Skip to content

Reports › PLUG › 10-K FY2025

SEC filings, compared

What changed in Plug Power's 10-K for the fiscal year ended December 31, 2025

Compared with the 10-K for the fiscal year ended December 31, 2024. Items 1A and 7 analysed; every summary checked against the quoted filing text.

Registrant
PLUG POWER INC · PLUG
This filing
0001104659-26-022286 ↗ · filed Mar 2, 2026
Compared with
0001558370-25-002049 ↗ · filed Mar 3, 2025
Processed
Sep 14, 2026 UTC · parser-v4 · classify-v4 · select-v1

Research tool. Describes what filings say. Not investment advice. Verify independently. Read the cited paragraph before relying on it.

How a report is made

347 material changes among 406 changed paragraphs · 2 held for review

18 shown by default across the three sections below; each section's "Show all" reaches the rest, in filing order. 2 held for review appear as diffs at the end.

Numbers from XBRL

Each figure is the one the filing itself tagged, taken from the filing that reported it. Not written by a model.

ConceptFY2025FY2024Change (our arithmetic)
Revenueus-gaap:Revenues709,919,000USD · Jan 1, 2025 to Dec 31, 2025628,814,000USD · Jan 1, 2024 to Dec 31, 2024+81,105,000+12.9%
Net income or lossus-gaap:NetIncomeLoss(1,631,594,000)USD · Jan 1, 2025 to Dec 31, 2025(2,104,701,000)USD · Jan 1, 2024 to Dec 31, 2024+473,107,000+22.5%
Cash and cash equivalentsus-gaap:CashAndCashEquivalentsAtCarryingValue368,540,000USD · at Dec 31, 2025205,693,000USD · at Dec 31, 2024+162,847,000+79.2%
Net cash from operating activitiesus-gaap:NetCashProvidedByUsedInOperatingActivities(535,835,000)USD · Jan 1, 2025 to Dec 31, 2025(728,643,000)USD · Jan 1, 2024 to Dec 31, 2024+192,808,000+26.5%

Values as tagged in the filing's inline XBRL, resolved by accession rather than by period matching. When a value is not tagged, we show that instead of estimating it. FY2025: 0001104659-26-022286 · FY2024: 0001558370-25-002049

What the company says for the first time

Paragraphs with no counterpart in the prior filing.

58 material additions

Item 1A · Risk Factors

5 of 36 shown · Ordered by the model, quote-checked

01AddedItem 1A › B. FINANCIAL AND LIQUIDITY RISKS › We may have to raise additional capital through public or private equity or debt transactions and/or complete one or more strategic transactions to continue our business and such capital may not be available to us or, if received, may not be available to us on favorable terms.

Summary · quote-checked

Adds a risk that continued operations depend on cost savings, additional capital, or strategic transactions.

The new paragraph discloses a dependency and potential inability to continue operations if financing or strategic transactions are unsuccessful.

Why the model ranked it here

This signals that continued operations depend on cost reductions, new capital, or strategic transactions, making liquidity and survival a central issue.

Filing text · FY2024 10-K · filed Mar 3, 2025

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Mar 2, 2026

To improve our financial condition and liquidity, we may have to raise additional capital through equity offerings, debt financings, government funding programs, strategic partnerships, asset sales or other transactions. There can be no assurance that we will have access to the capital we need on favorable terms when required or at all. In periods when the capital and credit markets experience significant volatility, including periods of high interest rates or reduced liquidity, the amounts, sources and cost of capital available to us may be adversely affected. For example, we are party to certain agreements with collateral requirements, which could further restrict our liquidity or require us to raise capital at inopportune times. We primarily use external financing to provide working capital needed to operate and grow our business. Sufficient sources of external financing may not be available to us on acceptable or cost effective terms. If we cannot raise additional funds when we need them, our financial condition and business could be materially adversely affected. In addition, we have implemented a broad range of cost saving measures, including operational consolidation, strategic workforce reductions and various other cost reduction initiatives, to reduce our cash burn. In addition, in March 2025, we announced additional reductions in the workforce and additional reductions in discretionary spending, inventory and capital expenditures. There can be no assurance that these cost saving measures will be sufficient or will not adversely affect our ability to execute our business strategy or grow our operations. [added] Our ability to continue our operations is contingent upon our ability to successfully implement cost saving measures such as those referenced above and to obtain additional capital or complete one or more strategic transactions and if we fail to do so and are unable to raise sufficient capital and/or complete one or more strategic transactions, we would be forced to modify or cease operations, liquidate assets or pursue bankruptcy proceedings.

Cite this change

"Our ability to continue our operations is contingent upon our ability to successfully implement cost saving measures such as those referenced above and to obtain additional capital or complete one or more strategic transactions and if we fail to do so and are unable to raise sufficient"

Plug Power, Form 10-K for FY2025, Item 1A, accession 0001104659-26-022286, filed 2 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000110465926022286/plug-20251231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

02AddedItem 1A › A. MARKET RISKS › We may be unable to successfully execute and operate our hydrogen production facilities and such facilities may cost more and take longer to complete than we expect or may underperform, be delayed or require additional capital.

Summary · quote-checked

Added a risk disclosure concerning capital constraints, reprioritization, delays, higher costs, and potential noncompletion of hydrogen production facilities.

The new paragraph identifies specific capital, construction, operational, and completion risks, including possible deferral or abandonment of planned facilities and an example of a delayed Georgia plant.

Why the model ranked it here

This reveals a strategic reprioritization that could defer, alter, or abandon planned hydrogen facilities and change the company’s growth direction.

Filing text · FY2024 10-K · filed Mar 3, 2025

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Mar 2, 2026

[added] The timing and cost to complete the construction of our hydrogen production facilities, and any new or expanded facilities, depend in part on our ability to obtain and allocate sufficient capital to fund such facilities. As previously disclosed, we have recently taken actions to prioritize capital discipline and liquidity, including reevaluating the timing and scope of certain planned hydrogen production facilities. As part of this reprioritization, we may defer, modify or pivot away from certain facilities, including facilities that were previously contemplated as part of our hydrogen production network, such as the Texas hydrogen plant. Any such actions could delay construction, reduce project scope, increase per-unit cost, or result in facilities not being completed as originally planned. The timing and cost to complete the construction of our hydrogen production plants are further subject to a number of factors outside of our control, including delays or performance issues involving contractors, suppliers or other third parties, permitting, interconnection and power availability, inflationary pressures, labor availability, and other market conditions. Such plants may take longer and cost more to complete and become operational than we expect. For example, construction at our Georgia plant took longer than we expected before becoming operational.

Cite this change

"As part of this reprioritization, we may defer, modify or pivot away from certain facilities, including facilities that were previously contemplated as part of our hydrogen production network, such as the Texas hydrogen plant."

Plug Power, Form 10-K for FY2025, Item 1A, accession 0001104659-26-022286, filed 2 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000110465926022286/plug-20251231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

03AddedItem 1A › B. FINANCIAL AND LIQUIDITY RISKS › If we cannot obtain financing to support the sale of our products and service to customers or our power purchase agreements with customers, such failure may adversely affect our liquidity and financial position.

Summary · quote-checked

Added disclosure describing the company’s historical financing support and its shift toward customer-arranged financing and fewer new PPAs.

The new paragraph discloses financing dependencies and a changed approach to customer purchases and PPAs, substantively expanding the liquidity and financial-position risk disclosure.

Why the model ranked it here

This documents a shift toward customer-arranged financing and away from providing financing or entering new PPAs as part of a liquidity focus.

Filing text · FY2024 10-K · filed Mar 3, 2025

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Mar 2, 2026

[added] Historically, we have obtained or provided third-party financing sources to finance the sale of our products and services to our customers or our PPAs with our customers. More recently, as part of our focus on liquidity and cash generation, we have shifted away from providing or arranging financing for customer purchases and from entering into new PPAs and instead have increasingly required customers to obtain financing directly from third-party lenders or lessors.

Cite this change

"More recently, as part of our focus on liquidity and cash generation, we have shifted away from providing or arranging financing for customer purchases and from entering into new PPAs and instead have increasingly required customers to obtain financing directly from third-party lenders or lessors."

Plug Power, Form 10-K for FY2025, Item 1A, accession 0001104659-26-022286, filed 2 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000110465926022286/plug-20251231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

04AddedItem 1A › C. OPERATIONAL RISKS › We are dependent on information technology in our operations and the failure of such technology may adversely affect our business. Security breaches of our information technology systems, including cyber-attacks, ransomware attacks, or use of malware or phishing or other malicious techniques by threat actors, have in the past, and could in the future impact our operations or lead to liability, or damage our reputation and financial results.

Summary · quote-checked

Added disclosure of a cyberattack involving system encryption and personal-information exfiltration, along with remediation and risks from future incidents.

The paragraph adds a specific security incident, data exfiltration, remediation actions, operational effects, and an increased future-incident risk.

Why the model ranked it here

This reports a realized cyberattack involving system encryption and personal-information exfiltration, adding concrete operational, remediation, and future security exposure.

Filing text · FY2024 10-K · filed Mar 3, 2025

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Mar 2, 2026

Information technology system, network or operational technology disruptions could harm the Company's operations. Failure to effectively prevent, detect, and recover from security compromises or breaches, including cyber-attacks, could result in the misuse of company assets, unauthorized use or publication of our trade secrets and confidential business information, loss, corruption or unavailability of data, disruption to the Company, diversion of management resources, regulatory inquiries, legal claims or proceedings, reputational damage, loss of sales, reduction in value of our investment in research and development, among other costs to the company. We have experienced, and may experience in the future, both successful and unsuccessful attempts to gain unauthorized access to our information technology systems. For example, in or around March 2023, an unauthorized actor accessed our computer network and executed a ransomware [added] attack, resulting in the encryption of certain of our computer systems, including systems used to store proprietary and confidential data, and exfiltration of personal information related to certain individuals. Upon detection, we took immediate steps to contain, assess and remediate the incident, including engaging outside legal counsel and external forensic investigators. We restored the affected systems and our business remained operational with no material disruption during the restoration period. However, similar or more severe incidents could occur in the future, and the costs and consequences of any such incidents may be greater as our operations and data footprint expand.

Cite this change

"attack, resulting in the encryption of certain of our computer systems, including systems used to store proprietary and confidential data, and exfiltration of personal information related to certain individuals. Upon detection, we took immediate steps to contain, assess and remediate the incident, including engaging outside legal counsel and external forensic investigators. We restored the affected systems and our business remained operational with no material disruption during the restoration period. However, similar or more severe incidents could occur in the future, and the costs and consequences of any such incidents may be greater as our operations and data footprint expand."

Plug Power, Form 10-K for FY2025, Item 1A, accession 0001104659-26-022286, filed 2 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000110465926022286/plug-20251231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

05AddedItem 1A › D. REGULATORY RISKS › The reduction or elimination of government subsidies and economic incentives for alternative energy technologies, or the failure to renew such subsidies and incentives, could reduce demand for our products, lead to a reduction in our revenues, and adversely impact our operating results and liquidity.

Summary · quote-checked

Added disclosure that delays, changes, suspension or termination of federal support could materially adversely affect the business, results and liquidity.

The new paragraph identifies specific forms of federal support and materially adverse consequences from their disruption, adding a substantive regulatory and dependency risk.

Why the model ranked it here

This identifies dependence on federal grants, loans, contracts, and tax credits whose disruption could materially affect the business, results, and liquidity.

Filing text · FY2024 10-K · filed Mar 3, 2025

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Mar 2, 2026

Since enactment of the IRA and OBBBA, the U.S. Department of the Treasury, the Internal Revenue Service ("IRS") and other agencies have issued extensive guidance and final regulations implementing these incentives. These rules are complex, continue to evolve, and may require significant compliance efforts, capital investment, documentation, verification and ongoing monitoring. The effect of these requirements on our ability, or the ability of our customers, to qualify for and monetize such incentives is not fully known. In addition, changes in federal policy, including changes in administration priorities, agency interpretation or implementation, or legislative action by Congress, could reduce, delay, modify or eliminate certain incentives or impose additional eligibility requirements. For example, on January 20, 2025, the current administration issued an executive order directing agencies to pause or review the disbursement of certain funds appropriated under the IRA and the Infrastructure Investment and Jobs Act, and related guidance has been issued regarding implementation. The scope, duration and ultimate impact of such actions remain uncertain. Further, the passage of the OBBBA imposed additional criteria around certain tax credits concerning the potential ineligibility of clean energy properties using manufactured products, components, and certain materials from "Prohibited Foreign Entities" such as Chinese-based component suppliers. The regulatory guidance and rulemakings concerning Prohibited Foreign Entities is not finalized and their effects on the Company and our products remains unknown. [added] To the extent grants, loans, contracts, direct-pay tax credits or other forms of federal support are delayed, re-scoped, suspended or terminated, our business, results of operations and liquidity could be materially adversely affected.

Cite this change

"To the extent grants, loans, contracts, direct-pay tax credits or other forms of federal support are delayed, re-scoped, suspended or terminated, our business, results of operations and liquidity could be materially adversely affected."

Plug Power, Form 10-K for FY2025, Item 1A, accession 0001104659-26-022286, filed 2 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000110465926022286/plug-20251231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

Show all 36 in Item 1A (31 more, in filing order)

Item 7 · MD&A

3 of 22 shown · Ordered by the model, quote-checked

01AddedItem 7 › Expenses

Summary · quote-checked

Adds disclosure of a common warrant exercise inducement charge recorded during the fourth quarter of 2025.

The paragraph introduces a new warrant-related transaction and a $196.5 million charge, changing the disclosed obligation and expense profile.

Why the model ranked it here

This newly disclosed warrant-inducement charge materially changes the reported expense and earnings profile.

Filing text · FY2024 10-K · filed Mar 3, 2025

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Mar 2, 2026

[added] Inducement of common warrant exercise. Inducement of common warrant exercise consists of losses that arose from the inducement of the exercise of the Company's Common Warrants during the fourth quarter of 2025. For the year ended December 31, 2025, the Company recorded a charge related to inducement of common warrant exercise of $196.5 million as compared to a charge related to inducement of common warrant exercise of $0 for the year ended December 31, 2024 as the inducement of the Company's Common Warrants took place during the fourth quarter of 2025.

Cite this change

"Inducement of common warrant exercise. Inducement of common warrant exercise consists of losses that arose from the inducement of the exercise of the Company's Common Warrants during the fourth quarter of 2025. For the year ended December 31, 2025, the Company recorded a charge related to inducement of common warrant exercise of $196.5 million as compared to a charge related to inducement of common warrant exercise of $0 for the year ended December 31, 2024 as the inducement of the Company's Common Warrants took place during the fourth quarter of 2025."

Plug Power, Form 10-K for FY2025, Item 7, accession 0001104659-26-022286, filed 2 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000110465926022286/plug-20251231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

02AddedItem 7 › Unconditional Purchase Obligations

Summary · quote-checked

Added disclosure of a renegotiated supplier arrangement, a $40.3 million charge, payments of $13.1 million, and a remaining liability of $27.2 million.

The new paragraph discloses a supplier obligation, an expense charge, payments, and an outstanding liability, materially changing the company’s reported commitments and liabilities.

Why the model ranked it here

This newly disclosed supplier settlement leaves a substantial remaining liability and reveals a newly binding commercial obligation.

Filing text · FY2024 10-K · filed Mar 3, 2025

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Mar 2, 2026

[added] During 2025, the Company finalized the renegotiation of a supplier arrangement that previously contained minimum purchase requirements which resulted in the Company recording a charge of $40.3 million in selling, general and administrative expenses in the consolidated statements of operations. As of December 31, 2025, the Company made payments of $13.1 million and had a remaining liability of $27.2 million which was recorded in contingent consideration, loss accrual for service contracts, and other current liabilities.

Cite this change

"During 2025, the Company finalized the renegotiation of a supplier arrangement that previously contained minimum purchase requirements which resulted in the Company recording a charge of $40.3 million in selling, general and administrative expenses in the consolidated statements of operations. As of December 31, 2025, the Company made payments of $13.1 million and had a remaining liability of $27.2 million which was recorded in contingent consideration, loss accrual for service contracts, and other current liabilities."

Plug Power, Form 10-K for FY2025, Item 7, accession 0001104659-26-022286, filed 2 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000110465926022286/plug-20251231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

03AddedItem 7 › Recent Developments

Summary · quote-checked

Added disclosure of an infrastructure optimization initiative and a planned sale of land and substation infrastructure for expected proceeds.

The new paragraph discloses a monetization initiative, a definitive agreement, a counterparty, expected proceeds, closing conditions and timing—new transaction and liquidity-related information.

Why the model ranked it here

This newly disclosed monetization transaction changes the liquidity picture while making proceeds dependent on execution and closing conditions.

Filing text · FY2024 10-K · filed Mar 3, 2025

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Mar 2, 2026

[added] In late 2025, we initiated an infrastructure optimization initiative which contemplates monetizing certain power-related infrastructure and contractual rights that are not central to our hydrogen and fuel cell strategy. As part of this initiative, in February 2026, we entered into a definitive agreement with Stream US Data Centers, LLC for the sale of land and associated substation infrastructure in the Town of Alabama, Genesee County for gross proceeds expected to be at least $132.5 million, with potential proceeds of up to $142.0 million depending on timing of closing and the removal status of certain hydrogen storage spheres located on the property. The transaction is expected to close on or before June 30, 2026, subject to closing conditions.

Cite this change

"In late 2025, we initiated an infrastructure optimization initiative which contemplates monetizing certain power-related infrastructure and contractual rights that are not central to our hydrogen and fuel cell strategy."

Plug Power, Form 10-K for FY2025, Item 7, accession 0001104659-26-022286, filed 2 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000110465926022286/plug-20251231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

Show all 22 in Item 7 (19 more, in filing order)

What the company no longer says

Paragraphs of the prior filing that this filing dropped. Only last year's text can show these.

59 material removals

Item 1A · Risk Factors

1 of 11 shown · Ordered by the model, quote-checked

01RemovedItem 1A › C. OPERATIONAL RISKS › The delays in the implementation of a new enterprise resource planning system could cause disruption to our operations.

Summary · quote-checked

The ERP implementation risk paragraph was removed, eliminating disclosures about delays, costs, operational disruption, cybersecurity, and internal-control impacts.

Removing the paragraph eliminates a specific operational dependency and associated risks, including potential effects on manufacturing, compliance, financial reporting controls, results, and cash flows.

Why the model ranked it here

The removal eliminates disclosure of a major operational dependency whose failure could disrupt manufacturing, compliance, financial reporting controls, results and cash flows.

Filing text · FY2024 10-K · filed Mar 3, 2025

[removed] The delays in the implementation of a new enterprise resource planning ("ERP") system in 2024 could impede our ability to manufacture products, order materials, generate management reports, invoice customers, and comply with laws and regulations. Any of these types of disruptions could have a material adverse effect on our net sales and profitability. In addition, the implementation of the new ERP system will require significant investment of human and financial resources. We may experience delays, increased costs and other difficulties, including potential design defects, miscalculations, testing requirements, re-work due to changes in business plans or reporting standards, and the diversion of management's attention from day-to-day business operations. Extended delays could include operational risk, including cybersecurity risks, and other complications. If we are unable to implement the new ERP system as planned, the effectiveness of our internal control over financial reporting could be adversely affected, our ability to assess those controls adequately could be delayed, and our business, results of operations, financial condition and cash flows could be negatively impacted.

Filing text · FY2025 10-K · filed Mar 2, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"The delays in the implementation of a new enterprise resource planning ("ERP") system in 2024 could impede our ability to manufacture products, order materials, generate management reports, invoice customers, and comply with laws and regulations. Any of these types of disruptions could have a material adverse effect on our net sales and profitability. In addition, the implementation of the new ERP system will require significant investment of human and financial resources. We may experience delays, increased costs and other difficulties, including potential design defects, miscalculations, testing requirements, re-work due to changes in business plans or reporting standards, and the diversion of management's attention from day-to-day business operations. Extended delays could include operational risk, including cybersecurity risks, and other complications. If we are unable to implement the new ERP system as planned, the effectiveness of our internal control over financial reporting could be adversely affected, our ability to assess those controls adequately could be delayed, and our business, results of operations, financial condition and cash flows could be negatively impacted."

Plug Power, Form 10-K for FY2024, Item 1A, accession 0001558370-25-002049, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837025002049/plug-20241231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

Show all 11 in Item 1A (10 more, in filing order)

Item 7 · MD&A

4 of 48 shown · Ordered by the model, quote-checked

01RemovedItem 7 › Department of Energy Loan Guarantee

Summary · quote-checked

Removed disclosure about conditions, funding, covenants, loan availability, and risks related to the DOE loan guarantee.

The removed paragraph described a financing dependency, conditions precedent, covenant compliance, uncertainty over securing the loan, and related risks; its removal changes disclosed obligations and dependencies.

Why the model ranked it here

The filing no longer describes a major financing dependency, conditions precedent, covenant requirements, or uncertainty surrounding access to the loan.

Filing text · FY2024 10-K · filed Mar 3, 2025

On May 14, 2024, the U.S. Department of Energy (the "DOE") issued a conditional commitment letter to the Company and a wholly owned indirect subsidiary of the Company for a loan guarantee of up to $1.66 billion through the DOE's Loan Programs Office to finance the development, construction, and ownership of up to six green hydrogen production facilities. On January 16, 2025, the Company closed its loan guarantee from the DOE that is intended to support the Company's domestic hydrogen production plant buildout. The approval and funding of any disbursements of the loan guarantee will be subject to the satisfaction of conditions precedent, including, but not limited to, evidence of satisfaction [removed] of certain technical and performance related conditions precedent, adequate project funding, reports from certain technical consultants and advisors, and the receipt of certain financial models demonstrating compliance with the financial covenants set forth in the loan guarantee agreement. There can be no assurance that the Company will be able to secure such a loan or on terms that are acceptable to the Company. See Item 1A, "Risk Factors", for a description of risks related to the DOE loan guarantee.

Filing text · FY2025 10-K · filed Mar 2, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"of certain technical and performance related conditions precedent, adequate project funding, reports from certain technical consultants and advisors, and the receipt of certain financial models demonstrating compliance with the financial covenants set forth in the loan guarantee agreement. There can be no assurance that the Company will be able to secure such a loan or on terms that are acceptable to the Company. See Item 1A, "Risk Factors", for a description of risks related to the DOE loan guarantee."

Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837025002049/plug-20241231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

02RemovedItem 7 › Guarantee

Summary · quote-checked

The MD&A no longer discloses HyVia’s €20.0 million government-grant guarantee, related milestones, potential call conditions, payments, or recorded liability.

Removing this paragraph eliminates disclosure of a guarantee, its performance conditions, potential obligation, payment status, and associated liability, changing the stated commitments and exposure.

Why the model ranked it here

The removed disclosure eliminates visibility into a government-grant guarantee, performance conditions, potential calls, and the related recorded liability.

Filing text · FY2024 10-K · filed Mar 3, 2025

[removed] On May 30, 2023, our joint venture, HyVia, entered into a government grant agreement with Bpifrance. As part of the agreement, our wholly-owned subsidiary, Plug Power France, was required to issue a guarantee to Bpifrance in the amount of €20.0 million through the end of January 2027. Plug Power France is liable to the extent of the guarantee for sums due to Bpifrance from HyVia under the agreement based on the difference between the total amount paid by Bpifrance and the final amount certified by HyVia and Bpifrance. As part of the agreement, there are certain milestones that HyVia is required to meet, and the nonperformance of these milestones or termination of this agreement could result in this guarantee being called upon. As of December 31, 2024, no payments related to this guarantee have been made. The Company and Plug Power France recorded a liability of $2.0 million related to this guarantee based on the Company's estimate of the guarantee being called upon.

Filing text · FY2025 10-K · filed Mar 2, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"On May 30, 2023, our joint venture, HyVia, entered into a government grant agreement with Bpifrance. As part of the agreement, our wholly-owned subsidiary, Plug Power France, was required to issue a guarantee to Bpifrance in the amount of €20.0 million through the end of January 2027. Plug Power France is liable to the extent of the guarantee for sums due to Bpifrance from HyVia under the agreement based on the difference between the total amount paid by Bpifrance and the final amount certified by HyVia and Bpifrance. As part of the agreement, there are certain milestones that HyVia is required to meet, and the nonperformance of these milestones or termination of this agreement could result in this guarantee being called upon. As of December 31, 2024, no payments related to this guarantee have been made. The Company and Plug Power France recorded a liability of $2.0 million related to this guarantee based on the Company's estimate of the guarantee being called upon."

Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837025002049/plug-20241231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

03RemovedItem 7 › 6.00% Convertible Debenture

Summary · quote-checked

Removed disclosure of Yorkville’s right to require redemption or conversion of $22.5 million of the 6.00% Convertible Debenture upon specified events.

The removed paragraph described substantive conversion, redemption, premium, registration-default, share-cap and pricing conditions tied to an outstanding debt instrument.

Why the model ranked it here

The filing no longer explains circumstances that could let the debenture holder demand redemption or conversion, including associated premiums and dilution exposure.

Filing text · FY2024 10-K · filed Mar 3, 2025

[removed] If (1) the volume-weighted average price of the Company's common stock is below the Floor Price for a specified period of time, (2) the Company has issued more than 99% of the shares of common stock available under the Exchange Cap or (3) a registration default has occurred with respect to the resale registration statement registering the shares of common stock potentially underlying the 6.00% Convertible Debenture, then Yorkville may require the Company to redeem or convert, at the Company's discretion, $22.5 million of the principal amount of the 6.00% Convertible Debenture, a premium thereon equal to 2.75% of such principal amount and accrued interest thereon on a monthly basis, unless and until such event is cured in accordance with the provisions of the 6.00% Convertible Debenture.

Filing text · FY2025 10-K · filed Mar 2, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"If (1) the volume-weighted average price of the Company's common stock is below the Floor Price for a specified period of time, (2) the Company has issued more than 99% of the shares of common stock available under the Exchange Cap or (3) a registration default has occurred with respect to the resale registration statement registering the shares of common stock potentially underlying the 6.00% Convertible Debenture, then Yorkville may require the Company to redeem or convert, at the Company's discretion, $22.5 million of the principal amount of the 6.00% Convertible Debenture, a premium thereon equal to 2.75% of such principal amount and accrued interest thereon on a monthly basis, unless and until such event is cured in accordance with the provisions of the 6.00% Convertible Debenture."

Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837025002049/plug-20241231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

04RemovedItem 7 › 7.00% Convertible Senior Notes

Summary · quote-checked

The disclosure of holders’ right to require repurchase of the 7.00% Convertible Senior Notes upon a Fundamental Change was removed.

The removed paragraph described a substantive repurchase obligation, triggering event, cash price, and accrued interest; its removal changes the disclosed financing obligations.

Why the model ranked it here

The removed disclosure eliminates the stated holder repurchase right and the company’s potential cash obligation upon a fundamental change.

Filing text · FY2024 10-K · filed Mar 3, 2025

[removed] Subject to certain exceptions and subject to certain conditions, holders of the 7.00% Convertible Senior Notes may require the Company to repurchase their 7.00% Convertible Senior Notes upon the occurrence of a "Fundamental Change" (as defined in the Indenture) prior to maturity for cash at a repurchase price equal to 100% of the principal amount of the 7.00% Convertible Senior Notes to be repurchased plus accrued and unpaid interest, if any, to, but excluding, the repurchase date.

Filing text · FY2025 10-K · filed Mar 2, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"Subject to certain exceptions and subject to certain conditions, holders of the 7.00% Convertible Senior Notes may require the Company to repurchase their 7.00% Convertible Senior Notes upon the occurrence of a "Fundamental Change" (as defined in the Indenture) prior to maturity for cash at a repurchase price equal to 100% of the principal amount of the 7.00% Convertible Senior Notes to be repurchased plus accrued and unpaid interest, if any, to, but excluding, the repurchase date."

Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837025002049/plug-20241231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

05RemovedItem 7 › Amazon Transaction Agreement in 2022

Summary · quote-checked

The filing removed disclosure of the 2022 Amazon transaction, warrant issuance, vesting conditions, and hydrogen fuel purchase commitment through August 24, 2029.

The removed paragraph described a specific commercial arrangement, equity-linked warrant, vesting events, and purchase commitment, so its deletion changes disclosed obligations and dependencies.

Why the model ranked it here

The filing no longer describes a major commercial relationship, an equity-linked warrant, or the associated future purchase commitment.

Filing text · FY2024 10-K · filed Mar 3, 2025

[removed] On August 24, 2022, the Company and Amazon entered into a Transaction Agreement (the "2022 Amazon Transaction Agreement"), under which the Company concurrently issued to Amazon.com NV Investment Holdings LLC, a wholly owned subsidiary of Amazon, a warrant (the "2022 Amazon Warrant") to acquire up to 16,000,000 shares (the "2022 Amazon Warrant Shares") of the Company's common stock, subject to certain vesting events described below. The Company and Amazon entered into the 2022 Amazon Transaction Agreement in connection with a concurrent commercial arrangement under which Amazon agreed to purchase hydrogen fuel from the Company through August 24, 2029.

Filing text · FY2025 10-K · filed Mar 2, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"On August 24, 2022, the Company and Amazon entered into a Transaction Agreement (the "2022 Amazon Transaction Agreement"), under which the Company concurrently issued to Amazon.com NV Investment Holdings LLC, a wholly owned subsidiary of Amazon, a warrant (the "2022 Amazon Warrant") to acquire up to 16,000,000 shares (the "2022 Amazon Warrant Shares") of the Company's common stock, subject to certain vesting events described below. The Company and Amazon entered into the 2022 Amazon Transaction Agreement in connection with a concurrent commercial arrangement under which Amazon agreed to purchase hydrogen fuel from the Company through August 24, 2029."

Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837025002049/plug-20241231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

06RemovedItem 7 › SEC Settlement

Summary · quote-checked

The SEC settlement paragraph was removed, including the cease-and-desist order, monetary penalty, and completed remediation undertakings.

A removed paragraph describing a regulatory proceeding, legal obligations, penalty, and remediation is a substantive disclosure change under the rubric.

Why the model ranked it here

Removing the settlement disclosure changes the stated status of a regulatory proceeding, remediation obligations, and related enforcement history.

Filing text · FY2024 10-K · filed Mar 3, 2025

[removed] On August 30, 2023, the Company reached a settlement of a civil administrative proceeding with the SEC related to the Company's restatement of its previously issued financial statements as of and for the years ended December 31, 2019 and 2018, and as of and for each of the quarterly periods ended March 31, 2020 and 2019, June 30, 2020 and 2019, and September 30, 2020 and 2019. The Company, without admitting or denying the findings, agreed to a cease-and-desist order regarding Sections 13(a), 13(b)(2)(A), and 13(b)(2)(B) of the Exchange Act and Rules 13a-1, 13a-13, and 13a-15(a) - (c) thereunder. As part of the settlement, the Company paid a civil monetary penalty to the SEC in the amount of $1.25 million on September 20, 2023. On August 30, 2024, the Company certified with the SEC staff that the Company completed the undertakings set forth in the SEC settlement, which included fully remediating its material weaknesses. After reviewing the evidence of compliance provided by the Company, the SEC found that the evidence provided satisfied the undertaking requirement.

Filing text · FY2025 10-K · filed Mar 2, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"On August 30, 2024, the Company certified with the SEC staff that the Company completed the undertakings set forth in the SEC settlement, which included fully remediating its material weaknesses."

Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837025002049/plug-20241231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

07RemovedItem 7 › Underwritten Public Offering of Common Stock

Summary · quote-checked

The current filing removes disclosure of a July 2024 underwritten public offering, including shares sold and net proceeds received.

The removed paragraph disclosed a specific financing transaction and resulting proceeds, changing the stated capital-raising and liquidity information rather than merely updating wording or dates.

Why the model ranked it here

The filing no longer reports a recent public equity financing and the liquidity it provided.

Filing text · FY2024 10-K · filed Mar 3, 2025

[removed] On July 22, 2024, the Company sold 78,740,157 shares of its common stock at a public offering price of $2.54 per share for net proceeds of $191.0 million after deducting the underwriting discount and related offering expenses.

Filing text · FY2025 10-K · filed Mar 2, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"On July 22, 2024, the Company sold 78,740,157 shares of its common stock at a public offering price of $2.54 per share for net proceeds of $191.0 million after deducting the underwriting discount and related offering expenses."

Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837025002049/plug-20241231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

08RemovedItem 7 › Secured Debt

Summary · quote-checked

Removed disclosure of acquired secured debt, including carrying value, principal, interest rates, classification and 2026 maturity.

The removed paragraph disclosed an outstanding debt obligation, its terms and scheduled maturity; its removal changes the filing’s disclosure of obligations and liquidity-related commitments.

Why the model ranked it here

The removed disclosure eliminates visibility into secured debt, its terms, classification, and scheduled maturity.

Filing text · FY2024 10-K · filed Mar 3, 2025

[removed] In June 2020, the Company acquired debt as part of the acquisition of UHG. The outstanding carrying value of the debt was $1.2 million and $3.9 million as of December 31, 2024 and 2023, respectively. As of December 31, 2024, the outstanding principal on the debt was $2.1 million and the unamortized debt discount was $0.9 million, of which $0.4 million and $0.5 million was classified as short-term and long-term, respectively, bearing varying interest rates ranging from 7.3% to 7.6%. The debt is scheduled to mature in 2026. As of December 31, 2024, the principal balance was due at each of the following dates (in thousands):

Filing text · FY2025 10-K · filed Mar 2, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"In June 2020, the Company acquired debt as part of the acquisition of UHG. The outstanding carrying value of the debt was $1.2 million and $3.9 million as of December 31, 2024 and 2023, respectively. As of December 31, 2024, the outstanding principal on the debt was $2.1 million and the unamortized debt discount was $0.9 million, of which $0.4 million and $0.5 million was classified as short-term and long-term, respectively, bearing varying interest rates ranging from 7.3% to 7.6%. The debt is scheduled to mature in 2026. As of December 31, 2024, the principal balance was due at each of the following dates (in thousands):"

Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837025002049/plug-20241231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

09RemovedItem 7 › 7.00% Convertible Senior Notes

Summary · quote-checked

The disclosure of conversion-rate adjustments, potential share issuance, and 2024 conversions of the 7.00% Convertible Senior Notes was removed.

Removing this paragraph eliminates disclosure about a convertible instrument, its potential dilution capacity, conversion mechanics, and conversion activity; the substance is not merely wording or a date roll-forward.

Why the model ranked it here

The filing no longer discloses potential share issuance, conversion mechanics, or conversion activity for the convertible notes.

Filing text · FY2024 10-K · filed Mar 3, 2025

[removed] In certain circumstances, conversions of 7.00% Convertible Senior Notes in connection with "Make-Whole Fundamental Changes" (as defined in the Indenture) or conversions of 7.00% Convertible Senior Notes called for redemption may result in an increase to the conversion rate, provided that the conversion rate will not exceed 282.4859 shares of the Company's common stock per $1,000 principal amount of 7.00% Convertible Senior Notes, subject to adjustment. In such circumstance, a maximum of 39,659,890 shares of common stock, subject to adjustment, may be issued upon conversion of the 7.00% Convertible Senior Notes. There were no conversions of the 7.00% Convertible Senior Notes during the year ended December 31, 2024.

Filing text · FY2025 10-K · filed Mar 2, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"In certain circumstances, conversions of 7.00% Convertible Senior Notes in connection with "Make-Whole Fundamental Changes" (as defined in the Indenture) or conversions of 7.00% Convertible Senior Notes called for redemption may result in an increase to the conversion rate, provided that the conversion rate will not exceed 282.4859 shares of the Company's common stock per $1,000 principal amount of 7.00% Convertible Senior Notes, subject to adjustment. In such circumstance, a maximum of 39,659,890 shares of common stock, subject to adjustment, may be issued upon conversion of the 7.00% Convertible Senior Notes. There were no conversions of the 7.00% Convertible Senior Notes during the year ended December 31, 2024."

Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837025002049/plug-20241231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

10RemovedItem 7 › Revenue Recognition

Summary · quote-checked

Removed disclosure describing equipment sale-leaseback transactions, allocation of proceeds, revenue recognition and resulting leaseback obligations.

The removed paragraph disclosed a financing structure and accounting obligations; its absence changes the substance of the revenue-recognition disclosure.

Why the model ranked it here

Removing this disclosure obscures a financing structure involving equipment sale-leasebacks, revenue recognition, and resulting leaseback obligations.

Filing text · FY2024 10-K · filed Mar 3, 2025

[removed] In conjunction with entering into a PPA with a customer, the Company may enter into a separate transaction with third-party financial institutions in which the Company receives proceeds from the sale/leaseback transactions of the equipment and the sale of future service revenue. The proceeds from the financial institution are allocated between the sale of equipment and the sale of future service revenue based on the relative standalone selling prices of equipment and service. The proceeds allocated to the sale of future services are recognized as finance obligations. The proceeds allocated to the sale of the equipment are evaluated to determine if the transaction meets the criteria for sale/leaseback accounting. To meet the sale/leaseback criteria, control of the equipment must transfer to the financial institution, which requires among other criteria the leaseback to meet the criteria for an operating lease and the Company must not have a right to repurchase the equipment (unless specific criteria are met). These transactions typically meet the criteria for sale/leaseback accounting and accordingly, the Company recognizes revenue on the sale of the equipment and separately recognizes the leaseback obligations.

Filing text · FY2025 10-K · filed Mar 2, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"In conjunction with entering into a PPA with a customer, the Company may enter into a separate transaction with third-party financial institutions in which the Company receives proceeds from the sale/leaseback transactions of the equipment and the sale of future service revenue. The proceeds from the financial institution are allocated between the sale of equipment and the sale of future service revenue based on the relative standalone selling prices of equipment and service. The proceeds allocated to the sale of future services are recognized as finance obligations. The proceeds allocated to the sale of the equipment are evaluated to determine if the transaction meets the criteria for sale/leaseback accounting. To meet the sale/leaseback criteria, control of the equipment must transfer to the financial institution, which requires among other criteria the leaseback to meet the criteria for an operating lease and the Company must not have a right to repurchase the equipment (unless specific criteria are met). These transactions typically meet the criteria for sale/leaseback accounting and accordingly, the Company recognizes revenue on the sale of the equipment and separately recognizes the leaseback obligations."

Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837025002049/plug-20241231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

11RemovedItem 7 › Cost of Revenue

Summary · quote-checked

The current report removes the explanation of lower hydrogen infrastructure cost of revenue, including installation volumes and inventory valuation adjustments.

A substantive MD&A results narrative was removed, eliminating stated drivers and related figures for the change in hydrogen infrastructure cost of revenue.

Filing text · FY2024 10-K · filed Mar 3, 2025

[removed] The decrease in cost of revenue related to sales of hydrogen infrastructure of $82.3 million was primarily due to volume, with 15 hydrogen site installations during the year ended December 31, 2024 compared to 52 during the year ended December 31, 2023. Included in cost of revenue related to sales of hydrogen infrastructure were inventory valuation adjustments of $4.2 million for the year ended December 31, 2024 compared to $5.3 million for the year ended December 31, 2023.

Filing text · FY2025 10-K · filed Mar 2, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"The decrease in cost of revenue related to sales of hydrogen infrastructure of $82.3 million was primarily due to volume, with 15 hydrogen site installations during the year ended December 31, 2024 compared to 52 during the year ended December 31, 2023. Included in cost of revenue related to sales of hydrogen infrastructure were inventory valuation adjustments of $4.2 million for the year ended December 31, 2024 compared to $5.3 million for the year ended December 31, 2023."

Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837025002049/plug-20241231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

12RemovedItem 7 › Cost of Revenue

Summary · quote-checked

The current filing removes the explanation for lower cryogenic equipment and liquefier cost of revenue and the related inventory valuation adjustments.

The removed paragraph disclosed reported results, their drivers, and inventory valuation adjustments; its absence changes the substantive MD&A disclosure rather than merely updating wording or periods.

Filing text · FY2024 10-K · filed Mar 3, 2025

[removed] The decrease in cost of revenue related to cryogenic storage equipment and liquefiers of $83.1 million was primarily due to product mix with respect to cryogenic equipment and fewer projects and a slower rate of progress on existing liquefier projects as they near completion compared to the year ended December 31, 2023. Included in cost of revenue related to sales of cryogenic storage equipment and liquefiers were inventory valuation adjustments of $4.2 million for the year ended December 31, 2024 compared to $1.6 million for the year ended December 31, 2023.

Filing text · FY2025 10-K · filed Mar 2, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"The decrease in cost of revenue related to cryogenic storage equipment and liquefiers of $83.1 million was primarily due to product mix with respect to cryogenic equipment and fewer projects and a slower rate of progress on existing liquefier projects as they near completion compared to the year ended December 31, 2023. Included in cost of revenue related to sales of cryogenic storage equipment and liquefiers were inventory valuation adjustments of $4.2 million for the year ended December 31, 2024 compared to $1.6 million for the year ended December 31, 2023."

Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837025002049/plug-20241231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

13RemovedItem 7 › Cost of Revenue

Summary · quote-checked

Removed an MD&A explanation attributing an $8.9 million cost-of-revenue decrease to lower engineered-equipment sales from the Frames acquisition.

The removed paragraph stated a specific result driver and that related sales were not expected beyond current commitments, changing the disclosed MD&A substance.

Filing text · FY2024 10-K · filed Mar 3, 2025

[removed] Finally, there was a decrease in cost of revenue of $8.9 million related to a decrease in sales of engineered equipment from the Frames acquisition, for which sales are not expected to continue beyond current commitments.

Filing text · FY2025 10-K · filed Mar 2, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"Finally, there was a decrease in cost of revenue of $8.9 million related to a decrease in sales of engineered equipment from the Frames acquisition, for which sales are not expected to continue beyond current commitments."

Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837025002049/plug-20241231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

14RemovedItem 7 › Cost of Revenue

Summary · quote-checked

Removed the discussion of electrolyzer cost-of-revenue increases, unit volumes, systems sold, and inventory valuation adjustments.

The removed paragraph disclosed substantive cost drivers, sales volumes, and valuation adjustments, changing the MD&A’s explanation of reported results.

Filing text · FY2024 10-K · filed Mar 3, 2025

[removed] Partially offsetting these decreases was an increase in cost of revenue related to sales of electrolyzer stacks and systems of $120.3 million primarily due to volume, with 153 one megawatt equivalent units sold for the year ended December 31, 2024 compared to 133 one megawatt equivalent units sold for the year ended December 31, 2023. Included in the 153 one megawatt equivalent units sold for the year ended December 31, 2024 were 29 electrolyzer systems sold compared to two electrolyzer systems sold during the year ended December 31, 2023. Included in cost of revenue related to sales of electrolyzer stacks and systems were inventory valuation adjustments of $80.4 million for the year ended December 31, 2024 compared to $55.6 million for the year ended December 31, 2023. The increases in inventory valuation adjustments were primarily related to additional costs incurred during the year ended December 31, 2024 as projects neared completion requiring additional lower of cost or net realizable valuation adjustments.

Filing text · FY2025 10-K · filed Mar 2, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"Partially offsetting these decreases was an increase in cost of revenue related to sales of electrolyzer stacks and systems of $120.3 million primarily due to volume, with 153 one megawatt equivalent units sold for the year ended December 31, 2024 compared to 133 one megawatt equivalent units sold for the year ended December 31, 2023."

Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837025002049/plug-20241231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

15RemovedItem 7 › Cost of Revenue

Summary · quote-checked

The current filing removes discussion of gross loss, its year-over-year change, and the stated reasons for that change.

The removed MD&A paragraph contained substantive results and drivers, including gross loss percentages and the effects of negotiated contract rates and loss-accrual release.

Filing text · FY2024 10-K · filed Mar 3, 2025

Cost of revenue - services performed on fuel cell systems and related infrastructure. Cost of revenue from services performed on fuel cell systems and related infrastructure includes the labor, material costs and allocated overhead costs incurred for our product service and hydrogen site maintenance contracts and spare parts. Cost of revenue from services performed on fuel cell systems and related infrastructure for the year ended December 31, 2024 decreased $17.6 million, or 23.3%, to $57.8 million compared to $75.4 million for the year ended December 31, 2023. The decrease in cost of revenue was primarily due to an increase in the release of the loss accrual, with a release of $51.6 million during the year ended December 31, 2024 compared to a release of $29.7 million during the year ended December 31, 2023. Included in cost of revenue related to services performed on fuel cell systems and related infrastructure were inventory valuation [removed] adjustments of $0.2 million for the year ended December 31, 2024 compared to $0.7 million for the year ended December 31, 2023. Gross loss decreased to (10.7%) for the year ended December 31, 2024 compared to (92.9)% for the year ended December 31, 2023. The decrease in gross loss was primarily due to an increase in negotiated contract rates discussed above, as well as an increase in the release of the loss accrual during the year ended December 31, 2024.

Filing text · FY2025 10-K · filed Mar 2, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"adjustments of $0.2 million for the year ended December 31, 2024 compared to $0.7 million for the year ended December 31, 2023. Gross loss decreased to (10.7%) for the year ended December 31, 2024 compared to (92.9)% for the year ended December 31, 2023. The decrease in gross loss was primarily due to an increase in negotiated contract rates discussed above, as well as an increase in the release of the loss accrual during the year ended December 31, 2024."

Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837025002049/plug-20241231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

16RemovedItem 7 › Expenses

Summary · quote-checked

Removed disclosure of goodwill impairment charges, annual impairment testing, and the absence of goodwill balances.

The removed paragraph disclosed impairment events, testing practices, charges, and goodwill balances; its disappearance changes the substance of the MD&A disclosure.

Filing text · FY2024 10-K · filed Mar 3, 2025

[removed] The Company recorded impairment of goodwill of $0 for the year ended December 31, 2024, as compared to $249.5 million for the year ended December 31, 2023. The Company performs an impairment review of goodwill on an annual basis at October 1, and when a triggering event is determined to have occurred between annual impairment tests. Based on the results of our quantitative impairment analysis, the Company recognized an impairment charge of $249.5 million for the year ended December 31, 2023. As of December 31, 2024 and 2023, the Company had no goodwill.

Filing text · FY2025 10-K · filed Mar 2, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"The Company recorded impairment of goodwill of $0 for the year ended December 31, 2024, as compared to $249.5 million for the year ended December 31, 2023."

Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837025002049/plug-20241231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

17RemovedItem 7 › Expenses

Summary · quote-checked

Removed disclosure of realized investment losses, an other-than-temporary impairment charge, and the sale of remaining securities.

The removed paragraph disclosed an investment impairment, realized losses, and related securities sales—substantive financial events rather than a presentation or date update.

Filing text · FY2024 10-K · filed Mar 3, 2025

[removed] Realized loss on investments, net. Realized loss on investments, net consists of the sales related to available-for-sale debt securities and equity securities. For the year ended December 31, 2024, the Company had $0 net realized loss on investments as compared to $12.8 million for the year ended December 31, 2023. An other-than-temporary impairment charge of $10.8 million on the Company's available-for-sale securities was taken during the third quarter of 2023 and was due to a change in the Company's ability and intent to retain these investments for a period of time sufficient to allow for any anticipated recovery in the fair value. The other-than-temporary impairment charge was realized when the Company sold its remaining available-for-sale securities and equity securities during the fourth quarter of 2023.

Filing text · FY2025 10-K · filed Mar 2, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"An other-than-temporary impairment charge of $10.8 million on the Company's available-for-sale securities was taken during the third quarter of 2023"

Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837025002049/plug-20241231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

18RemovedItem 7 › Secured Debt

Summary · quote-checked

The current filing removed disclosure of the Company’s tenant-work allowance debt, repayment, accounting treatment, and outstanding balances.

A removed paragraph describing an outstanding debt obligation, repayment activity, and related balances changes disclosed financing obligations and liquidity information.

Filing text · FY2024 10-K · filed Mar 3, 2025

[removed] During the second quarter of 2024, the Company began repaying the principal and interest on a $2.0 million allowance for tenant work related to its manufacturing facility in Slingerlands, NY. In accordance with ASC 842, Leases ("ASC 842"), the allowance is treated as a freestanding financial instrument separate from the facility lease and is accounted for as long-term debt. The outstanding principal and carrying value of the debt was $1.7 million as of December 31, 2024, $0.2 million and $1.5 million of which was classified as short-term and long-term, respectively, on the accompanying consolidated balance sheets.

Filing text · FY2025 10-K · filed Mar 2, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"During the second quarter of 2024, the Company began repaying the principal and interest on a $2.0 million allowance for tenant work related to its manufacturing facility in Slingerlands, NY. In accordance with ASC 842, Leases ("ASC 842"), the allowance is treated as a freestanding financial instrument separate from the facility lease and is accounted for as long-term debt. The outstanding principal and carrying value of the debt was $1.7 million as of December 31, 2024, $0.2 million and $1.5 million of which was classified as short-term and long-term, respectively, on the accompanying consolidated balance sheets."

Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837025002049/plug-20241231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

19RemovedItem 7 › Secured Debt

Summary · quote-checked

Removed disclosure of the secured term loan facility, its full repayment, and the resulting loss on debt extinguishment.

The removed paragraph disclosed a debt facility, its repayment, and an associated accounting loss, changing the filing’s disclosure of financing obligations and their extinguishment.

Filing text · FY2024 10-K · filed Mar 3, 2025

[removed] In March 2019, the Company entered into a loan and security agreement, as amended, with Generate Lending, LLC, providing for a secured term loan facility in the amount of $100 million (the "Term Loan Facility"). In December 2022, the Company fully repaid the outstanding balance of the Term Loan Facility, which resulted in a recording of a loss on the extinguishment of debt of $1.0 million on the consolidated statements of operations.

Filing text · FY2025 10-K · filed Mar 2, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"In March 2019, the Company entered into a loan and security agreement, as amended, with Generate Lending, LLC, providing for a secured term loan facility in the amount of $100 million (the "Term Loan Facility"). In December 2022, the Company fully repaid the outstanding balance of the Term Loan Facility, which resulted in a recording of a loss on the extinguishment of debt of $1.0 million on the consolidated statements of operations."

Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837025002049/plug-20241231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

20RemovedItem 7 › 6.00% Convertible Debenture

Summary · quote-checked

Removed disclosure of the 6.00% Convertible Debenture’s interest terms, maturity or redemption payment, and default-rate increase.

The removed paragraph described a debt instrument, payment obligation, maturity terms, and consequences of default, changing disclosed obligations and financing exposure.

Filing text · FY2024 10-K · filed Mar 3, 2025

[removed] The 6.00% Convertible Debenture bears interest at a rate of 6.00% per annum and is payable on the second year anniversary of the issuance date of the 6.00% Convertible Debenture (the "Maturity Date") or earlier redemption date. The interest rate will increase to a rate of 16.0% per annum upon the occurrence and during the continuance of an event of default under the 6.00% Convertible Debenture.

Filing text · FY2025 10-K · filed Mar 2, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"The 6.00% Convertible Debenture bears interest at a rate of 6.00% per annum and is payable on the second year anniversary of the issuance date of the 6.00% Convertible Debenture (the "Maturity Date") or earlier redemption date. The interest rate will increase to a rate of 16.0% per annum upon the occurrence and during the continuance of an event of default under the 6.00% Convertible Debenture."

Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837025002049/plug-20241231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

21RemovedItem 7 › 6.00% Convertible Debenture

Summary · quote-checked

Removed disclosure of the Exchange Cap limiting shares issuable under the Debenture Purchase Agreement without stockholder approval.

The removed text describes a substantive equity issuance limitation and stockholder-approval condition, changing disclosure of an obligation or constraint.

Filing text · FY2024 10-K · filed Mar 3, 2025

The 6.00% Convertible Debenture provides that Yorkville may convert all or any portion of the principal amount of the 6.00% Convertible Debenture, together with any accrued and unpaid interest thereon, at an initial conversion price of $2.90 (the "Fixed Price"), representing a conversion premium of 146% to the last reported sale price of the Company's common stock on November 11, 2024. In certain circumstances, Yorkville will be permitted to convert up to $22.5 million aggregate principal amount of the 6.00% Convertible Debenture plus accrued and unpaid interest thereon, each calendar month beginning with December 2024, at a conversion price equal to the lower of the (1) Fixed Price and (2) 97.25% of the lowest daily volume-weighted average price for the Company's common stock during the three trading days immediately preceding the applicable conversion date (the "Market Price"); provided that such Market Price is not less than $0.3941 (the "Floor Price"). The Fixed Price is subject to adjustment in certain circumstances including if the Company issues shares of common stock at price per share that is less than the Fixed Price or certain convertible securities with a conversion price that is less than the Fixed Price (the "Dilutive Price"), in which case the Fixed Price would be adjusted to equal the Dilutive Price, subject to certain exceptions. Yorkville is not permitted to convert the 6.00% Convertible Debenture to the extent that the shares of common stock deliverable upon conversion thereof would exceed [removed] 19.99% of the Company's outstanding shares immediately prior to executing the Debenture Purchase Agreement (the "Exchange Cap") without prior stockholder approval.

Filing text · FY2025 10-K · filed Mar 2, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"19.99% of the Company's outstanding shares immediately prior to executing the Debenture Purchase Agreement (the "Exchange Cap") without prior stockholder approval."

Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837025002049/plug-20241231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

22RemovedItem 7 › 7.00% Convertible Senior Notes

Summary · quote-checked

The disclosure of the estimated fair value and valuation basis for the 7.00% Convertible Senior Notes was removed.

Removing a paragraph that disclosed a financial instrument’s fair value and estimation basis changes the substance of the financial information provided.

Filing text · FY2024 10-K · filed Mar 3, 2025

[removed] The estimated fair value of the 7.00% Convertible Senior Notes as of December 31, 2024 was approximately $112.5 million. The fair value estimation was primarily based on a quoted price in an active market.

Filing text · FY2025 10-K · filed Mar 2, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"The estimated fair value of the 7.00% Convertible Senior Notes as of December 31, 2024 was approximately $112.5 million. The fair value estimation was primarily based on a quoted price in an active market."

Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837025002049/plug-20241231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

23RemovedItem 7 › 3.75% Convertible Senior Notes

Summary · quote-checked

Removed disclosure that holders of the 3.75% Convertible Senior Notes could convert their notes before December 1, 2024 under specified circumstances.

The removed paragraph disclosed a noteholder conversion right and its timing, changing the stated terms of a financing obligation.

Filing text · FY2024 10-K · filed Mar 3, 2025

[removed] Holders of the 3.75% Convertible Senior Notes may convert their notes at their option at any time prior to the close of the business day immediately preceding December 1, 2024 in the following circumstances:

Filing text · FY2025 10-K · filed Mar 2, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"Holders of the 3.75% Convertible Senior Notes may convert their notes at their option at any time prior to the close of the business day immediately preceding December 1, 2024 in the following circumstances:"

Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837025002049/plug-20241231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

24RemovedItem 7 › 3.75% Convertible Senior Notes

Summary · quote-checked

Removed a conversion-trigger condition for the Company’s convertible senior notes.

The removed text states a stock-price and trading-day condition affecting note conversion terms, changing the disclosed terms or obligations of the instrument.

Filing text · FY2024 10-K · filed Mar 3, 2025

[removed] 1) | during any calendar quarter commencing after March 31, 2021, if the last reported sale price of the Company's common stock exceeds 130% of the conversion price for each of at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter;

Filing text · FY2025 10-K · filed Mar 2, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"during any calendar quarter commencing after March 31, 2021, if the last reported sale price of the Company's common stock exceeds 130% of the conversion price for each of at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter;"

Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837025002049/plug-20241231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

25RemovedItem 7 › 3.75% Convertible Senior Notes

Summary · quote-checked

The MD&A no longer discloses a condition allowing conversion of the 3.75% Convertible Senior Notes based on trading-price performance.

The removed paragraph described a substantive conversion provision tied to the notes and common stock trading prices, changing disclosure of an instrument obligation.

Filing text · FY2024 10-K · filed Mar 3, 2025

[removed] 2) | during the five business days after any five consecutive trading day period (such five consecutive trading day period, the measurement period) in which the trading price per $1,000 principal amount of the 3.75% Convertible Senior Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company's common stock and the conversion rate on each such trading day;

Filing text · FY2025 10-K · filed Mar 2, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"during the five business days after any five consecutive trading day period (such five consecutive trading day period, the measurement period) in which the trading price per $1,000 principal amount of the 3.75% Convertible Senior Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company's common stock and the conversion rate on each such trading day;"

Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837025002049/plug-20241231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

26RemovedItem 7 › 3.75% Convertible Senior Notes

Summary · quote-checked

Removed disclosure of conversion rights for notes called for redemption.

The paragraph described a substantive holder conversion right tied to redemption, so its removal changes the disclosed terms of a debt instrument.

Filing text · FY2024 10-K · filed Mar 3, 2025

[removed] 3) | if the Company calls any or all of the 3.75% Convertible Senior Notes for redemption, any such notes that have been called for redemption may be converted at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; or

Filing text · FY2025 10-K · filed Mar 2, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"if the Company calls any or all of the 3.75% Convertible Senior Notes for redemption, any such notes that have been called for redemption may be converted at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; or"

Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837025002049/plug-20241231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

27RemovedItem 7 › 3.75% Convertible Senior Notes

Summary · quote-checked

Disclosure of specified corporate events under the 3.75% Convertible Senior Notes indenture was removed.

The removed text describes a condition tied to specified corporate events and the notes’ governing indenture, indicating a substantive change to disclosed instrument terms or obligations.

Filing text · FY2024 10-K · filed Mar 3, 2025

[removed] 4) | upon the occurrence of specified corporate events, as described in the indenture governing the 3.75% Convertible Senior Notes.

Filing text · FY2025 10-K · filed Mar 2, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"4) | upon the occurrence of specified corporate events, as described in the indenture governing the 3.75% Convertible Senior Notes."

Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837025002049/plug-20241231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

28RemovedItem 7 › 3.75% Convertible Senior Notes

Summary · quote-checked

Removed disclosure that holders of the 3.75% Convertible Senior Notes may convert their notes after December 1, 2024.

The removed text disclosed a conversion right tied to an outstanding debt instrument, changing the filing’s disclosure of an obligation and related feature.

Filing text · FY2024 10-K · filed Mar 3, 2025

[removed] On or after December 1, 2024, the holders of the 3.75% Convertible Senior Notes may convert all or any portion of their notes at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date regardless of the foregoing conditions. There were no conversions of the 3.75% Convertible Senior Notes during the years ended December 31, 2024 and 2023.

Filing text · FY2025 10-K · filed Mar 2, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"On or after December 1, 2024, the holders of the 3.75% Convertible Senior Notes may convert all or any portion of their notes at any time prior to the close of business on the second scheduled trading day immediately preceding the"

Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837025002049/plug-20241231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

29RemovedItem 7 › 3.75% Convertible Senior Notes

Summary · quote-checked

Removed disclosure that the Company may increase the conversion rate for notes converted after certain corporate events or redemption notices.

The removed paragraph describes a substantive conversion-rate adjustment tied to corporate events and redemptions, changing disclosure of noteholder rights and related obligations.

Filing text · FY2024 10-K · filed Mar 3, 2025

[removed] In addition, following certain corporate events or following issuance of a notice of redemption, the Company will increase the conversion rate for a holder who elects to convert its notes in connection with such a corporate event or convert its notes called for redemption during the related redemption period in certain circumstances.

Filing text · FY2025 10-K · filed Mar 2, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"In addition, following certain corporate events or following issuance of a notice of redemption, the Company will increase the conversion rate for a holder who elects to convert its notes in connection with such a corporate event or convert its notes called for redemption during the related redemption period in certain circumstances."

Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837025002049/plug-20241231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

30RemovedItem 7 › Capped Call

Summary · quote-checked

The MD&A no longer discloses the capped call transactions associated with the 3.75% Convertible Senior Notes, including their price, coverage, and dilution-offset features.

Removing the paragraph eliminates disclosure of a specific financial instrument, its counterparties, cost, coverage, and potential dilution and cash-payment offsets, changing the stated obligations and exposure.

Filing text · FY2024 10-K · filed Mar 3, 2025

[removed] In conjunction with the pricing of the 3.75% Convertible Senior Notes, the Company entered into privately negotiated capped call transactions (the "3.75% Notes Capped Call") with certain counterparties at a price of $16.2 million. The 3.75% Notes Capped Call covers, subject to anti-dilution adjustments, the aggregate number of shares of the Company's common stock that underlie the initial 3.75% Convertible Senior Notes and is generally expected to reduce potential dilution to the Company's common stock upon any conversion of the 3.75% Convertible Senior Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of the converted notes, as the case may be, with such reduction and/or offset subject to a cap based on the cap price. The cap price of the 3.75% Notes Capped Call is initially $6.7560 per share, which represents a premium of approximately 60% over the last then-reported sale price of the Company's common stock of $4.11 per share on the date of the transaction and is subject to certain adjustments under the terms of the 3.75% Notes Capped Call. The 3.75% Notes Capped Call becomes exercisable if the conversion option is exercised.

Filing text · FY2025 10-K · filed Mar 2, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"In conjunction with the pricing of the 3.75% Convertible Senior Notes, the Company entered into privately negotiated capped call transactions (the "3.75% Notes Capped Call") with certain counterparties at a price of $16.2 million."

Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837025002049/plug-20241231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

31RemovedItem 7 › Amazon Transaction Agreement in 2022

Summary · quote-checked

Removed disclosure of change-of-control vesting acceleration and antidilution adjustments for the 2022 Amazon Warrant.

The removed paragraph described substantive warrant mechanics, including vesting acceleration upon specified transactions, exercise rights, and antidilution adjustments; its removal changes disclosed obligations and potential dilution.

Filing text · FY2024 10-K · filed Mar 3, 2025

[removed] Upon the consummation of certain change of control transactions (as defined in the 2022 Amazon Warrant) prior to the vesting of at least 60% of the aggregate 2022 Amazon Warrant Shares, the 2022 Amazon Warrant will automatically vest and become exercisable with respect to an additional number of 2022 Amazon Warrant Shares such that 60% of the aggregate 2022 Amazon Warrant Shares shall have vested. If a change of control transaction is consummated after the vesting of at least 60% of the aggregate 2022 Amazon Warrant Shares, then no acceleration of vesting will occur with respect to any of the unvested 2022 Amazon Warrant Shares as a result of the transaction. The exercise price and the 2022 Amazon Warrant Shares issuable upon exercise of the 2022 Amazon Warrant are subject to customary antidilution adjustments.

Filing text · FY2025 10-K · filed Mar 2, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"Upon the consummation of certain change of control transactions (as defined in the 2022 Amazon Warrant) prior to the vesting of at least 60% of the aggregate 2022 Amazon Warrant Shares, the 2022 Amazon Warrant will automatically vest and become exercisable with respect to an additional number of 2022 Amazon Warrant Shares such that 60% of the aggregate 2022 Amazon Warrant Shares shall have vested. If a change of control transaction is consummated after the vesting of at least 60% of the aggregate 2022 Amazon Warrant Shares, then no acceleration of vesting will occur with respect to any of the unvested 2022 Amazon Warrant Shares as a result of the transaction. The exercise price and the 2022 Amazon Warrant Shares issuable upon exercise of the 2022 Amazon Warrant are subject to customary antidilution adjustments."

Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837025002049/plug-20241231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

32RemovedItem 7 › Amazon Transaction Agreement in 2022

Summary · quote-checked

The MD&A no longer discloses Amazon warrant vesting, fair value capitalization, contract-asset amortization, or the related balance.

Removing this paragraph eliminates disclosure of a specific customer-related warrant arrangement, associated contract asset, and revenue-reduction accounting.

Filing text · FY2024 10-K · filed Mar 3, 2025

[removed] On August 24, 2022, 1,000,000 of the 2022 Amazon Warrant Shares associated with tranche 1 vested. The warrant fair value associated with the vested shares of tranche 1 of $20.4 million was capitalized to contract assets based on the grant date fair value and is subsequently amortized ratably as a reduction to revenue based on the Company's estimate of revenue over the term of the agreement. As of December 31, 2024, the balance of the contract asset related to tranche 1 was $16.5 million which is recorded in contract assets in the Company's consolidated balance sheets. During the second quarter of 2023, all 1,000,000 of the Amazon Warrant Shares associated with tranche 2 vested. The warrant fair value associated with the vested shares of tranche 2 was $20.4 million and was determined on the grant date of August 24, 2022. As of December 31, 2024, the balance of the contract asset related to tranche 2 was $16.5 million. Tranche 3 will vest over the next $1.0 billion of collections from Amazon and its affiliates. The grant date fair value of tranche 3 will also be amortized ratably as a reduction to revenue based on the Company's estimate of revenue over the term of the agreement. As of December 31, 2024, the balance of the contract asset related to tranche 3 was $0.2 million. Because the exercise price has yet to be determined, if probable of vesting, the fair value of tranche 4 will be remeasured at each reporting period end and amortized ratably as a reduction to revenue based on the Company's estimate of revenue over the term of the agreement.

Filing text · FY2025 10-K · filed Mar 2, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"On August 24, 2022, 1,000,000 of the 2022 Amazon Warrant Shares associated with tranche 1 vested."

Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837025002049/plug-20241231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

33RemovedItem 7 › Amazon Transaction Agreement in 2022

Summary · quote-checked

Removed disclosure of tranche 3 and tranche 4 vesting, contract assets, amortization, and fair-value remeasurement under the Amazon agreement.

The removed paragraph disclosed substantive revenue-related obligations, balances, vesting conditions, and potential fair-value remeasurement, rather than a recurring presentation or date update.

Filing text · FY2024 10-K · filed Mar 3, 2025

On August 24, 2022, 1,000,000 of the 2022 Amazon Warrant Shares associated with tranche 1 vested. The warrant fair value associated with the vested shares of tranche 1 of $20.4 million was capitalized to contract assets based on the grant date fair value and is subsequently amortized ratably as a reduction to revenue based on the Company's estimate of revenue over the term of the agreement. As of December 31, 2024, the balance of the contract asset related to tranche 1 was $16.5 million which is recorded in contract assets in the Company's consolidated balance sheets. During the second quarter of 2023, all 1,000,000 of the Amazon Warrant Shares associated with tranche 2 vested. The warrant fair value [removed] associated with the vested shares of tranche 2 was $20.4 million and was determined on the grant date of August 24, 2022. As of December 31, 2024, the balance of the contract asset related to tranche 2 was $16.5 million. Tranche 3 will vest over the next $1.0 billion of collections from Amazon and its affiliates. The grant date fair value of tranche 3 will also be amortized ratably as a reduction to revenue based on the Company's estimate of revenue over the term of the agreement. As of December 31, 2024, the balance of the contract asset related to tranche 3 was $0.2 million. Because the exercise price has yet to be determined, if probable of vesting, the fair value of tranche 4 will be remeasured at each reporting period end and amortized ratably as a reduction to revenue based on the Company's estimate of revenue over the term of the agreement.

Filing text · FY2025 10-K · filed Mar 2, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"associated with the vested shares of tranche 2 was $20.4 million and was determined on the grant date of August 24, 2022. As of December 31, 2024, the balance of the contract asset related to tranche 2 was $16.5 million. Tranche 3 will vest over the next $1.0 billion of collections from Amazon and its affiliates. The grant date fair value of tranche 3 will also be amortized ratably as a reduction to revenue based on the Company's estimate of revenue over the term of the agreement. As of December 31, 2024, the balance of the contract asset related to tranche 3 was $0.2 million. Because the exercise price has yet to be determined, if probable of vesting, the fair value of tranche 4 will be remeasured at each reporting period end and amortized ratably as a reduction to revenue based on the Company's estimate of revenue over the term of the agreement."

Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837025002049/plug-20241231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

34RemovedItem 7 › Amazon Transaction Agreement in 2017

Summary · quote-checked

The MD&A removed disclosure of the 2017 Amazon Transaction Agreement, warrant terms, vesting conditions, and waiver of remaining conditions.

The removed paragraph described a commercial agreement, potential share issuance, vesting conditions, and their waiver, eliminating substantive disclosure about an obligation and counterparty dependency.

Filing text · FY2024 10-K · filed Mar 3, 2025

[removed] On April 4, 2017, the Company and Amazon entered into a Transaction Agreement (the "2017 Amazon Transaction Agreement"), pursuant to which the Company agreed to issue to Amazon.com NV Investment Holdings LLC, a warrant (the "2017 Amazon Warrant") to acquire up to 55,286,696 shares (the "2017 Amazon Warrant Shares") of the Company's common stock, subject to certain vesting events. The Company and Amazon entered into the 2017 Amazon Transaction Agreement in connection with existing commercial agreements between the Company and Amazon with respect to the deployment of the Company's GenKey fuel cell technology at Amazon distribution centers. The vesting of the 2017 Amazon Warrant Shares was conditioned upon payments made by Amazon or its affiliates (directly or indirectly through third parties) pursuant to the existing commercial agreements. On December 31, 2020, the Company waived the remaining vesting conditions under the 2017 Amazon Warrant, which resulted in the immediate vesting of all the third tranche of the 2017 Amazon Warrant Shares.

Filing text · FY2025 10-K · filed Mar 2, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"On April 4, 2017, the Company and Amazon entered into a Transaction Agreement (the "2017 Amazon Transaction Agreement"), pursuant to which the Company agreed to issue to Amazon.com NV Investment Holdings LLC, a warrant (the "2017 Amazon Warrant") to acquire up to 55,286,696 shares (the "2017 Amazon Warrant Shares") of the Company's common stock, subject to certain vesting events. The Company and Amazon entered into the 2017 Amazon Transaction Agreement in connection with existing commercial agreements between the Company and Amazon with respect to the deployment of the Company's GenKey fuel cell technology at Amazon distribution centers. The vesting of the 2017 Amazon Warrant Shares was conditioned upon payments made by Amazon or its affiliates (directly or indirectly through third parties) pursuant to the existing commercial agreements. On December 31, 2020, the Company waived the remaining vesting conditions under the 2017 Amazon Warrant, which resulted in the immediate vesting of all the third tranche of the 2017 Amazon Warrant Shares."

Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837025002049/plug-20241231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

35RemovedItem 7 › Walmart Transaction Agreement

Summary · quote-checked

The MD&A no longer discloses the Walmart Transaction Agreement, warrant, vesting conditions, or related commercial agreements.

Removing this paragraph eliminates disclosure of a warrant, its vesting conditions, and dependence on Walmart-related commercial agreements, changing the stated obligations and commercial dependency.

Filing text · FY2024 10-K · filed Mar 3, 2025

[removed] On July 20, 2017, the Company and Walmart entered into a Transaction Agreement (the "Walmart Transaction Agreement"), pursuant to which the Company agreed to issue to Walmart a warrant (the "Walmart Warrant") to acquire up to 55,286,696 shares of the Company's common stock, subject to certain vesting events (the "Walmart Warrant Shares"). The Company and Walmart entered into the Walmart Transaction Agreement in connection with existing commercial agreements between the Company and Walmart with respect to the deployment of the Company's GenKey fuel cell technology across various Walmart distribution centers. The existing commercial agreements contemplate, but do not guarantee, future purchase orders for the Company's fuel cell technology. The vesting of the warrant shares was conditioned upon payments made by Walmart or its affiliates (directly or indirectly through third parties) pursuant to transactions entered into after January 1, 2017 under existing commercial agreements.

Filing text · FY2025 10-K · filed Mar 2, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"On July 20, 2017, the Company and Walmart entered into a Transaction Agreement (the "Walmart Transaction Agreement"), pursuant to which the Company agreed to issue to Walmart a warrant (the "Walmart Warrant") to acquire up to 55,286,696 shares of the Company's common stock, subject to certain vesting events (the "Walmart Warrant Shares")."

Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837025002049/plug-20241231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

36RemovedItem 7 › Walmart Transaction Agreement

Summary · quote-checked

Removed disclosure describing Walmart warrant vesting conditions, exercise, revenue charges, and payment thresholds tied to Walmart purchases.

The deleted paragraph disclosed a warrant arrangement, vesting obligations, exercise status, accounting charges, and payment-based conditions, changing the stated transaction and obligations.

Filing text · FY2024 10-K · filed Mar 3, 2025

[removed] The majority of the Walmart Warrant Shares will vest based on Walmart's payment of up to $600.0 million to the Company in connection with Walmart's purchase of goods and services from the Company. The first tranche of 5,819,652 Walmart Warrant Shares vested upon the execution of the Walmart Warrant and was fully exercised as of December 31, 2020. Accordingly, $10.9 million, the fair value of the first tranche of Walmart Warrant Shares, was recorded as a provision for common stock warrants and presented as a reduction to revenue on the consolidated statements of operations during 2017. All future provision for common stock warrants is measured based on the fair value of the awards and recorded as a charge against revenue. The second tranche of 29,098,260 Walmart Warrant Shares vested in four installments of 7,274,565 Walmart Warrant Shares each time Walmart or its affiliates, directly or indirectly through third parties, made an aggregate of $50.0 million in payments for goods and services to the Company, up to payments totaling $200.0 million in the aggregate.

Filing text · FY2025 10-K · filed Mar 2, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"The majority of the Walmart Warrant Shares will vest based on Walmart's payment of up to $600.0 million to the Company in connection with Walmart's purchase of goods and services from the Company. The first tranche of 5,819,652 Walmart Warrant Shares vested upon the execution of the Walmart Warrant and was fully exercised as of December 31, 2020. Accordingly, $10.9 million, the fair value of the first tranche of Walmart Warrant Shares, was recorded as a provision for common stock warrants and presented as a reduction to revenue on the consolidated statements of operations during 2017. All future provision for common stock warrants is measured based on the fair value of the awards and recorded as a charge against revenue. The second tranche of 29,098,260 Walmart Warrant Shares vested in four installments of 7,274,565 Walmart Warrant Shares each time Walmart or its affiliates, directly or indirectly through third parties, made an aggregate of $50.0 million in payments for goods and services to the Company, up to payments totaling $200.0 million in the aggregate."

Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837025002049/plug-20241231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

37RemovedItem 7 › Walmart Transaction Agreement

Summary · quote-checked

Removed disclosure of Walmart warrant exercise prices, tranche details, and the payment threshold affecting the third tranche.

The removed paragraph disclosed a warrant instrument and a payment-linked tranche condition, changing the stated financing obligation and dependency.

Filing text · FY2024 10-K · filed Mar 3, 2025

[removed] The exercise price for the first and second tranches of Walmart Warrant Shares was $2.1231 per share. After Walmart has made payments to the Company totaling $200.0 million, the third tranche of 20,368,784 Walmart Warrant Shares will vest in eight installments of 2,546,098 Walmart Warrant Shares each time Walmart or its affiliates, directly or indirectly through third parties, make an aggregate of $50.0 million in payments for goods and services to the Company, up to payments totaling $400.0 million in the aggregate. The exercise price of the third tranche of the Walmart Warrant Shares is $6.28 per share, which was determined pursuant to the terms of the Walmart Warrant as an amount equal to 90% of the 30-day volume weighted average share price of the Company's common stock as of October 30, 2023, the final vesting date of the second tranche of the Walmart Warrant Shares. The Walmart Warrant is exercisable through July 20, 2027. The Walmart Warrant provides for net share settlement that, if elected by the holder, will reduce the number of shares issued upon exercise to reflect net settlement of the exercise price. The Walmart Warrant provides for certain adjustments that may be made to the exercise price and the number of shares of common stock issuable upon exercise due to customary anti-dilution provisions based on future events. The Walmart Warrant is classified as an equity instrument. As of December 31, 2024, the balance of the contract asset related to the Walmart Warrant was $2.6 million.

Filing text · FY2025 10-K · filed Mar 2, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"The exercise price for the first and second tranches of Walmart Warrant Shares was $2.1231 per share. After Walmart has made payments to the Company totaling $200.0 million, the third tranche of 20,368,784 Walmart Warrant"

Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837025002049/plug-20241231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

38RemovedItem 7 › Walmart Transaction Agreement

Summary · quote-checked

The Walmart Warrant disclosure was removed, including vesting terms, exercise provisions, anti-dilution adjustments, equity classification, and the related contract asset balance.

The removed paragraph described a warrant instrument, its vesting and settlement obligations, potential dilution mechanisms, expiration, and a related contract asset; its deletion changes disclosed obligations and dependencies.

Filing text · FY2024 10-K · filed Mar 3, 2025

The exercise price for the first and second tranches of Walmart Warrant Shares was $2.1231 per share. After Walmart has made payments to the Company totaling $200.0 million, the third tranche of 20,368,784 Walmart Warrant [removed] Shares will vest in eight installments of 2,546,098 Walmart Warrant Shares each time Walmart or its affiliates, directly or indirectly through third parties, make an aggregate of $50.0 million in payments for goods and services to the Company, up to payments totaling $400.0 million in the aggregate. The exercise price of the third tranche of the Walmart Warrant Shares is $6.28 per share, which was determined pursuant to the terms of the Walmart Warrant as an amount equal to 90% of the 30-day volume weighted average share price of the Company's common stock as of October 30, 2023, the final vesting date of the second tranche of the Walmart Warrant Shares. The Walmart Warrant is exercisable through July 20, 2027. The Walmart Warrant provides for net share settlement that, if elected by the holder, will reduce the number of shares issued upon exercise to reflect net settlement of the exercise price. The Walmart Warrant provides for certain adjustments that may be made to the exercise price and the number of shares of common stock issuable upon exercise due to customary anti-dilution provisions based on future events. The Walmart Warrant is classified as an equity instrument. As of December 31, 2024, the balance of the contract asset related to the Walmart Warrant was $2.6 million.

Filing text · FY2025 10-K · filed Mar 2, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"Shares will vest in eight installments of 2,546,098 Walmart Warrant Shares each time Walmart or its affiliates, directly or indirectly through third parties, make an aggregate of $50.0 million in payments for goods and services to the Company, up to payments totaling $400.0 million in the aggregate. The exercise price of the third tranche of the Walmart Warrant Shares is $6.28 per share, which was determined pursuant to the terms of the Walmart Warrant as an amount equal to 90% of the 30-day volume weighted average share price of the Company's common stock as of October 30, 2023, the final vesting date of the second tranche of the Walmart Warrant Shares. The Walmart Warrant is exercisable through July 20, 2027. The Walmart Warrant provides for net share settlement that, if elected by the holder, will reduce the number of shares issued upon exercise to reflect net settlement of the exercise price. The Walmart Warrant provides for certain adjustments that may be made to the exercise price and the number of shares of common stock issuable upon exercise due to customary anti-dilution provisions based on future events. The Walmart Warrant is classified as an equity instrument. As of December 31, 2024, the balance of the contract asset related to the Walmart Warrant was $2.6 million."

Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837025002049/plug-20241231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

39RemovedItem 7 › Product Warranty Reserve

Summary · quote-checked

The filing removed a statement explaining the increase in the product warranty reserve and linking it to electrolyzer systems with recognized revenue.

The removed paragraph disclosed a warranty obligation and its driver; eliminating that disclosure changes the substance of the MD&A discussion.

Filing text · FY2024 10-K · filed Mar 3, 2025

[removed] The product warranty reserve balance increased during the year ended December 31, 2024 primarily due to an increase in electrolyzer systems for which revenue was recognized.

Filing text · FY2025 10-K · filed Mar 2, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"The product warranty reserve balance increased during the year ended December 31, 2024 primarily due to an increase in electrolyzer systems for which revenue was recognized."

Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837025002049/plug-20241231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

40RemovedItem 7 › Restricted Cash

Summary · quote-checked

The current filing removes disclosure of restricted cash tied to acquisition consideration and collateral, including corresponding accrued liabilities.

A substantive disclosure of restricted cash, acquisition-related amounts, collateral, and accrued liabilities was removed; this is not a date roll-forward or presentation change.

Filing text · FY2024 10-K · filed Mar 3, 2025

[removed] The Company also had $1.2 million of consideration held by our paying agent in connection with the Joule acquisition reported as restricted cash as of December 31, 2024 and 2023, with a corresponding accrued liability on the Company's consolidated balance sheets. The Company also had $0.1 million and $0.2 million of consideration held by our paying agent in connection with the CIS acquisition reported as restricted cash as of December 31, 2024 and 2023, respectively, with a corresponding accrued liability on the Company's consolidated balance sheets. Additionally, the Company had $7.4 million and $11.7 million in restricted cash as collateral resulting from the Frames acquisition as of December 31, 2024 and 2023, respectively.

Filing text · FY2025 10-K · filed Mar 2, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"The Company also had $1.2 million of consideration held by our paying agent in connection with the Joule acquisition reported as restricted cash as of December 31, 2024 and 2023, with a corresponding accrued liability on the Company's consolidated balance sheets. The Company also had $0.1 million and $0.2 million of consideration held by our paying agent in connection with the CIS acquisition reported as restricted cash as of December 31, 2024 and 2023, respectively, with a corresponding accrued liability on the Company's consolidated balance sheets. Additionally, the Company had $7.4 million and $11.7 million in restricted cash as collateral resulting from the Frames acquisition as of December 31, 2024 and 2023, respectively."

Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837025002049/plug-20241231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

41RemovedItem 7 › Commitments to Equity Method Investments

Summary · quote-checked

The filing no longer discloses a $4.6 million capital commitment to equity method investments due during 2025.

A disclosed capital commitment and related obligation was removed, changing the filing’s statement about commitments to equity method investments.

Filing text · FY2024 10-K · filed Mar 3, 2025

[removed] The Company's capital commitments related to its equity method investments as of December 31, 2024 includes $4.6 million to be made during 2025.

Filing text · FY2025 10-K · filed Mar 2, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"The Company's capital commitments related to its equity method investments as of December 31, 2024 includes $4.6 million to be made during 2025."

Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837025002049/plug-20241231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

42RemovedItem 7 › Section 45V Credit for Production of Clean Hydrogen

Summary · quote-checked

The MD&A no longer states that the Company qualifies for the Section 45V production tax credit from its Georgia hydrogen plant.

The removed paragraph disclosed a tax-credit qualification tied to operation of a specific hydrogen production plant, changing the stated credit and operational dependency disclosure.

Filing text · FY2024 10-K · filed Mar 3, 2025

[removed] Beginning in the second quarter of 2024, the Company determined that it qualifies for the PTC under Section 45V as part of the IRA resulting from operation of the Company's hydrogen production plant located in Georgia. The PTC is available for qualified clean hydrogen produced and sold during the 10-year period beginning on the date the qualified clean hydrogen production facility was originally placed in service. The Company has chosen elective pay, also referred to as direct pay, for the 2024 taxable year. This election makes the PTC refundable, as the Company can receive the full value of the credit from the Internal Revenue Service. This election will apply to the 2024 taxable year and the four subsequent taxable years unless revoked. During the remaining five years of the 10-year period to receive the PTC, the Company can elect to transfer all or a portion of the PTC to a third party buyer in exchange for cash. The Company has analogized the accounting of the PTC to accounting for government grants due to the ability to receive payment for the credit regardless of whether the Company has an income tax liability.

Filing text · FY2025 10-K · filed Mar 2, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"Beginning in the second quarter of 2024, the Company determined that it qualifies for the PTC under Section 45V as part of the IRA resulting from operation of the Company's hydrogen production plant located in Georgia."

Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837025002049/plug-20241231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

43RemovedItem 7 › Section 45V Credit for Production of Clean Hydrogen

Summary · quote-checked

Removed disclosure describing elective-pay treatment, transferability, duration, and accounting of the clean hydrogen production tax credit.

The removed paragraph described a tax credit election, refundability, transfer rights, and accounting treatment—substantive tax benefits and obligations rather than presentation or wording.

Filing text · FY2024 10-K · filed Mar 3, 2025

Beginning in the second quarter of 2024, the Company determined that it qualifies for the PTC under Section 45V as part of the IRA resulting from operation of the Company's hydrogen production plant located in Georgia. The PTC [removed] is available for qualified clean hydrogen produced and sold during the 10-year period beginning on the date the qualified clean hydrogen production facility was originally placed in service. The Company has chosen elective pay, also referred to as direct pay, for the 2024 taxable year. This election makes the PTC refundable, as the Company can receive the full value of the credit from the Internal Revenue Service. This election will apply to the 2024 taxable year and the four subsequent taxable years unless revoked. During the remaining five years of the 10-year period to receive the PTC, the Company can elect to transfer all or a portion of the PTC to a third party buyer in exchange for cash. The Company has analogized the accounting of the PTC to accounting for government grants due to the ability to receive payment for the credit regardless of whether the Company has an income tax liability.

Filing text · FY2025 10-K · filed Mar 2, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"is available for qualified clean hydrogen produced and sold during the 10-year period beginning on the date the qualified clean hydrogen production facility was originally placed in service. The Company has chosen elective pay, also referred to as direct pay, for the 2024 taxable year. This election makes the PTC refundable, as the Company can receive the full value of the credit from the Internal Revenue Service. This election will apply to the 2024 taxable year and the four subsequent taxable years unless revoked. During the remaining five years of the 10-year period to receive the PTC, the Company can elect to transfer all or a portion of the PTC to a third party buyer in exchange for cash. The Company has analogized the accounting of the PTC to accounting for government grants due to the ability to receive payment for the credit regardless of whether the Company has an income tax liability."

Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837025002049/plug-20241231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

44RemovedItem 7 › Section 45V Credit for Production of Clean Hydrogen

Summary · quote-checked

Removed disclosure describing the accounting treatment and recognition conditions for the refundable clean hydrogen production tax credit.

The removed paragraph disclosed a specific credit, its accounting model, and conditions for recognizing related grants, representing substantive accounting and potential funding information rather than boilerplate.

Filing text · FY2024 10-K · filed Mar 3, 2025

[removed] As the PTC is a refundable credit (i.e., a credit with a direct-pay option available), the PTC is outside the scope of ASC 740, Income Taxes ("ASC 740"). Therefore, the Company has analogized the accounting of the PTC to accounting for government grants due to the ability to receive payment for the credit regardless of whether the Company has an income tax liability. Under a government grant model, once it is reasonably assured that the entity will comply with the conditions of the grant, the grant money should be recognized on a systematic basis over the period in which the entity recognizes the related expenses or losses for which the grant money is intended to compensate. The Company recognizes grants once it is probable that both of the following conditions will be met: (1) the Company is eligible to receive the grant and (2) the Company is able to comply with the relevant conditions of the grant.

Filing text · FY2025 10-K · filed Mar 2, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"As the PTC is a refundable credit (i.e., a credit with a direct-pay option available), the PTC is outside the scope of ASC 740, Income Taxes ("ASC 740")."

Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837025002049/plug-20241231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

45RemovedItem 7 › Section 45V Credit for Production of Clean Hydrogen

Summary · quote-checked

Removed disclosure of expected qualification for the full clean hydrogen production credit and recognized PTC amounts for 2024.

The removed paragraph disclosed a tax-credit qualification expectation and recognized credit amounts, changing the substance of the MD&A disclosure rather than merely updating wording or dates.

Filing text · FY2024 10-K · filed Mar 3, 2025

[removed] With respect to the PTC, based on our current production, the Company expects to qualify for the full $3 per kg credit. For the year ended December 31, 2024 the Company recognized PTC of $4.0 million as a reduction to the fuel delivered to customers and related equipment costs of revenue financial statement line item in the consolidated statements of operations and $4.5 million as an increase to the other assets financial statement line item in the consolidated balance sheets.

Filing text · FY2025 10-K · filed Mar 2, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"With respect to the PTC, based on our current production, the Company expects to qualify for the full $3 per kg credit. For the year ended December 31, 2024 the Company recognized PTC of $4.0 million as a reduction to the fuel delivered to customers and related equipment costs of revenue financial statement line item in the consolidated statements of operations and $4.5 million as an increase to the other assets financial statement line item in the consolidated balance sheets."

Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837025002049/plug-20241231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

46RemovedItem 7 › Revenue Recognition

Summary · quote-checked

Removed disclosure describing recognition of an operating lease liability for an equipment leaseback obligation.

The removed paragraph disclosed a leaseback-related liability and its measurement, eliminating an obligation disclosure rather than merely changing wording or presentation.

Filing text · FY2024 10-K · filed Mar 3, 2025

[removed] The Company recognizes an operating lease liability for the equipment leaseback obligation based on the present value of the future payments to the financial institutions that are attributed to the equipment leaseback. The discount rate used to determine the lease liability is the Company's incremental borrowing rate. The Company also records a right of use asset which is amortized over the term of the leaseback. Rental expense is recognized on a straight-line basis over the life of the leaseback and is included as a cost of power purchase agreements revenue on the consolidated statements of operations.

Filing text · FY2025 10-K · filed Mar 2, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"The Company recognizes an operating lease liability for the equipment leaseback obligation based on the present value of the future payments to the financial institutions that are attributed to the equipment leaseback."

Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837025002049/plug-20241231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

47RemovedItem 7 › Revenue Recognition

Summary · quote-checked

The current report removes disclosure describing leaseback liabilities, right-of-use assets, amortization, and rental-expense recognition.

The removed paragraph discloses a leaseback-related liability and right-of-use asset, indicating an obligation and accounting treatment rather than merely presentation mechanics.

Filing text · FY2024 10-K · filed Mar 3, 2025

The Company recognizes an operating lease liability for the equipment leaseback obligation based on the present value of the future payments to the financial institutions that are attributed to the equipment leaseback. The discount rate [removed] used to determine the lease liability is the Company's incremental borrowing rate. The Company also records a right of use asset which is amortized over the term of the leaseback. Rental expense is recognized on a straight-line basis over the life of the leaseback and is included as a cost of power purchase agreements revenue on the consolidated statements of operations.

Filing text · FY2025 10-K · filed Mar 2, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"used to determine the lease liability is the Company's incremental borrowing rate. The Company also records a right of use asset which is amortized over the term of the leaseback."

Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837025002049/plug-20241231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

48RemovedItem 7 › Revenue Recognition

Summary · quote-checked

The filing removed disclosure of transactions treated as finance obligations after failing sale/leaseback accounting criteria.

The removed paragraph disclosed a financing obligation and related accounting treatment, changing the stated obligations and transaction structure addressed in the filing.

Filing text · FY2024 10-K · filed Mar 3, 2025

[removed] Certain of the Company's transactions with financial institutions do not meet the criteria for sale/leaseback accounting and accordingly, no equipment sale is recognized. All proceeds from these transactions are accounted for as finance obligations. The right of use assets related to these transactions are classified as equipment related to the PPAs and fuel delivered to the customers, net in the consolidated balance sheets. The Company uses its transaction-date incremental borrowing rate as the interest rate for its finance obligations that arise from these transactions. No additional adjustments to the incremental borrowing rate have been deemed necessary for the finance obligations that have resulted from the failed sale/leaseback transactions.

Filing text · FY2025 10-K · filed Mar 2, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"Certain of the Company's transactions with financial institutions do not meet the criteria for sale/leaseback accounting and accordingly, no equipment sale is recognized. All proceeds from these transactions are accounted for as finance obligations. The right of use assets related to these transactions are classified as equipment related to the PPAs and fuel delivered to the customers, net in the consolidated balance sheets. The Company uses its transaction-date incremental borrowing rate as the interest rate for its finance obligations that arise from these transactions. No additional adjustments to the incremental borrowing rate have been deemed necessary for the finance obligations that have resulted from the failed sale/leaseback transactions."

Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837025002049/plug-20241231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

Show fewer in Item 7

What the company says differently

Paragraphs that changed between the two filings, shown as a word diff.

230 material changes

Item 1A · Risk Factors

2 of 111 shown · Ordered by the model, quote-checked

01ChangedItem 1A › B. FINANCIAL AND LIQUIDITY RISKS › While our activities related to the DOE loan program continue to be suspended, we have engaged in active discussions with the DOE to reframe the nature of activities that would be executed under the DOE loan; however, the outcome of these discussions is uncertain and failure to achieve a mutually beneficial result could adversely affect our ability to access to low-cost capital, delay project execution, and expose us to potential termination of the DOE loan guarantee.

Summary · quote-checked

The disclosure shifts from potential DOE loan funding and conditions to suspended activities, renegotiation uncertainty, and possible effects on reputation and creditworthiness.

The paragraph changes the loan’s status and describes new suspension, modified-plan discussions, counterparties’ reactions, and continued uncertainty, while removing the prior funding-delay and eligibility-condition risks.

Why the model ranked it here

The company now reports suspending activities related to the DOE loan, changing the status of a major planned financing and associated facilities.

Filing text · FY2024 10-K · filed Mar 3, 2025

On January 16, 2025, the [removed] U.S. Department of Energy ("DOE") agreed to arrange a multi-draw term loan facility to be provided by the Federal Financing Bank to a subsidiary of the Company (the "DOE [removed] loan") to finance the development, construction, and ownership of up to six green hydrogen production facilities. [removed] Our ability to receive advances under the DOE loan [removed] is subject to certain conditions, including the achievement of certain milestones, which may not be achieved at the time that we anticipate, or at all. In addition, whether and when the DOE loan will be funded is subject to a number of factors outside of our control, including legislative enactments and administrative actions. On January 20, 2025, President Trump signed the Unleashing American Energy Executive Order, which paused the release of federal funds appropriated under the Inflation Reduction Act (the "IRA") and Infrastructure Improvement and Jobs Act, including DOE loans and grants. As a result, the funding of the DOE loan may take longer than we expect and if we are not able to satisfy all of the technical, legal, environmental or financial conditions acceptable to the DOE to receive the loan, we may have to significantly reduce our spending, delay, or cancel our planned activities or substantially change our corporate structure, and we may not have sufficient resources to conduct our business as planned, which would materially and adversely affect our business, prospects, financial condition, results of operations, and cash flows.

Filing text · FY2025 10-K · filed Mar 2, 2026

On January 16, 2025, the [added] DOE and Plug executed a multi-draw term loan facility to be provided by the Federal Financing Bank to a subsidiary of the Company (the "DOE [added] Loan") to finance the development, construction, and ownership of up to six green hydrogen production facilities. [added] For more information on the DOE loan [added] program, see "Management's Discussion and Analysis of Financial Condition and Results of Operations - Government Assistance." In November 2025, we elected to suspend activities related to the DOE Loan to help us evaluate our optimal reallocation of capital, including facilities previously contemplated in New York and Texas. While as of the date of the filing of this Annual Report on Form 10-K, the activities related to the DOE loan program continue to be suspended, we have been in active discussions with the DOE to reframe the nature of activities that would be executed under the DOE loan in light of the current administration's priorities regarding the review and prioritization of federal energy financing programs and the advancement of American energy dominance through revised Department of Energy policy directives. The outcome of these discussions is uncertain, and there can be no assurance that the DOE will consent to modified development plans, or that the loan guarantee will remain available under the same terms if we resume activities pursuant to such modified plans. In addition, continued suspension of the DOE loan program could be viewed unfavorably by other counterparties, lenders, or strategic partners and could adversely affect our reputation or perceived creditworthiness.

Cite this change

"In November 2025, we elected to suspend activities related to the DOE Loan to help us evaluate our optimal reallocation of capital, including facilities previously contemplated in New York and Texas."

Plug Power, Form 10-K for FY2025, Item 1A, accession 0001104659-26-022286, filed 2 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000110465926022286/plug-20251231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

02ChangedItem 1A › B. FINANCIAL AND LIQUIDITY RISKS › Our indebtedness could adversely affect our liquidity, financial condition and our ability to fulfill our obligations and operate our business.

Summary · quote-checked

Added specific conditions under which insufficient liquidity could prevent operations, capital investments, or timely satisfaction of debt obligations.

The new sentence substantively expands the liquidity risk by naming capital-market access, cash burn, margins, cash flows, operations, investments, and debt obligations.

Why the model ranked it here

The disclosure now states that insufficient liquidity could prevent operations, capital investments, or timely satisfaction of debt obligations.

Filing text · FY2024 10-K · filed Mar 3, 2025

Our ability to generate cash to repay our indebtedness is subject to the performance of our business, as well as general economic, financial, competitive, and other factors that are beyond our control. If our business does not generate sufficient cash flow from operating activities or if future borrowings are not available to us in amounts sufficient to enable us to fund our liquidity needs, our operating [removed] results, and financial condition may be adversely affected.

Filing text · FY2025 10-K · filed Mar 2, 2026

Our ability to generate cash to repay our indebtedness is subject to the performance of our business, as well as general economic, financial, competitive, and other factors that are beyond our control. If our business does not generate sufficient cash flow from operating activities or if future borrowings are not available to us in amounts sufficient to enable us to fund our liquidity needs, our operating [added] results and financial condition may be adversely affected.[added] In particular, if we are unable to access the capital markets on acceptable terms, reduce cash burn, improve margins and cash flows, or otherwise raise or generate sufficient liquidity, we may be unable to fund operations, make required capital investments, or satisfy our debt obligations when due.

Cite this change

"In particular, if we are unable to access the capital markets on acceptable terms, reduce cash burn, improve margins and cash flows, or otherwise raise or generate sufficient liquidity, we may be unable to fund operations, make required capital investments, or satisfy our debt obligations when due."

Plug Power, Form 10-K for FY2025, Item 1A, accession 0001104659-26-022286, filed 2 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000110465926022286/plug-20251231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

Show all 111 in Item 1A (109 more, in filing order)

Item 7 · MD&A

3 of 119 shown · Ordered by the model, quote-checked

01ChangedItem 7 › Financing Activities

Summary · quote-checked

The 12-month funding assessment now relies on additional assumptions about sales, costs, and finance-obligation amortization, rather than primarily equity-purchase rights.

The paragraph substantively changes the stated basis for concluding that operations can be funded for at least 12 months by adding key operating and financing assumptions.

Why the model ranked it here

The company now bases its ability to fund ongoing operations on operating forecasts and finance-obligation assumptions, making the liquidity assessment more conditional.

Filing text · FY2024 10-K · filed Mar 3, 2025

The Company believes that its working capital, cash position and restricted cash to be released over the next 12 months, together with [removed] its right to direct B. Riley to purchase shares from the Company under the "at-the-market" equity offering program and its right to direct Yorkville to purchase shares from the Company under the [removed] SEPA, will be sufficient to fund its on-going operations for a period of at least 12 months subsequent to the issuance of the accompanying consolidated financial statements.

Filing text · FY2025 10-K · filed Mar 2, 2026

The Company believes that its working capital, cash position and restricted cash to be released over the next 12 months, together with [added] other key assumptions, support the Company's conclusion that it has sufficient capital to fund its on-going operations for a period of at least 12 months subsequent to the issuance of the accompanying consolidated financial statements. Key assumptions are based on factors such as forecasted sales and costs, amortization requirements of the Company's finance obligations, the Company's right to direct [added] B. Riley and Yorkville to purchase shares from the Company under the [added] "at-the-market" equity offering program, and the Company's right to direct Yorkville to purchase shares from the Company under the SEPA.

Cite this change

"The Company believes that its working capital, cash position and restricted cash to be released over the next 12 months, together with other key assumptions, support the Company's conclusion that it has sufficient capital to fund its on-going operations for a period of at least 12 months subsequent to the issuance of the accompanying consolidated financial statements. Key assumptions are based on factors such as forecasted sales and costs, amortization requirements of the Company's finance obligations, the Company's right to direct B. Riley and Yorkville to purchase shares from the Company under the "at-the-market" equity offering program, and the Company's right to direct Yorkville to purchase shares from the Company under the SEPA."

Plug Power, Form 10-K for FY2025, Item 7, accession 0001104659-26-022286, filed 2 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000110465926022286/plug-20251231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

02ChangedItem 7 › Government Assistance

Summary · quote-checked

The disclosure changes from a conditional DOE loan guarantee and planned buildout to a finalized guarantee, suspended activities, an impairment charge, and uncertain discussions.

The company’s stated status, activities, financial consequence, and potential termination risk changed substantively, including suspension of the DOE program and a $13.2 million charge.

Why the model ranked it here

Suspending the DOE program and recording an impairment charge replaces a planned financing initiative with a halted project and realized cost.

Filing text · FY2024 10-K · filed Mar 3, 2025

On [removed] May 14, 2024, the U.S. Department of Energy (the "DOE") issued a conditional commitment letter to the Company and a wholly owned indirect subsidiary of the [removed] Company for a loan guarantee of up to $1.66 billion through the DOE's Loan [removed] Programs Office to finance the development, construction, and ownership of up to six green hydrogen production facilities. On [removed] January 16, 2025, the Company [removed] closed its loan guarantee [removed] from the DOE that is intended to support the Company's domestic hydrogen production plant buildout. The approval and funding of any disbursements of the loan guarantee will be subject to the satisfaction of conditions precedent, including, but not limited to, evidence of satisfaction of certain technical and performance related conditions precedent, adequate project funding, reports from certain technical consultants and advisors, and the receipt of certain financial models demonstrating compliance with the financial covenants set forth in the loan guarantee agreement. There can be no assurance that the Company will be able to secure such a loan or on terms that are acceptable to the Company. See Item 1A, "Risk Factors", for a description of risks related to the DOE loan guarantee.

Filing text · FY2025 10-K · filed Mar 2, 2026

On [added] January 16, 2025, Plug Power Energy Loan Borrower LLC, a wholly owned indirect subsidiary of the [added] Company, finalized a loan guarantee of up to $1.66 billion [added] with the U.S. Department of Energy (the "DOE") through the DOE's Loan [added] Program Office to finance the development, construction, and ownership of up to six green hydrogen production facilities. On [added] November 7, 2025, the Company [added] announced that it suspended activities related to the DOE loan program. As a result, the Company recorded a charge to its capitalized closing fees related to DOE loan guarantee [added] of $13.2 million during the year ended December 31, 2025 to selling, general and administrative expenses in the consolidated statements of operations. See "Risk Factors - Financial and Liquidity Risks - While our activities related to the DOE loan program continue to be suspended, we have engaged in active discussions with the DOE to reframe the nature of activities that would be executed under the DOE loan; however, the outcome of these discussions is uncertain and failure to achieve a mutually beneficial result could adversely affect our ability to access to low-cost capital, delay project execution, and expose us to potential termination of the DOE loan guarantee."

Cite this change

"On November 7, 2025, the Company announced that it suspended activities related to the DOE loan program. As a result, the Company recorded a charge to its capitalized closing fees related to DOE loan guarantee of $13.2 million during the year ended December 31, 2025 to selling, general and administrative expenses in the consolidated statements of operations."

Plug Power, Form 10-K for FY2025, Item 7, accession 0001104659-26-022286, filed 2 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000110465926022286/plug-20251231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

03ChangedItem 7 › Inducement of Common Warrant Exercise

Summary · quote-checked

Disclosure shifted from 3.75% Convertible Senior Notes conversion terms and historical conversions to 6.75% notes proceeds, debt repayment, repurchases, and current-year conversions.

The paragraph introduces different financing terms, proceeds, uses of funds, debt repayment and note repurchases, changing the disclosed obligations and transactions.

Why the model ranked it here

New convertible-note proceeds were used to repay secured debt and repurchase other notes, materially changing the capital structure and financing actions.

Filing text · FY2024 10-K · filed Mar 3, 2025

The [removed] initial conversion rate for the 3.75% Convertible Senior Notes is 198.6196 shares of the [removed] Company's common stock per $1,000 principal amount of [removed] notes, which is equivalent to an initial conversion price of approximately $5.03 per share of the Company's common stock, subject to adjustment upon the occurrence of specified events. Upon conversion, the Company will pay or deliver, as applicable, cash, shares of the Company's common stock or a combination of cash and shares of the Company's common stock, at the Company's election. During the years ended December 31, 2023 and 2022, there were no conversions. During the year ended December 31, 2021, $15.2 million of the [removed] 3.75% Convertible Senior Notes [removed] were converted and the Company issued approximately 3.0 million shares of common stock in conjunction with these conversions.

Filing text · FY2025 10-K · filed Mar 2, 2026

The [added] offering price of the notes was 95% of the principal amount of [added] notes. The net proceeds from the 6.75% Convertible Senior Notes was $400.0 million after deducting the initial purchasers' discounts and commissions and offering expenses payable by the Company. The Company used net proceeds from the 6.75% Convertible Senior Notes to fully repay the outstanding principal amount of its 15.00% Secured Debenture and to repurchase $138.0 million aggregate principal amount of the Company's 7.00% Convertible Senior Notes. See Note 14, "Long Term Debt," for further information. There were no conversion of the [added] 6.75% Convertible Senior Notes [added] during the year ended December 31, 2025.

Cite this change

"The net proceeds from the 6.75% Convertible Senior Notes was $400.0 million after deducting the initial purchasers' discounts and commissions and offering expenses payable by the Company. The Company used net proceeds from the 6.75% Convertible Senior Notes to fully repay the outstanding principal amount of its 15.00% Secured Debenture and to repurchase $138.0 million aggregate principal amount of the Company's 7.00% Convertible Senior Notes."

Plug Power, Form 10-K for FY2025, Item 7, accession 0001104659-26-022286, filed 2 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000110465926022286/plug-20251231x10k.htm

Comparison: https://yearover.com/reports/plug/0001104659-26-022286?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

Show all 119 in Item 7 (116 more, in filing order)

Held for review

These changes failed one of our checks: the model's summary did not match the filing text. The diff is shown; the model text is withheld until a person has looked.

2 changes held

HeldItem 1A › A. MARKET RISKS › Inflationary trends, economic uncertainty, market trends, political instability, and other conditions could negatively impact our sales growth and results of operations.

Filing text · FY2024 10-K · filed Mar 3, 2025

With respect to our customers, the demand for our products and services is sensitive to their production activity, capital spending and demand for their products and services. In the past couple of years, we have observed increased economic uncertainty in the United States and abroad, including inflation and higher interest rates. Impacts of such economic weakness include falling overall demand for goods and services, leading to reduced profitability, reduced credit availability, higher borrowing costs, reduced liquidity, volatility in credit, equity and foreign exchange markets, and bankruptcies. These developments have [removed] led to supply chain disruption and transportation delays which have caused incremental freight charges, which have negatively impacted our business and our results of operations. In addition, as our customers react to global economic conditions, we have seen them reduce spending on our products and take additional precautionary measures to limit or delay expenditures and preserve capital and liquidity. [removed] In 2024, we implemented price increases across our offerings including equipment, service and hydrogen fuel, which caused customers to change or delay their purchasing decisions with us. Reductions in customer spending on our solutions, delays in customer purchasing decisions, lack of renewals, inability to attract new customers, uncertainty about business continuity as well as pressure for extended billing terms or pricing discounts, could limit our ability to grow our business and negatively affect our operating results and financial condition.

Filing text · FY2025 10-K · filed Mar 2, 2026

With respect to our customers, the demand for our products and services is sensitive to their production activity, capital spending and demand for their products and services. In the past couple of years, we have observed increased economic uncertainty in the United States and abroad, including inflation and higher interest rates. Impacts of such economic weakness include falling overall demand for goods and services, leading to reduced profitability, reduced credit availability, higher borrowing costs, reduced liquidity, volatility in credit, equity and foreign exchange markets, and bankruptcies. These developments have [added] led, and may continue to lead, to supply chain disruption and transportation delays which have caused incremental freight charges, which have negatively impacted our business and our results of operations. In addition, as our customers react to global economic conditions, we have seen them reduce spending on our products and take additional precautionary measures to limit or delay expenditures and preserve capital and liquidity. [added] Pricing adjustments could affect customer demand, sales volumes or sales cycles. Reductions in customer spending on our solutions, delays in customer purchasing decisions, lack of renewals, inability to attract new customers, uncertainty about business continuity as well as pressure for extended billing terms or pricing discounts, could limit our ability to grow our business and negatively affect our operating results and financial condition.

HeldItem 7 › 6.00% Convertible Debenture

Filing text · FY2024 10-K · filed Mar 3, 2025
|Year endedDecember 31,[removed] 2024 | December 31, 2023 | December 31, 2022Interest expense | $ | [removed] 3,335 | $ | [removed] 7,546 | $ | [removed] 7,398Amortization of debt issuance costs | [removed] 642 | 1,345 | 1,286Total | $ | [removed] 3,977 | $ | [removed] 8,891 | $ | [removed] 8,684[removed] Effective interest rate | 4.5 | % | 4.6 | % | 4.5 | %
Filing text · FY2025 10-K · filed Mar 2, 2026
|Year ended[added] December 31,[added] 2025 | 2024 | 2023Interest expense | $ | [added] 914 | $ | [added] 3,335 | $ | [added] 7,546Amortization of debt issuance costs | [added] 189 | 642 | 1,345Total | $ | [added] 1,103 | $ | [added] 3,977 | $ | [added] 8,891

Get this when PLUG files next

One email a week with what changed in the filings we cover, in the company's own words. The next report on this company will be in it. You confirm by email first; nothing is sent until you do.

We store your email address. Nothing else. Privacy.