Plug Power(US:PLUG)2025-11-10 22:12Financial 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]