Plug Power, Inc. (PLUG) Financial Statements (2024 and earlier)
Company Profile
| Business Address |
968 ALBANY-SHAKER ROAD LATHAM, NY 12110 |
| State of Incorp. | DE |
| Fiscal Year End | December 31 |
| Industry (SIC) | 362 - Electrical Industrial Apparatus (benchmarking) |
| More info | Complete Financial Analysis Financial Benchmarking |
Balance Sheet (Statement of Financial Position) ($ in thousands)
| 12/31/2023 | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 | 12/31/2017 | |||
|---|---|---|---|---|---|---|---|---|---|
| ASSETS | |||||||||
| Current Assets | |||||||||
| Cash, cash equivalents, and short-term investments | 2,158,409 | 3,869,529 | 1,312,404 | 139,496 | 38,602 | 24,828 | |||
| Cash and cash equivalents | 690,630 | 2,481,269 | 1,312,404 | 139,496 | 38,602 | 24,828 | |||
| Short-term investments | 1,467,779 | 1,388,260 | |||||||
| Restricted cash and investments | 158,958 | 118,633 | 64,041 | 54,813 | 17,399 | 13,898 | |||
| Receivables | |||||||||
| Inventory, net of allowances, customer advances and progress billings | 645,636 | 269,163 | 139,386 | 72,391 | 47,910 | 48,776 | |||
| Inventory | 645,636 | 269,163 | 139,386 | 72,391 | 47,910 | 48,776 | |||
| Contract with customer, asset, after allowance for credit loss | 62,456 | 38,637 | ✕ | ||||||
| Other undisclosed current assets | 279,839 | 152,563 | 87,365 | 46,640 | 51,704 | 32,105 | |||
| Total current assets: | 3,305,298 | 4,448,525 | 1,603,196 | 313,340 | 155,615 | 119,607 | |||
| Noncurrent Assets | |||||||||
| Finance lease, right-of-use asset, after accumulated amortization | 53,742 | 32,494 | 5,724 | 244,740 | ✕ | ✕ | |||
| Operating lease, right-of-use asset | 360,287 | 212,537 | 117,016 | ✕ | ✕ | ||||
| Property, plant and equipment | 719,793 | 255,623 | 74,549 | 98,877 | |||||
| Long-term investments and receivables | 31,250 | 12,892 | |||||||
| Long-term investments | 31,250 | 12,892 | |||||||
| Intangible assets, net (including goodwill) | 456,332 | 378,644 | 111,638 | 14,381 | 12,913 | 13,230 | |||
| Goodwill | 248,607 | 220,436 | 72,387 | 8,842 | 9,023 | 9,445 | |||
| Intangible assets, net (excluding goodwill) | 207,725 | 158,208 | 39,251 | 5,539 | 3,890 | 3,785 | |||
| Contract with customer, asset, after allowance for credit loss | 41,831 | 120 | ✕ | ||||||
| Restricted cash and investments | 699,756 | 532,292 | 257,839 | 175,191 | 54,152 | 29,329 | |||
| Other undisclosed noncurrent assets | 95,987 | 76,949 | 81,320 | 23,532 | 167,646 | 9,767 | |||
| Total noncurrent assets: | 2,458,978 | 1,501,551 | 648,086 | 457,844 | 234,711 | 151,203 | |||
| TOTAL ASSETS: | 5,764,276 | 5,950,076 | 2,251,282 | 771,184 | 390,326 | 270,810 | |||
| LIABILITIES AND EQUITY | |||||||||
| Liabilities | |||||||||
| Current Liabilities | |||||||||
| Accounts payable and accrued liabilities | 348,325 | 171,544 | 96,281 | 54,589 | 42,688 | 52,957 | |||
| Accounts payable | 191,895 | 92,307 | 50,198 | 40,376 | 34,824 | 42,362 | |||
| Accrued liabilities | 156,430 | 79,237 | 46,083 | 14,213 | 7,864 | 10,595 | |||
| Deferred revenue | 131,813 | 116,377 | 23,275 | 11,691 | ✕ | ✕ | |||
| Debt | 13,291 | 35,270 | 51,692 | 26,461 | 18,762 | ||||
| Other liabilities | 34,060 | 39,800 | 29,487 | 8,543 | 560 | 866 | |||
| Deferred revenue and credits | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | 11,130 | ||
| Contract with customer, liability | ✕ | ✕ | ✕ | ✕ | ✕ | 12,055 | ✕ | ||
| Other undisclosed current liabilities | 107,786 | 57,562 | 21,631 | 49,507 | 91,067 | 32,006 | |||
| Total current liabilities: | 635,275 | 420,553 | 222,366 | 150,791 | 146,370 | 115,721 | |||
| Noncurrent Liabilities | |||||||||
| Long-term debt and lease obligation | 231,907 | 392,879 | 189,757 | 110,246 | 133 | 13,371 | |||
| Long-term debt, excluding current maturities | 193,919 | 192,633 | 85,640 | 110,246 | 133 | 13,371 | |||
| Finance lease, liability | 37,988 | 24,611 | 4,493 | ✕ | ✕ | ||||
| Liabilities, other than long-term debt | 562,640 | 206,510 | 73,391 | 23,382 | 28,039 | 33,803 | |||
| Deferred revenue and credits | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | 33,709 | ||
| Deferred revenue | 98,085 | 66,713 | 32,944 | 23,369 | ✕ | ✕ | |||
| Contract with customer, liability | ✕ | ✕ | ✕ | ✕ | ✕ | 28,021 | ✕ | ||
| Other liabilities | 193,051 | 139,797 | 40,447 | 13 | 18 | 94 | |||
| Operating lease, liability | 271,504 | 175,635 | 99,624 | ✕ | ✕ | ||||
| Other undisclosed noncurrent liabilities | 274,240 | 324,438 | 298,849 | 350,936 | 181,428 | 33,560 | |||
| Total noncurrent liabilities: | 1,068,787 | 923,827 | 561,997 | 484,564 | 209,600 | 80,734 | |||
| Total liabilities: | 1,704,062 | 1,344,380 | 784,363 | 635,355 | 355,970 | 196,455 | |||
| Equity | |||||||||
| Equity, attributable to parent | 4,060,214 | 4,605,696 | 1,466,919 | 134,679 | 2,713 | 73,646 | |||
| Common stock | 6,084 | 5,947 | 4,740 | 3,186 | 2,342 | 2,291 | |||
| Treasury stock, value | (96,261) | (72,526) | (40,434) | (31,216) | (30,637) | (3,102) | |||
| Additional paid in capital | 7,297,306 | 7,070,710 | 3,446,650 | 1,507,116 | 1,289,714 | 1,250,899 | |||
| Accumulated other comprehensive income (loss) | (26,004) | (1,532) | 2,451 | 1,400 | 1,584 | 2,194 | |||
| Accumulated deficit | (3,120,911) | (2,396,903) | (1,946,488) | (1,345,807) | (1,260,290) | (1,178,636) | |||
| Other undisclosed equity | 1,150 | 31,643 | 709 | ||||||
| Total equity: | 4,060,214 | 4,605,696 | 1,466,919 | 135,829 | 34,356 | 74,355 | |||
| TOTAL LIABILITIES AND EQUITY: | 5,764,276 | 5,950,076 | 2,251,282 | 771,184 | 390,326 | 270,810 | |||
Income Statement (P&L) ($ in thousands)
| 12/31/2023 | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 | 12/31/2017 | ||
|---|---|---|---|---|---|---|---|---|
| Revenues | 701,440 | 502,342 | (93,237) | 230,239 | 174,632 | 132,929 | ||
| Revenue, net | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | 103,262 | |
| Cost of revenue | (895,796) | (673,652) | (4,800) | (202,273) | (172,010) | (131,351) | ||
| Cost of goods and services sold | (19,000) | (4,800) | (202,273) | (172,010) | (76,828) | |||
| Other undisclosed gross profit | (371,379) | (29,667) | ||||||
| Gross profit: | (194,356) | (171,310) | (469,416) | 27,966 | 2,622 | (28,089) | ||
| Operating expenses | (485,194) | (266,014) | (114,786) | (78,008) | (72,105) | (73,703) | ||
| Operating loss: | (679,550) | (437,324) | (584,202) | (50,042) | (69,483) | (101,792) | ||
| Nonoperating expense | (2,303) | (765) | (35,502) | (22,135) | (10,100) | |||
| Investment income, nonoperating | 16,400 | |||||||
| Other nonoperating expense | (2,303) | (765) | ||||||
| Interest and debt expense | (40,023) | (43,225) | (800) | (8,821) | (6,347) | (770) | ||
| Loss from continuing operations before equity method investments, income taxes: | (721,876) | (481,314) | (585,002) | (94,365) | (97,965) | (112,662) | ||
| Loss from equity method investments | (20,166) | (5,704) | ||||||
| Other undisclosed income (loss) from continuing operations before income taxes | 18,873 | 10,856 | (41,998) | 8,900 | 10,633 | (14,418) | ||
| Loss from continuing operations before income taxes: | (723,169) | (476,162) | (627,000) | (85,465) | (87,332) | (127,080) | ||
| Income tax expense (benefit) | (839) | 16,197 | 9,217 | |||||
| Loss from continuing operations: | (724,008) | (459,965) | (627,000) | (85,465) | (78,115) | (127,080) | ||
| Loss before gain (loss) on sale of properties: | ✕ | ✕ | (459,965) | (627,000) | (85,465) | (78,115) | (127,080) | |
| Net loss: | (724,008) | (459,965) | (627,000) | (85,465) | (78,115) | (127,080) | ||
| Other undisclosed net income attributable to parent | 30,845 | |||||||
| Net loss attributable to parent: | (724,008) | (459,965) | (596,155) | (85,465) | (78,115) | (127,080) | ||
| Preferred stock dividends and other adjustments | (52) | (52) | (3,098) | |||||
| Net loss available to common stockholders, diluted: | (724,008) | (459,965) | (596,155) | (85,517) | (78,167) | (130,178) | ||
Comprehensive Income ($ in thousands)
| 12/31/2023 | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 | 12/31/2017 | ||
|---|---|---|---|---|---|---|---|---|
| Net loss: | (724,008) | (459,965) | (627,000) | (85,465) | (78,115) | (127,080) | ||
| Other comprehensive income (loss) | (24,472) | (3,983) | 1,163 | (184) | (610) | 1,947 | ||
| Comprehensive loss, net of tax, attributable to parent: | (748,480) | (463,948) | (625,837) | (85,649) | (78,725) | (125,133) | ||
Statements Sources
The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.