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
01·Added·Item 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.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
02·Added·Item 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.
6 of 59 shown · Ordered by the model, quote-checked
01·Added·Item 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.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
02·Added·Item 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.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
03·Added·Item 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.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
04·Added·Item 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.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
05·Added·Item 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.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
06·Added·Item 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.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
07·Added·Item 7 › Expenses
Summary · quote-checked
Added disclosure of a $16.3 million loss from extinguishing convertible senior notes and the related exchange into new 7.00% notes.
The new paragraph discloses a loss, a debt exchange, and new debt terms, introducing substantive information about the company’s financing obligations.
Why the model ranked it here
The debt exchange replaces earlier convertible notes with higher-cost notes and records a new loss from extinguishing the prior debt.
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] For the year ended December 31, 2024, the Company had loss on extinguishment of convertible senior notes and debt of $16.3 million as compared to loss on extinguishment of convertible senior notes and debt of $0 for the year ended December 31, 2023. These losses are driven from the exchange of $138.8 million in aggregate principal amount of the Company's 3.50% Convertible Senior Notes for $140.4 million in aggregate principal amount of the Company's new 7.00% Convertible Senior Notes during the first quarter of 2024.
Cite this change
"For the year ended December 31, 2024, the Company had loss on extinguishment of convertible senior notes and debt of $16.3 million as compared to loss on extinguishment of convertible senior notes and debt of $0 for the year ended December 31, 2023. These losses are driven from the exchange of $138.8 million in aggregate principal amount of the Company's 3.50% Convertible Senior Notes for $140.4 million in aggregate principal amount of the Company's new 7.00% Convertible Senior Notes during the first quarter of 2024."
Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
08·Added·Item 7 › 6.00% Convertible Debenture
Summary · quote-checked
Added disclosure of a 6.00% Convertible Debenture, its maturity interest terms, and the increased rate applicable during events of default.
The new paragraph introduces a financial instrument and related interest obligations, including a higher default rate, changing the disclosed obligations and exposure.
Why the model ranked it here
The debenture terms establish ongoing interest and maturity obligations, with materially more punitive exposure if a default occurs.
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 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.
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.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
09·Added·Item 7 › 6.00% Convertible Debenture
Summary · quote-checked
Added disclosure describing Yorkville’s conversion rights, pricing mechanics, dilution adjustments and conversion limitations for the 6.00% Convertible Debenture.
The paragraph introduces a convertible debt instrument and specifies conversion rights, repayment-related terms, dilution adjustments and limits, creating substantive disclosure about an obligation and potential dilution.
Why the model ranked it here
Yorkville’s conversion rights create a newly disclosed pathway from debt into equity and introduce potential dilution and repayment complexity.
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 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 19.99% of the Company's outstanding shares immediately prior to executing the Debenture Purchase Agreement (the "Exchange Cap") without prior stockholder approval.
Cite this change
"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."
Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
10·Added·Item 7 › Impairment
Summary · quote-checked
Adds disclosure that significant property, plant, and equipment were written down and explains the fair-value valuation approaches used.
The new paragraph discloses a significant impairment event and related valuation methods, changing the substance of the MD&A disclosure.
Why the model ranked it here
The property write-down signals a significant deterioration in the stated value of company assets and warrants attention to the underlying operations.
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 fourth quarter of 2024, a significant amount of property, plant, and equipment were written down to their estimated fair values. The fair value for revenue generating assets was determined using a market approach utilizing prices for similar assets in active markets. The fair value for property, plant, and equipment was determined using a market approach, where available, and where not available, a cost approach. The fair value for equipment related to power purchase agreements and fuel delivered to customers was determined using a discounted cash flow income approach considering estimated market rent. The fair value for right of use assets related to operating leases was determined using a discounted cash flow income approach considering estimated market rent. The fair values for finite-lived intangible assets were determined using the income approach.
Cite this change
"During the fourth quarter of 2024, a significant amount of property, plant, and equipment were written down to their estimated fair values."
Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
11·Added·Item 7 › Liquidity and Capital Resources
Summary · quote-checked
A new table presents net cash used in or provided by operating, investing and financing activities for three years.
The newly appearing numeric table indicates a changed disclosure about cash-flow activities; under the rubric, a newly appearing table is material because its existence changed.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
12·Added·Item 7 › Operating Activities
Summary · quote-checked
Added an operating-activities explanation of net cash used, including period amounts and the factors driving the decrease.
The new paragraph discloses an operating cash-flow amount and substantive drivers, including receivables, inventory, liabilities, deferred revenue and net loss; this is more than a period roll-forward.
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 net cash used in operating activities for the year ended December 31, 2024 and 2023 was $728.6 million and $1.1 billion, respectively. This decrease in net cash used in operating activities was primarily due to cash inflows related to the Company's accounts receivables and inventory, partially offset by an increase in net loss, a decrease in accounts payable, accrued expenses, and other liabilities and a decrease in deferred revenue and other contract liabilities.
Cite this change
"The net cash used in operating activities for the year ended December 31, 2024 and 2023 was $728.6 million and $1.1 billion, respectively."
Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
13·Added·Item 7 › Investing Activities
Summary · quote-checked
Added an investing-activities explanation attributing the shift from cash inflow to outflow to the Company no longer holding available-for-sale securities.
The paragraph newly discloses a change in the Company’s investment holdings and its effect on investing cash flows, not merely a recurring-period update.
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 net cash (used in)/provided by investing activities for the year ended December 31, 2024 and 2023 was ($402.4) million and $728.1 million, respectively. The change from cash inflow to cash outflow from investing activities was primarily due to a decrease in proceeds from sales and maturities of available-for-sale securities during the year ended December 31, 2024 as the Company no longer holds available-for-sale securities.
Cite this change
"The net cash (used in)/provided by investing activities for the year ended December 31, 2024 and 2023 was ($402.4) million and $728.1 million, respectively. The change from cash inflow to cash outflow from investing activities was primarily due to a decrease in proceeds from sales and maturities of available-for-sale securities during the year ended December 31, 2024 as the Company no longer holds available-for-sale securities."
Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
14·Added·Item 7 › Financing Activities
Summary · quote-checked
Added disclosure of financing cash flows, including proceeds from an amended At Market Issuance Sales Agreement with B. Riley.
The new paragraph introduces financing activity amounts and identifies a specific financing arrangement and counterparty as the primary driver of increased cash provided.
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 net cash provided by financing activities for the year ended December 31, 2024 and 2023 was $983.2 million and $6.1 million, respectively. The increase in cash provided by financing activities was primarily driven by proceeds from the At Market Issuance Sales Agreement, as amended (as described below), with B. Riley Securities, Inc. ("B. Riley")
Cite this change
"The net cash provided by financing activities for the year ended December 31, 2024 and 2023 was $983.2 million and $6.1 million, respectively. The increase in cash provided by financing activities was primarily driven by proceeds from the At Market Issuance Sales Agreement, as amended (as described below), with B. Riley Securities, Inc. ("B. Riley")"
Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
15·Added·Item 7 › Financing Activities
Summary · quote-checked
Added disclosure of proceeds from a convertible debenture and a decrease in proceeds from finance obligations.
The new text introduces financing sources and a change in proceeds, indicating a substantive financing activity rather than a presentational update.
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] and proceeds from the convertible debenture during the year ended December 31, 2024, partially offset by a decrease in proceeds from finance obligations.
Cite this change
"and proceeds from the convertible debenture during the year ended December 31, 2024, partially offset by a decrease in proceeds from finance obligations."
Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
16·Added·Item 7 › Financing Activities
Summary · quote-checked
Added disclosure of the 2025 Restructuring Plan, including workforce reductions, manufacturing realignment, organizational streamlining and expected liquidity improvements.
The paragraph introduces a new restructuring initiative involving workforce, manufacturing and organizational changes, with stated liquidity objectives and expected savings.
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 March 3, 2025, the Company announced the 2025 Restructuring Plan. The 2025 Restructuring Plan includes initiatives to reduce our workforce, realign the Company's manufacturing footprint and streamline the organization to enhance operational efficiency and improve overall liquidity. The expected annual savings from the 2025 Restructuring Plan are expected to be significant and will begin to be realized beginning in the second half of 2025.
Cite this change
"The 2025 Restructuring Plan includes initiatives to reduce our workforce, realign the Company's manufacturing footprint and streamline the organization to enhance operational efficiency and improve overall liquidity."
Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
17·Added·Item 7 › Restructuring Plans
Summary · quote-checked
Added disclosure of the 2024 and 2025 Restructuring Plans, including workforce reductions, manufacturing realignment, organizational streamlining and expected savings.
The new paragraph introduces restructuring initiatives, workforce and manufacturing changes, and expected liquidity benefits, representing substantive changes to obligations, operations and financial outlook.
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 February 2024, in a strategic move to enhance the Company's financial performance and ensure long-term value creation in a competitive market, the Company approved the 2024 Restructuring Plan, a comprehensive initiative that encompassed a broad range of measures, including operational consolidation, strategic workforce adjustments, and various other cost-saving actions. In March 2025, the Company approved another initiative, the 2025 Restructuring Plan, which included initiatives to reduce the Company's workforce, realign the Company's manufacturing footprint and streamline the organization to enhance operational efficiency and improve overall liquidity. The expected annual savings from the 2025 Restructuring Plan are expected to be significant and will begin to be realized beginning in the second half of 2025.
Cite this change
"In February 2024, in a strategic move to enhance the Company's financial performance and ensure long-term value creation in a competitive market, the Company approved the 2024 Restructuring Plan, a comprehensive initiative that encompassed a broad range of measures, including operational consolidation, strategic workforce adjustments, and various other cost-saving actions. In March 2025, the Company approved another initiative, the 2025 Restructuring Plan, which included initiatives to reduce the Company's workforce, realign the Company's manufacturing footprint and streamline the organization to enhance operational efficiency and improve overall liquidity. The expected annual savings from the 2025 Restructuring Plan are expected to be significant and will begin to be realized beginning in the second half of 2025."
Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
18·Added·Item 7 › Cost of Revenue
Summary · quote-checked
Added explanation of the $82.3 million decrease in hydrogen infrastructure cost of revenue, including installation volumes and inventory valuation adjustments.
The new paragraph adds substantive MD&A disclosure about cost changes, operational volume, and inventory valuation adjustments, rather than merely updating periods or figures.
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 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.
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.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
19·Added·Item 7 › Cost of Revenue
Summary · quote-checked
Added an explanation of the decrease in cryogenic equipment and liquefier cost of revenue, including project timing, product mix, and inventory valuation adjustments.
The new paragraph adds substantive MD&A drivers and inventory valuation adjustment amounts, changing the disclosed explanation of cost of revenue.
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 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.
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.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
20·Added·Item 7 › Cost of Revenue
Summary · quote-checked
Added an explanation for decreased cost of revenue tied to lower engineered-equipment sales from the Frames acquisition and limited continuation beyond current commitments.
The new paragraph discloses a specific acquisition-related revenue dependency and states that related sales are not expected to continue beyond current commitments, changing the MD&A substance.
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] 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.
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.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
21·Added·Item 7 › Cost of Revenue
Summary · quote-checked
Added MD&A discussion of decreased gross loss and its drivers, including negotiated contract rates and release of the loss accrual.
The new paragraph substantively explains a reported result and identifies specific drivers, changing the disclosed analysis rather than merely rolling forward periods or figures.
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
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 [added] 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.
Cite this change
"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.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
22·Added·Item 7 › Expenses
Summary · quote-checked
Added disclosure of $8.2 million in 2024 Restructuring Plan expenses and related severance and benefits.
The new paragraph discloses a restructuring plan, quantified expense, and associated severance and benefits, introducing substantive information about an obligation and event.
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] Restructuring. Expenses related to the 2024 Restructuring Plan for the year ended December 31, 2024 was $8.2 million. The increase was due to severance and benefits related to the 2024 Restructuring Plan the Company announced in February 2024.
Cite this change
"Restructuring. Expenses related to the 2024 Restructuring Plan for the year ended December 31, 2024 was $8.2 million. The increase was due to severance and benefits related to the 2024 Restructuring Plan the Company announced in February 2024."
Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
23·Added·Item 7 › Expenses
Summary · quote-checked
Adds disclosure of fair value losses from remeasurement of the Company's 6.00% Convertible Debenture.
The new paragraph discloses a convertible debt instrument and related fair value losses, introducing a substantive obligation and expense explanation absent from the prior report.
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] Change in fair value of debt. Change in fair value of debt consists of losses that arise from the changes in fair value of the Company's 6.00% Convertible Debenture. For the year ended December 31, 2024, the Company had change in fair value of debt of $3.4 million as compared to change in fair value of debt of $0 for the year ended December 31, 2023. These losses are driven from the fair value changes that arose from the re-measurement of the Company's 6.00% Convertible Debenture as of December 31, 2024 compared to its fair value upon issuance.
Cite this change
"Change in fair value of debt consists of losses that arise from the changes in fair value of the Company's 6.00% Convertible Debenture."
Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
24·Added·Item 7 › Secured Debt
Summary · quote-checked
Added disclosure of a $2.0 million tenant-work allowance treated as long-term debt, including repayment activity and its outstanding balance and classification.
The new paragraph introduces a debt-related obligation, its accounting treatment, repayment status, and short- and long-term classification; its existence is substantively new.
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 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.
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."
Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
26·Added·Item 7 › 6.00% Convertible Debenture
Summary · quote-checked
Added disclosure of a $190.0 million6.00% Convertible Debenture issued to Yorkville through a private placement.
The new paragraph discloses a newly issued debt instrument, its amount, counterparty, financing terms, and seniority, indicating a new obligation.
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 the Debenture Purchase Agreement pursuant to which the Company issued to Yorkville a convertible debenture (the "6.00% Convertible Debenture") in exchange for the payment of $190.0 million. The 6.00% Convertible Debenture was issued in a private placement in reliance upon an exemption from registration provided by Section 4(a)(2) of the Securities Act. The 6.00% Convertible Debenture ranks pari passu in right of payment with all other outstanding and future senior indebtedness of the Company.
Cite this change
"On November 11, 2024, the Company entered into the Debenture Purchase Agreement pursuant to which the Company issued to Yorkville a convertible debenture (the "6.00% Convertible Debenture") 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.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
27·Added·Item 7 › 6.00% Convertible Debenture
Summary · quote-checked
Adds an Exchange Cap of 19.99% of outstanding shares without prior stockholder approval.
The new paragraph discloses a substantive share issuance limitation and stockholder-approval condition associated with the debenture, changing the disclosed obligation.
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
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 [added] 19.99% of the Company's outstanding shares immediately prior to executing the Debenture Purchase Agreement (the "Exchange Cap") without prior stockholder approval.
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.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
28·Added·Item 7 › 6.00% Convertible Debenture
Summary · quote-checked
A new paragraph discloses Yorkville’s ability to require redemption or conversion of $22.5 million of the 6.00% Convertible Debenture upon specified triggering events.
The paragraph introduces a debenture-related redemption or conversion obligation, including triggers, principal amount, premium and accrued interest, changing the disclosed financing obligations.
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] 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.
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.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
29·Added·Item 7 › 6.00% Convertible Debenture
Summary · quote-checked
Added disclosure of the Company’s redemption rights and pricing terms for the 6.00% Convertible Debenture.
The new paragraph introduces a debenture-related redemption right, stock-price triggers, redemption premiums, and accrued-interest terms—new obligations and instrument details rather than recurring presentation.
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 Company has the right to redeem the 6.00% Convertible Debenture if the volume-weighted average price of the Company's common stock is less than the Fixed Price at a redemption price equal to 102.75% of the principal amount redeemed plus accrued and unpaid interest thereon. The Company also has the right to redeem the 6.00% Convertible Debenture if the volume-weighted average price of the Company's common stock is equal to or greater than the product of 1.3793 and the Fixed Price at a redemption price equal to 102.75% of the principal amount redeemed plus accrued and unpaid interest thereon or, in certain circumstances, 105.0% of the principal amount redeemed plus accrued and unpaid interest thereon.
Cite this change
"The Company has the right to redeem the 6.00% Convertible Debenture if the volume-weighted average price of the Company's common stock is less than the Fixed Price at a redemption price equal to 102.75% of the principal amount redeemed plus accrued and unpaid interest thereon."
Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
30·Added·Item 7 › 6.00% Convertible Debenture
Summary · quote-checked
Added a table disclosing the convertible debenture’s principal, settlements, extinguishment loss, fair-value change, amortization and ending balance.
The newly appearing table indicates an additional debt instrument or obligation and provides related accounting and balance information, making the change substantive.
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] |[added] December 31, 2024[added] Principal received at issuance | $ | 190,000[added] Payments of principal settled in cash | (22,500)[added] Payments or principal settled in common stock | -[added] Loss on debt extinguishment | 1,613[added] Change in fair value of the convertible senior note | 3,424[added] Amortization of discount | 613[added] Ending balance as of December 31, 2024 | $ | 173,150
Cite this change
"|
December 31, 2024
Principal received at issuance | $ | 190,000
Payments of principal settled in cash | (22,500)
Payments or principal settled in common stock | -
Loss on debt extinguishment | 1,613
Change in fair value of the convertible senior note | 3,424
Amortization of discount | 613
Ending balance as of December 31, 2024 | $ | 173,150"
Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
31·Added·Item 7 › 6.00% Convertible Debenture
Summary · quote-checked
A new table discloses interest expense, discount amortization, total cost, and the effective interest rate for the convertible debenture.
The newly appearing numeric table indicates a disclosed financing instrument and related obligation; its existence, rather than merely updated values, is substantively new.
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] |[added] Year ended[added] December 31, 2024[added] Interest expense | $ | 1,596[added] Amortization of discount | 613[added] Total | $ | 2,209[added] Effective interest rate | 8.7 | %
Cite this change
"Year ended
December 31, 2024
Interest expense | $ | 1,596
Amortization of discount | 613
Total | $ | 2,209
Effective interest rate | 8.7 | %"
Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
32·Added·Item 7 › 7.00% Convertible Senior Notes
Summary · quote-checked
Added disclosure of debt extinguishment accounting and a $14.0 million loss recorded during the first quarter of 2024.
The new paragraph discloses a debt extinguishment transaction, its accounting treatment, and a recorded loss, introducing substantive financial information.
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] This transaction was accounted for as an extinguishment of debt. As a result, the Company recorded a loss on extinguishment of debt of $14.0 million in the consolidated statements of operations during the first quarter of 2024. Loss on extinguishment of debt arises from the difference between the net carrying amount of the Company's debt and the fair value of the assets transferred to extinguish the debt.
Cite this change
"This transaction was accounted for as an extinguishment of debt. As a result, the Company recorded a loss on extinguishment of debt of $14.0 million in the consolidated statements of operations during the first quarter of 2024."
Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
33·Added·Item 7 › 7.00% Convertible Senior Notes
Summary · quote-checked
Added disclosure that holders may require repurchase of the 7.00% Convertible Senior Notes upon a Fundamental Change.
The paragraph introduces a noteholder repurchase right and corresponding cash obligation, including repayment at principal plus accrued and unpaid interest.
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] 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.
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.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
34·Added·Item 7 › 7.00% Convertible Senior Notes
Summary · quote-checked
Added disclosure of the Company’s option to redeem the 7.00% Convertible Senior Notes subject to specified timing and stock-price conditions.
The paragraph introduces a redemption right, cash repayment terms, accrued-interest treatment, and conditions tied to the notes and common-stock price, changing disclosed obligations.
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 7.00% Convertible Senior Notes will be redeemable, in whole or in part, at the Company's option at any time on or after June 5, 2025, at a cash redemption price equal to the principal amount of the 7.00% Convertible Senior Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, but only if the last reported sale price per share of the Company's common stock exceeds 130% of the then-applicable conversion price then in effect for at least 20 trading days (whether or not consecutive), including at least one of the three trading days immediately preceding the date the Company sends the related redemption notice, during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company sends such redemption notice.
Cite this change
"The 7.00% Convertible Senior Notes will be redeemable, in whole or in part, at the Company's option at any time on or after June 5, 2025, at a cash redemption price equal to the principal amount of the 7.00% Convertible Senior Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, but only if the last reported sale price per share of the Company's common stock exceeds 130% of the then-applicable conversion price then in effect for at least 20 trading days (whether or not consecutive), including at least one of the three trading days immediately preceding the date the Company sends the related redemption notice, during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company sends such redemption notice."
Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
35·Added·Item 7 › 7.00% Convertible Senior Notes
Summary · quote-checked
A new table reports principal amounts, unamortized debt premium, and net carrying amount.
The newly appearing numeric table indicates the existence of a debt instrument or obligation, which is material under the rubric.
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] |[added] December 31, 2024[added] Principal amounts:[added] Principal | $ | 140,396[added] Unamortized debt premium, net of offering costs(1) | 7,514[added] Net carrying amount | $ | 147,910
Cite this change
"December 31, 2024
Principal amounts:
Principal | $ | 140,396
Unamortized debt premium, net of offering costs(1) | 7,514
Net carrying amount | $ | 147,910"
Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
37·Added·Item 7 › 7.00% Convertible Senior Notes
Summary · quote-checked
Added disclosure of the estimated fair value and valuation basis for the 7.00% Convertible Senior Notes.
A new paragraph discloses the existence of convertible notes and a related financial obligation, along with their fair value and valuation basis; this is substantive rather than a presentation change.
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 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.
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.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
38·Added·Item 7 › 3.75% Convertible Senior Notes
Summary · quote-checked
Added disclosure that no conversions of the 3.75% Convertible Senior Notes occurred during 2024 and 2023.
The paragraph adds a substantive statement about conversion activity involving a financing instrument, rather than merely updating dates or rephrasing existing text.
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 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 [added] 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.
Cite this change
"There were no conversions of the 3.75% Convertible Senior Notes during the years ended December 31, 2024 and 2023."
Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
39·Added·Item 7 › 3.75% Convertible Senior Notes
Summary · quote-checked
A new table discloses principal amounts, unamortized debt issuance costs, and net carrying amounts for the convertible senior notes.
The newly appearing numeric table indicates an existing debt instrument and related obligation, making the change material under the numeric-tables rule.
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] |[added] December 31, 2024 | December 31, 2023[added] Principal amounts:[added] Principal | $ | 58,462 | $ | 197,278[added] Unamortized debt issuance costs(1) | (189) | (2,014)[added] Net carrying amount | $ | 58,273 | $ | 195,264
Cite this change
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December 31, 2024 | December 31, 2023
Principal amounts:
Principal | $ | 58,462 | $ | 197,278
Unamortized debt issuance costs(1) | (189) | (2,014)
Net carrying amount | $ | 58,273 | $ | 195,264"
Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
40·Added·Item 7 › 3.75% Convertible Senior Notes
Summary · quote-checked
A new table reports interest expense, debt issuance cost amortization, total expense, and effective interest rates for three years.
A newly appearing numeric table is material under the rubric because it discloses the existence of an instrument or related obligation, not merely updated amounts.
The new paragraph discloses substantive contractual tranches, collection-linked vesting, contract asset balances and revenue-reduction obligations, rather than merely rephrasing existing text.
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 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 [added] 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.
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.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
42·Added·Item 7 › Finance Obligations
Summary · quote-checked
A new table discloses scheduled future payments, imputed interest, and total finance obligations through 2030 and thereafter.
A newly appearing numeric table indicates the existence of finance obligations and related payment commitments, which is material under the numeric-table rule.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
43·Added·Item 7 › Finance Obligations
Summary · quote-checked
A new table discloses cash payments, weighted average remaining terms, and discount rates for finance obligations.
The newly appearing numeric table indicates a disclosed finance-obligation instrument or commitment, rather than merely updating an existing recurring table.
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] |[added] Year ended | Year ended | Year ended[added] December 31, 2024 | December 31, 2023 | December 31, 2022[added] Cash payments (in thousands) | $ | 117,988 | $ | 96,781 | $ | 72,377[added] Weighted average remaining term (years) | 4.10 | 4.49 | 4.84[added] Weighted average discount rate | 12.3 | % | 11.3 | % | 11.1 | %
Cite this change
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Year ended | Year ended | Year ended
December 31, 2024 | December 31, 2023 | December 31, 2022
Cash payments (in thousands) | $ | 117,988 | $ | 96,781 | $ | 72,377
Weighted average remaining term (years) | 4.10 | 4.49 | 4.84
Weighted average discount rate | 12.3 | % | 11.3 | % | 11.1 | %"
Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
44·Added·Item 7 › Finance Obligations
Summary · quote-checked
Added disclosure that the fair value of total finance obligations approximated their carrying value for 2024 and 2023.
The new paragraph introduces a disclosure about the company’s finance obligations and their valuation, rather than merely updating wording, dates, or presentation.
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 fair value of the Company's total finance obligations approximated their carrying value for the years ended December 31, 2024 and December 31, 2023
Cite this change
"The fair value of the Company's total finance obligations approximated their carrying value for the years ended December 31, 2024 and December 31, 2023"
Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
45·Added·Item 7 › Extended Maintenance Contracts
Summary · quote-checked
A new table presents extended maintenance contract loss-accrual balances and activity for years ended December 31, 2024 and 2023.
The newly appearing numeric table indicates an obligation or loss accrual disclosure that was absent from the prior report, making the change material.
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] |[added] Year ended | Year ended[added] December 31, 2024 | December 31, 2023[added] Beginning balance | $ | 137,853 | $ | 81,066[added] Provision for loss accrual | 45,226 | 85,375[added] Releases to service cost of sales | (51,578) | (29,713)[added] Increase to loss accrual related to customer warrants | 3,313 | 971[added] Foreign currency translation adjustment | (458) | 154[added] Ending balance | $ | 134,356 | $ | 137,853
Cite this change
"Beginning balance | $ | 137,853 | $ | 81,066"
Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
46·Added·Item 7 › Product Warranty Reserve
Summary · quote-checked
Added disclosure describing the quarterly evaluation and contract-by-contract calculation of the product warranty reserve liability.
The new paragraph introduces a product warranty reserve liability and its calculation methodology, representing a newly disclosed obligation rather than mere presentation or formatting.
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 a quarterly basis, we evaluate our product warranty reserve. The Company applies a failure rate based on product type on a contract-by-contract basis to determine its product warranty reserve liability. The following table shows the roll forward of product warranty reserve (in thousands):
Cite this change
"On a quarterly basis, we evaluate our product warranty reserve. The Company applies a failure rate based on product type on a contract-by-contract basis to determine its product warranty reserve liability. The following table shows the roll forward of product warranty reserve (in thousands):"
Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
47·Added·Item 7 › Product Warranty Reserve
Summary · quote-checked
A new product warranty reserve rollforward table discloses beginning balances, provisions, adjustments, cash receipts, and ending balances.
The newly appearing table indicates the existence of a warranty reserve obligation and provides its rollforward, which is substantive under the numeric-table rule.
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] |[added] Year ended | Year ended[added] December 31, 2024 | December 31, 2023[added] Beginning balance | $ | 8,044 | $ | 2,954[added] Additional provision due to new issuances | 8,864 | 7,599[added] Adjustments to existing warranty provisions | (4,801) | (2,509)[added] Releases due to cash receipts | - | -[added] Ending balance | $ | 12,107 | $ | 8,044
Cite this change
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Year ended | Year ended
December 31, 2024 | December 31, 2023
Beginning balance | $ | 8,044 | $ | 2,954
Additional provision due to new issuances | 8,864 | 7,599
Adjustments to existing warranty provisions | (4,801) | (2,509)
Releases due to cash receipts | - | -
Ending balance | $ | 12,107 | $ | 8,044"
Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
48·Added·Item 7 › Product Warranty Reserve
Summary · quote-checked
Added disclosure that the product warranty reserve increased due to more electrolyzer systems generating recognized revenue.
The new paragraph introduces a warranty reserve balance and identifies its primary driver, adding information about an obligation and related exposure.
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 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.
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.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
49·Added·Item 7 › Restructuring
Summary · quote-checked
Added disclosure of the 2024 Restructuring Plan, including operational consolidation, workforce adjustments, cost-saving actions, and its completion in the fourth quarter of 2024.
The new paragraph discloses a restructuring initiative, its measures, execution, and completion—substantive management actions and events rather than wording or boilerplate.
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 February 2024, in a strategic move to enhance our financial performance and ensure long-term value creation in a competitive market, we approved the 2024 Restructuring Plan, a comprehensive initiative that encompassed a broad range of measures, including operational consolidation, strategic workforce adjustments, and various other cost-saving actions. These measures were aimed at increasing efficiency, improving scalability, and maintaining our leadership position in the renewable energy industry. We began executing the 2024 Restructuring Plan in February 2024 and it was effectively completed during the fourth quarter of 2024.
Cite this change
"In February 2024, in a strategic move to enhance our financial performance and ensure long-term value creation in a competitive market, we approved the 2024 Restructuring Plan, a comprehensive initiative that encompassed a broad range of measures, including operational consolidation, strategic workforce adjustments, and various other cost-saving actions."
Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
50·Added·Item 7 › Restructuring
Summary · quote-checked
Added disclosure of 2024 restructuring costs, employee separations, accrued severance and other restructuring obligations payable during 2025.
The new paragraph introduces a restructuring plan, related costs, employee separations, and accrued amounts expected to be paid, changing disclosure of obligations and events.
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, we incurred $8.1 million in restructuring costs recorded as severance expenses of $6.9 million and other restructuring costs of $1.2 million in the restructuring financial statement line item in the consolidated statements of operations. Severance expense recorded during the year ended December 31, 2024 in accordance with ASC 420 was a result of the separation of full-time employees associated with the 2024 Restructuring Plan. As of December 31, 2024, $0.1 million of accrued severance-related costs were included in accrued expenses in our consolidated balance sheets and are expected to be paid during 2025. For the year ended December 31, 2024, other restructuring costs were represented by (1) $0.2 million of legal and professional services costs, and (2) $1.0 million of other one-time employee termination benefits. As of December 31, 2024, $28 thousand of accrued other restructuring costs were included in accrued expenses in our consolidated balance sheets and are expected to be paid during 2025.
Cite this change
"During the year ended December 31, 2024, we incurred $8.1 million in restructuring costs recorded as severance expenses of $6.9 million and other restructuring costs of $1.2 million in the restructuring financial statement line item in the consolidated statements of operations. Severance expense recorded during the year ended December 31, 2024 in accordance with ASC 420 was a result of the separation of full-time employees associated with the 2024 Restructuring Plan. As of December 31, 2024, $0.1 million of accrued severance-related costs were included in accrued expenses in our consolidated balance sheets and are expected to be paid during 2025. For the year ended December 31, 2024, other restructuring costs were represented by (1) $0.2 million of legal and professional services costs, and (2) $1.0 million of other one-time employee termination benefits. As of December 31, 2024, $28 thousand of accrued other restructuring costs were included in accrued expenses in our consolidated balance sheets and are expected to be paid during 2025."
Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
51·Added·Item 7 › Section 45V Credit for Production of Clean Hydrogen
Summary · quote-checked
Added disclosure that the Company qualifies for a Section 45V production tax credit from operating its Georgia hydrogen production plant.
The new paragraph discloses a newly identified tax credit and its connection to the Company’s hydrogen production operations, changing the reported financial benefit and dependency disclosure.
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] 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.
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.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
52·Added·Item 7 › Section 45V Credit for Production of Clean Hydrogen
Summary · quote-checked
Adds disclosure of a clean hydrogen production tax credit, elective-pay election, transfer rights, and related accounting treatment.
The new paragraph introduces a credit, election, potential cash recovery, transfer rights, and a government-grant accounting analogy, changing disclosed tax-related rights and obligations.
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
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 [added] 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.
Cite this change
"The Company has chosen elective pay, also referred to as direct pay, for the 2024 taxable year."
Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
53·Added·Item 7 › Section 45V Credit for Production of Clean Hydrogen
Summary · quote-checked
Added disclosure explains the refundable clean hydrogen production credit and the conditions and timing for recognizing related grants.
The new paragraph introduces a credit and a government-grant accounting model, including eligibility and compliance conditions for recognition, changing disclosed accounting obligations.
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] 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.
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"). 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."
Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
54·Added·Item 7 › Section 45V Credit for Production of Clean Hydrogen
Summary · quote-checked
Added disclosure of expected qualification for the full clean-hydrogen production tax credit and recognized 2024 credit amounts.
The new paragraph introduces a tax-credit benefit, qualification expectation, and its financial-statement treatment, changing disclosed economics and accounting obligations.
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] 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.
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.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
55·Added·Item 7 › Section 48 Credit for Qualified Fuel Cell Properties of Energy Storage Technologies
Summary · quote-checked
Added disclosure of a Section 48 investment tax credit for hydrogen storage and liquefaction assets, including its accounting treatment and $31.3 million amount.
The new paragraph discloses a tax credit, qualification determination, accounting treatment, future depreciation effect, and recognized amount, introducing a new obligation or financial position.
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] As of December 31, 2024 the Company determined that it qualifies for the Section 48 ITC for Qualified Fuel Cell Properties of Energy Storage Technologies related to its hydrogen storage and liquefaction assets at its Georgia hydrogen plant. A base rate credit of 6% is available to qualified energy storage property in the year that it is placed in-service, with availability of increased credit rates if the property qualifies. The Company determined that it qualified for a rate credit of 30%. As the ITC is considered a transferable tax credit, the Company is accounting for it as a grant related to assets. Therefore, the ITC is recognized as a reduction to the Georgia hydrogen production plant's cost-basis, recognized within the "property, plant, and equipment, net" financial statement line item of the consolidated balance sheets, which will reduce future depreciation over the next 30 years. The amount of the ITC, which is recognized in the prepaid expenses, tax credits, and other current assets financial statement line item of the consolidated balance sheets as of December 31, 2024, was $31.3 million.
Cite this change
"As of December 31, 2024 the Company determined that it qualifies for the Section 48 ITC for Qualified Fuel Cell Properties of Energy Storage Technologies related to its hydrogen storage and liquefaction assets at its Georgia hydrogen plant. A base rate credit of 6% is available to qualified energy storage property in the year that it is placed in-service, with availability of increased credit rates if the property qualifies. The Company determined that it qualified for a rate credit of 30%. As the ITC is considered a transferable tax credit, the Company is accounting for it as a grant related to assets. Therefore, the ITC is recognized as a reduction to the Georgia hydrogen production plant's cost-basis, recognized within the "property, plant, and equipment, net" financial statement line item of the consolidated balance sheets, which will reduce future depreciation over the next 30 years. The amount of the ITC, which is recognized in the prepaid expenses, tax credits, and other current assets financial statement line item of the consolidated balance sheets as of December 31, 2024, was $31.3 million."
Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
56·Added·Item 7 › Impairment
Summary · quote-checked
Added disclosure that further market or asset-performance changes could result in additional future impairment charges.
The new paragraph introduces a potential future charge and identifies market conditions and long-lived-asset performance as triggering factors, changing the disclosed impairment exposure.
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 there are further changes in market conditions or the performance of the Company's long-lived assets, there is a possibility that the Company could incur additional impairment charges in the future.
Cite this change
"To the extent there are further changes in market conditions or the performance of the Company's long-lived assets, there is a possibility that the Company could incur additional impairment charges in the future."
Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.
Added disclosure of ASU 2024-03, its future expense-disaggregation requirements, effective dates, and the Company’s pending adoption evaluation.
The new paragraph identifies a specific accounting standard imposing future disclosure obligations and states the Company has not adopted it and is evaluating its impact.
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 November 2024, ASU 2024-03, Disaggregation of Income Statement Expenses, was issued which requires disclosure in the notes to the financial statements of specified information about certain costs and expenses. This standard is effective for annual periods beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027, on a prospective basis, with early adoption and retrospective application permitted. The Company has not yet adopted ASU 2024-03 and is still evaluating the impact of the adoption on its consolidated financial statements.
Cite this change
"In November 2024, ASU 2024-03, Disaggregation of Income Statement Expenses, was issued which requires disclosure in the notes to the financial statements of specified information about certain costs and expenses. This standard is effective for annual periods beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027, on a prospective basis, with early adoption and retrospective application permitted. The Company has not yet adopted ASU 2024-03 and is still evaluating the impact of the adoption on its consolidated financial statements."
Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.
Added disclosure that ASU 2023-09 has not been adopted and its impact on consolidated financial statements remains under evaluation.
The new paragraph discloses a pending accounting-standard adoption and an unresolved potential impact, representing a new obligation or accounting matter rather than recurring wording.
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
In December 2023, ASU 2023-09, Improvements to Income Tax Disclosures, was issued to require public business entities to annually disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. Additionally, annual disclosures on income taxes paid will be required [added] to be further disaggregated by federal, state, and foreign taxes. This update is effective for annual periods beginning after December 15, 2024. The Company has not yet adopted ASU 2023-09 and is still evaluating the impact of the adoption on its consolidated financial statements.
Cite this change
"The Company has not yet adopted ASU 2023-09 and is still evaluating the impact of the adoption on its consolidated financial statements."
Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.
Added disclosure describing SEC climate-related reporting rules, their stayed effectiveness, litigation, applicability, and the Company’s evaluation of impacts.
The new paragraph introduces regulatory obligations, litigation-related uncertainty, an applicability timeline, and evaluation requirements, materially changing disclosed compliance dependencies and reporting risks.
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 March 2024, the SEC issued Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors, which includes final rules that enhance the transparency of climate-related disclosures and require companies to disclose material climate-related risks; activities to mitigate or adapt to such risks; information about the board of directors' oversight of climate-related risks and management's role in managing material climate-related risks; and information on any climate-related targets or goals that are material to the registrant's business, results of operations, or financial condition. Companies are also required to disclose the financial statement effects of severe weather events and other natural conditions in the notes to the financial statements, and certain large companies are also required to disclose Scope 1 and Scope 2 greenhouse gas emissions, when material. As a large accelerated filer, most disclosure requirements are effective for the Company beginning with the year ending December 31, 2025. The SEC has been the subject of various lawsuits since adopting these rules. As a result of ongoing litigation, the SEC issued an order in April 2024 to stay the effectiveness of the rules while judicial review is pending. We are continuing to monitor developments associated with these rules and are currently evaluating the impact of these rules on our consolidated financial statements and related disclosures.
Cite this change
"In March 2024, the SEC issued Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors, which includes final rules that enhance the transparency of climate-related disclosures and require companies to disclose material climate-related risks; activities to mitigate or adapt to such risks; information about the board of directors' oversight of climate-related risks and management's role in managing material climate-related risks; and information on any climate-related targets or goals that are material to the registrant's business, results of operations, or financial condition."
Plug Power, Form 10-K for FY2024, Item 7, accession 0001558370-25-002049, filed 3 March 2025.
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
01·Removed·Item 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.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
02·Removed·Item 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.
3 of 15 shown · Ordered by the model, quote-checked
01·Removed·Item 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.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
02·Removed·Item 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.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
03·Removed·Item 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.
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
01·Changed·Item 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.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
02·Changed·Item 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.
3 of 73 shown · Ordered by the model, quote-checked
01·Changed·Item 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.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
02·Changed·Item 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.
Summaries are written by a model and checked against the quoted text. The quotes are the record.
03·Changed·Item 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.
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