | Sourced / Inference |
| Electrolyzers are taken as 5 MW and 10 MW standard units for Europe, Australia and North America | The strategy section of the 10-K; the Galp, Iberdrola/BP, Barrow, Orica and Hy2gen projects | Sourced |
| In its core forklift business it is after replacement demand and recurring maintenance and fuel revenue | 1,666 GenDrive units deployed in April-June 2026 (739 a year earlier), service revenue up 82% year on year, and a plan by two large customers to refresh more than 20,000 units (company statements) | Sourced (company statements) / Inference |
We read "from a nationwide network to improving existing sites" mainly from how the treatment of hydrogen plants has changed. The 10-K says the company has taken steps to prioritize capital discipline and liquidity, is re-evaluating the timing and scope of planned hydrogen production facilities, and may defer, modify or move away from facilities such as the Texas hydrogen plant Sourced. And in 2026 the New York Gateway and Graham, Texas sites did turn into sales contracts for data-center use. Meanwhile, the fuel gross margin at the three existing plants has been improving. We therefore read the near-term focus as raising utilization and profitability of the plants it already has rather than building new ones Not yet confirmed. This is our interpretation, not a policy the company has stated.
9. Map of partnerships in hydrogen
What stands out in Plug Power's relationships is that joint ventures (Olin, Acciona) and a special contract with a customer (Walmart) are built into the structure of the business Sourced. Walmart is the largest customer at 24.2% of revenue. Under the agreement of 30 December 2025, Plug places materials related to its GenKey system in escrow for Walmart, and commits to use commercially reasonable efforts to identify and qualify alternative stack suppliers; in return Walmart terminated the warrant it had held from past transactions. This shows that continuity of supply to the largest customer is an important issue for the business. We go no further than what the 8-K says about the background to the contract.
10. Technologies, products and services
Products are organized within what the 10-K says. The 10-K gives no performance figures (efficiency, lifetime, specific energy and the like), so we show none and make no comparison with other companies.
| Area | What the 10-K and other filings list | Note |
|---|---|---|
| GenDrive (PEM fuel cells for forklifts) | Power for forklifts (Classes 1, 2, 3 and 6), automated guided vehicles and airport ground support equipment, aimed at replacing lead-acid and lithium-ion batteries. More than 74,000 units deployed in total (10-K). 1,666 units deployed in April-June 2026 (company announcement) | The main product. Designed with the intent of meeting UL 2267 and NFPA 505 (10-K) |
| GenSure (stationary fuel cells) | Low power for telecom, transport and utility backup; high power for stationary power, EV charging and data centers | Data-center revenue could not be confirmed |
| GenFuel, GenCare and GenKey | GenFuel covers liquid hydrogen fueling, delivery, storage and dispensing. GenCare is IoT-based maintenance. GenKey bundles fuel cells, fuel and maintenance. More than 275 fueling stations | Storage and dispensing equipment is intended to meet NFPA 2 (hydrogen technologies code) |
| GenEco (PEM electrolyzers) | 5 MW and 10 MW modules. Customers include refineries, chemicals, steel, fertilizer and fueling stations. Stacks are made at the Rochester, New York gigafactory. "Dry stack" electrolyzer technology is carried as an intangible asset (10-year life) | Efficiency and durability figures could not be confirmed. 184 MW-equivalent sold in 2025 |
| Liquefiers and cryogenic equipment | Liquefiers of 15 and 30 tonnes a day. Cryogenic tanks, delivery trailers, vaporizers and more | The company describes high liquefaction efficiency but gives no figure |
| Liquid hydrogen supply | Own plants (Tennessee, Georgia, Louisiana) and third-party supply. The Georgia plant was determined to qualify for the Section 45V credit | Gross margin on hydrogen fuel sales was -85.9% in 2025 |
PEM fuel cells and PEM water electrolysis are built from similar parts: an electrolyte membrane, catalyst layers, gas diffusion or transport layers, bipolar plates and seals Not yet confirmed (a general explanation, not a description of Plug Power's design). The advantages of making both are probably larger purchase volumes of parts and the ability to reuse what is learned about PEM degradation between fuel cells and electrolysis Inference. The 10-K says that some critical components depend on a single or limited set of suppliers, and that the company is moving to designs that allow sourcing stack and air-supply components from several suppliers Sourced. Liquid hydrogen is handled at cryogenic temperature (about -253 °C), so tanks, piping and valves need metals that stay tough at low temperature, plus insulation Not yet confirmed (a general explanation). The specific materials and specifications of Plug Power's liquefiers and cryogenic equipment are not in the materials we reviewed. See also our explainers on PEM water electrolysis, fuel cell vehicles and PEM fuel cells, and liquid hydrogen.
11. The risks this company carries
| Risk | Detail | Status |
|---|---|---|
| Continuing losses and funding | Net loss of about US$1.7 billion in 2025 and US$436.1 million in the first half of 2026. The 10-K lists the history of losses and the possible need for additional capital or strategic transactions as risks. The 10-K and 10-Q say the company judges its funds sufficient for the next 12 months | Sourced |
| Future of the DOE loan guarantee | Activity is suspended. The 10-K says the outcome of talks is uncertain and the DOE could terminate the guarantee. It also notes that the suspension could be viewed unfavorably by other lenders and partners | Sourced |
| Execution risk at hydrogen plants | Construction delays, cost overruns, underutilization and obtaining certification. Some plans (such as Texas) may be deferred, modified or dropped | Sourced |
| Customer concentration | Walmart is 24.2% of revenue and the second-largest customer 14.3%. The 10-K also lists the risk that orders do not convert to shipments, installations and revenue | Sourced |
| Component quality and maintenance cost | Past component quality problems required retrofits with replacement parts and loss-contract provisions. More costs may follow | Sourced |
| Inventory valuation adjustments | Inventory valuation adjustments were US$89.9 million in 2025 (US$168.3 million in 2024). Further adjustments may be needed if the market worsens | Sourced |
| Leadership turnover | CEO change in March 2026; the COO gave notice of resignation in September 2026. The 10-K says management transitions could disrupt execution | Sourced |
| Dependence on policy and incentives | Linked to Section 45V (clean hydrogen production credit) and the investment tax credit for fuel cells (Section 48E). The 10-K says that under the OBBBA, 45V is available to facilities that begin construction before 1 January 2028 (we have not checked the text of the law). Electrolyzer demand depends on European support schemes | Sourced (company's description) / Not yet confirmed |
| Debt and dilution | Convertible notes of US$578.0 million, finance obligations of US$213.9 million and warrant liabilities of US$136.3 million. Use of the equity programs (ATM and SEPA, up to US$1.0 billion each) could dilute shareholders | Sourced |
| Completion of asset sales | Gateway's completion is conditional, with a deadline of 31 March 2027; Graham requires closing conditions to be met. Of the US$275 million target, about US$52 million had been received by August 2026 | Sourced / Not yet confirmed |
| Difficulty of outside verification | The 10-K gives no profit by segment for electrolyzers and no published performance or durability figures, so technology and profitability are hard to verify from outside | Not yet confirmed |
This article summarizes a company and is not advice on handling or operating hydrogen. The handling of hydrogen, including liquid hydrogen, is governed by national laws, standards and operators' own safety rules.
12. Glossary
- PEM (proton exchange membrane)
- A system that uses a solid polymer membrane as the electrolyte; used in both fuel cells and water electrolysis.
- 10-K / 10-Q / 8-K
- The annual report, quarterly report and current report that U.S.-listed companies file with the SEC.
- PPA (power or hydrogen purchase agreement)
- In Plug Power's filings, a contract under which it supplies hydrogen or fuel-cell power to a customer and is paid according to use.
- One-megawatt-equivalent unit
- The company's unit for counting electrolyzer sales, with each 1 MW of equipment counted as one unit.
- Section 45V
- The U.S. clean hydrogen production tax credit: up to US$3 per kg for 10 years (IRA provision, as described in the company's 10-K).
- Investment tax credit (ITC) / 48E
- A credit against tax for a share of investment in equipment. For fuel cell property it is 30% under Section 48E after the OBBBA (as described by the company).
- EBITDAS
- Earnings before interest, income tax, depreciation, amortization and share-based expense (the company's definition).
- ATM (at-the-market) program
- A way of issuing new shares gradually at market prices.
- Convertible note
- A bond that can be converted into shares on set terms. Plug's notes due 2033 carry a 6.75% coupon.
- DOE loan guarantee
- Financing backed by the U.S. Department of Energy. Plug finalized up to US$1.66 billion in January 2025 and suspended activity in November 2025.
13. References
- Plug Power Form 10-K for the fiscal year ended December 31, 2025 (filed with the U.S. SEC on 2 March 2026). Business overview, revenue and results, liquidity, employees, customer concentration, joint ventures, DOE loan guarantee, tax credits, risk factors. https://www.sec.gov/Archives/edgar/data/1093691/000110465926022286/plug-20251231x10k.htm
- Plug Power Form 10-Q for the quarterly period ended June 30, 2026 (10 August 2026). First-half results, liquidity, debt, resolution of a contract dispute, subsequent events. https://www.sec.gov/Archives/edgar/data/1093691/000110465926093454/plug-20260630x10q.htm
- Plug Power Form 8-K (10 August 2026), Exhibit 99.1: second-quarter 2026 earnings release. Project status, outlook and targets for 2026. https://www.sec.gov/Archives/edgar/data/1093691/000110465926093339/tm2622713d1_ex99-1.htm
- Plug Power Form 8-K (13 July 2026). Amendment of the Gateway sale and the Graham, Texas sale agreement. https://www.sec.gov/Archives/edgar/data/1093691/000110465926082854/tm2620282d1_8k.htm
- Plug Power Form 8-K (26 February 2026). The New York Gateway sale agreement. https://www.sec.gov/Archives/edgar/data/1093691/000110465926020476/tm267395d1_8k.htm
- Plug Power Form 8-K (6 January 2026). Release event license agreement with Walmart and termination of the warrant. https://www.sec.gov/Archives/edgar/data/1093691/000110465926001336/tm262057d1_8k.htm
- Plug Power Form 8-K (21 November 2025). Issuance of 6.75% convertible senior notes due 2033. https://www.sec.gov/Archives/edgar/data/1093691/000110465925114978/tm2531936d1_8k.htm
- Plug Power Form 8-K (10 March 2026). Appointment of José Luis Crespo to the board and his background as CEO. https://www.sec.gov/Archives/edgar/data/1093691/000110465926025805/tm268422d1_8k.htm
- Plug Power Form 8-K (23 September 2026). Notice of the Chief Operating Officer's resignation. https://www.sec.gov/Archives/edgar/data/1093691/000110465926110021/tm2626024d1_8k.htm
- Plug Power Official website (source of the logo image). https://www.plugpower.com/
14. Claim-to-source audit
| Claim in the text | Status | Source |
|---|---|---|
| Legal name, Delaware corporation (organized 1997), head office, listing venue, December year-end | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/1093691/000110465926022286/plug-20251231x10k.htm |
| Revenue, gross profit/(loss), net loss, R&D expense and operating cash flow for 2024 and 2025; orders of US$724.1 million | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/1093691/000110465926022286/plug-20251231x10k.htm |
| 2025 revenue breakdown (equipment, services, PPAs, hydrogen fuel) and gross margins | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/1093691/000110465926022286/plug-20251231x10k.htm |
| Electrolyzer revenue increase (US$52.3 million), 184 MW-equivalent sold (153 in 2024), and the April-June 2026 decline in electrolyzer sales (delivery timing) | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/1093691/000110465926022286/plug-20251231x10k.htm Reference 2 https://www.sec.gov/Archives/edgar/data/1093691/000110465926093454/plug-20260630x10q.htm |
| April-June and first-half 2026 revenue, gross profit/(loss), net loss, cash flow, cash and debt | Sourced | Reference 2 https://www.sec.gov/Archives/edgar/data/1093691/000110465926093454/plug-20260630x10q.htm |
| 2,582 employees (2,216 in the U.S.), manufacturing sites, three hydrogen plants, 52 patents | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/1093691/000110465926022286/plug-20251231x10k.htm |
| Walmart at 24.2% of revenue; second-largest customer at 14.3% | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/1093691/000110465926022286/plug-20251231x10k.htm |
| Hidrogenii (50:50 with Olin, 15 tonnes a day, started April 2025), AccionaPlug (50:50), Clean H2 Infra Fund (about 5%) | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/1093691/000110465926022286/plug-20251231x10k.htm |
| Sale of the 49% stake in SK Plug Hyverse to SK Innovation for US$6.5 million (31 December 2025) | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/1093691/000110465926022286/plug-20251231x10k.htm |
| DOE loan guarantee (up to US$1.66 billion) finalized in January 2025, suspended in November 2025, US$13.2 million of fees written off, talks continuing | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/1093691/000110465926022286/plug-20251231x10k.htm |
| Georgia plant qualified for 45V, US$7.1 million recognized in 2025; the OBBBA provisions on 45V and 48E (company's description) | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/1093691/000110465926022286/plug-20251231x10k.htm |
| 2024 and 2025 restructuring plans (Project Quantum Leap) | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/1093691/000110465926022286/plug-20251231x10k.htm |
| Issuance of US$431.25 million of 6.75% convertible senior notes due 2033 (21 November 2025) | Sourced | Reference 7 https://www.sec.gov/Archives/edgar/data/1093691/000110465925114978/tm2531936d1_8k.htm |
| Release event license agreement with Walmart (30 December 2025) and termination of the warrant | Sourced | Reference 6 https://www.sec.gov/Archives/edgar/data/1093691/000110465926001336/tm262057d1_8k.htm |
| Gateway sale agreement (24 February 2026) and its 9 July 2026 amendment (price US$142.0 million, deadline 31 March 2027) | Sourced | Reference 5 https://www.sec.gov/Archives/edgar/data/1093691/000110465926020476/tm267395d1_8k.htm Reference 4 https://www.sec.gov/Archives/edgar/data/1093691/000110465926082854/tm2620282d1_8k.htm |
| Graham, Texas sale (US$50.0 million plus an earn-out of up to US$26.5 million) and US$40.0 million received on 7 August 2026 | Sourced | Reference 4 https://www.sec.gov/Archives/edgar/data/1093691/000110465926082854/tm2620282d1_8k.htm Reference 2 https://www.sec.gov/Archives/edgar/data/1093691/000110465926093454/plug-20260630x10q.htm |
| Sale of investment tax credits on the Louisiana plant (net US$36.1 million) and US$50.0 million received on resolving a contract dispute | Sourced | Reference 2 https://www.sec.gov/Archives/edgar/data/1093691/000110465926093454/plug-20260630x10q.htm |
| Galp 100 MW and Iberdrola/BP 25 MW in commissioning, Barrow 30 MW FID, Orica 50 MW order, Hy2gen Courant 275 MW FEED | Sourced | Reference 3 https://www.sec.gov/Archives/edgar/data/1093691/000110465926093339/tm2622713d1_ex99-1.htm |
| Crespo becomes CEO (2 March 2026); COO resignation notice (effective 23 October 2026) | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/1093691/000110465926022286/plug-20251231x10k.htm Reference 8 https://www.sec.gov/Archives/edgar/data/1093691/000110465926025805/tm268422d1_8k.htm Reference 9 https://www.sec.gov/Archives/edgar/data/1093691/000110465926110021/tm2626024d1_8k.htm |
| 2026 revenue growth of 15-16%, positive EBITDAS in Q4 2026, asset-sale target of US$275 million with about US$52 million received | Not yet confirmed | Reference 3 https://www.sec.gov/Archives/edgar/data/1093691/000110465926093339/tm2622713d1_ex99-1.htm |
| FID expectation for Barrow's other 25 MW, and the plan by two large customers to refresh more than 20,000 units | Not yet confirmed | Reference 3 https://www.sec.gov/Archives/edgar/data/1093691/000110465926093339/tm2622713d1_ex99-1.htm |
| Component quality problems, warranty reserves and loss-contract provisions, and inventory valuation adjustments of US$89.9 million | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/1093691/000110465926022286/plug-20251231x10k.htm |
| Revenue and profit for electrolyzers alone, stack lifetime, degradation and specific energy, gigafactory annual capacity, Tennessee and Georgia plant capacity, concrete plans for the European plant network | Not yet confirmed | Not in the materials reviewed. We make no estimate. Reference 1 https://www.sec.gov/Archives/edgar/data/1093691/000110465926022286/plug-20251231x10k.htm Reference 2 https://www.sec.gov/Archives/edgar/data/1093691/000110465926093454/plug-20260630x10q.htm Reference 3 https://www.sec.gov/Archives/edgar/data/1093691/000110465926093339/tm2622713d1_ex99-1.htm |
| Joint research with universities, start-up investments other than the Clean H2 Infra Fund | Not yet confirmed | Could not be confirmed. We do not assert that none exists. Reference 1 https://www.sec.gov/Archives/edgar/data/1093691/000110465926022286/plug-20251231x10k.htm |
| The four-type classification (Electrolyzers; Fuel cells & hydrogen end-use equipment; Gases & large projects; Materials & components) and the example companies | Our calculation | Our own classification. Company names are examples from those covered in this series |
| The general make-up of PEM fuel cell and electrolysis stacks, and the general explanation of liquid hydrogen handling | Not yet confirmed | General commentary, not a description of Plug Power's design |
| The reading that making both fuel cells and electrolyzers has advantages | Inference | Our own reading (not an explanation given by the company). |
| The reading that it prioritizes smaller losses and cash, and that hydrogen production is shifting toward improving existing plants | Inference | Our own reading of the restructurings, the DOE suspension and the asset sales (not a policy stated by the company). Reference 1 https://www.sec.gov/Archives/edgar/data/1093691/000110465926022286/plug-20251231x10k.htm Reference 3 https://www.sec.gov/Archives/edgar/data/1093691/000110465926093339/tm2622713d1_ex99-1.htm Reference 4 https://www.sec.gov/Archives/edgar/data/1093691/000110465926082854/tm2620282d1_8k.htm |
| The reading that continuity of supply to the largest customer is an important issue, and the background to the license agreement | Inference | We go no further than what the 8-K says. Reference 6 https://www.sec.gov/Archives/edgar/data/1093691/000110465926001336/tm262057d1_8k.htm |
Last updated: 6 October 2026 / Troy Technical
The figures in this article come from statutory filings (Forms 10-K, 10-Q and 8-K) that Plug Power Inc. submitted to the U.S. Securities and Exchange Commission. Market-research estimates and press-report figures are not used. This is not an assessment of the company's financial condition. Passages marked "Inference" are our own reading of primary information and are not statements by the company.