Financial Performance - For the three months ended September 30, 2025, net revenue was $177.1 million, a slight increase from $173.7 million in the same period of 2024, representing a growth of 0.8%[13] - The company reported a net loss of $363.5 million for the three months ended September 30, 2025, compared to a net loss of $211.2 million for the same period in 2024, indicating an increase in losses of 72.1%[13] - The company reported a comprehensive loss of $363.2 million for the three months ended September 30, 2025, compared to a comprehensive loss of $210.9 million for the same period in 2024, indicating an increase of 72.3%[16] - For the nine months ended September 30, 2025, Plug Power reported a net loss of $789,091 thousand, compared to a net loss of $769,277 thousand for the same period in 2024[24]. - The Company incurred net losses of approximately $363.5 million and $211.2 million during the three months ended September 30, 2025 and 2024, respectively, and net losses of approximately $789.1 million and $769.3 million during the nine months ended September 30, 2025 and 2024, respectively[26] Assets and Liabilities - Total current assets decreased to $1.19 billion as of September 30, 2025, down from $1.48 billion as of December 31, 2024, reflecting a decline of 19.5%[10] - Total liabilities amounted to $1.61 billion as of September 30, 2025, a decrease from $1.80 billion as of December 31, 2024, showing a reduction of 10.5%[10] - The company’s accumulated deficit as of September 30, 2025, was $7.38 billion, compared to $6.59 billion as of December 31, 2024, reflecting an increase of 12.0%[10] - Total stockholders' equity decreased to $1.50 billion as of September 30, 2025, down from $1.81 billion as of December 31, 2024, a decline of 17.2%[10] - As of September 30, 2025, the company reported a total inventory of $555.1 million, down from $682.6 million as of December 31, 2024, reflecting a decrease of approximately 18.7%[56] Stock and Equity - The weighted average number of common stock outstanding increased to 1.16 billion shares for the three months ended September 30, 2025, compared to 858.4 million shares in the same period of 2024, an increase of 35.0%[13] - Plug Power's total shares outstanding increased to 1,219,328,594 as of September 30, 2025, up from 1,165,714,048 shares as of June 30, 2025[19] - The Company has an "at-the-market" equity offering program with a gross sales price of up to $1.0 billion, with $944.1 million available to be sold as of September 30, 2025[28] - The Company issued secured debentures totaling $210.0 million and a second tranche of $52.5 million, both at an interest rate of 15% per annum, which can increase to 25% upon an Event of Default[32] - The New Common Warrants, which can purchase up to 185,430,464 shares at $7.75 per share, will expire on March 20, 2028, and are contingent on increasing authorized shares[165] Expenses - The company’s gross loss for the three months ended September 30, 2025, was $120.2 million, compared to a gross loss of $100.0 million in the same period of 2024, representing an increase of 20.2%[13] - Research and development expenses for the three months ended September 30, 2025, were $16.1 million, down from $19.7 million in the same period of 2024, a decrease of 18.1%[13] - The company recorded $28.3 million in selling, general, and administrative expenses for the three months ended September 30, 2025, compared to $40.3 million for the nine months ended September 30, 2024[148] - Stock-based compensation costs for the three months ended September 30, 2025, were $10.0 million, compared to $21.3 million for the same period in 2024, reflecting a decrease of approximately 53.0%[119] - The total fair value of restricted stock and restricted stock unit awards that vested during the nine months ended September 30, 2025, was $14.2 million, compared to $28.2 million in 2024, a decrease of approximately 49.8%[128] Cash Flow and Financing - The company experienced a decrease in cash and cash equivalents of $39,798 thousand, with cash, cash equivalents, and restricted cash at the end of the period totaling $849,022 thousand[24]. - The company reported net cash used in operating activities of $387,192 thousand for the nine months ended September 30, 2025, an improvement from $597,402 thousand in the prior year[24]. - The Company raised $46,301 thousand through public offerings of common stock, net of issuance costs, during the quarter ending June 30, 2025[19] - The Company received net proceeds of $267.5 million from a registered direct offering of common stock on March 20, 2025[31] - The Company believes its working capital and cash position will support ongoing operations for at least 12 months following the issuance of the financial statements[34] Impairments and Adjustments - The Company recorded impairment charges of $50.0 million and $60.5 million related to property, plant, and equipment during the three and nine months ended September 30, 2025, respectively[43] - The Company recorded impairment charges of $28.1 million related to contract assets during the three and nine months ended September 30, 2025, due to significant changes in contract circumstances[48] - The company reported a significant impairment of $119,187 thousand for the nine months ended September 30, 2025, compared to $8,406 thousand in the previous year[24]. - The company recorded inventory valuation adjustments of $175.8 million as of September 30, 2025, compared to $158.9 million as of December 31, 2024, indicating an increase of approximately 10.9%[56] - The fair value of the 15.00% Secured Debenture increased by $3,408 thousand during the nine months ended September 30, 2025[85] Future Outlook and Strategic Initiatives - The company has focused on industrial mobility applications and hydrogen production, aiming to support customers with a vertically integrated ecosystem for hydrogen solutions[25]. - The One Big Beautiful Bill Act (OBBBA) includes a 30% investment tax credit for qualified fuel cell property from 2026 to 2032, impacting clean hydrogen facilities starting construction before January 1, 2028[118] - The Company signed a non-binding Letter of Intent on November 7, 2025, to monetize its electricity rights in New York and another location, which could improve liquidity through asset sales and cash release[162] - The Company expects to incur future restructuring costs of $1.4 million during the fourth quarter of 2025 related to employee severance and facility exit costs[157] - The Company faced ongoing securities litigation, including a consolidated action asserting claims under federal securities laws against the Company and certain senior officers[140]

Core Insights - Plug Power reported Q3 2025 results that missed revenue expectations but slightly beat on adjusted losses, with revenue of $177.0 million against an estimate of $183.1 million, falling short by 3.3% [3][5] - The company's electrolyzer revenue surged 46% sequentially to $65 million, indicating strong commercial traction in hydrogen production equipment [6][11] - Despite the positive growth in electrolyzer revenue, the overall financial picture remains challenging, with a GAAP gross loss widening to -$120 million and operating cash flow remaining deeply negative at -$191.8 million [7][8] Financial Performance - Plug Power's revenue for Q3 2025 was $177 million, missing estimates by 3.3%, while adjusted EPS was -$0.12, slightly better than the expected -$0.13 [3][5] - The electrolyzer segment was a highlight, with revenue hitting $65 million, up 46% from Q2 2025, and over 230 MW of electrolyzers mobilized globally [6][11] - The company ended Q3 with $166 million in cash and raised $370 million through warrant exercises post-quarter, essential for maintaining operational liquidity [8][11] Management Outlook - Management expressed optimism about the company's execution and growth, focusing on Project Quantum Leap aimed at improving margins and cash flow [9][11] - CEO Andy Marsh and CFO Jose Luis Crespo highlighted the company's global growth and commercial traction, although the language used was measured rather than exuberant [9][11] - Insider buying activity suggests management believes in the current valuation, with CEO Andrew Marsh purchasing shares at prices ranging from $1.01 to $3.81 [10]

Core Viewpoint - Plug Power Inc. reported a mixed third-quarter earnings report, leading to a decline in its stock price despite some positive aspects in the results [1]. Financial Performance - The company reported quarterly losses of 12 cents per share, which was better than the analyst estimate of 13 cents [2]. - Quarterly revenue was $177.05 million, missing the Street estimate of $179.53 million by 1.38 percent, but representing a 1.91 percent increase from $173.73 million in the same period last year [2]. Segment Performance - GenEco electrolyzer revenue reached approximately $65 million for the quarter, marking a 46% sequential increase over the second quarter of 2025 and a 13% year-over-year increase [3]. Management Commentary - The CEO, Andy Marsh, emphasized the company's commitment to executing its plans and demonstrating the viability of hydrogen at scale [3]. - Jose Luis Crespo, the president and incoming CEO, described the quarter as strong, highlighting global growth and commercial traction, and noted that revenue performance reflects accelerating customer adoption [4].

Exhibit 99.1 Plug Power Third Quarter 2025 Highlights $177 Million in Quarterly Revenue Continued Global Market Expansion and Operational Progress SLINGERLANDS, N.Y., November 10, 2025 - Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the hydrogen economy, today announced its financial results and operational milestones for the third quarter ended September 30, 2025. · For the third quarter 2025, revenue was $177 million, driven by continued strength in Plug's electro ...

Core Insights - Plug Power Inc. reported a revenue of $177 million for Q3 2025, driven by growth in its electrolyzer business and hydrogen fuel sales, marking a 46% sequential increase in electrolyzer revenue [7][8] - The company continues to focus on expanding its material handling, electrolyzer, and hydrogen fuel businesses, positioning itself for future growth in large-scale stationary power and mobility markets [5][6] - A leadership transition occurred with Jose Luis Crespo appointed as the new CEO, indicating the company's evolution into a globally scaled energy technology business [6] Financial Performance - For Q3 2025, Plug Power's net cash used in operating activities was approximately $90 million, reflecting a 49% year-over-year improvement [7] - The company ended the quarter with about $166 million in unrestricted cash and completed a capital raise of approximately $370 million, showcasing investor confidence [7] - The GAAP gross loss for Q3 2025 was approximately $120 million, compared to a gross loss of about $100 million in Q3 2024 [7][24] Operational Highlights - Plug Power mobilized over 230 MW of GenEco electrolyzer projects across Europe, Australia, and North America, reinforcing its leadership in industrial-scale hydrogen solutions [13] - The company achieved record production performance at its Georgia Green Hydrogen Plant, producing 324 metric tons of liquid hydrogen with high efficiency metrics [13] - A strategic supply agreement was extended with a key partner, enhancing Plug's domestic hydrogen position through 2030 [13] Strategic Initiatives - The ongoing Project Quantum Leap aims to improve margins and cash flow, with the company recording approximately $226 million in charges related to this initiative [7] - Plug Power is focusing on monetizing its electricity rights in New York, expecting to generate over $275 million in liquidity improvements [13] - The company plans to provide further insights into its strategy and operational execution during its annual Plug Symposium on November 18 [12]

Market Overview - U.S. equity markets are experiencing robust gains, driven by optimism over a potential resolution of the government shutdown and a strong rebound in the technology sector [1][3] - Major indexes are recovering from last week's declines, with the Nasdaq Composite leading the charge, climbing between 1.4% and 1.9% [2][3] Sector Performance - Growth-oriented sectors, particularly technology, are showing strong performance, with AI-related stocks leading the recovery despite previous valuation concerns [4] - Energy and industrial stocks are also contributing positively, while health insurers are declining due to uncertainty over healthcare tax credits [4] Corporate Earnings - Approximately 82% of S&P 500 companies have exceeded earnings estimates this reporting season, marking the highest rate in four years [6] - Notable companies reporting include CoreWeave, Barrick Mining, and Paramount Skydance, with Cisco Systems set to report later this week [6] Major Stock Movements - Nvidia is a standout performer, surging between 3.7% and 4%, recently reaching a $5 trillion valuation [11] - Pfizer is acquiring Metsera for approximately $10 billion, impacting both companies' stock prices [11] - Tesla shares are up around 4% following shareholder approval of CEO Elon Musk's pay package [11] - Palantir Technologies is bouncing back, jumping between 6.7% and 8% after a prior decline [11] - Taiwan Semiconductor Manufacturing Co. saw its stock rise 3.1% to 3.2% after reporting nearly 17% year-over-year revenue growth [11] - Plug Power Inc. plans to generate over $275 million through asset monetization and operational efficiencies [11]

Core Viewpoint - Plug Power's stock price increased over 6% to $2.82 following the announcement of liquidity improvement measures totaling over $275 million through asset sales, releasing restricted cash, and reducing maintenance expenses [1] Group 1: Liquidity Improvement Measures - The company expects to achieve over $275 million in liquidity improvement through asset sales, releasing restricted cash, and reducing maintenance expenses [1] - Plug Power has signed a letter of intent with an unnamed U.S. data center developer to sell its power usage rights in New York and another location [1] Group 2: Strategic Partnerships - The collaboration with the data center developer aims to utilize Plug's advanced fuel cell technology to provide auxiliary and backup power solutions for data centers [1] - The data center developer is actively expanding its platform, indicating a growing market for reliable and sustainable energy solutions [1] Group 3: Reallocation of Resources - The company announced a pause on activities related to the U.S. Department of Energy (DOE) loan program, reallocating funds to higher-return opportunities within the hydrogen network [1] - CEO Andy Marsh emphasized that asset sales will strengthen the balance sheet and that partnerships with large data center projects will allow Plug to enter a rapidly growing market focused on reliability, resilience, and sustainability [1]

Core Viewpoint - Plug Power's stock price increased over 6% to $2.82 following the announcement of liquidity improvement measures totaling over $275 million through asset sales, releasing restricted cash, and reducing maintenance expenses [1] Group 1: Liquidity Improvement Measures - The company expects to achieve over $275 million in liquidity improvement through asset sales, releasing restricted cash, and reducing maintenance expenses [1] - Plug Power has signed a letter of intent with an unnamed U.S. data center developer to sell its power usage rights in New York and another location [1] Group 2: Strategic Partnerships - The collaboration with the data center developer aims to utilize Plug's advanced fuel cell technology to provide auxiliary and backup power solutions for data centers [1] - The data center developer is actively expanding its platform, indicating a growing market for reliable and sustainable energy solutions [1] Group 3: Reallocation of Resources - The company announced a pause on activities related to the U.S. Department of Energy (DOE) loan program, reallocating funds to higher-return opportunities within the hydrogen network [1] - CEO Andy Marsh emphasized that asset sales will strengthen the balance sheet and that partnerships with large data center projects will allow Plug to enter a rapidly growing market that values reliability, resilience, and sustainability [1]

Earnings Reports Overview - The earnings season is slowing down, but several retail-favorite companies are set to report this week [1] - Key companies reporting include Barrick Mining Corp., Plug Power Inc., Oklo Inc., Cisco Systems Inc., Walt Disney Co., and Applied Materials Inc. [2][3][5][10][11] Company-Specific Insights - Barrick Mining Corp. reported its third-quarter results before the market opened on November 10 [2] - Plug Power Inc. is expected to report losses of 12 cents per share and revenue of $179.54 million, having missed earnings expectations for the last 18 quarters [3] - Oklo Inc. is anticipated to report losses of 13 cents per share and revenue of $17.01 billion, with stock volatility noted ahead of the report [5] - Cisco Systems Inc. is expected to be a focal point for investors, particularly regarding management's guidance and updates on AI and cybersecurity business momentum [10] - Walt Disney Co. and JD.com Inc. will release earnings reports before the market opens on November 13 [11] - Applied Materials Inc. is set to release its Q4 results after the market closes on November 13 [11] Additional Companies Reporting - Other companies reporting this week include Workhorse Group Inc., Beyond Meat Inc., Microvision Inc., and Virgin Galactic Holdings Inc. [4][6][12]

Core Viewpoint - Plug Power anticipates generating over $275 million by monetizing assets, releasing restricted cash, and reducing maintenance expenses as it shifts focus to higher-return opportunities and the rapidly growing data center market [1] Group 1 - The company plans to monetize assets to enhance its financial position [1] - Plug Power aims to release restricted cash to improve liquidity [1] - The reduction of maintenance expenses is part of the strategy to increase profitability [1] Group 2 - The shift in focus towards higher-return opportunities indicates a strategic pivot in the company's operations [1] - The fast-growing data center market is identified as a key area for growth and investment [1]