普拉格能源 2025年季度报告

TableofContents . UNITEDSTATES SECURITIESANDEXCHANGECOMMISSION Washington,D.C.20549 FORM10-Q (MarkOne) ☒ QUARTERLYREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934 FORTHEQUARTERLYPERIODENDEDMARCH31,2025OR ☐ TRANSITIONREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934 FORTHETRANSITIONPERIODFROMTO CommissionFileNumber:1-34392 PLUGPOWERINC. (Exactnameofregistrantasspecifiedinitscharter) Delaware22-3672377 (StateorOtherJurisdictionof(I.R.S.EmployerIncorporationorOrganization)IdentificationNumber) 125VISTABOULEVARD,SLINGERLANDS,NEWYORK12159 (AddressofPrincipalExecutiveOffices,includingZipCode) (518)782-7700 (Registrant’stelephonenumber,includingareacode) TitleofEachClass SecuritiesregisteredpursuanttoSection12(b)oftheAct: TradingSymbol(s)NameofEachExchangeonWhichRegistered CommonStock,parvalue$.01pershare PLUG TheNASDAQCapitalMarket Indicatebycheckmarkwhethertheregistrant(1)hasfiledallreportsrequiredtobefiledbySection13or15(d)oftheSecuritiesExchangeActof1934duringthepreceding12months(orforsuchshorterperiodthattheregistrantwasrequiredtofilesuchreports),and(2)hasbeensubjecttosuchfilingrequirementsforthepast90days.Yes☒No☐ IndicatebycheckmarkwhethertheregistranthassubmittedelectronicallyeveryInteractiveDataFilerequiredtobesubmittedpursuanttoRule405ofRegulationS-T(§232.405ofthischapter)duringthepreceding12months(orforsuchshorterperiodthattheregistrantwasrequiredtosubmitsuchfiles).Yes☒No☐ Indicatebycheckmarkwhethertheregistrantisalargeacceleratedfiler,anacceleratedfiler,anon-acceleratedfiler,smallerreportingcompany,oranemerginggrowthcompany.Seethedefinitionsof“largeacceleratedfiler,”“acceleratedfiler,”“smallerreportingcompany,”and“emerginggrowthcompany”inRule12b-2oftheExchangeAct. Largeaccelerated Acceleratedfiler☐Non-accelerated SmallerreportingcompaEmerginggrowthcompa filer☒ filer☐ ny☐ ny☐ Ifanemerginggrowthcompany,indicatebycheckmarkiftheregistranthaselectednottousetheextendedtransitionperiodforcomplyingwithanyneworrevisedfinancialaccountingstandardsprovidedpursuanttoSection13(a)oftheExchangeAct.☐ Indicatebycheckmarkwhethertheregistrantisashellcompany(asdefinedinRule12b-2oftheExchangeAct).Yes☐No☒ Thenumberofsharesofcommonstock,parvalueof$.01pershare,outstandingasofMay6,2025was1,078,344,508shares. INDEXtoFORM10-Q Page PARTI.FINANCIALINFORMATION Item1–InterimCondensedConsolidatedFinancialStatements(Unaudited)3 CondensedConsolidatedBalanceSheets3 CondensedConsolidatedStatementsofOperations4 CondensedConsolidatedStatementsofComprehensiveLoss5 CondensedConsolidatedStatementsofStockholders’Equity6 CondensedConsolidatedStatementsofCashFlows7 NotestoInterimCondensedConsolidatedFinancialStatements8 Item2–Management’sDiscussionandAnalysisofFinancialConditionandResultsofOperations32 Item3–QuantitativeandQualitativeDisclosuresAboutMarketRisk51 Item4–ControlsandProcedures51 PARTII.OTHERINFORMATION Item1–LegalProceedings53 Item1A–RiskFactors53 Item2–UnregisteredSalesofEquitySecuritiesandUseofProceeds54 Item3–DefaultsUponSeniorSecurities54 Item4–MineSafetyDisclosures54 Item5–OtherInformation55 Item6–Exhibits56 Signatures58 2 PART1.FINANCIALINFORMATION Item1—InterimFinancialStatements(Unaudited) PlugPowerInc.andSubsidiariesCondensedConsolidatedBalanceSheets (Inthousands,exceptshareandpershareamounts)(Unaudited) March31,December31, 20252024 Assets Currentassets: Cashandcashequivalents$295,844$205,693 Restrictedcash196,059198,008 Accountsreceivable,netofallowanceof$37,753asofMarch31,2025and$37,712asof2024 December31,144,953 157,244 Inventory,net 693,472 682,642 Contractassets 91,518 94,052 Prepaidexpenses,taxcredits,andothercurrentassets 112,068 139,845 Totalcurrent assets 1,533,914 1,477,484 Restrictedcash 584,708 637,008 Property,plant,andequipment,net 879,850 866,329 Rightofuseassetsrelatedtofinanceleases,net 50,720 51,822 Rightofuseassetsrelatedtooperatingleases,net 216,463 218,081 Equipmentrelatedtopowerpurchaseagreementsandfueldeliveredtocustomers,net 151,282 144,072 Contractassets 23,842 23,963 Intangibleassets,net 82,777 84,660 Investmentsinnon-consolidatedentitiesandnon-marketableequitysecurities 85,095 85,494 Otherassets 24,755 13,933 Totalassets(A) $3,633,406 $3,602,846 LiabilitiesandStockholders’Equity Currentliabilities: Accountspayable $ 191,611 $ 180,966 Accruedexpenses 128,857 103,145 Deferredrevenueandothercontractliabilities 137,566 144,093 Operatingleaseliabilities 75,475 71,250 Financeleaseliabilities 14,094 12,802 Financeobligations 83,015 83,129 Currentportionofconvertibledebtinstruments,net 58,384 58,273 Currentportionoflong-termdebt 941 946 Contingentconsideration,lossaccrualforservicecontracts,andothercurrentliabilities 98,442 93,885 Totalcurrentliabilities 788,385 748,489 Deferredrevenueandothercontractliabilities 43,362 58,532 Operatingleaseliabilities 231,023 242,148 Financeleaseliabilities 19,086 22,778 FinanceobligationsConvertibledebtinstruments,net(ofwhich$108,650aremeasuredatfairvalueasofMarch31,2025and 247,733255,277 264,318321,060 $173,150measuredat