For the year ending 2025-12-31, PLUG had $162,847K increase in cash & cash equivalents over the period. -$646,999K in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Depreciation of long-lived assets | 37,610 | 61,115 | 51,986 | 30,402 |
| Lower of cost or net realizable value inventory adjustments and provision for excess and obsolete inventory | 97,062 | 171,980 | 93,742 | - |
| Stock-based compensation | 50,545 | 82,203 | 162,908 | 179,627 |
| Loss on extinguishment of convertible debt instruments and debt | -31,501 | -15,666 | - | - |
| Provision for losses on accounts receivable | 28,455 | 28,914 | 8,407 | - |
| (gain)/loss on extinguishment of debt | - | - | - | -986 |
| Provision for losses on prepaid expenses | 19,087 | - | - | - |
| Amortization of debt issuance costs and discount on convertible senior notes | - | - | 2,213 | 2,710 |
| Amortization of discount/(premium) of debt issuance costs on convertible debt instruments and long-term debt | 1,256 | -2,826 | - | - |
| Provision for common stock warrants | 45,403 | -38,984 | -11,209 | -12,683 |
| Deferred income tax expense/(benefit) | -10 | 3,155 | 8,534 | -170 |
| Impairment | - | 949,315 | 20,014 | - |
| Impairment of long-lived assets | - | - | - | 5,218 |
| Impairment of goodwill | - | - | 249,480 | - |
| (recovery)/provision on service contracts | -67,484 | -3,039 | 56,633 | -8,645 |
| Loss on sale of long-lived assets | - | -2,885 | - | -268 |
| Write-off of capitalized closing fees related to doe loan guarantee | 13,195 | - | - | - |
| Fair value adjustment to contingent consideration | - | -15,847 | 30,024 | 16,468 |
| Change in fair value of contingent consideration | -23,486 | - | - | - |
| Net realized loss on investments | - | - | -12,806 | -1,395 |
| Right of use asset restructuring charge | 3,936 | - | - | - |
| Amortization of premium on available-for-sale securities | - | - | - | 990 |
| (accretion)/amortization of premium on available-for-sale securities | - | - | 6,610 | - |
| Change in fair value of convertible debt instruments and debt | -32,895 | - | - | - |
| Lease origination costs | - | -3,508 | -9,600 | -8,815 |
| Inducement of common warrant exercise | 196,482 | - | - | - |
| Change in fair value for equity securities | - | - | 11,421 | -18,159 |
| Change in fair value of convertible senior note | - | -3,424 | - | - |
| Change in fair value of warrant liability | 128,101 | - | - | - |
| Loss on equity method investments | -55,061 | -32,177 | -41,786 | -20,166 |
| Change in fair value of derivative financial instruments | - | -1,665 | - | - |
| Accounts receivable | 5,351 | -57,653 | 122,768 | 30,920 |
| Inventory | -51,894 | -129,291 | 408,631 | 363,709 |
| Contract assets | 42,016 | 2,493 | 40,258 | 39,515 |
| Prepaid expenses and other assets | -24,779 | 31,175 | -32,549 | 92,521 |
| Accounts payable, accrued expenses, and other liabilities | 83,678 | -59,464 | 21,722 | 88,458 |
| Payments of contingent consideration | 8,403 | 9,924 | 2,895 | - |
| Payments of operating lease liability, net | 23,815 | 5,343 | - | - |
| Deferred revenue and other contract liabilities | -108,754 | -85,677 | 58,404 | 40,615 |
| Net loss | -1,700,000 | -2,104,905 | -1,368,833 | -724,008 |
| Amortization of intangible assets | 7,000 | 23,441 | 19,097 | 21,200 |
| Impairment | 785,444 | - | - | - |
| Net cash used in operating activities | -535,835 | -728,643 | -1,106,570 | -828,600 |
| Purchases of property, plant and equipment | 111,164 | 287,098 | 665,208 | 436,610 |
| Proceeds from sales of long-lived assets | - | 500 | 1,104 | - |
| Purchases of equipment related to power purchase agreements and equipment related to fuel delivered to customers | 14,476 | 47,150 | 30,918 | 27,263 |
| Purchase of available-for-sale securities | - | - | - | 838,622 |
| Proceeds from sales of available-for-sale securities | - | - | 345,264 | 475,676 |
| Proceeds from maturities of available-for-sale securities | - | - | 1,006,161 | 247,879 |
| Purchase of equity securities | - | - | - | 5,000 |
| Net cash paid for acquisitions | - | - | - | 56,906 |
| Proceeds from sales of equity securities | - | - | 144,250 | - |
| Proceeds from sale of interest in non-consolidated entity | 6,500 | - | - | - |
| Cash paid for non-consolidated entities and non-marketable securities | 19,868 | 68,616 | 72,601 | 38,524 |
| Net cash used in investing activities | -139,008 | -402,364 | 728,052 | -679,400 |
| Payments of contingent consideration | 18,602 | 19,901 | 10,105 | 2,667 |
| Proceeds from public and private offerings, net of transaction costs | 322,353 | 857,872 | - | - |
| Payments of tax withholding on behalf of employees for net stock settlement of stock-based compensation | 3,646 | 2,527 | 10,007 | 23,735 |
| Contributions by non-controlling interest | 1,780 | 10,163 | - | - |
| Proceeds from exercise of stock options | 991 | 154 | 1,613 | 2,301 |
| Proceeds from issuance of warrants, net of transaction costs-Common Warrants | 6,069 | - | - | - |
| Proceeds from exercises of warrants, net of transaction costs-Common Warrants | 391,246 | - | - | - |
| Proceeds from convertible debt instruments | 399,984 | 190,000 | - | - |
| Cash penalty from early settlement of convertible senior notes | - | 612 | - | - |
| Principal payments on convertible debt instruments | 323,945 | 22,500 | - | - |
| Premium on principal of convertible debt instruments and debt settled in cash | 17,802 | - | - | - |
| Proceeds from long-term debt issuance | 243,306 | - | - | - |
| Principal payments on long-term debt | 263,877 | 3,526 | 6,010 | 121,389 |
| Proceeds from finance obligations | - | 60,287 | 104,251 | 122,886 |
| Cash paid for capitalized closing fees related to doe loan guarantee | 13,666 | - | - | - |
| Principal repayments of finance obligations | - | 87,464 | - | - |
| Principal repayments of finance obligations and finance leases | 94,238 | - | 73,625 | 54,853 |
| Net cash provided by financing activities | 629,953 | 983,170 | 6,117 | -77,500 |
| Effect of exchange rate changes on cash | -1,835 | 19,402 | -7,799 | 2,600 |
| (decrease)/increase in restricted cash | 209,572 | 199,095 | 175,397 | 207,789 |
| Cash, cash equivalents, and restricted cash beginning of period | - | - | 1,549,344 | - |
| Cash, cash equivalents, and restricted cash end of period | - | - | 1,169,144 | - |
| Increase/(decrease) in cash and cash equivalents | 162,847 | 70,660 | -555,597 | -1,790,639 |
PLUG POWER INC (PLUG)
PLUG POWER INC (PLUG)