普拉格能源 2025年季度报告

FORM10-Q (Mark One) ☒QUARTERLY REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDEDMARCH 31, 2025 OR ☐TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM Commission File Number:1-34392 PLUG POWER INC. (Exact name of registrant as specified in its charter) 125 VISTA BOULEVARD,SLINGERLANDS,NEW YORK12159(Address of Principal Executive Offices, including Zip Code) (518)782-7700(Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: TheNASDAQCapital Market Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or15(d)of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that theregistrant was required to file such reports), and (2)has been subject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File requiredto be submitted pursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months(or for such shorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non- acceleratedfiler, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,”“accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the ExchangeAct. Large acceleratedfiler☒Accelerated filer☐Non-acceleratedfiler☐Smallerreportingcompany☐Emerginggrowthcompany☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extendedtransition period for complying with any new or revised financial accounting standards provided pursuant to Section13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the ExchangeAct). Yes☐No☒ The number of shares of common stock, par value of $.01 per share, outstanding as of May 6, 2025 was1,078,344,508shares. INDEX to FORM10-Q PART I.FINANCIAL INFORMATIONItem 1 – Interim Condensed Consolidated Financial Statements (Unaudited)3Condensed Consolidated Balance Sheets3Condensed Consolidated Statements of Operations4Condensed Consolidated Statements of Comprehensive Loss5Condensed Consolidated Statements of Stockholders’ Equity6Condensed Consolidated Statements of Cash Flows7Notes to Interim Condensed Consolidated Financial Statements8Item 2 – Management’s Discussion and Analysis of Financial Condition and Results ofOperations32Item 3 – Quantitative and Qualitative Disclosures About Market Risk51Item 4 – Controls and Procedures51PART II.OTHER INFORMATIONItem 1 – Legal Proceedings53Item 1A – Risk Factors53Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds54Item 3 – Defaults Upon Senior Securities54Item 4 – Mine Safety Disclosures54Item 5 – Other Information55Item 6 – Exhibits56Signatures58 PART 1.FINANCIAL INFORMATION Item 1 — Interim Financial Statements (Unaudited) Plug Power Inc. and SubsidiariesCondensed Consolidated Balance Sheets(In thousands, except share and per share amounts)(Unaudited) The accompanying notes are an integral part of these unaudited interim condensed consolidated financialstatements. Plug Power Inc. and SubsidiariesCondensed Consolidated Statements of Operations(In thousands, except share and per share amounts)(Unaudited) The accompanying notes are an integral part of these unaudited interim condensed consolidated financialstatements. Plug Power Inc. and SubsidiariesCondensed Consolidated Statements of Comprehensive Loss(In thousands)(Unaudited) The accompanying notes are an integral part of these unaudited interim condensed consolidated financialstatements. 1.Nature of Operations Plug Power Inc. (the “Company”, “Plug”, “we” or “our”) is facilitating the paradigm shift toan increasingly electrified world by innovating cutting-edge hydrogen and fuel cell solutions. Whilewe continue to develop commercially viable hydrogen and fuel cell product solutions, we haveexpanded our offerings to support a variety of commercial operations that can be powered with cleanhydrogen. We provide electrolyzers that allow customers — such as refineries, producers ofchemicals, steel, fertilizer and commercial refueling stations — to generate hydrogen on-site. We arefocusing our efforts on (a) industrial mobility applications, including electric forklifts and electricindustrial vehicles, at multi shift high volume manufacturing and high throughput distribution siteswhere we believe our products and services provide a unique combination of productivity, flexibility,and environmental benefits; (b) production of hydrogen; and (c) stationary power systems that willsupport critical