Reports › PLUG › 10-K FY2024

SEC filings, compared

What changed in Plug Power's 10-K for the fiscal year ended December 31, 2024

Compared with the 10-K for the fiscal year ended December 31, 2023. Items 1A and 7 analysed; every summary checked against the quoted filing text.

Registrant: PLUG POWER INC · PLUG
This filing: 0001558370-25-002049 ↗ · filed Mar 3, 2025
Compared with: 0001558370-24-002178 ↗ · filed Feb 29, 2024
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

217 material changes among 304 changed paragraphs

18 shown by default across the three sections below; each section's "Show all" reaches the rest, in filing order.

Numbers from XBRL

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

Concept	FY2024	FY2023	Change (our arithmetic)
Revenueus-gaap:Revenues	628,814,000USD · Jan 1, 2024 to Dec 31, 2024	891,340,000USD · Jan 1, 2023 to Dec 31, 2023	−262,526,000−29.5%
Net income or lossus-gaap:NetIncomeLoss	(2,104,701,000)USD · Jan 1, 2024 to Dec 31, 2024	(1,368,833,000)USD · Jan 1, 2023 to Dec 31, 2023	−735,868,000−53.8%
Cash and cash equivalentsus-gaap:CashAndCashEquivalentsAtCarryingValue	205,693,000USD · at Dec 31, 2024	135,033,000USD · at Dec 31, 2023	+70,660,000+52.3%
Net cash from operating activitiesus-gaap:NetCashProvidedByUsedInOperatingActivities	(728,643,000)USD · Jan 1, 2024 to Dec 31, 2024	(1,106,570,000)USD · Jan 1, 2023 to Dec 31, 2023	+377,927,000+34.2%

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. FY2024: 0001558370-25-002049 · FY2023: 0001558370-24-002178

What the company says for the first time

Paragraphs with no counterpart in the prior filing.

74 material additions

Item 1A · Risk Factors

2 of 15 shown · Ordered by the model, quote-checked

01AddedItem 1A › B. FINANCIAL AND LIQUIDITY RISKS › Our ability to achieve our business objectives and to continue to meet our obligations is dependent upon our ability to maintain a sufficient level of liquidity.

Summary · quote-checked

Added a risk disclosure linking liquidity to future performance and external conditions, and reporting negative operating cash flows and net losses in 2024.

The new paragraph introduces a liquidity dependency and reports negative cash flows and substantial net losses, changing the disclosed financial and liquidity risk.

Why the model ranked it here

This changes the liquidity picture by linking financial obligations to future performance while disclosing negative operating cash flow and net losses.

Filing text · FY2023 10-K · filed Feb 29, 2024

No corresponding language in the FY2023 10-K.

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

[added] Our ability to maintain a sufficient level of liquidity to meet our financial obligations will be dependent upon our future performance, which will be subject to general economic conditions, industry tailwinds and financial, business and other factors affecting our operations, many of which are beyond our control. In 2024, we continued to experience negative cash flows from operations and net losses. The Company incurred net losses of approximately $2.1 billion for the year ended December 31, 2024.

Cite this change

"Our ability to maintain a sufficient level of liquidity to meet our financial obligations will be dependent upon our future performance, which will be subject to general economic conditions, industry tailwinds and financial, business and other factors affecting our operations, many of which are beyond our control."

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/0001558370-25-002049?ref=quote

02AddedItem 1A › B. FINANCIAL AND LIQUIDITY RISKS › Our ability to achieve our business objectives and to continue to meet our obligations is dependent upon our ability to maintain a sufficient level of liquidity.

Summary · quote-checked

Added a risk disclosure that insufficient cash burn reduction could require debt restructuring, asset sales, further borrowing, or equity financing under uncertain terms.

The new paragraph discloses liquidity pressure, potential inability to repay obligations, and specific financing or asset-sale dependencies, materially expanding the stated financial risk.

Why the model ranked it here

This reveals that insufficient cash-burn reduction could leave the company dependent on debt restructuring, asset sales, additional borrowing, or equity financing.

Filing text · FY2023 10-K · filed Feb 29, 2024

No corresponding language in the FY2023 10-K.

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

[added] To the extent our cost saving measures are not sufficient to drive a substantial reduction in cash burn throughout 2025 and we are unable to repay our debt and other obligations as they become due with cash on hand or from other sources, we will need to restructure or refinance all or part of our debt, sell assets, reduce capital expenditures, borrow more cash or raise equity. Additional indebtedness or equity financing may not be available to us in the future for the refinancing or repayment of existing debt and other obligations, or if available, such additional debt or equity financing may not be available in a sufficient amount, on a timely basis, or on terms acceptable to us and within the limitations specified in our then existing debt instruments. In addition, in the event we decide to sell additional assets, we can provide no assurance as to the timing of any asset sales or the proceeds that could be realized by us from any such asset sale.

Cite this change

"To the extent our cost saving measures are not sufficient to drive a substantial reduction in cash burn throughout 2025 and we are unable to repay our debt and other obligations as they become due with cash on hand or from other sources, we will need to restructure or refinance all or part of our debt, sell assets, reduce capital expenditures, borrow more cash or raise equity."

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/0001558370-25-002049?ref=quote

Show all 15 in Item 1A (13 more, in filing order)

Item 7 · MD&A

6 of 59 shown · Ordered by the model, quote-checked

01AddedItem 7 › Financing Activities

Summary · quote-checked

Added disclosure describing liquidity allocation, funding needs, cash-flow timing, and potential adverse effects of market conditions on alternative capital access.

The new paragraph introduces substantive liquidity and capital-market dependency disclosure, including potential difficulty accessing alternative capital on favorable terms.

Why the model ranked it here

The new disclosure reveals dependence on liquidity planning and potentially unfavorable capital-market access, directly affecting the company’s funding flexibility.

Filing text · FY2023 10-K · filed Feb 29, 2024

No corresponding language in the FY2023 10-K.

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

[added] The future use of our available liquidity will be based upon the ongoing review of the funding needs of our businesses, the optimal allocation of our resources, and the timing of cash flow generation. To the extent that we desire to access alternative sources of capital, market conditions could adversely impact our ability to do so at that time and at terms favorable to the Company.

Cite this change

"The future use of our available liquidity will be based upon the ongoing review of the funding needs of our businesses, the optimal allocation of our resources, and the timing of cash flow generation. To the extent that we desire to access alternative sources of capital, market conditions could adversely impact our ability to do so at that time and at terms favorable to the Company."

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/0001558370-25-002049?ref=quote

02AddedItem 7 › Financing Activities

Summary · quote-checked

Added disclosure of a $200.0 million unsecured convertible debenture issued to Yorkville for $190.0 million on November 11, 2024.

The new paragraph discloses a financing transaction creating a convertible debt obligation and naming the counterparty; this is substantive rather than recurring or presentational.

Why the model ranked it here

The newly disclosed Yorkville transaction creates a substantial convertible debt obligation and identifies a new financing counterparty.

Filing text · FY2023 10-K · filed Feb 29, 2024

No corresponding language in the FY2023 10-K.

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

[added] On November 11, 2024, the Company entered into a Debenture Purchase Agreement (the "Debenture Purchase Agreement") with YA II PN, Ltd., an investment fund managed by Yorkville Advisors Global, LP ("Yorkville"), pursuant to which the Company issued to Yorkville an unsecured convertible debenture in aggregate principal amount of $200.0 million in exchange for the payment of $190.0 million. For more information, see Note 17, "Convertible Senior Notes".

Cite this change

"On November 11, 2024, the Company entered into a Debenture Purchase Agreement (the "Debenture Purchase Agreement") with YA II PN, Ltd., an investment fund managed by Yorkville Advisors Global, LP ("Yorkville"), pursuant to which the Company issued to Yorkville an unsecured convertible debenture in aggregate principal amount of $200.0 million in exchange for the payment of $190.0 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/0001558370-25-002049?ref=quote

03AddedItem 7 › Financing Activities

Summary · quote-checked

Added disclosure of a Standby Equity Purchase Agreement allowing the Company to sell up to $1.0 billion of common stock to Yorkville.

The new paragraph introduces a financing arrangement, potential equity issuance, counterparty, and associated sales capacity—substantive financing obligations and dilution-related exposure.

Why the model ranked it here

The equity purchase arrangement creates significant potential reliance on Yorkville financing and exposes shareholders to possible dilution.

Filing text · FY2023 10-K · filed Feb 29, 2024

No corresponding language in the FY2023 10-K.

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

[added] In addition, on February 10, 2025, the Company entered into a Standby Equity Purchase Agreement with Yorkville (the "SEPA"), pursuant to which the Company has the right, at its option, to sell to Yorkville up to $1.0 billion in the aggregate gross sales of its common stock, subject to certain limitations and conditions set forth therein. The Company has the right, but not the obligation, from time to time at its sole discretion to direct Yorkville to purchase directly from the Company up to $10.0 million shares of its common stock on any trading day.

Cite this change

"In addition, on February 10, 2025, the Company entered into a Standby Equity Purchase Agreement with Yorkville (the "SEPA"), pursuant to which the Company has the right, at its option, to sell to Yorkville up to $1.0 billion in the aggregate gross sales of its common stock, subject to certain limitations and conditions set forth therein."

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/0001558370-25-002049?ref=quote

04AddedItem 7 › Department of Energy Loan Guarantee

Summary · quote-checked

Added disclosure of a DOE loan guarantee of up to $1.66 billion supporting development and construction of hydrogen production facilities.

The paragraph introduces a new financing arrangement, related conditions, and a planned domestic hydrogen production buildout, changing disclosed obligations and dependencies.

Why the model ranked it here

The DOE loan guarantee introduces a major government-linked financing dependency tied to the company’s planned hydrogen buildout.

Filing text · FY2023 10-K · filed Feb 29, 2024

No corresponding language in the FY2023 10-K.

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

[added] 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 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.

Cite this change

"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"

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/0001558370-25-002049?ref=quote

05AddedItem 7 › Department of Energy Loan Guarantee

Summary · quote-checked

Added disclosure describing conditions for securing a DOE loan guarantee and uncertainty about obtaining acceptable terms.

The new paragraph introduces a financing dependency, specified conditions precedent, and uncertainty regarding whether the Company can secure the loan on acceptable terms.

Why the model ranked it here

The disclosed conditions and uncertainty around the DOE financing show that a key funding source remains contingent rather than assured.

Filing text · FY2023 10-K · filed Feb 29, 2024

No corresponding language in the FY2023 10-K.

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 [added] 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.

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/0001558370-25-002049?ref=quote

06AddedItem 7 › Finance Obligations

Summary · quote-checked

Added disclosure of failed sale/leaseback transactions, new finance obligations, their classification, balances, and residual value.

The new paragraph discloses a financing obligation arising from failed sale/leaseback transactions, including additional obligations and outstanding balances, changing the stated obligations and liquidity-related exposure.

Why the model ranked it here

The failed sale-and-leaseback transactions add newly disclosed finance obligations and increase the company’s stated liquidity burden.

Filing text · FY2023 10-K · filed Feb 29, 2024

No corresponding language in the FY2023 10-K.

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

[added] During the year ended December 31, 2024, the Company entered into failed sale/leaseback transactions that were accounted for as financing obligations, resulting in $60.3 million of additional finance obligations. No gain or loss was recorded as a result of these transactions. The outstanding balance of the Company's finance obligations related to sale/leaseback transactions as of December 31, 2024 was $70.7 million, $5.6 million and $65.1 million of which was classified as short-term and long-term, respectively on the accompanying consolidated balance sheets with a residual value of $37.7 million. The outstanding balance of the Company's finance obligations related to sale/leaseback transactions as of December 31, 2023 was $17.6 million, $10.0 million and $7.6 million of which was classified as short-term and long-term, respectively on the accompanying consolidated balance sheets with no residual value.

Cite this change

"During the year ended December 31, 2024, the Company entered into failed sale/leaseback transactions that were accounted for as financing obligations, resulting in $60.3 million of additional finance 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/0001558370-25-002049?ref=quote

Show all 59 in Item 7 (53 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.

23 material removals

Item 1A · Risk Factors

2 of 8 shown · Ordered by the model, quote-checked

01RemovedItem 1A › C. OPERATIONAL RISKS › We identified material weaknesses in our internal control over financial reporting. If we do not effectively remediate these material weaknesses or if we otherwise fail to maintain effective internal control over financial reporting, we may not be able to accurately report our financial results or prevent fraud and be subject to fines, penalties or judgments, which can harm our reputation or otherwise cause a decline in investor confidence.

Summary · quote-checked

The filing removed disclosure about material weaknesses, potential financial restatements, penalties, and an additional SEC civil monetary penalty.

A dropped paragraph removes substantive disclosures about internal-control deficiencies, remediation uncertainty, possible misstatements and restatements, investor-confidence effects, and a specified SEC payment obligation.

Why the model ranked it here

The removal obscures material-control weaknesses, potential restatements, remediation uncertainty, and a possible regulatory payment obligation.

Filing text · FY2023 10-K · filed Feb 29, 2024

[removed] Although we plan to complete the remediation process with respect to the material weaknesses in our internal control over financial reporting as of December 31, 2023 as quickly as possible, we cannot at this time estimate how long it will take, and our remediation measures may not prove to be successful in remediating these material weaknesses. If our remedial measures are insufficient to address the material weaknesses, or if additional material weaknesses or significant deficiencies in our internal control over financial reporting are discovered or occur in the future, our consolidated financial statements may contain material misstatements and we may be required to restate our financial results, which can subject us to fines, penalties or judgments, which can harm our reputation or otherwise cause a decline in investor confidence. In addition, if we are unable to successfully remediate our material weaknesses by June 30, 2024, we will have to pay the SEC an additional civil monetary penalty in the amount of $5.0 million in connection with the SEC settlement.

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

No corresponding language in the FY2024 10-K.

Cite this change

"Although we plan to complete the remediation process with respect to the material weaknesses in our internal control over financial reporting as of December 31, 2023 as quickly as possible, we cannot at this time estimate how long it will take, and our remediation measures may not prove to be successful in remediating these material weaknesses. If our remedial measures are insufficient to address the material weaknesses, or if additional material weaknesses or significant deficiencies in our internal control over financial reporting are discovered or occur in the future, our consolidated financial statements may contain material misstatements and we may be required to restate our financial results, which can subject us to fines, penalties or judgments, which can harm our reputation or otherwise cause a decline in investor confidence. In addition, if we are unable to successfully remediate our material weaknesses by June 30, 2024, we will have to pay the SEC an additional civil monetary penalty in the amount of $5.0 million in connection with the SEC settlement."

Plug Power, Form 10-K for FY2023, Item 1A, accession 0001558370-24-002178, filed 29 February 2024.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837024002178/plug-20231231x10k.htm

Comparison: https://yearover.com/reports/plug/0001558370-25-002049?ref=quote

02RemovedItem 1A › A. MARKET RISKS › We depend on a concentration of pedestal customers for the majority of our revenues and the loss of any of these customers would adversely affect our business, financial condition, results of operations, and cash flows.

Summary · quote-checked

The filing removed a risk disclosure concerning dependence on a small number of major customers and the potential effects of reduced orders.

The removed paragraph disclosed customer concentration, purchasing leverage, demand fluctuations, inventory, liquidity, and operating-result risks; its removal changes the disclosed risk substance.

Why the model ranked it here

The removal eliminates a detailed warning that dependence on major customers could affect demand, pricing power, inventory, liquidity, and operating results.

Filing text · FY2023 10-K · filed Feb 29, 2024

[removed] Any decline in business with our significant customers could have an adverse impact on our business, financial condition, and results of operations. Our future success is dependent upon the continued purchases of our products by a small number of customers. If we are unable to broaden our customer base and expand relationships with potential customers, our business will continue to be impacted by demand fluctuations due to our dependence on a small number of customers. Demand fluctuations can have a negative impact on our revenues, business, financial condition, results of operations and cash flows. Our dependence on a small number of major customers exposes us to additional risks. A slowdown, delay or reduction in a customer's orders could result in excess inventories or unexpected quarterly fluctuations in our operating results and liquidity. Each of our major customers has significant purchasing leverage over us to require changes in sales terms including pricing, payment terms and product delivery schedules, which could adversely affect our business, financial condition, results of operations and cash flows.

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

No corresponding language in the FY2024 10-K.

Cite this change

"Any decline in business with our significant customers could have an adverse impact on our business, financial condition, and results of operations. Our future success is dependent upon the continued purchases of our products by a small number of customers. If we are unable to broaden our customer base and expand relationships with potential customers, our business will continue to be impacted by demand fluctuations due to our dependence on a small number of customers. Demand fluctuations can have a negative impact on our revenues, business, financial condition, results of operations and cash flows. Our dependence on a small number of major customers exposes us to additional risks. A slowdown, delay or reduction in a customer's orders could result in excess inventories or unexpected quarterly fluctuations in our operating results and liquidity. Each of our major customers has significant purchasing leverage over us to require changes in sales terms including pricing, payment terms and product delivery schedules, which could adversely affect our business, financial condition, results of operations and cash flows."

Plug Power, Form 10-K for FY2023, Item 1A, accession 0001558370-24-002178, filed 29 February 2024.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837024002178/plug-20231231x10k.htm

Comparison: https://yearover.com/reports/plug/0001558370-25-002049?ref=quote

Show all 8 in Item 1A (6 more, in filing order)

Item 7 · MD&A

3 of 15 shown · Ordered by the model, quote-checked

01RemovedItem 7 › Impairment

Summary · quote-checked

Removed disclosure about unrecognized expected future losses, cost-reduction efforts, and estimates for PPA revenue arrangements.

The removed paragraph described ongoing contractual obligations, expected losses, and estimation assumptions, changing the substance of the impairment disclosure.

Why the model ranked it here

Clients should read this because it removes disclosure of expected future losses, cost-reduction efforts, and estimates tied to ongoing contractual revenue arrangements.

Filing text · FY2023 10-K · filed Feb 29, 2024

The Company has determined that the assets deployed for certain PPA arrangements, as well as certain assets related to the delivery of fuel to customers, are not recoverable based on the undiscounted estimated future cash flows of the asset group, and an expense of $4.8 million was recorded to impairment on the income statement. However, the estimated fair value of the assets in these asset groups equal or exceed the carrying amount of the assets or otherwise limit the amount of impairment that would have been recognized. The Company has identified the primary source of the losses for certain PPA arrangements to be the maintenance components of the PPA arrangements and the impact of customer [removed] warrant non-cash provisions. As the PPA arrangements are considered to be executory contracts and there is no specific accounting guidance that permits loss recognition for these revenue contracts, the Company has not recognized a provision for the expected future losses under these revenue arrangements. The Company expects that it will recognize future losses for these arrangements as it continues its efforts to reduce costs of delivering the maintenance component of these arrangements. The Company has estimated total future revenues and costs for these types of arrangements based on existing contracts and leverage of the related assets. For the future estimates, the Company used service cost estimates for extended maintenance contracts and customer warrant provisions at rates consistent with experience to date. The terms for the underlying estimates vary but the average residual term on the existing contracts is four years.

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

No corresponding language in the FY2024 10-K.

Cite this change

"warrant non-cash provisions. As the PPA arrangements are considered to be executory contracts and there is no specific accounting guidance that permits loss recognition for these revenue contracts, the Company has not recognized a provision for the expected future losses under these revenue arrangements. The Company expects that it will recognize future losses for these arrangements as it continues its efforts to reduce costs of delivering the maintenance component of these arrangements. The Company has estimated total future revenues and costs for these types of arrangements based on existing contracts and leverage of the related assets. For the future estimates, the Company used service cost estimates for extended maintenance contracts and customer warrant provisions at rates consistent with experience to date. The terms for the underlying estimates vary but the average residual term on the existing contracts is four years."

Plug Power, Form 10-K for FY2023, Item 7, accession 0001558370-24-002178, filed 29 February 2024.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837024002178/plug-20231231x10k.htm

Comparison: https://yearover.com/reports/plug/0001558370-25-002049?ref=quote

02RemovedItem 7 › Impairment

Summary · quote-checked

Removed disclosure describing cash-flow estimates, judgmental assumptions, and the risk that changes could trigger additional impairment testing.

The removed paragraph disclosed an impairment-testing methodology and a specific risk tied to future performance and economic assumptions, so its substance changed.

Why the model ranked it here

Clients should read this because it removes the company’s explanation of impairment-testing judgments and the risk that changing assumptions could lead to additional testing.

Filing text · FY2023 10-K · filed Feb 29, 2024

[removed] For assets related to our PPA agreements, we consider all underlying cash inflows related to our contract revenues and cash outflows relating to the costs incurred to service the PPAs. Our cash flow estimates used in the recoverability test, are based upon, among other things, historical results adjusted to reflect our best estimate of future cash flows and operating performance. Development of future cash flows also requires us to make assumptions and to apply judgment, including timing of future expected cash flows, future cost savings initiatives, and determining recovery values. Changes to our key assumptions related to future performance and other economic and market factors could adversely affect the outcome of our recoverability tests and cause more asset groups to be tested for impairment.

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

No corresponding language in the FY2024 10-K.

Cite this change

"For assets related to our PPA agreements, we consider all underlying cash inflows related to our contract revenues and cash outflows relating to the costs incurred to service the PPAs. Our cash flow estimates used in the recoverability test, are based upon, among other things, historical results adjusted to reflect our best estimate of future cash flows and operating performance. Development of future cash flows also requires us to make assumptions and to apply judgment, including timing of future expected cash flows, future cost savings initiatives, and determining recovery values. Changes to our key assumptions related to future performance and other economic and market factors could adversely affect the outcome of our recoverability tests and cause more asset groups to be tested for impairment."

Plug Power, Form 10-K for FY2023, Item 7, accession 0001558370-24-002178, filed 29 February 2024.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837024002178/plug-20231231x10k.htm

Comparison: https://yearover.com/reports/plug/0001558370-25-002049?ref=quote

03RemovedItem 7 › Impairment

Summary · quote-checked

The current filing removes disclosure of a fourth-quarter 2023 contract asset impairment charge related to customer contract recoverability.

The removed paragraph disclosed a specific impairment event and its recoverability assessment, changing the stated accounting obligation or exposure rather than merely updating wording or periods.

Why the model ranked it here

Clients should read this because it removes disclosure of an impairment charge tied to the recoverability of a customer contract.

Filing text · FY2023 10-K · filed Feb 29, 2024

[removed] During the fourth quarter of 2023, there was a contract asset impairment charge of $2.4 million related to our assessment of recoverability of a customer contract. There was no such impairment charge for the year ended December 31, 2022.

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

No corresponding language in the FY2024 10-K.

Cite this change

"During the fourth quarter of 2023, there was a contract asset impairment charge of $2.4 million related to our assessment of recoverability of a customer contract."

Plug Power, Form 10-K for FY2023, Item 7, accession 0001558370-24-002178, filed 29 February 2024.

Filing: https://www.sec.gov/Archives/edgar/data/1093691/000155837024002178/plug-20231231x10k.htm

Comparison: https://yearover.com/reports/plug/0001558370-25-002049?ref=quote

Show all 15 in Item 7 (12 more, in filing order)

What the company says differently

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

120 material changes

Item 1A · Risk Factors

2 of 47 shown · Ordered by the model, quote-checked

01ChangedItem 1A › B. FINANCIAL AND LIQUIDITY RISKS › We will 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

The risk disclosure adds cost-saving measures, further reductions in spending and workforce, and potential operational cessation, liquidation or bankruptcy if financing or strategic transactions fail.

The current paragraph introduces new liquidity actions and explicit consequences tied to failure to raise capital or complete strategic transactions, materially expanding the disclosed financial and operational risk.

Why the model ranked it here

The company now states that failure to reduce cash burn, raise capital, or complete strategic transactions could force it to cease operations, liquidate assets, or pursue bankruptcy.

Filing text · FY2023 10-K · filed Feb 29, 2024

~~[removed] In addition,~~ we will have to raise additional ~~[removed] capital to expand our business.~~ 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, 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 and capital or margin calls, and we cannot predict when and what amounts may be called. 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 cost effective terms. If we cannot raise additional funds when we need them, our financial condition and business could be materially adversely affected.

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

[added] To improve our financial condition and liquidity, we will have to raise additional [added] capital. 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, 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 and capital or margin calls, and we cannot predict when and what amounts may be called. 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 cost effective terms. If we cannot raise additional funds when we need them, our financial condition and business could be materially adversely affected.[added] 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. Our ability to continue our operations is contingent upon our ability to successfully implement cost saving measures such as those referenced above 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

"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. Our ability to continue our operations is contingent upon our ability to successfully implement cost saving measures such as those referenced above 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."

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/0001558370-25-002049?ref=quote

02ChangedItem 1A › B. FINANCIAL AND LIQUIDITY RISKS › Our ability to achieve our business objectives and to continue to meet our obligations is dependent upon our ability to maintain a sufficient level of liquidity.

Summary · quote-checked

The risk disclosure shifts from hydrogen availability and pricing affecting sales to liquidity shortfalls, cost-saving measures, vendor negotiations, and operational delays.

The disclosed dependency changes substantively: the hydrogen supply and pricing risk is removed, while liquidity constraints, potential liabilities, vendor changes, and delayed investments or orders are added.

Why the model ranked it here

The disclosure now emphasizes cash-flow shortages that could constrain investment, delay plant construction and orders, and create broader operating pressure.

Filing text · FY2023 10-K · filed Feb 29, 2024

Our products and services depend largely on the availability of hydrogen. Although we are in the process of building multiple hydrogen production plants, our business could be materially and adversely affected by an inadequate availability of hydrogen or our failure to secure hydrogen supply at competitive prices. We commenced producing liquid hydrogen at our Georgia facility in January 2024. There is no assurance that our hydrogen production will scale at the rate we anticipate or that we will complete additional hydrogen production plants on schedule or at all. Additionally, we are dependent upon hydrogen suppliers to provide us with hydrogen for the commercialization of our products and services. We have experienced supply chain issues relating to the availability of hydrogen, including but not limited to suppliers utilizing force majeure provisions under existing contracts, which has led to volume constraints, delay in our deployments and service margin improvements, and negatively impacted the amount of hydrogen we have been able to provide under certain of our supply and other agreements. If hydrogen suppliers elect not to participate in the material handling market, [removed] or if supply chain issues relating to the availability of hydrogen continue, insufficient supplies of hydrogen may result. If hydrogen is not readily available or if hydrogen prices are such that energy produced by our products costs more than energy provided by other sources, then our products could be less attractive to potential users and our products' value proposition could be negatively affected which could materially and adversely affect our sales and the deployment of our ~~[removed] products and services.~~

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

[added] If our cost saving measures fail to achieve some or all of the expected benefits, it may negatively impact our current forecast of cash flows and we may be required to initiate further cost savings activities or negotiate further changes to existing agreements with vendors, suppliers and service providers. Further, our cost saving measures may result in unexpected expenses or liabilities and/or write-offs. Our lack of cash flows may also constrain our business and subject us to significant risks, including being unable to make the necessary investments in our business, which can adversely impact our ability to effectively pursue our business objectives, including delays in the construction of our [added] hydrogen plants or delays in our ability to fulfill purchase orders. Our inability to successfully execute our business objectives could have a material adverse effect on our business, financial condition and results of operations.

Cite this change

"Our lack of cash flows may also constrain our business and subject us to significant risks, including being unable to make the necessary investments in our business, which can adversely impact our ability to effectively pursue our business objectives, including delays in the construction of our hydrogen plants or delays in our ability to fulfill purchase orders."

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/0001558370-25-002049?ref=quote

Show all 47 in Item 1A (45 more, in filing order)

Item 7 · MD&A

3 of 73 shown · Ordered by the model, quote-checked

01ChangedItem 7 › Financing Activities

Summary · quote-checked

The disclosure shifts from substantial going-concern doubt and detailed ATM financing terms to an assertion that available liquidity and financing rights will fund operations for at least 12 months.

Management's liquidity outlook changes materially: prior text disclosed substantial doubt about going concern, while current text asserts sufficient funding and adds reliance on Yorkville's SEPA.

Why the model ranked it here

The filing reverses its prior going-concern warning and now relies on stated liquidity and financing rights to support continued operations.

Filing text · FY2023 10-K · filed Feb 29, 2024

The ~~[removed] Company's working capital was $822.2 million at December 31, 2023, which included unrestricted cash and cash equivalents of $135.0 million~~ and restricted cash [removed] of $1.0 billion. The Company plans to invest a portion of its available cash to expand its current production and manufacturing capacity, construct hydrogen plants, and invest in capital projects. At the time of the issuance of the Company's 2023 third quarter Form 10-Q, conditions existed that raised substantial doubt about the Company's ability to continue as a going concern. As disclosed in Note 24, "Subsequent Events", on January 17, 2024, the Company entered into the At Market Issuance Sales Agreement (the "Original ATM Agreement") with B. Riley [removed] Securities, Inc. ("B. Riley"), pursuant to which the Company may, from time to time, offer and sell through or to B. Riley, as sales agent or principal, shares of the Company's common stock, having an aggregate offering price of up to $1.0 billion. As of February 23, 2024, the Company had offered and sold 77,417,069 shares of common stock having an aggregate offering price of approximately $302.1 million under the [removed] Original ATM Agreement. On February 23, 2024, the Company and B. Riley entered into Amendment No. 1 to the Original ATM Agreement (the "Amendment" and, together with the Original ATM Agreement, the "ATM Agreement") to increase the aggregate offering price of shares of the Company's common stock available for future issuance under the ~~[removed] Original ATM Agreement to $1.0 billion. Under the ATM Agreement,~~ for a period of ~~[removed] 18 months, the Company has the right at its sole discretion to direct B.~~ Riley to act on a principal basis and purchase directly from the Company up to $11.0 million of shares of its common stock on any trading day (the "Maximum Commitment Advance Purchase Amount") and up to $55.0 million of shares in any calendar week (the "Maximum Commitment Advance Purchase Amount Cap"). On and after June 1, 2024, so long as the Company's market capitalization is no less than $1.0 billion, the Maximum Commitment Advance Purchase Amount will remain $11.0 million and the Maximum Commitment Advance Purchase Amount Cap will remain $55.0 million. If the Company's market capitalization is less than $1.0 billion on and after June 1, 2024, the Maximum Commitment Advance Purchase Amount will be decreased to $10.0 million and the Maximum Commitment Advance Purchase Amount Cap will be decreased to $30.0 million. The Company believes that its working capital and cash position, together with its right to direct B. Riley to purchase shares directly from the Company under the ATM Agreement, 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 and, as a result, substantial doubt about the Company's ability to continue as a going concern no longer exists.

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

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

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 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 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."

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/0001558370-25-002049?ref=quote

02ChangedItem 7 › Impairment

Summary · quote-checked

The disclosure shifts from impairment methodology to specific 2024 cash-flow declines, HyVia legal recovery proceedings, paused projects, weakening hydrogen demand, and a recorded impairment.

The current paragraph adds substantive events, business conditions, and an impairment conclusion, including legal proceedings and project pauses; this changes disclosed risks and obligations rather than merely rephrasing methodology.

Why the model ranked it here

The disclosure identifies legal recovery proceedings, paused projects, weakening hydrogen demand, and impairment as realized business developments rather than hypothetical risks.

Filing text · FY2023 10-K · filed Feb 29, 2024

~~[removed] If the estimated undiscounted future net cash flows~~ for a [removed] given asset group are less than the carrying amount of the related asset group, an impairment loss is determined by comparing the estimated fair value with the carrying amount of the asset group. The impairment loss is then allocated to the assets in the asset group based on the asset's relative carrying amounts. However, assets are not impaired below their then estimated fair values. Fair value is generally determined through various valuation techniques, including discounted cash flow models, quoted market values and third-party independent appraisals, as well as year-over-year trends in pricing of our new equipment and overall evaluation of our industry and market, as considered necessary. The Company considers these indicators with certain of its own internal indices and metrics in determining fair value in light of the nascent state of the Company's market and industry. The estimate of fair value represents our best estimates of these factors and is subject to variability. Changes to our key assumptions related to future performance and other economic and market factors could adversely affect our impairment evaluation.

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

[added] Asset groups are the unit of account for a [added] long-lived asset or assets to be held and used which represent the lowest level for which identifiable cash flows are largely independent of other groups of assets and liabilities. The decrease in cash flow projections for several asset groups was largely attributed to several factors, including the Company failing to meet 2024 sales and margin projections as well as decreased future cash flow projections across certain product lines including stationary, liquefiers and fuel cells for mobility projects related to HyVia. On December 10, 2024, HyVia announced that it entered into legal recovery proceedings recorded by the Commercial Court of Versailles. Additionally, the Company paused certain hydrogen production plant projects during the fourth quarter of 2024. This pause, as well as the decrease in cash flow projections, was primarily due to weakening demand in the global hydrogen market. As a result, the Company tested the recoverability of its long-lived assets and finite-lived intangibles by comparing the carrying values against undiscounted future cash flow projections and determined that an impairment existed.

Cite this change

"On December 10, 2024, HyVia announced that it entered into legal recovery proceedings recorded by the Commercial Court of Versailles."

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/0001558370-25-002049?ref=quote

03ChangedItem 7 › Impairment

Summary · quote-checked

The impairment discussion shifted from a $249.5 million goodwill-focused charge and stock-price explanation to $949.3 million of charges across multiple asset categories and a customer contract.

The paragraph adds substantially higher impairment charges, new asset categories, ASC 360 analysis, and an uncollectible customer contract, while removing the prior stock-price and goodwill analysis.

Why the model ranked it here

The filing reports substantially larger impairments across multiple asset categories and a customer contract, materially changing the stated exposure and operating outlook.

Filing text · FY2023 10-K · filed Feb 29, 2024

~~[removed] Based on the results of our annual review, the Company recognized an impairment charge of $249.5 million for~~ the year ended December 31, 2023. The ~~[removed] Company's stock price declined below book value~~ during the fourth quarter of [removed] 2023. Management believes the decline of the stock price was due primarily to missed projections and reduced liquidity. The Company's analyses did not indicate impairment of goodwill for the years ended December 31, ~~[removed] 2022 and 2021. See Note 10, "Intangible Assets and Goodwill", for further information.~~

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

[added] The Company recognized impairment charges of $949.3 million during the year ended December 31, 2024 compared to $269.5 million during the year ended December 31, 2023. The [added] increase in impairment was primarily due to impairment charges of $902.2 million resulting from the ASC 360 impairment analysis performed during the fourth quarter of [added] 2024. Of the $902.2 million, $675.5 million was related to property, plant and equipment, $1.6 million was related to equipment related to power purchase agreements and fuel delivered to customers, $145.4 million was related to right of use assets related to operating leases, and $79.7 million was related to finite-lived intangible assets. Additionally, during the fourth quarter of 2024, the Company recorded a $38.3 million impairment charge related to contract assets and other current assets in which the Company determined it would be unable to collect the consideration from a customer contract, impairment charges of $0.3 million related to property, plant and equipment as well as other impairment charges of $0.1 million. Other impairment charges recorded during the year ended December 31, [added] 2024 was $8.4 million, of which $3.0 million related to non-marketable equity securities and $5.4 million related to property, plant and equipment.

Cite this change

"The Company recognized impairment charges of $949.3 million during the year ended December 31, 2024 compared to $269.5 million during the year ended December 31, 2023. The increase in impairment was primarily due to impairment charges of $902.2 million resulting from the ASC 360 impairment analysis performed during the fourth quarter of 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/0001558370-25-002049?ref=quote

Show all 73 in Item 7 (70 more, in filing order)

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