Plug Power (PLUG) 10-K29 Feb 242023 FY Annual reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2023	Feb. 27, 2024	Jun. 30, 2023
Document and Entity Information:
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	1-34392
Entity Registrant Name	Plug Power Inc
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	22-3672377
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	PLUG
Security Exchange Name	NASDAQ
Entity Address, Address Line One	968 ALBANY SHAKER ROAD
Entity Address, City or Town	LATHAM
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	12110
City Area Code	518
Local Phone Number	782-7700
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 4,557,037,812
Entity Common Stock, Shares Outstanding		684,255,083
Auditor Name	Deloitte & Touche LLP
Auditor Firm ID	34
Auditor Location	Rochester, NY
Entity Central Index Key	0001093691
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 135,033	$ 690,630
Restricted cash	216,552	158,958
Available-for-sale securities, at fair value (amortized cost of $0 and allowance for credit losses of $0 at December 31, 2023 and amortized cost of $1,355,614 and allowance for credit losses of $0 at December 31, 2022)		1,332,943
Equity securities	0	134,836
Accounts receivable, net of allowance of $8,798 at December 31, 2023 and $43 at December 31, 2022	243,811	129,450
Inventory, net	961,253	645,636
Contract assets	126,248	62,456
Prepaid expenses and other current assets	104,068	150,389
Total current assets	1,786,965	3,305,298
Restricted cash	817,559	699,756
Property, plant, and equipment, net	1,436,177	719,793
Right of use assets related to finance leases, net	57,281	53,742
Right of use assets related to operating leases, net	399,969	360,287
Equipment related to power purchase agreements and fuel delivered to customers, net	111,261	89,293
Contract assets	29,741	41,831
Goodwill	0	248,607
Intangible assets, net	188,886	207,725
Investments in non-consolidated entities and non-marketable equity securities	63,783	31,250
Other assets	11,116	6,694
Total assets	4,902,738	5,764,276
Current liabilities:
Accounts payable	257,828	191,895
Accrued expenses	200,544	156,430
Deferred revenue and other contract liabilities	204,139	131,813
Operating lease liabilities	63,691	48,861
Finance lease liabilities	9,441	8,149
Finance obligations	84,031	58,925
Current portion of long-term debt	2,716	5,142
Contingent consideration, loss accrual for service contracts, and other current liabilities	142,410	34,060
Total current liabilities	964,800	635,275
Deferred revenue and other contract liabilities	84,163	98,085
Operating lease liabilities	292,002	271,504
Finance lease liabilities	36,133	37,988
Finance obligations	284,363	270,315
Convertible senior notes, net	195,264	193,919
Long-term debt	1,209	3,925
Contingent consideration, loss accrual for service contracts, and other liabilities	146,679	193,051
Total liabilities	2,004,613	1,704,062
Stockholders' equity:
Common stock, $0.01 par value per share; 1,500,000,000 shares authorized; Issued (including shares in treasury): 625,305,025 at December 31, 2023 and 608,421,785 at December 31, 2022	6,254	6,084
Additional paid-in capital	7,494,685	7,297,306
Accumulated other comprehensive loss	(6,802)	(26,004)
Accumulated deficit	(4,489,744)	(3,120,911)
Less common stock in treasury: 19,169,366 at December 31, 2023 and 18,076,127 at December 31, 2022	(106,268)	(96,261)
Total stockholders' equity	2,898,125	4,060,214
Total liabilities and stockholders' equity	$ 4,902,738	$ 5,764,276

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED BALANCE SHEETS
Amortized cost	$ 0	$ 1,355,614
Allowance for credit losses	0	0
Allowance for doubtful accounts receivable	$ 8,798	$ 43
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	1,500,000,000	1,500,000,000
Common stock, shares issued	625,305,025	608,421,785
Common stock in treasury, shares	19,169,366	18,076,127

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net revenue:
Net revenue	$ 891,340	$ 701,440	$ 502,342
Cost of revenue:
Provision for loss contracts related to service	86,346	26,801	71,988
Total cost of revenue	1,399,131	895,796	673,652
Gross loss	(507,791)	(194,356)	(171,310)
Operating expenses:
Research and development	113,745	99,579	64,762
Selling, general and administrative	422,469	363,929	179,852
Impairment	20,014	5,218	10,224
Impairment of goodwill	249,480
Change in fair value of contingent consideration	30,024	16,468	11,176
Total operating expenses	835,732	485,194	266,014
Operating loss	(1,343,523)	(679,550)	(437,324)
Interest income	55,829	37,259	4,040
Interest expense	(45,201)	(39,037)	(43,225)
Other expense, net	(131)	(1,135)	(606)
Realized loss on investments, net	(12,806)	(1,395)	(81)
Change in fair value of equity securities	11,421	(18,159)	6,738
Loss on extinguishment of debt		(986)
Loss on equity method investments	(41,786)	(20,166)	(5,704)
Loss before income taxes	(1,376,197)	(723,169)	(476,162)
Income tax benefit/(expense)	7,364	(839)	16,197
Net loss	$ (1,368,833)	$ (724,008)	$ (459,965)
Net loss per share:
Net loss per share, basic (in dollars per share)	$ (2.30)	$ (1.25)	$ (0.82)
Net loss per share, diluted (in dollars per share)	$ (2.30)	$ (1.25)	$ (0.82)
Weighted average number of common stock outstanding, basic (in shares)	595,468,419	579,716,708	558,182,177
Weighted average number of common stock outstanding, diluted (in shares)	595,468,419	579,716,708	558,182,177
Sales of equipment, related infrastructure and other
Net revenue:
Net revenue	$ 711,433	$ 558,932	$ 392,777
Cost of revenue:
Cost of revenue	765,575	468,057	307,157
Services performed on fuel cell systems and related infrastructure
Net revenue:
Net revenue	39,093	35,280	26,706
Cost of revenue:
Cost of revenue	75,412	59,365	63,729
Power purchase agreements
Net revenue:
Net revenue	63,731	47,183	35,153
Cost of revenue:
Cost of revenue	218,936	144,696	102,417
Fuel delivered to customers and related equipment
Net revenue:
Net revenue	66,246	57,196	46,917
Cost of revenue:
Cost of revenue	246,318	194,255	127,196
Other
Net revenue:
Net revenue	10,837	2,849	789
Cost of revenue:
Cost of revenue	$ 6,544	$ 2,622	$ 1,165

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Net loss	$ (1,368,833)	$ (724,008)	$ (459,965)
Foreign currency translation loss	(3,470)	(4,468)	(1,315)
Change in net unrealized gain/(loss) on available-for-sale securities	9,866	(20,004)	(2,668)
Realized loss on available-for-sale securities	12,806
Comprehensive loss, net of tax	$ (1,349,631)	$ (748,480)	$ (463,948)

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock 3.75% Convertible Senior Notes	Common Stock 5.5% Convertible Senior Notes	Common Stock Private placement	Common Stock	Additional Paid-in-Capital 3.75% Convertible Senior Notes	Additional Paid-in-Capital 5.5% Convertible Senior Notes	Additional Paid-in-Capital Private placement	Additional Paid-in-Capital	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Accumulated Deficit	3.75% Convertible Senior Notes	5.5% Convertible Senior Notes	Private placement	Total
Balance at Dec. 31, 2020				$ 4,740				$ 3,446,650	$ 2,451	$ (40,434)	$ (1,946,488)				$ 1,466,919
Balance (in shares) at Dec. 31, 2020				473,977,469						15,926,068
Increase (Decrease) in Stockholders' Equity
Issuance of common stock, net (in shares)															32,200,000
Balance at Dec. 31, 2020				$ 4,740				3,446,650	2,451	$ (40,434)	(1,946,488)				$ 1,466,919
Balance (in shares) at Dec. 31, 2020				473,977,469						15,926,068
Increase (Decrease) in Stockholders' Equity
Net loss											(459,965)				(459,965)
Other comprehensive income/(loss)									(3,983)						(3,983)
Stock-based compensation				$ 1				76,469							76,470
Stock-based compensation (in shares)				100,662
Issuance of common stock, net			$ 549	$ 322			$ 1,564,065	2,022,897						$ 1,564,614	2,023,219
Issuance of common stock, net (in shares)			54,966,188	32,200,000
Stock option exercises and issuance of common stock upon grant/vesting of restricted stock and restricted stock unit awards				$ 51				7,469							7,520
Stock option exercises and issuance of common stock upon grant/vesting of restricted stock and restricted stock unit awards (in shares)				5,097,667
Treasury stock acquired from employees upon exercise of stock options and vesting of restricted stock and restricted stock unit awards										$ (32,092)					(32,092)
Treasury stock acquired from employees upon exercise of stock options and vesting of restricted stock and restricted stock unit awards (in shares)										1,148,642
Exercise of warrants				$ 242				15,203							15,445
Exercise of warrants (in shares)				24,210,984
Conversion of Convertible Senior Note	$ 30	$ 1			$ 15,155	$ 159						$ 15,185	$ 160
Conversion of Convertible Senior Note (in shares)	3,016,036	69,808
Common stock issued for acquisitions				$ 11				46,686							46,697
Common stock issued for acquisitions (in shares)				1,090,796
Provision for common stock warrants								6,142							6,142
Balance (ASU 2020-06) at Dec. 31, 2021								(130,185)			9,550				(120,635)
Balance at Dec. 31, 2021				$ 5,947				7,070,710	(1,532)	$ (72,526)	(2,396,903)				4,605,696
Balance (in shares) at Dec. 31, 2021				594,729,610						17,074,710
Increase (Decrease) in Stockholders' Equity
Net loss											(724,008)				(724,008)
Other comprehensive income/(loss)									(24,472)						(24,472)
Stock-based compensation				$ 6				179,621							179,627
Stock-based compensation (in shares)				584,545
Stock option exercises and issuance of common stock upon grant/vesting of restricted stock and restricted stock unit awards				$ 59				2,242							2,301
Stock option exercises and issuance of common stock upon grant/vesting of restricted stock and restricted stock unit awards (in shares)				5,905,883
Treasury stock acquired from employees upon exercise of stock options and vesting of restricted stock and restricted stock unit awards										$ (23,735)					(23,735)
Treasury stock acquired from employees upon exercise of stock options and vesting of restricted stock and restricted stock unit awards (in shares)										1,001,417
Exercise of warrants				$ 68				(68)
Exercise of warrants (in shares)				6,793,479
Common stock issued for acquisitions				$ 4				6,103							6,107
Common stock issued for acquisitions (in shares)				408,268
Provision for common stock warrants								38,698							38,698
Balance at Dec. 31, 2022				$ 6,084				7,297,306	(26,004)	$ (96,261)	(3,120,911)				$ 4,060,214
Balance (in shares) at Dec. 31, 2022				608,421,785						18,076,127					608,421,785
Increase (Decrease) in Stockholders' Equity
Net loss											(1,368,833)				$ (1,368,833)
Other comprehensive income/(loss)									19,202						19,202
Stock-based compensation				$ 15				162,893							162,908
Stock-based compensation (in shares)				1,548,608
Stock option exercises and issuance of common stock upon grant/vesting of restricted stock and restricted stock unit awards				$ 53				1,560							1,613
Stock option exercises and issuance of common stock upon grant/vesting of restricted stock and restricted stock unit awards (in shares)				5,103,159
Treasury stock acquired from employees upon exercise of stock options and vesting of restricted stock and restricted stock unit awards										$ (10,007)					(10,007)
Treasury stock acquired from employees upon exercise of stock options and vesting of restricted stock and restricted stock unit awards (in shares)										1,093,239
Exercise of warrants				$ 93				(93)
Exercise of warrants (in shares)				9,304,431
Earnouts from acquisitions paid in stock				$ 9				7,991							8,000
Earnouts from acquisitions paid in stock (in shares)				927,042
Provision for common stock warrants								25,028							25,028
Balance at Dec. 31, 2023				$ 6,254				$ 7,494,685	$ (6,802)	$ (106,268)	$ (4,489,744)				$ 2,898,125
Balance (in shares) at Dec. 31, 2023				625,305,025						19,169,366					625,305,025

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical)	Dec. 31, 2021	Jan. 07, 2021	Dec. 31, 2020	May 31, 2020	May 29, 2020	May 18, 2020	Mar. 31, 2018
3.75% Convertible Senior Notes
Interest rate (as a percent)	3.75%		3.75%	3.75%	3.75%	3.75%	3.75%
5.5% Convertible Senior Notes
Interest rate (as a percent)	5.50%	5.50%	5.50%				5.50%

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating activities
Net loss	$ (1,368,833)	$ (724,008)	$ (459,965)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation of long-lived assets	51,986	30,402	20,900
Amortization of intangible assets	19,097	21,195	2,469
Lower of cost or net realizable value inventory adjustment and provision for excess and obsolete inventory	93,742	1,957	2,158
Stock-based compensation	162,908	179,627	76,470
Provision for losses on accounts receivable	8,407
Loss on extinguishment of debt		986
Amortization of debt issuance costs and discount on convertible senior notes	2,213	2,710	3,018
Provision for common stock warrants	11,209	12,683	6,566
Deferred income tax (benefit)/expense	(8,534)	170	(16,197)
Impairment	20,014	5,218	10,224
Impairment of goodwill	249,480
Loss/(benefit) on service contracts	56,633	(8,645)	63,124
Fair value adjustment to contingent consideration	30,024	16,468	11,176
Net realized loss on investments	12,806	1,395	81
(Accretion)/amortization of premium on available-for-sale securities	(6,610)	990	9,232
Lease origination costs	(9,600)	(8,815)	(10,410)
Loss on disposal of assets		268
Change in fair value for equity securities	(11,421)	18,159	(6,738)
Loss on equity method investments	41,786	20,166	5,704
Changes in operating assets and liabilities that provide (use) cash:
Accounts receivable	(122,768)	(30,920)	(27,601)
Inventory	(408,631)	(365,666)	(100,949)
Contract assets	(40,258)	(39,515)	(10,608)
Prepaid expenses and other assets	32,549	(92,521)	(32,392)
Accounts payable, accrued expenses, and other liabilities	21,722	88,458	24,908
Payments of contingent consideration	(2,895)
Deferred revenue and other contract liabilities	58,404	40,615	70,654
Net cash used in operating activities	(1,106,570)	(828,623)	(358,176)
Investing activities
Purchases of property, plant and equipment	(665,208)	(436,610)	(172,166)
Purchase of intangible assets			(928)
Proceeds from sales of long-lived assets	1,104
Purchases of equipment related to power purchase agreements and equipment related to fuel delivered to customers	(30,918)	(27,263)	(20,172)
Purchase of available-for-sale securities		(838,622)	(3,159,372)
Proceeds from sales of available-for-sale securities	345,264	475,676	778,038
Proceeds from maturities of available-for-sale securities	1,006,161	247,879	1,129,088
Purchase of equity securities		(5,000)	(169,793)
Proceeds from sales of equity securities	144,250		28,536
Net cash paid for acquisitions		(56,906)	(136,526)
Cash paid for non-consolidated entities and non-marketable equity securities	(72,601)	(38,524)	(17,596)
Net cash provided by/(used in) investing activities	728,052	(679,370)	(1,740,891)
Financing activities
Proceeds from exercise of warrants, net of transaction costs			15,445
Payments of contingent consideration	(10,105)	(2,667)	(1,541)
Proceeds from public and private offerings, net of transaction costs			3,587,833
Payments of tax withholding on behalf of employees for net stock settlement of stock-based compensation	(10,007)	(23,735)	(32,092)
Proceeds from exercise of stock options	1,613	2,301	7,520
Principal payments on long-term debt	(6,010)	(121,389)	(48,681)
Proceeds from finance obligations	104,251	122,886	108,925
Principal repayments of finance obligations and finance leases	(73,625)	(54,853)	(39,630)
Net cash provided by/(used in) financing activities	6,117	(77,457)	3,597,779
Effect of exchange rate changes on cash	(7,799)	2,600	(802)
(Decrease)/increase in cash and cash equivalents	(555,597)	(1,790,639)	1,168,865
Increase in restricted cash	175,397	207,789	329,045
Cash, cash equivalents, and restricted cash beginning of period	1,549,344	3,132,194	1,634,284
Cash, cash equivalents, and restricted cash end of period	1,169,144	1,549,344	3,132,194
Supplemental disclosure of cash flow information
Cash paid for interest, net of capitalized interest of $8.1 million, $13.1 million and $4.8 million	41,811	35,520	19,327
Summary of non-cash activity
Recognition of right of use asset - finance leases	8,908	25,650	28,180
Recognition of right of use asset - operating leases	90,795	178,222	110,337
Net tangible assets (liabilities) acquired (assumed) in a business combination		5,342	(26,066)
Common stock issued for acquisitions		6,107	46,697
Intangible assets acquired in a business combination		73,952	120,962
Conversion of convertible senior notes to common stock			15,345
Net transfers between inventory and long-lived assets	728	1,619	6,297
Earnouts from acquisitions paid in stock	8,000
Accrued purchase of fixed assets, cash to be paid in subsequent period	$ 160,578	$ 62,320	14,006
Settlement of liability from acquisitions			$ 7,100

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF CASH FLOWS
Net capitalized interest	$ 8.1	$ 13.1	$ 4.8

Nature of Operations

Nature of Operations	12 Months Ended
Nature of Operations	Dec. 31, 2023
Nature of Operations
Nature of Operations	1. Nature of Operations Description of Business Plug is facilitating the paradigm shift to an increasingly electrified world by innovating cutting-edge hydrogen and fuel cell solutions. While we continue to develop commercially viable hydrogen and fuel cell product solutions, we have expanded our offerings to support a variety of commercial operations that can be powered with clean hydrogen. We provide electrolyzers that allow customers — such as refineries, producers of chemicals, steel, fertilizer and commercial refueling stations — to generate hydrogen on-site . Our current product and service portfolio includes: GenDrive GenSure Progen GenFuel GenCare GenKey Electrolyzers Liquefaction Systems Cryogenic Equipment: ngineered equipment including trailers and mobile storage equipment for the distribution of liquified hydrogen, oxygen, argon, nitrogen and other cryogenic gases. Liquid Hydrogen: We provide our products and solutions worldwide through our direct sales force, and by leveraging relationships with original equipment manufacturers (“OEMs”) and their dealer networks. Plug is currently targeting Asia, Australia, Europe, Middle East and North America for expansion in adoption. The European Union (the “EU”) has rolled out ambitious targets for the hydrogen economy, with the United Kingdom also taking steps in this direction, and Plug is seeking to execute on our strategy to become one of the European leaders in the hydrogen economy. This includes a targeted account strategy for material handling, securing strategic partnerships with European OEMs, energy companies, utility leaders and accelerating our electrolyzer business. In addition, our wholly-owned subsidiary, Plug Power LA JV, LLC, created a joint venture with Niloco Hydrogen Holdings LLC, a wholly-owned subsidiary of Olin, named “Hidrogenii” in the third quarter of 2022. We believe Hidrogenii will support reliability of supply and speed to market for hydrogen throughout North America, and set the foundation for broader collaboration between Plug and Olin. Hidrogenii began the construction of a 15-ton-per-day hydrogen plant in St. Gabriel, Louisiana. Hidrogenii is owned 50% by Plug Power LA JV, LLC and 50% by Niloco Hydrogen Holdings LLC. Our wholly-owned subsidiary, Plug Power France, entered into a joint venture with Renault named HyVia, a French société par actions simplifiée (“HyVia”) in the second quarter of 2021. HyVia plans to manufacture and sell fuel cell powered electric light commercial vehicles (“FCE-LCVs”) and to supply hydrogen fuel and fueling stations to support the FCE-LCV market, in each case primarily in Europe. HyVia has received funding and is owned 50% by Plug Power France and 50% by Renault. Our wholly-owned subsidiary, Plug Power España S.L. (“Plug Power Spain”), entered into a joint venture with Acciona, named AccionaPlug S.L., in the fourth quarter of 2021. The joint venture intends to develop clean hydrogen projects in Spain and Portugal. AccionaPlug S.L. has received funding and is owned 50% by Plug Power Spain and 50% by Acciona. Plug Power Inc. entered into a joint venture with SK E&S named SK Plug Hyverse, which was initially funded in the first quarter of 2022. SK Plug Hyverse seeks to accelerate the use of hydrogen as an alternative energy source in selected Asian markets. This collaboration aims to provide hydrogen fuel cell systems, hydrogen fueling stations, electrolyzers and clean hydrogen to the Korean and other selected Asian markets. The partnership will leverage SK E&S’s leadership in chemicals, petroleum and energy as well as Plug’s leading hydrogen platform. This joint venture is owned 49% by Plug Power Inc. and 51% by SK E&S. Plug Power Inc. has also invested in a hydrogen infrastructure and growth equity fund, Clean H2 Infra Fund, a special limited partnership registered in France, since the fourth quarter of 2021. The Clean H2 Infra Fund is focused on clean hydrogen infrastructure through financing projects in the production, storage and distribution of clean hydrogen. As of December 31, 2023 the Company’s ownership percentage in the Clean H2 Infra Fund was approximately 5%. Liquidity and Capital Resources The Company has continued to experience negative cash flows from operations and net losses. The Company incurred net losses of approximately $1.4 billion, $724.0 million and $460.0 million for the years ended December 31, 2023, 2022 and 2021, respectively. The 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 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 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 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 Original ATM Agreement to $1.0 billion. Under the ATM Agreement, for a period of 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2023
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Principles of Consolidation The consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. In addition, we include our share of the results of our joint ventures HyVia, AccionaPlug S.L. and SK Plug Hyverse, and our investment in Clean H2 Infra Fund, using the equity method based on our economic ownership interest and our ability to exercise significant influence over the operating and financial decisions of HyVia, AccionaPlug S.L., SK Plug Hyverse and Clean H2 Infra Fund. Use of Estimates The consolidated financial statements of the Company have been prepared in conformity with U.S. generally accepted accounting principles, which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis, we evaluate our estimates and judgments, including but not limited to those related to revenue recognition, valuation of inventories, goodwill and intangible assets, valuation of long-lived assets, accrual for service loss contracts, operating and finance leases, allowance for doubtful accounts receivable, unbilled revenue, common stock warrants, stock-based compensation, income taxes, and contingencies. We base our estimates and judgments on historical experience and on various other factors and assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about (1) the carrying values of assets and liabilities and (2) the amount of revenue and expenses realized that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. Leases The Company is a lessee in noncancelable (1) operating leases, primarily related to sale/leaseback transactions with financial institutions for deployment of the Company’s products at certain customer sites, and (2) finance leases. The Company accounts for leases in accordance with Accounting Standards Codification (ASC) Topic 842, Leases The Company determines if an arrangement is or contains a lease at contract inception. The Company recognizes a right of use asset and a lease liability at the lease commencement date. For operating leases, the lease liability is initially measured at the present value of the unpaid lease payments at the lease commencement date. For finance leases, the lease liability is initially measured in the same manner and date as for operating leases and is subsequently measured at amortized cost using the effective interest method. Key estimates and judgments include how the Company determines (1) the discount rate it uses to discount the unpaid lease payments to present value, (2) the lease term, and (3) the lease payments. ● ASC Topic 842 requires a lessee to discount its future lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. Generally, the Company cannot determine the interest rate implicit in its lease because it does not have access to the lessor’s estimated residual value or the amount of the lessor’s deferred initial direct costs. Therefore, the Company generally uses its incremental borrowing rate to estimate the discount rate for each lease. The Company’s incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. Adjustments that considered the Company’s actual borrowing rate, inclusive of securitization, as well as borrowing rates for companies of similar credit quality, were applied in the determination of the incremental borrowing rate. ● The lease term for all of the Company’s leases includes the noncancelable period of the lease, plus any additional periods covered by either a Company option to extend (or not to terminate) the lease that the Company is reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor. ● Lease payments included in the measurement of the lease liability comprise fixed payments, and for certain finance leases, the exercise price of a Company option to purchase the underlying asset if the Company is reasonably certain at lease commencement to exercise the option. The right of use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. For operating leases, the right of use asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term. For finance leases, the right of use asset is subsequently amortized using the straight-line method from the lease commencement date to the earlier of the end of the useful life of the underlying asset or the end of the lease term unless the lease transfers ownership of the underlying asset to the Company or the Company is reasonably certain to exercise an option to purchase the underlying asset. In those cases, the right of use asset is amortized over the useful life of the underlying asset. Amortization of the right of use asset is recognized and presented separately from interest expense on the lease liability. The Company’s leases do not contain variable lease payments. Right of use assets for operating and finance leases are periodically reviewed for impairment losses. The Company uses the long-lived assets impairment guidance in ASC Subtopic 360-10, Property, Plant and Equipment — Overall The Company monitors for events or changes in circumstances that require a reassessment of its leases. When a reassessment results in the remeasurement of a lease liability, a corresponding adjustment is made to the carrying amount of the corresponding right of use asset. Operating and finance lease right of use assets are presented separately on the Company’s consolidated balance sheets. The current portions of operating and finance lease liabilities are also presented separately within current liabilities and the long-term portions are presented separately within noncurrent liabilities on the consolidated balance sheets. The Company has elected not to recognize right of use assets and lease liabilities for short-term leases that have a lease term of 12 months or less. The Company recognizes the lease payments associated with its short-term leases as an expense on a straight-line basis over the lease term. Revenue Recognition The Company enters into contracts that may contain one or a combination of fuel cell systems and infrastructure, installation, maintenance, spare parts, fuel delivery and other support services. Contracts containing fuel cell systems and related infrastructure may be sold directly to customers or provided to customers under a PPA. The Company also enters into contracts that contain electrolyzer stacks, systems, maintenance, and other support services. Furthermore, the Company enters into contracts related to the sales of cryogenic equipment, liquefaction systems and engineered equipment. The Company does not include a right of return on its products other than rights related to standard warranty provisions that permit repair or replacement of defective goods. The Company accrues for anticipated standard warranty costs at the same time that revenue is recognized for the related product, or when circumstances indicate that warranty costs will be incurred, as applicable. Any prepaid amounts would only be refunded to the extent services have not been provided or the fuel cell systems or infrastructure have not been delivered . Revenue is measured based on the transaction price specified in a contract with a customer, subject to the allocation of the transaction price to distinct performance obligations as discussed below. The Company recognizes revenue when it satisfies a performance obligation by transferring a product or service to a customer. Promises to the customer are separated into performance obligations and are accounted for separately if they are (1) capable of being distinct and (2) distinct in the context of the contract. The Company considers a performance obligation to be distinct if the customer can benefit from the good or service either on its own or together with other resources readily available to the customer and the Company’s promise to transfer the goods or service to the customer is separately identifiable from other promises in the contract. The Company allocates revenue to each distinct performance obligation based on relative standalone selling prices. Payment terms for sales of fuel cells, infrastructure, and service to customers are typically 30 to 90 days from shipment of the goods. Payment terms on electrolyzer systems are typically based on achievement of milestones over the term of the contract with the customer. Sale/leaseback transactions with financial institutions are invoiced and collected upon transaction closing. Service is prepaid upfront in a majority of the arrangements. The Company does not adjust the transaction price for a significant financing component when the performance obligation is expected to be fulfilled within a year. The Company has issued to each of Amazon.com NV Investment Holdings LLC and Walmart warrants to purchase shares of the Company’s common stock. The Company presents the provision for common stock warrants within each revenue-related line item on the consolidated statements of operations. This presentation reflects the discount that those common stock warrants represent, and therefore revenue is net of these non-cash charges. The provision of common stock warrants is allocated to the relevant revenue-related line items based upon the expected mix of the revenue for each respective contract. See Note 17, “Warrant Transaction Agreements”, for more details. Nature of goods and services The following is a description of principal activities from which the Company generates its revenue. (b) Sales of equipment, related infrastructure and other (j) Revenue from sales of fuel cell systems, related infrastructure, and equipment represents sales of our GenDrive units, GenSure stationary backup power units, as well as hydrogen fueling infrastructure. The Company uses a variety of information sources in determining standalone selling prices for fuel cells systems and the related infrastructure. For GenDrive fuel cells, given the nascent nature of the Company’s market, the Company considers several inputs, including prices from a limited number of standalone sales as well as the Company’s negotiations with customers. The Company also considers its costs to produce fuel cells as well as comparable list prices in estimating standalone selling prices. The Company uses applicable observable evidence from similar products in the market to determine standalone selling prices for GenSure stationary backup power units and hydrogen fueling infrastructure. The determination of standalone selling prices of the Company’s performance obligations requires significant judgment, including periodic assessment of pricing approaches and available observable evidence in the market. Once relative standalone selling prices are determined, the Company proportionately allocates the transaction price to each performance obligation within the customer arrangement based upon standalone selling price. The allocated transaction price related to fuel cell systems and spare parts is recognized as revenue at a point in time which usually occurs upon delivery (and occasionally at time of shipment). Revenue on hydrogen infrastructure installations is generally recognized at the point at which transfer of control passes to the customer, which usually occurs upon customer acceptance of the hydrogen infrastructure. The Company uses an input method to determine the amount of revenue to recognize during each reporting period when such revenue is recognized over time, based on the costs incurred to satisfy the performance obligation. (ii) Sales of electrolyzer systems and solutions Revenue from sales of electrolyzer systems and solutions represents sales of electrolyzer stacks and systems used to generate hydrogen for various applications including mobility, ammonia production, methanol production, power to gas, and other uses. The Company uses a variety of information sources in determining standalone selling prices for electrolyzer systems solutions. Electrolyzer stacks are typically sold on a standalone basis and the standalone selling price is the contractual price with the customer. The Company uses an adjusted market assessment approach to determine the standalone selling price of electrolyzer systems when sold with extended service or other equipment. This includes considering both standalone selling prices of the systems by the Company and available information on competitor pricing on similar products. The determination of standalone selling prices of the Company’s performance obligations requires judgment, including periodic assessment of pricing approaches and available observable evidence in the market. Once relative standalone selling prices are determined, the Company proportionately allocates the transaction price to each performance obligation within the customer arrangement based upon standalone selling price. Revenue on electrolyzer systems and stacks is generally recognized at the point at which transfer of control passes to the customer, which usually occurs upon title transfer at shipment or delivery to the customer location. In certain instances, control of electrolyzer systems transfers to the customer over time, and the related revenue is recognized over time as the performance obligation is satisfied. We recognize revenue over time when contract performance results in the creation of a product for which we do not have an alternative use and the contract includes an enforceable right to payment in an amount that corresponds directly with the value of the performance completed. In these instances, we use an input measure (cost-to-total cost or percentage-of-completion method) of progress to determine the amount of revenue to recognize during each reporting period based on the costs incurred to satisfy the performance obligation. Payments received from customers are recorded within deferred revenue and customer deposits in the consolidated balance sheets until control is transferred. The related cost of such product and installation is also deferred as a component of deferred cost of revenue in the consolidated balance sheets until control is transferred. (iii) Sales of cryogenic equipment and other Revenue from sales of cryogenic equipment represents sales of liquefaction system and other cryogenic equipment such as trailers and mobile storage equipment for the distribution of liquefied hydrogen, oxygen, argon, nitrogen and other cryogenic gases. The Company uses a variety of information sources in determining standalone selling prices for liquefaction systems and cryogenic equipment. Liquefaction systems are typically sold on a standalone basis and the standalone selling price is the contractual price with the customer. The Company uses an adjusted market assessment approach to determine the standalone selling price of liquefaction systems when sold with other equipment. This includes considering both standalone selling prices of the systems by the Company and available information on competitor pricing on similar products. The determination of standalone selling prices of the Company’s performance obligation requires judgment, including periodic assessment of pricing approaches and available observable evidence in the market. Revenue on liquefaction systems is generally recognized over time. Control transfers to the customer over time, and the related revenue is recognized over time as the performance obligation is satisfied. We recognize revenue over time when contract performance results in the creation of a product for which we don’t not have an alternative use and the contract includes an enforceable right to payment in an amount that corresponds directly with the value of the performance completed. In these instances, we use an input measure of progress to determine the amount of revenue to recognize during each reporting period based on the costs incurred to satisfy the performance obligation. Revenue on cryogenic equipment is generally recognized at the point at which transfer of control passes to the customer, which usually occurs upon title transfer at shipment or delivery to the customer location. Payments received from customers are recorded within deferred revenue and customer deposits in the consolidated balance sheets until control is transferred. The related costs of such product and installation is also deferred as a component of deferred cost of revenue in the consolidated balance sheets until control is transferred. (b) Services performed on fuel cell systems and related infrastructure Revenue from services performed on fuel cell systems and related infrastructure represents revenue earned on our service and maintenance contracts and sales of spare parts. The Company uses an adjusted market assessment approach to determine standalone selling prices for services. This approach considers market conditions and constraints while maximizing the use of available observable inputs obtained from a limited number of historical standalone service renewal prices and negotiations with customers. The transaction price allocated to services as discussed above is generally recognized as revenue over time on a straight-line basis over the expected service period, as customers simultaneously receive and consume the benefits of routine, recurring maintenance performed throughout the contract period. In substantially all of its transactions, the Company sells extended maintenance contracts that generally provide for a five ten-year Extended maintenance contracts generally do not contain customer renewal options. Upon expiration, customers may either negotiate a contract extension or switch to purchasing spare parts and maintaining the fuel cell systems on their own. (c) Power purchase agreements Revenue from PPAs primarily represents payments received from customers who make monthly payments to access the Company’s GenKey solution. Revenue associated with these agreements is recognized on a straight-line basis over the life of the agreements as the customers simultaneously receive and consume the benefits from the Company’s performance of the services. The customers receive services ratably over the contract term. In conjunction with entering into a PPA with a customer, the Company may enter into a separate transaction with third-party financial institutions in which the Company receives proceeds from the sale/leaseback transactions of the equipment and the sale of future service revenue. The proceeds from the financial institution are allocated between the sale of equipment and the sale of future service revenue based on the relative standalone selling prices of equipment and service. The proceeds allocated to the sale of future services are recognized as finance obligations. The proceeds allocated to the sale of the equipment are evaluated to determine if the transaction meets the criteria for sale/leaseback accounting. To meet the sale/leaseback criteria, control of the equipment must transfer to the financial institution, which requires among other criteria the leaseback to meet the criteria for an operating lease and the Company must not have a right to repurchase the equipment (unless specific criteria are met). These transactions typically meet the criteria for sale/leaseback accounting and accordingly, the Company recognizes revenue on the sale of the equipment, and separately recognizes the leaseback obligations. The Company recognizes an operating lease liability for the equipment leaseback obligation based on the present value of the future payments to the financial institutions that are attributed to the equipment leaseback. The discount rate used to determine the lease liability is the Company’s incremental borrowing rate. The Company also records a right of use asset which is amortized over the term of the leaseback. Rental expense is recognized on a straight-line basis over the life of the leaseback and is included as a cost of power purchase agreements revenue on the consolidated statements of operations. Certain of the Company’s transactions with financial institutions do not meet the criteria for sale/leaseback accounting and accordingly, no equipment sale is recognized. All proceeds from these transactions are accounted for as finance obligations. The right of use assets related to these transactions are classified as equipment related to the PPAs and fuel delivered to the customers, net in the consolidated balance sheets. The Company uses its transaction-date incremental borrowing rate as the interest rate for its finance obligations that arise from these transactions. No additional adjustments to the incremental borrowing rate have been deemed necessary for the finance obligations that have resulted from the failed sale/leaseback transactions. In determining whether the sales of fuel cells and other equipment to financial institutions meet the requirements for revenue recognition under sale/leaseback accounting, the Company, as lessee, determines the classification of the lease. The Company estimates certain key inputs to the associated calculations such as: 1) discount rate used to determine the present value of future lease payments, 2) fair value of the fuel cells and equipment, and 3) useful life of the underlying asset(s): ● ASC Topic 842 requires a lessee to discount its future lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. Generally, the Company cannot determine the interest rate implicit in its leases because it does not have access to the lessor’s estimated residual value or the amount of the lessor’s deferred initial direct costs. Therefore, the Company generally uses its incremental borrowing rate to estimate the discount rate for each lease. Adjustments that considered the Company’s actual borrowing rate, inclusive of securitization, as well as borrowing rates for companies of similar credit quality were applied in the determination of the incremental borrowing rate. ● In order for the lease to be classified as an operating lease, the present value of the future lease payments cannot exceed 90% of the fair value of the leased assets. The Company estimates the fair value of the lease assets using the sales prices. ● In order for a lease to be classified as an operating lease, the lease term cannot exceed 75% (major part) of the estimated useful life of the leased asset. The average estimated useful life of the fuel cells is 10 years , and the average estimated useful life of the hydrogen infrastructure is 20 years . These estimated useful lives are compared to the term of each lease to determine the appropriate lease classification. (d) Fuel delivered to customers and related equipment Revenue associated with fuel delivered to customers represents the sale of hydrogen to customers that has been purchased by the Company from a third party or generated at our hydrogen production plant. The stand-alone selling price is not estimated because it is sold separately and therefore directly observable. The Company purchases hydrogen fuel from suppliers in most cases (and sometimes produces hydrogen onsite) and sells to its customers. Revenue and cost of revenue related to this fuel is recorded as dispensed and is included in the respective fuel delivered to customers and related equipment lines on the consolidated statements of operations. (e) Other revenue Other revenue includes payments received for technical services that include engineering services, program management services, procurement services and operations, testing and validation services with HyVia. The scope of these services includes mutually agreed upon services as may be requested from time to time by HyVia. Other revenue also includes sales of electrolyzer engineering and design services. The scope of these services includes establishing and defining project technical requirements, standards and guidelines as well as assistance in scoping and scheduling of large-scale electrolyzer solutions. Contract costs The Company expects that incremental commission fees paid to employees as a result of obtaining sales contracts are recoverable and therefore the Company capitalizes them as contract costs. Capitalized commission fees are amortized on a straight-line basis over the period of time which the transfer of goods or services to which the assets relate occur, typically ranging from five The Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the Company otherwise would have recognized is one year or less. These costs are included in selling, general and administrative expenses. Capitalized contract costs at December 31, 2023 and 2022 were $0.8 million and $0.6 million, respectively. Cash and cash equivalents For purposes of the consolidated statements of cash flows, the Company considers all highly-liquid debt instruments with original maturities of three months or less to be cash equivalents. Due to their short-term nature, the carrying amounts reported in the consolidated balance sheets approximate the fair value of cash and cash equivalents. The Company’s cash and cash equivalents are deposited with financial institutions located in the U.S. and may at times exceed insured limits. Restricted cash Restricted cash consists primarily of cash that serves as support for leasing arrangements. Any cash that is legally restricted from use is classified as restricted cash. If the purpose of restricted cash relates to acquiring a long-term asset, liquidating a long-term liability, or is otherwise unavailable for a period longer than one year from the balance sheet date, the restricted cash is included in other long-term assets. Otherwise, restricted cash is included in other current assets in the consolidated balance sheets. Available-for-sale securities Available-for-sale securities is comprised of U.S. Treasury securities, certificates of deposit and corporate bonds, with original maturities greater than three months. We consider these securities to be available for use in our current operations, and therefore classify them as current even if we do not dispose of the securities in the following year. Available-for-sale securities are recorded at fair value as of each balance sheet date. As of each balance sheet date, unrealized gains and losses, with the exception of credit related losses, are recorded to accumulated other comprehensive income/(loss). Any credit related losses are recognized as a credit loss allowance on the balance sheet with a corresponding adjustment to the statement of operations. Realized gains and losses are due to the sale and maturity of securities classified as available-for-sale and includes the loss from accumulated other comprehensive loss reclassifications for previously unrealized losses on available-for-sale debt securities. As of December 31, 2023, the Company has no investments classified as available-for-sale. Equity securities Equity securities are comprised of fixed income and equity market index mutual funds. Equity securities are valued at fair value with changes in the fair value recognized in our consolidated statements of operations. We consider these securities to be available for use in our current year operations, and therefore classify them as current even if we do not dispose of the securities in the following year. As of December 31, 2023, the Company has no investments classified as equity securities. Investments in non-consolidated entities and non-marketable equity securities The Company accounts for its investments in non-consolidated entities, such as HyVia, AccionaPlug S.L., SK Plug Hyverse and Clean H2 Infra Fund, as equity method investments. Included in “Investments in non-consolidated entities and non-marketable equity securities” on the consolidated balance sheet are equity investments without readily determinable fair values (“non-marketable equity securities”). Non-marketable equity securities that do not qualify for equity method accounting are measured at cost, less any impairment and adjusted for changes resulting from observable price changes in orderly transactions for the identical or similar investments of the same issuer. Our investment in non-marketable equity securities was $5.6 million and $8.8 million as of December 31, 2023 and 2022, respectively. The Company sells goods and services to related parties, including its equity method investees, which are conducted at arm’s length in the normal course of business. Transactions involving services do not result in assets remaining on the books of the investee, and therefore no profit elimination is recorded in accordance with ASC Subtopic 323-10-35, Equity Method and Joint Ventures Common stock warrant accounting The Company accounts for common stock warrants as either derivative liabilities or as equity instruments depending on the specific terms of the respective warrant agreements. Common stock warrants that meet certain applicable requirements of ASC Subtopic 815-40, Derivatives and Hedging – Contracts in Entity’s Own Equity Common stock warrants accounted for as equity instruments represent the warrants issued to Amazon and Walmart as discussed in Note 17, “Warrant Transaction Agreements”. The Company adopted FASB ASU 2019-08, Compensation – Stock Compensation Revenue from Contracts with Customers In order to calculate warrant charges, the Company used the Black-Scholes pricing model, which required key inputs including volatility and risk-free interest rate and certain unobservable inputs for which there is little or no market data, requiring the Company to develop its own assumptions. The Company estimated the fair value of unvested warrants, considered to be probable of vesting, at the time. Based on that estimated fair value, the Company determined warrant charges, which are recorded as a reduction of revenue in the consolidated statement of operations. Accounts receivable Accounts receivable are stated at the amount billed or billable to customers and are ordinarily due between 30 and 90 days after the issuance of the invoice. Receivables are reserved or written off based on individual credit evaluation and specific circumstances of the customer. The allowance for expected credit losses for current accounts receivable is based primarily on past collections experience relative to the length of time receivables are past due; however, when available evidence reasonably supports an assumption that counterparty credit risk over the expected payment period will differ from current and historical payment collections, a forecasting adjustment will be reflected in the allowance for expected credit losses. The allowance for doubtful accounts and related receivable are reduced when the amount is deemed uncollectible. As of December 31, 2023, and 2022, the allowance for doubtful accounts was $8.8 million and $43 thousand, respectively. Inventory Inventories are valued at the lower of cost, determined on a first-in, first-out basis, and net realizable value. All inventory, including spare parts inventory held at service locations, is not relieved until the customer has received the product, at which time the customer obtains control of the goods. We maintain inventory levels adequate for our short-term needs within the next twelve months based upon present le

Acquisitions

Acquisitions	12 Months Ended
Acquisitions	Dec. 31, 2023
Acquisitions
Acquisitions	3. Acquisitions Alloy Custom Products, LLC and WesMor Cryogenics, LLC On December 5, 2022, the Company acquired two subsidiaries of Cryogenic Industrial Solutions, LLC, Alloy Custom Products, LLC, and WesMor Cryogenics, LLC (collectively, “CIS”). The CIS acquisition will allow the Company to increase its production capabilities for stainless steel and aluminum cryogenic transport truck-mounted cryogenic pressure vessels, cryogenic transport trailers, and other mobile storage containers. The fair value of consideration paid by the Company in connection with the CIS acquisition was as follows (in thousands): Cash $ 30,700 Due to Cryogenic Industrial Solutions, LLC 500 Plug Power Inc. Common Stock 6,107 Total consideration $ 37,307 The following table summarizes the final allocation of the purchase price to the fair value of the net assets acquired, excluding goodwill (in thousands): Cash $ 267 Accounts receivable 5,038 Inventory 11,120 Prepaid expenses and other assets 464 Property, plant and equipment 3,887 Right of use asset 1,538 Identifiable intangible assets 13,430 Lease liability (1,562) Accounts payable, accrued expenses and other liabilities (3,826) Deferred revenue (6,193) Total net assets acquired, excluding goodwill $ 24,163 For the year ended December 31, 2023, the Company did not record any measurement period adjustments. The fair value of the tradename totaling $6.2 million was calculated using the relief from royalty approach which is a variant of the income approach, and was assigned a useful life of 15 years . The fair value of the customer relationships totaling $7.1 million was calculated using the multi-period excess earnings method (“MPEEM”) approach which is a variant of the income approach, and was assigned a useful life of 15 years . The basic principle of the MPEEM approach is that a single asset, in isolation, is not capable of generating cash flow for an enterprise. Several assets are brought together and exploited to generate cash flow. The fair value of the non-compete agreements was $0.2 million with a useful life of five years . The goodwill was primarily attributed to the value of synergies created with the Company’s current and future offerings and the value of the assembled workforce. Goodwill and intangible assets are deductible for income tax purposes. Goodwill associated with the CIS acquisition was calculated as follows (in thousands): Consideration paid $ 37,307 Less: net assets acquired (24,163) Total goodwill recognized $ 13,144 The acquisition of CIS contributed $47.7 million and $3.7 million to total consolidated revenue for the years ended December 31, 2023 and 2022, respectively. The Company determined that the net income from the CIS acquisition for the years ended December 31, 2023 and 2022 was immaterial. The CIS acquisition was not considered material to our consolidated results of operations or financial position and, therefore, pro forma financial information is not presented. Joule Processing LLC On January 14, 2022, the Company acquired Joule Processing LLC (“Joule”), an engineered modular equipment, process design and procurement company founded in 2009. The fair value of consideration paid by the Company in connection with the Joule acquisition was as follows (in thousands): Cash $ 28,140 Contingent consideration 41,732 Total consideration $ 69,872 The contingent consideration represents the estimated fair value associated with earn-out payments of up to $130.0 million that the sellers are eligible to receive in cash or shares of the Company’s common stock (at the Company’s election). Of the total earnout consideration, $90.0 million is related to the achievement of certain financial performance and $40.0 million is related to the achievement of certain operational milestones. The following table summarizes the final allocation of the purchase price to the fair value of the net assets acquired, excluding goodwill (in thousands): Current assets $ 2,672 Property, plant and equipment 493 Right of use asset 182 Identifiable intangible assets 60,522 Lease liability (374) Current liabilities (2,612) Contract liability (3,818) Total net assets acquired, excluding goodwill $ 57,065 For the year ended December 31, 2023, the Company did not record any measurement period adjustments. The fair value of the developed technology totaling $59.2 million included in the identifiable intangible assets was calculated using the MPEEM approach. Therefore, to determine cash flow from the developed technology over its useful life of 15 years , one must deduct the related expenses incurred for the exploitation of other assets used for the generation of overall cash flow. The fair value of the tradename totaling $0.8 million was calculated using the relief from royalty approach, which is a variant of the income approach, and was assigned a useful life of four years . The fair value of the non-compete agreements was $0.5 million with a useful life of six years . In addition to identifiable intangible assets, the fair value of acquired work in process and finished goods inventory, included in inventory, was estimated based on the estimated selling price less costs to be incurred and a market participant profit rate. In connection with the acquisition, the Company recorded on its consolidated balance sheet a liability of $41.7 million representing the fair value of contingent consideration payable and is recorded in the consolidated balance sheet in the . The fair value of this contingent consideration was $75.5 million and $53.2 million as of December 31, 2023 and December 31, 2022, respectively, and as a result, an increase of $22.3 million was recorded in the consolidated statement of operations for the year ended December 31, 2023. Included in the purchase price consideration are contingent earn-out payments as described above. Due to the nature of the earn-outs, a scenario based analysis using the probability of achieving the milestone expectations was used to determine the fair value of the contingent consideration. These fair value measurements were based on unobservable inputs and are considered to be Level 3 financial instruments. The goodwill was primarily attributed to the value of synergies created with the Company’s current and future offerings and the value of the assembled workforce. Goodwill and intangible assets are deductible for income tax purposes. Goodwill associated with the Joule acquisition was calculated as follows (in thousands): Consideration paid $ 28,140 Contingent consideration 41,732 Less: net assets acquired (57,065) Total goodwill recognized $ 12,807 The acquisition of Joule would have contributed $36.8 million and $3.6 million to total consolidated revenue and net income for the year ended December 31, 2022, respectively, had the acquisition occurred on January 1, 2021. In addition, the acquisition of Joule would have contributed $10.8 million and $43 thousand to total consolidated revenue and net loss for the year ended December 31, 2021, respectively, had the acquisition occurred on January 1, 2021. The following table reflects the unaudited consolidated pro forma results of operations for the years ended December 31, 2022 and 2021 assuming that the Joule acquisition had occurred on January 1, 2021 (in thousands): For the year ended For the year ended December 31, 2022 December 31, 2021 (unaudited) (unaudited) Revenue $ 701,742 $ 513,174 Net loss $ (723,934) $ (460,008)

Investments

Investments	12 Months Ended
Investments	Dec. 31, 2023
Investments
Investments	4. Investments The fair values of the Company’s investments are based upon prices provided by an independent pricing service. Management has assessed and concluded that these prices are reasonable and has not adjusted any prices received from the independent provider. The Company received proceeds from the sales and maturities of available-for-sale securities totaling $1.4 billion during the year ended December 31, 2023. As of December 31, 2023, the Company has no investments classified as available-for-sale. The amortized cost, gross unrealized gains and losses, fair value of those investments classified as available-for-sale, and allowance for credit losses at December 31, 2022 are summarized as follows (in thousands): December 31, 2022 Amortized Gross Gross Fair Allowance for Cost Unrealized Gains Unrealized Losses Value Credit Losses Corporate bonds $ 200,735 $ 7 $ (7,109) $ 193,633 — U.S. Treasuries 1,154,879 111 (15,680) 1,139,310 — Total $ 1,355,614 $ 118 $ (22,789) $ 1,332,943 $ — We regularly review available-for-sale securities for declines in fair values that we determine to be credit related. In order to determine whether an allowance for credit losses was required, we considered factors such as whether amounts related to securities have become uncollectible, whether we intend to sell a security, and whether it is more likely than not that we will be required to sell a security prior to recovery. The Company also reviewed the declines in fair value related to our available-for-sale securities and determined that these declines were due to fluctuations in interest rates. As of December 31, 2023, the Company did not have an allowance for credit losses related to available-for-sale securities as the Company no longer has available-for-sale securities. Additionally, we regularly review whether available-for-sale securities are other-than-temporarily impaired (“OTTI”). Available-for-sale securities with unrealized losses are considered OTTI if the Company intends to sell the security or if the Company will be required to sell the security prior to any anticipated recovery. If the Company determines that a security is OTTI under these circumstances, the impairment recognized in earnings is measured as the difference between the amortized cost and the current fair value. The Company recorded an other-than-temporary impairment of $10.8 million during the year ended December 31, 2023 for available-for-sale debt securities in an unrealized loss position due to a change in the Company’s ability and intent to retain these investments for a period of time sufficient to allow for any anticipated recovery in the fair value. The other-than-temporary impairment charge was realized when the Company sold its remaining available-for-sale securities and equity securities during the fourth quarter of 2023. No such OTTI charge was recorded for the year ended December 31, 2022. The Company received proceeds from the sales of equity securities totaling $144.3 million during 2023. As of December 31, 2023, the Company has no investments classified as equity securities. The cost, gross unrealized gains and losses, and fair value of those investments classified as equity securities at December 31, 2022 are summarized as follows (in thousands): December 31, 2022 Gross Gross Fair Cost Unrealized Gains Unrealized Losses Value Fixed income mutual funds $ 70,257 $ — $ (2,620) $ 67,637 Exchange traded mutual funds 75,999 — (8,800) 67,199 Total $ 146,256 $ — $ (11,420) $ 134,836 A summary of the amortized cost and fair value of investments classified as available-for-sale, by contractual maturity, as of December 31, is as follows (in thousands): December 31, 2023 December 31, 2022 Amortized Fair Amortized Fair Maturity: Cost Value Cost Value Less than 12 months $ — $ — $ 1,045,120 $ 1,039,333 12 months or greater — — 310,494 293,610 Total $ — $ — $ 1,355,614 $ 1,332,943 Accrued interest income was $0 and $3.0 million at December 31, 2023 and 2022, respectively, and is included within the balance for prepaid expenses and other current assets in the consolidated balance sheets. Equity Method Investments As of December 31, 2023 and December 31, 2022, the Company accounted for the following investments in the investee’s common stock under the equity method, which are included in the investments in non-consolidated entities and non-marketable equity securities on the consolidated balance sheets (amounts in thousands): As of December 31, 2023 As of December 31, 2022 Formation Common Stock Carrying Common Stock Carrying Investee Date Ownership % Value Ownership % Value HyVia Q2 2021 50% $ (2,068) 50% $ 11,281 AccionaPlug S.L. Q4 2021 50% 3,198 50% 2,225 Clean H2 Infra Fund Q4 2021 5% 13,357 5% 3,922 SK Plug Hyverse Q1 2022 49% 41,609 49% 8,937 $ 56,096 $ 26,365 As of December 31, 2023, the Company’s investment in HyVia is negative due to historical losses. The Company is committed to fund its share of losses of the joint venture and, therefore, has continued to record losses as incurred. The negative equity investment is recorded on the consolidated balance sheet to the contingent consideration, loss accrual for service contracts, and other liabilities financial statement line item. During the year ended December 31, 2023, the Company contributed approximately $22.3 million, $2.6 million, $33.8 million and $13.1 million, respectively, to HyVia, AccionaPlug S.L., SK Plug Hyverse and Clean H2 Infra Fund. The Company had the following capital commitments related to its equity method investments as of December 31 as follows (in thousands): 2024 $ 152,672 2025 17,300 Total $ 169,972

Fair Value Measurements

Fair Value Measurements	12 Months Ended
Fair Value Measurements	Dec. 31, 2023
Fair Value Measurements
Fair Value Measurements	5. Fair Value Measurements The Company records the fair value of assets and liabilities in accordance with ASC 820, Fair Value Measurement In addition to defining fair value, ASC 820 expands the disclosure requirements around fair value and establishes a fair value hierarchy for valuation inputs. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of the three levels, which is determined by the lowest level input that is significant to the fair value measurement in its entirety. These levels are: ● Level 1 — quoted prices (unadjusted) in active markets for identical assets or liabilities. ● Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. ● Level 3 — unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability at fair value. Securities reported at fair value utilizing Level 1 inputs represent assets whose fair value is determined based upon observable unadjusted quoted market prices for identical assets in active markets. Level 2 securities represent assets whose fair value is determined using observable market information such as previous day trade prices, quotes from less active markets or quoted prices of securities with similar characteristics. Available-for-sale securities are characterized as Level 1 assets, such as U.S. Treasuries, and Level 2 assets, as value of the corporate bonds are determined using observable market inputs. Equity securities are characterized as Level 1 assets, as their fair values are determined using active markets for identical assets. There were no transfers between Level 1, Level 2, or Level 3 for the year ended December 31, 2023. Financial instruments not recorded at fair value on a recurring basis include equity method investments that have not been remeasured or impaired in the current period, such as our investments in HyVia, AccionaPlug S.L., SK Plug Hyverse and Clean H2 Infra Fund. The following table summarizes the carrying amount and estimated fair value of the Company’s financial instruments at December 31, 2023 and 2022 As of December 31, 2023 Carrying Fair Fair Value Measurements Amount Value Level 1 Level 2 Level 3 Liabilities Contingent consideration $ 126,216 $ 126,216 $ — $ — $ 126,216 As of December 31, 2022 Carrying Fair Fair Value Measurements Amount Value Level 1 Level 2 Level 3 Assets Cash equivalents $ 212,577 $ 212,577 $ 212,577 $ — $ — Corporate bonds 193,633 193,633 — 193,633 — U.S. Treasuries 1,139,310 1,139,310 1,139,310 — — Equity securities 134,836 134,836 134,836 — — Liabilities Contingent consideration 116,165 116,165 — — 116,165 The liabilities measured at fair value on a recurring basis that have unobservable inputs and are therefore categorized as Level 3 are related to contingent consideration. The fair value as of December 31, 2023 is comprised of contingent consideration related to the Joule acquisition in 2022, the Frames acquisition in 2021 and the Giner ELX, Inc. and United Hydrogen Group Inc. acquisitions in 2020. In connection with the Frames acquisition, the Company recorded on its consolidated balance sheet a liability of $29.1 million representing the fair value of contingent consideration payable. The fair value of this contingent consideration was $31.8 million and $31.0 million as of December 31, 2023 and 2022, respectively. The fair value of the liability increased by $1.1 million due to foreign currency translation losses. Partially offsetting this increase was a decrease of $0.3 million recorded in change in fair value of contingent consideration in the consolidated statement of operations for the year ended December 31, 2023. In connection with the Giner ELX, Inc. acquisition, the Company recorded on its consolidated balance sheet a liability of $16.0 million representing the fair value of contingent consideration payable. The fair value of this contingent consideration was $18.0 million and $14.5 million as of December 31, 2023 and 2022, respectively. An increase of $5.5 million was recorded in change in fair value of contingent consideration in the consolidated statement of operations during the year ended December 31, 2023. Partially offsetting this increase were payments that reduced the fair value of the liability by $2.0 million for year ended December 31, 2023. In connection with the United Hydrogen Group Inc. acquisition, the Company recorded on its consolidated balance sheet a liability of $1.1 million representing the fair value of contingent consideration payable. The fair value of this contingent consideration was $0.9 million and $1.5 million as of December 31, 2023 and 2022, respectively. A decrease of $0.6 million was recorded in change in fair value of contingent consideration in the consolidated statement of operations for the year ended December 31, 2023. In connection with the Applied Cryo Technologies, Inc. acquisition, the Company recorded on its consolidated balance sheet an initial liability of $14.0 million representing the fair value of contingent consideration payable. The fair value of this contingent consideration was $0 million and $15.9 million as of December 31, 2023 and 2022, respectively. The decrease of $15.9 million was due to payments that reduced the fair value of the liability by $19.0 million during the year ended December 31, 2023. Partially offsetting this decrease was an increase of $3.1 million recorded in change in fair value of contingent consideration in the consolidated statement of operations during the year ended December 31, 2023. The $19.0 million payment made during the second quarter of 2023 settled the remaining obligation of the earn-out. Finally, as in Note 3, “Acquisitions”, an increase of $22.3 million to the fair value of contingent consideration related to the acquisition of Joule was recorded in the consolidated statement of operations for the year ended December 31, 2023. In the audited consolidated balance sheets, contingent consideration is recorded in the contingent consideration, loss accrual for service contracts, and other liabilities financial statement line item, and is comprised of the following unobservable inputs for the year ended December 31, 2023: Financial Instrument Fair Value Valuation Technique Unobservable Input Range (weighted average) Contingent Consideration $ 126,216 Scenario based method Credit spread 13.61% Discount rate 17.71% - 19.06% 126,216 In the audited consolidated balance sheets, contingent consideration is recorded in the contingent consideration, loss accrual for service contracts, and other liabilities financial statement line item, and is comprised of the following unobservable inputs for the year ended December 31, 2022: Financial Instrument Fair Value Valuation Technique Unobservable Input Range (weighted average) Contingent Consideration $ 85,269 Scenario based method Credit spread 15.73% - 15.74% Discount rate 19.85% - 20.68% 11,310 Monte carlo simulation Credit spread 15.74% Discount rate 20.00% - 20.30% Revenue volatility 45.29% 19,586 Monte carlo simulation Credit spread 15.73% Revenue volatility 35.7% - 23.1% (35.0%) Gross profit volatility 106.7% - 23.2% (60.0%) 116,165 The change in the carrying amount of Level 3 liabilities for the year ended December 31, 2023 was as follows (in thousands): Year Ended December 31, 2023 Beginning balance at December 31, 2022 $ 116,165 Cash payments (13,000) Payment settled in stock (8,000) Fair value adjustments 30,024 Foreign currency translation adjustment 1,027 Ending balance at December 31, 2023 $ 126,216

Earnings Per Share

Earnings Per Share	12 Months Ended
Earnings Per Share	Dec. 31, 2023
Earnings Per Share
Earnings Per Share	6. Earnings Per Share Basic earnings per common stock are computed by dividing net loss by the weighted average number of common stock outstanding during the reporting period. After January 1, 2021, the date of the adoption of ASU 2020-06, in periods when we have net income, the shares of our common stock subject to the convertible notes outstanding during the period will be included in our diluted earnings per share under the if-converted method. Since the Company is in a net loss position, all common stock equivalents would be considered anti-dilutive and are therefore not included in the determination of diluted earnings per share. Accordingly, basic and diluted loss per share are the same. The following table provides the components of the calculations of basic and diluted earnings per share (in thousands, except share amounts): December 31, 2023 2022 2021 Numerator: Net loss $ (1,368,833) $ (724,008) $ (459,965) Denominator: Weighted average number of common stock outstanding 595,468,419 579,716,708 558,182,177 The potentially dilutive securities are summarized as follows: At December 31, 2023 2022 2021 Stock options outstanding (1) 39,261,362 27,598,269 23,806,909 Restricted stock and restricted stock units outstanding (2) 6,732,884 6,276,376 4,851,873 Common stock warrants (3) 78,561,263 88,774,725 80,017,181 Convertible Senior Notes (4) 39,170,766 39,170,766 39,170,766 Number of dilutive potential shares of common stock 163,726,275 161,820,136 147,846,729 (1) During the years ended December 31, 2023, 2022, and 2021, the Company granted options for 13,254,689 , 4,761,724 , and 16,502,335 shares of common stock, respectively. (2) During the years ended December 31, 2023, 2022, and 2021, the Company granted 4,131,193 , 4,289,682 , and 1,894,356 , shares of restricted stock and restricted stock units, respectively. (3) In August 2022, the Company issued a warrant to acquire up to 16,000,000 shares of the Company’s common stock as part of a transaction agreement with Amazon, subject to certain vesting events, as described in Note 17, “Warrant Transaction Agreements”. The warrant had no shares exercised of the Company’s common stock as of December 31, 2023. In April 2017, the Company issued a warrant to acquire up to 55,286,696 of the Company’s common stock as part of a transaction agreement with Amazon, subject to certain vesting events, as described in Note 17, “Warrant Transaction Agreements”. The warrant was exercised with respect to 34,917,912 shares and 24,704,450 shares of the Company’s common stock as of December 31, 2023 and 2022, respectively. In July 2017, the Company issued a warrant to acquire up to 55,286,696 of the Company’s common stock as part of a transaction agreement with Walmart, subject to certain vesting events, as described in Note 17, “Warrant Transaction Agreements”. The warrant had been exercised with respect to 13,094,217 shares of the Company’s common stock as of December 31, 2023 and 2022. (4) In May 2020, the Company issued $212.5 million in aggregate principal amount of the 3.75% Convertible Senior Notes due 2025 (the “ 3.75% Convertible Senior Notes”). There were no other conversions for the years ended December 31, 2023 and 2022.

Inventory

Inventory	12 Months Ended
Inventory	Dec. 31, 2023
Inventory
Inventory	7. Inventory Inventory as of December 31, 2023 and 2022, consists of the following (in thousands): December 31, December 31, 2023 2022 Raw materials and supplies - production locations $ 564,818 $ 450,432 Raw materials and supplies - customer locations 20,751 18,860 Work-in-process 149,574 112,231 Finished goods 226,110 64,113 Inventory $ 961,253 $ 645,636 Inventory is primarily comprised of raw materials, work-in-process, and finished goods. The increase in inventory is primarily due to a combination of new product offerings, as well as increased revenue and orders, partially offset by inventory reserves. The Company has inventory reserves made up of excess and obsolete items and related lower of cost or net realizable value adjustments of $85.2 million and $5.4 million as of December 31, 2023 and 2022, respectively.

Property, Plant and Equipment

Property, Plant and Equipment	12 Months Ended
Property, Plant and Equipment	Dec. 31, 2023
Property, Plant and Equipment
Property, Plant and Equipment	8. Property, Plant and Equipment Property, plant and equipment at December 31, 2023 and 2022 consists of the following (in thousands): December 31, December 31, 2023 2022 Land $ 6,049 $ 1,772 Construction in progress 1,109,896 575,141 Hydrogen production plants 77,107 48,147 Building and leasehold improvements 95,229 21,363 Software, machinery, and equipment 229,352 121,486 Property, plant and equipment 1,517,633 767,909 Less: accumulated depreciation (81,456) (48,116) Property, plant and equipment, net $ 1,436,177 $ 719,793 Construction in progress is primarily comprised of construction of four hydrogen production plants. Completed assets are transferred to their respective asset classes, and depreciation begins when an asset is ready for its intended use. Interest on outstanding debt is capitalized during periods of capital asset construction and amortized over the useful lives of the related assets. For the years ended December 31, 2023 and 2022, we capitalized $8.2 million and $13.1 million of interest. Depreciation expense related to property, plant and equipment was $33.3 million, $19.0 million, and $6.9 million for the years ended December 31, 2023, 2022, and 2021, respectively.

Equipment Related to Power Purc

Equipment Related to Power Purchase Agreements and Fuel Delivered to Customers, net	12 Months Ended
	Dec. 31, 2023
Equipment Related to Power Purchase Agreements and Fuel Delivered to Customers, net
Equipment Related to Power Purchase Agreements and Fuel Delivered to Customers, net	9. Equipment Related to Power Purchase Agreements and Fuel Delivered to Customers, Net Equipment related to power purchase agreements and fuel delivered to customers, net, at December 31, 2023 and 2022 consists of the following (in thousands): December 31, December 31, 2023 2022 Equipment related to power purchase agreements and fuel delivered to customers $ 139,651 $ 109,683 Less: accumulated depreciation (28,390) (20,390) Equipment related to power purchase agreements and fuel delivered to customers, net 111,261 89,293 As of December 31, 2023 and 2022, the Company had deployed assets at customer sites that had associated PPAs. These PPAs expire over the next one to ten years. PPAs contain termination clauses with associated penalties, the amount of which cause the likelihood of cancellation to be remote. Depreciation expense is $8.0 million, $6.9 million and $7.4 million for the years ended December 31, 2023, 2022 and 2021, respectively. The Company recorded an impairment of $0.2 million, $1.5 million and $10.2 million for the years ended December 31, 2023, 2022 and 2021, respectively. The Company terminated its contractual relationship with a fuel provider effective March 31, 2021. The Company has historically leased fuel tanks from this provider. As a result of this termination, the Company recognized approximately $17.0 million of various costs for the year ended December 31, 2021, primarily for removal of tanks, reimbursement of unamortized installation costs, costs to temporarily provide customers with fuel during the transition period, and certain other contract settlement costs, which were recorded in the Company’s consolidated statement of operations as cost of revenue — fuel delivered to customers. The Company also purchased certain fuel tanks that were previously under operating leases from the fuel provider during 2021 and included in equipment related to power purchase agreements and fuel delivered to customers. In 2022 and 2023, there were no such vendor terminations.

Intangible Assets and Goodwill

Intangible Assets and Goodwill	12 Months Ended
Intangible Assets and Goodwill	Dec. 31, 2023
Intangible Assets and Goodwill
Intangible Assets and Goodwill	10. Intangible Assets and Goodwill The gross carrying amount and accumulated amortization of the Company’s acquired identifiable intangible assets as of December 31, 2023 are as follows (in thousands): Weighted Average Gross Carrying Accumulated Amortization Period Amount Amortization Total Acquired technology 14 years $ 103,060 $ (20,204) $ 82,856 Dry stack electrolyzer technology 10 years 29,000 (5,317) 23,683 Customer relationships, trade name and other 13 years 103,981 (21,634) 82,347 $ 236,041 $ (47,155) $ 188,886 The gross carrying amount and accumulated amortization of the Company’s acquired identifiable intangible assets as of December 31, 2022 are as follows (in thousands): Weighted Average Gross Carrying Accumulated Amortization Period Amount Amortization Total Acquired technology 14 years $ 104,221 $ (12,754) $ 91,467 Dry stack electrolyzer technology 10 years 29,000 (2,417) 26,583 Customer relationships, trade name and other 13 years 102,521 (12,846) 89,675 $ 235,742 $ (28,017) $ 207,725 The change in the gross carrying amount of the acquired technology and customer relationships, trade name and other from the years ended December 31, 2022 to 2023 was primarily due to changes in foreign currency translation. Amortization expense for acquired identifiable intangible assets for the years ended December 31, 2023, 2022 and 2021 was $19.1 million, $21.2 million and $2.5 million, respectively. Estimated amortization expense for subsequent years was as follows (in thousands): 2024 $ 18,955 2025 18,174 2026 16,564 2027 16,556 2028 47,901 2029 and thereafter 70,736 Total $ 188,886 The change in the carrying amount of goodwill for the year ended December 31, 2023 was as follows (in thousands): Beginning balance at December 31, 2022 $ 248,607 Impairment of goodwill (249,480) Foreign currency translation adjustment 873 Ending balance at December 31, 2023 $ - 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 Company’s stock price declined below book value during the fourth quarter of 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, 2022 and 2021. Goodwill was $0 and $248.6 million as of December 31, 2023 and 2022 respectively. See Note 2, “Summary of Significant Accounting Policies”, for a full description of the Company’s goodwill accounting policy.

Accrued Expenses

Accrued Expenses	12 Months Ended
Accrued Expenses	Dec. 31, 2023
Accrued Expenses
Accrued Expenses	11. Accrued Expenses Accrued expenses at December 31, 2023 and 2022 consist of (in thousands): December 31, December 31, 2023 2022 Accrued payroll and compensation related costs $ 32,584 $ 18,231 Accrual for capital expenditures 83,781 53,089 Accrued accounts payable 64,767 53,899 Accrued sales and other taxes 17,207 15,112 Accrued interest 562 421 Accrued other 1,643 15,678 Total $ 200,544 $ 156,430

Operating and Finance Lease Lia

Operating and Finance Lease Liabilities	12 Months Ended
Operating and Finance Lease Liabilities	Dec. 31, 2023
Operating and Finance Lease Liabilities
Operating and Finance Lease Liabilities	12. Operating and Finance Lease Liabilities As of December 31, 2023, the Company had operating leases, as lessee, primarily associated with sale/leaseback transactions that are partially secured by restricted cash, security deposits and pledged escrows (see also Note 1, “Nature of Operations”) as summarized below. These leases expire over the next one Leases contain termination clauses with associated penalties, the amount of which cause the likelihood of cancellation to be remote. At the end of the lease term, the leased assets may be returned to the lessor by the Company, the Company may negotiate with the lessor to purchase the assets at fair market value, or the Company may negotiate with the lessor to renew the lease at market rental rates. No residual value guarantees are contained in the leases. No financial covenants are contained within the lease, however there are customary operational covenants such as assurance the Company properly maintains the leased assets and carries appropriate insurance, etc. The leases include credit support in the form of either cash, collateral or letters of credit. See Note 21, “Commitments and Contingencies”, for a description of cash held as security associated with the leases. The Company has finance leases associated with its property and equipment in Latham, New York and at fueling customer locations. Future minimum lease payments under operating and finance leases (with initial or remaining lease terms in excess of one year) as of December 31, 2023 were as follows (in thousands): Finance Total Operating Lease Lease Lease Liability Liability Liabilities 2024 $ 99,356 $ 12,117 $ 111,473 2025 94,569 15,033 109,602 2026 85,693 12,175 97,868 2027 71,414 8,485 79,899 2028 49,477 1,896 51,373 2029 and thereafter 145,875 3,247 149,122 Total future minimum payments 546,384 52,953 599,337 Less imputed interest (190,691) (7,379) (198,070) Total $ 355,693 $ 45,574 $ 401,267 Rental expense for all operating leases was $95.0 million, $67.6 million, and $38.6 million for the years ended December 31, 2023, 2022 and 2021, respectively. At December 31, 2023 and 2022, security deposits associated with sale/leaseback transactions were $7.4 million and $5.8 million, respectively, and were included in other assets in the consolidated balance sheet. Other information related to the operating leases are presented in the following table: Year ended Year ended December 31, 2023 December 31, 2022 Cash payments - operating cash flows (in thousands) $ 91,637 $ 63,214 Weighted average remaining lease term (years) 5.76 6.52 Weighted average discount rate 11.3% 11.2% Finance lease costs include amortization of the right of use assets (i.e., depreciation expense) and interest on lease liabilities (i.e., interest expense in the consolidated statement of operations), and were $7.5 million and $6.2 million for the years ended December 31, 2023 and 2022, respectively. At December 31, 2023 and 2022, the right of use assets associated with finance leases, net was $57.3 million and $53.7 million, respectively. The accumulated depreciation for these right of use assets was $9.0 million and $4.7 million at December 31, 2023 and 2022, respectively. Other information related to the finance leases are presented in the following table: Year ended Year ended December 31, 2023 December 31, 2022 Cash payments - operating cash flows (in thousands) $ 3,059 $ 2,447 Cash payments - financing cash flows (in thousands) $ 8,638 $ 6,586 Weighted average remaining lease term (years) 3.87 3.92 Weighted average discount rate 6.8% 6.7% The Company has outstanding obligations to Wells Fargo under several Master Lease Agreements totaling $171.3 million and $159.5 million for the years ended December 31, 2023 and 2022, respectively. These outstanding obligations are included in operating lease liabilities and finance obligations on the consolidated balance sheets.

Finance Obligation

Finance Obligation	12 Months Ended
Finance Obligation	Dec. 31, 2023
Finance Obligation
Finance Obligation	13. Finance Obligation The Company has sold future services to be performed associated with certain sale/leaseback transactions and recorded the balance as a finance obligation. The outstanding balance of this obligation at December 31, 2023 was $350.8 million, $74.0 million and $276.8 million of which was classified as short-term and long-term, respectively, on the accompanying consolidated balance sheet. The outstanding balance of this obligation at December 31, 2022 was $312.1 million, $55.4 million and $256.6 million of which was classified as short-term and long-term, respectively, on the accompanying consolidated balance sheet. The amount is amortized using the effective interest method. Interest expense recorded related to finance obligations for the years ended December 31, 2023, 2022 and 2021 was $39.6 million, $29.7 million and $21.0 million, respectively. In prior periods, the Company entered into sale/leaseback transactions that were accounted for as financing transactions and reported as part of finance obligations. The outstanding balance of this obligation at 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 sheet. The outstanding balance of finance obligations related to sale/leaseback transactions at December 31, 2022 was $17.2 million, $3.5 million and $13.7 million of which was classified as short-term and long-term, respectively on the accompanying consolidated balance sheet. Future minimum payments under finance obligations notes above as of December 31, 2023 were as follows (in thousands): Total Sale of Future Sale/Leaseback Finance Revenue - Debt Financings Obligations 2024 $ 109,805 $ 11,133 $ 120,938 2025 104,547 2,229 106,776 2026 87,824 2,229 90,053 2027 71,253 2,229 73,482 2028 51,188 2,015 53,203 2029 and thereafter 25,503 1,131 26,634 Total future minimum payments 450,120 20,966 471,086 Less imputed interest (99,367) (3,325) (102,692) Total $ 350,753 $ 17,641 $ 368,394 Other information related to the above finance obligations are presented in the following table: Year ended Year ended December 31, 2023 December 31, 2022 Cash payments (in thousands) $ 96,781 $ 72,377 Weighted average remaining term (years) 4.49 4.84 Weighted average discount rate 11.3% 11.1%

Long-Term Debt

Long-Term Debt	12 Months Ended
Long-Term Debt	Dec. 31, 2023
Long-Term Debt
Long-Term Debt	14. Long-Term Debt In March 2019, the Company entered into a loan and security agreement, as amended, with Generate Lending, LLC, providing for a secured term loan facility in the amount of $100 million (the “Term Loan Facility”). In December 2022, the Company fully repaid the outstanding balance of the Term Loan Facility, which resulted in a recording of a loss on the extinguishment of debt of $1.0 million on the consolidated statement of operations. In June 2020, the Company acquired debt as part of the acquisition of United Hydrogen Group Inc. The outstanding carrying value of the debt was $3.9 million as of December 31, 2023. The outstanding principal on the debt is $5.5 million and the unamortized debt discount is $1.6 million, bearing varying interest rates ranging from 5.6% to 8.3%, and is scheduled to mature in 2026. As of December 31, 2023, the principal balance is due at each of the following dates is the following (in thousands): December 31, 2024 3,357 December 31, 2025 1,200 December 31, 2026 900 Total outstanding principal $ 5,457

Convertible Senior Notes

Convertible Senior Notes	12 Months Ended
Convertible Senior Notes	Dec. 31, 2023
Convertible Senior Notes
Convertible Senior Notes	15. Convertible Senior Notes 3.75% Convertible Senior Notes On May 18, 2020, the Company issued $200.0 million in aggregate principal amount of 3.75% Convertible Senior Notes due June 1, 2025, which is referred to herein as the 3.75% Convertible Senior Notes, in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, or the Securities Act. On May 29, 2020, the Company issued an additional $12.5 million in aggregate principal amount of 3.75% Convertible Senior Notes. At issuance in May 2020, the total net proceeds from the 3.75% Convertible Senior Notes were as follows: Principal amount $ 212,463 Less: initial purchasers' discount (6,374) Less: cost of related capped calls (16,253) Less: other issuance costs (617) Net proceeds $ 189,219 The 3.75% Convertible Senior Notes bear interest at a rate of 3.75% per year, payable semi-annually in arrears on June 1 and December 1 of each year, beginning on December 1, 2020. The notes will mature on June 1, 2025, unless earlier converted, redeemed or repurchased in accordance with their terms. The 3.75% Convertible Senior Notes are senior, unsecured obligations of the Company and rank senior in right of payment to any of the Company’s indebtedness that is expressly subordinated in right of payment to the notes, equal in right of payment to any of the Company’s existing and future liabilities that are not so subordinated, effectively junior in right of payment to any of the Company’s secured indebtedness to the extent of the value of the collateral securing such indebtedness, and structurally subordinated to all indebtedness and other liabilities, including trade payables, of its current or future subsidiaries. Holders of the 3.75% Convertible Senior Notes may convert their notes at their option at any time prior to the close of the business day immediately preceding December 1, 2024 in the following circumstances: 5) during any calendar quarter commencing after March 31, 2021, if the last reported sale price of the Company’s common stock exceeds 130% of the conversion price for each of at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter; 6) during the five business days after any five consecutive trading day period (such five consecutive trading day period, the measurement period) in which the trading price per $1,000 principal amount of the 3.75% Convertible Senior Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate on each such trading day; 7) if the Company calls any or all of the 3.75% Convertible Senior Notes for redemption, any such notes that have been called for redemption may be converted at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; or 8) upon the occurrence of specified corporate events, as described in the indenture governing the 3.75% Convertible Senior Notes. 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 maturity date regardless of the foregoing conditions. The initial conversion rate for the 3.75% Convertible Senior Notes is 198.6196 shares of the Company’s common stock per $1,000 principal amount of notes, which is equivalent to an initial conversion price of approximately $5.03 per share of the Company’s common stock, subject to adjustment upon the occurrence of specified events. Upon conversion, the Company will pay or deliver, as applicable, cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election. During the years ended December 31, 2023 and 2022, there were no conversions. During the year ended December 31, 2021, $15.2 million of the 3.75% Convertible Senior Notes were converted and the Company issued approximately 3.0 million shares of common stock in conjunction with these conversions. In addition, following certain corporate events or following issuance of a notice of redemption, the Company will increase the conversion rate for a holder who elects to convert its notes in connection with such a corporate event or convert its notes called for redemption during the related redemption period in certain circumstances. The 3.75% Convertible Senior Notes will be redeemable, in whole or in part, at the Company’s option at any time, and from time to time, on or after June 5, 2023 and before the 41 st one three If the Company undergoes a “fundamental change” (as defined in the Indenture), holders may require the Company to repurchase their notes for cash all or any portion of their notes at a fundamental change repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest, to, but excluding, the fundamental change repurchase date. The Company accounts for the 3.75% Convertible Senior Notes as a liability. We incurred transaction costs related to the issuance of the 3.75% Convertible Senior Notes of approximately $7.0 million, consisting of initial purchasers’ discount of approximately $6.4 million and other issuance costs of $0.6 million which were recorded as debt issuance cost (presented as contra debt in the consolidated balance sheets) and are being amortized to interest expense over the term of the 3.75% Convertible Senior Notes. The 3.75% Convertible Senior Notes consisted of the following (in thousands): December 31, December 31, 2023 2022 Principal amounts: Principal $ 197,278 $ 197,278 Unamortized debt issuance costs (1) (2,014) (3,359) Net carrying amount $ 195,264 $ 193,919 1) Included in the consolidated balance sheets within the 3.75% Convertible Senior Notes, net and amortized over the remaining life of the notes using the effective interest rate method. The following table summarizes the total interest expense and effective interest rate related to the 3.75% Convertible Senior Notes (in thousands, except for effective interest rate): December 31, December 31, 2023 2022 Interest expense $ 7,546 $ 7,398 Amortization of debt issuance costs 1,345 1,286 Total 8,891 8,684 Effective interest rate 4.6% 4.5% The estimated fair value of the 3.75% Convertible Senior Notes at December 31, 2023 was approximately $213.2 million. The fair value estimation was primarily based on a quoted price in an active market. Capped Call In conjunction with the pricing of the 3.75% Convertible Senior Notes, the Company entered into privately negotiated capped call transactions (the “3.75% Notes Capped Call”) with certain counterparties at a price of $16.2 million. The 3.75% Notes Capped Call covers, subject to anti-dilution adjustments, the aggregate number of shares of the Company’s common stock that underlie the initial 3.75% Convertible Senior Notes and offset any cash payments the Company is required to make in excess of the principal amount of the converted notes, as the case may be, with such reduction and/or offset subject to a cap based on the cap price. The cap price of the 3.75% Notes Capped Call is initially $6.7560 per share, which represents a premium of approximately 60% The net cost incurred in connection with the 3.75% Notes Capped Call has been recorded as a reduction to additional paid-in capital in the consolidated balance sheet. 5.5% Convertible Senior Notes & Common Stock Forward In March 2018, the Company issued $100.0 million in aggregate principal amount of the 5.5% Convertible Senior Notes due on March 15, 2023 (the “5.5% Convertible Senior Notes”), in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act. During 2020, the Company used a portion of the net proceeds from the issuance of the 3.75% Convertible Senior Notes to finance the cash portion of the partial repurchase of approximately $66.3 million in aggregate principal amount of the 5.5% Convertible Senior Notes and converted $33.5 million in aggregate principal amount of the 5.5% Convertible Senior Notes into 14.6 million shares of the Company’s common stock. On January 7, 2021, the final remaining aggregate principal amount of the 5.5% Convertible Senior Notes was converted into 69,808 shares of the Company’s common stock. In connection with the issuance of the 5.5% Convertible Senior Notes, the Company entered into a forward stock purchase transaction (the “Common Stock Forward”), pursuant to which the Company agreed to purchase 14,397,906 shares of its common stock for settlement on or about March 15, 2023. In connection with the issuance of the 3.75% Convertible Senior Notes and the partial repurchase of the 5.5% Convertible Senior Notes, the Company amended and extended the maturity of the Common Stock Forward to June 1, 2025. The number of shares of common stock that the Company will ultimately repurchase under the Common Stock Forward is subject to customary anti-dilution adjustments. The Common Stock Forward is subject to early settlement or settlement with alternative consideration in the event of certain corporate transactions. The book value of the Common Stock Forward is not remeasured. There were no shares of common stock settled in connection with the Common Stock Forward during the years ended December 31, 2023 and 2022.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Dec. 31, 2023
Stockholders' Equity
Stockholders' Equity	16. Stockholders’ Equity Preferred Stock The Company has authorized 5,000,000 million shares of preferred stock, par value $0.01 per share, consisting of 170,000 shares of previously designated Series A Junior Participating Cumulative Preferred Stock and 4,830,000 shares of undesignated preferred stock. The Company’s amended and restated certificate of incorporation, as amended, provides that shares of preferred stock may be issued from time to time in one or more series. The Company’s Board of Directors is authorized to fix the voting rights, if any, designations, powers, preferences, qualifications, limitations, and restrictions thereof, applicable to the shares of each series. As of December 31, 2023 and December 31, 2022, there were no shares of Series A Junior Participating Cumulative Preferred Stock issued and outstanding. Common Stock and Warrants The Company has one class of common stock, par value $.01 per share. Each share of the Company’s common stock is entitled to one vote on all matters submitted to stockholders. In February 2021, the Company completed the previously announced sale of its common stock in connection with a strategic partnership with SK Holdings to accelerate the use of hydrogen as an alternative energy source in Asian markets. The Company sold 54,966,188 shares of its common stock to a subsidiary of SK Holdings at a purchase price of $29.2893 per share, or an aggregate purchase price of approximately $1.6 billion. In January and February 2021, the Company issued and sold in a registered equity offering an aggregate of 32.2 million shares of its common stock at a purchase price of $65.00 per share for net proceeds of approximately $2.0 billion. On August 24, 2022, the Company and Amazon.com, Inc. (“Amazon”) entered into a Transaction Agreement (the “2022 Transaction Agreement”), under which the Company concurrently issued to Amazon.com NV Investment Holdings LLC, a wholly owned subsidiary of Amazon, a warrant (the “Amazon Warrant”) to acquire up to 16,000,000 shares of the Company’s common stock (the “Amazon Warrant Shares”), subject to certain vesting events described below. The Company and Amazon entered into the 2022 Transaction Agreement in connection with a concurrent commercial arrangement under which Amazon agreed to purchase hydrogen fuel from the Company through August 24, 2029. As of December 31, 2023, 2,000,000 of the Amazon Warrant Shares issued pursuant to the 2022 Transaction Agreement had vested. During 2017, warrants to purchase up to 110,573,392 shares of common stock were issued in connection with transaction agreements with Amazon and Walmart, as discussed in Note 17, “Warrant Transaction Agreements”. Accumulated Other Comprehensive Income/(Loss) Accumulated other comprehensive income/(loss) is comprised of unrealized gains and losses on available-for-sale securities and foreign currency translation gains and losses. Amounts reclassified from accumulated other comprehensive income/(loss) was $12.8 million, $0 and $0 for the years ended December 31, 2023, 2022 and 2021, respectively, due to realized loss on available-for-sale securities. Net current-period other comprehensive income for the year ended December 31, 2023 increased due to a change in net unrealized gain on available-for-sale securities of $9.9 million, partially offset by foreign currency translation losses of $3.5 million. Net current-period other comprehensive loss for the year ended December 31, 2022 increased due to unrealized losses on available-for-sale securities of $20.0 million and foreign currency translation losses of $4.5 million. Net current-period other comprehensive loss for the year ended December 31, 2021 increased due to unrealized losses on available-for-sale securities of $2.7 million and foreign currency translation losses of $1.3 million.

Warrant Transaction Agreements

Warrant Transaction Agreements	12 Months Ended
Warrant Transaction Agreements	Dec. 31, 2023
Warrant Transaction Agreements
Warrant Transaction Agreements	17. Warrant Transaction Agreements Amazon Transaction Agreement in 2022 On August 24, 2022, the Company and Amazon entered into a Transaction Agreement (the “2022 Transaction Agreement”), under which the Company concurrently issued to Amazon.com NV Investment Holdings LLC, a wholly owned subsidiary of Amazon, a warrant (the “2022 Amazon Warrant”) to acquire up to 16,000,000 shares (the “2022 Amazon Warrant Shares”) of the Company’s common stock, subject to certain vesting events described below. The Company and Amazon entered into the 2022 Transaction Agreement in connection with a concurrent commercial arrangement under which Amazon agreed to purchase hydrogen fuel from the Company through August 24, 2029. Warrant 1,000,000 of the 2022 Amazon Warrant Shares vested immediately upon issuance of the 2022 Amazon Warrant. 15,000,000 of the 2022 Amazon Warrant Shares will vest in multiple tranches over the 7-year term of the 2022 Amazon Warrant based on payments made to the Company directly by Amazon or its affiliates, or indirectly through third parties, with 15,000,000 of the 2022 Amazon Warrant Shares fully vesting if Amazon-related payments of $2.1 billion are made in the aggregate. The exercise price for the first 9,000,000 2022 Amazon Warrant Shares is $22.9841 per share and the fair value on the grant date was $20.36. The exercise price for the remaining 7,000,000 2022 Amazon Warrant Shares will be an amount per share equal to 90% of the 30-day volume weighted average share price of the Company’s common stock as of the final vesting event that results in full vesting of the first 9,000,000 2022 Amazon Warrant Shares. The 2022 Amazon Warrant is exercisable through August 24, 2029. Upon the consummation of certain change of control transactions (as defined in the 2022 Amazon Warrant) prior to the vesting of at least 60% of the aggregate 2022 Amazon Warrant Shares, the 2022 Amazon Warrant will automatically vest and become exercisable with respect to an additional number of 2022 Amazon Warrant Shares such that 60% of the aggregate 2022 Amazon Warrant Shares shall have vested. If a change of control transaction is consummated after the vesting of at least 60% of the aggregate 2022 Amazon Warrant Shares, then no acceleration of vesting will occur with respect to any of the unvested 2022 Amazon Warrant Shares as a result of the transaction. The exercise price and the 2022 Amazon Warrant Shares issuable upon exercise of the Amazon Warrant are subject to customary antidilution adjustments. On August 24, 2022, 1,000,000 of the Amazon Warrant Shares issued pursuant to the 2022 Transaction Agreement 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, 2023, the balance of the contract asset related to tranche 1 was $19.4 million which is recorded in contract assets in the Company’s consolidated balance sheet. During the second quarter of 2023, all 1,000,000 of the Amazon Warrant Shares associated with tranche 2 vested. The warrant fair value associated with the vested shares of tranche 2 was determined on the grant date of August 24, 2022 in the amount of $20.4 million. As of December 31, 2023, the balance of the contract asset related to tranche 2 was $13.8 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, 2023, the balance of the contract asset related to tranche 3 was $5.2 million. Because the exercise price has yet to be determined, 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. The total amount of provision for common stock warrants recorded as a reduction of revenue for the Amazon Warrant during the year ended December 31, 2023 and 2022 was $4.9 million and $5.2 million, respectively. The assumptions used to calculate the valuations as of August 24, 2022 and December 31, 2023 are as follows: Tranches 1-3 Tranche 4 August 24, 2022 December 31, 2023 Risk-free interest rate 3.15% 3.78% Volatility 75.00% 85.00% Expected average term (years) 7.00 4.00 Exercise price $22.98 $4.05 Stock price $20.36 $4.50 Amazon Transaction Agreement in 2017 On April 4, 2017, the Company and Amazon entered into a Transaction Agreement (the “2017 Amazon Transaction Agreement”), pursuant to which the Company agreed to issue to Amazon.com NV Investment Holdings LLC, a warrant to acquire up to 55,286,696 shares (the “2017 Amazon Warrant Shares”) of the Company’s common stock, subject to certain vesting events. The Company and Amazon entered into the 2017 Amazon Transaction Agreement in connection with existing commercial agreements between the Company and Amazon with respect to the deployment of the Company’s GenKey fuel cell technology at Amazon distribution centers. The vesting of the 2017 Amazon Warrant Shares was conditioned upon payments made by Amazon or its affiliates (directly or indirectly through third parties) pursuant to the existing commercial agreements. On December 31, 2020, the Company waived the remaining vesting conditions under the 2017 Amazon Warrant, which resulted in the immediate vesting of all the third tranche of the 2017 Amazon Warrant Shares. The 2017 Amazon Warrant was exercised with respect to 34,917,912 and 24,704,450 shares of the Company’s common stock as of December 31, 2023 and 2022, respectively. At both December 31, 2023 and December 31, 2022, all 55,286,696 of the 2017 Amazon Warrant Shares had vested. The total amount of provision for common stock warrants recorded as a reduction of revenue for the 2017 Amazon Warrant during the years ended December 31, 2023, 2022 and 2021 was $0.4 million, $0.4 million and $0.5 million, respectively. Walmart Transaction Agreement On July 20, 2017, the Company and Walmart entered into a Transaction Agreement (the “Walmart Transaction Agreement”), pursuant to which the Company agreed to issue to Walmart a warrant (the “Walmart Warrant”) to acquire up to 55,286,696 shares of the Company’s common stock, subject to certain vesting events (the “Walmart Warrant Shares”). The Company and Walmart entered into the Walmart Transaction Agreement in connection with existing commercial agreements between the Company and Walmart with respect to the deployment of the Company’s GenKey fuel cell technology across various Walmart distribution centers. The existing commercial agreements contemplate, but do not guarantee, future purchase orders for the Company’s fuel cell technology. The vesting of the warrant shares conditioned upon payments made by Walmart or its affiliates (directly or indirectly through third parties) pursuant to transactions entered into after January 1, 2017 under existing commercial agreements. The majority of the Walmart Warrant Shares will vest based on Walmart’s payment of up to $600.0 million to the Company in connection with Walmart’s purchase of goods and services from the Company. The first tranche of 5,819,652 Walmart Warrant Shares vested upon the execution of the Walmart Warrant and was fully exercised as of December 31, 2020. Accordingly, $10.9 million, the fair value of the first tranche of Walmart Warrant Shares, was recorded as a provision for common stock warrants and presented as a reduction to revenue on the consolidated statements of operations during 2017. All future provision for common stock warrants is measured based on the fair value of the awards and recorded as a charge against revenue. The second tranche of 29,098,260 Walmart Warrant Shares vested in four installments of 7,274,565 Walmart Warrant Shares each time Walmart or its affiliates, directly or indirectly through third parties, made an aggregate of $50.0 million in payments for goods and services to the Company, up to payments totaling $200.0 million in the aggregate. The exercise price for the first and second tranches of Walmart Warrant Shares was $2.1231 per share. After Walmart has made payments to the Company totaling $200.0 million, the third tranche of 20,368,784 Walmart Warrant Shares will vest in eight installments of 2,546,098 Walmart Warrant Shares each time Walmart or its affiliates, directly or indirectly through third parties, make an aggregate of $50.0 million in payments for goods and services to the Company, up to payments totaling $400.0 million in the aggregate. The exercise price of the third tranche of the Walmart Warrant Shares is $6.28 per share, which was determined pursuant to the terms of the Walmart Warrant as an amount equal to 90% of the 30-day volume weighted average share price of the Company’s common stock as of October 30, 2023, the final vesting date of the second tranche of the Walmart Warrant Shares. The Walmart Warrant is exercisable through July 20, 2027. The Walmart Warrant provides for net share settlement that, if elected by the holder, will reduce the number of shares issued upon exercise to reflect net settlement of the exercise price. The Walmart Warrant provides for certain adjustments that may be made to the exercise price and the number of shares of common stock issuable upon exercise due to customary anti-dilution provisions based on future events. The Walmart Warrant is classified as an equity instrument. The warrant had been exercised with respect to 13,094,217 shares of the Company’s common stock as of both December 31, 2023 and 2022. At December 31, 2023 and December 31, 2022, 34,917,912 and 27,643,347 of the Walmart Warrant Shares had vested, respectively. As of December 31, 2023, the balance of the contract asset related to the Walmart Warrant was $2.4 million. The total amount of provision for common stock warrants recorded as a reduction of revenue for the Walmart Warrant during the years ended December 31, 2023, 2022, and 2021 was $5.9 million, $7.1 million, and $6.1 million, respectively. Fair value of the Walmart Warrant at January 1, 2019 and October 30, 2023 was based on the Black Scholes Option Pricing Model, which is based, in part, upon level 3 unobservable inputs for which there is little or no market data, requiring the Company to develop its own assumptions. The assumptions used to calculate the valuations as of January 1, 2019 and October 30, 2023 are as follows: Tranches 1-2 Tranche 3 January 1, 2019 October 30, 2023 Risk-free interest rate 2.63% 4.73% Volatility 95.00% 75.00% Expected average term (years) 8.55 3.72 Exercise price $2.12 $6.28 Stock price $1.24 $5.70

Revenue

Revenue	12 Months Ended
Revenue	Dec. 31, 2023
Revenue
Revenue	18. Revenue Disaggregation of revenue The following table provides information about disaggregation of revenue (in thousands): Major products/services lines Year ended December 31, 2023 2022 2021 Sales of fuel cell systems $ 181,168 $ 207,691 $ 225,229 Sales of hydrogen infrastructure 183,606 141,528 135,055 Sales of electrolyzers 82,611 28,463 16,667 Sales of engineered equipment 32,361 93,489 7,571 Services performed on fuel cell systems and related infrastructure 39,093 35,280 26,706 Power purchase agreements 63,731 47,183 35,153 Fuel delivered to customers and related equipment 66,246 57,196 46,917 Sales of cryogenic equipment and other 231,687 87,761 8,255 Other 10,837 2,849 789 Net revenue $ 891,340 $ 701,440 $ 502,342 Contract balances The following table provides information about receivables, contract assets, and contract liabilities from contracts with customers (in thousands): December 31, December 31, 2023 2022 Accounts receivable $ 243,811 $ 129,450 Contract assets 155,989 104,287 Deferred revenue and contract liabilities 288,302 229,898 Contract assets relate to contracts for which revenue is recognized on a straight-line basis, however billings escalate over the life of a contract. Contract assets also include amounts recognized as revenue in advance of billings to customers, which are dependent upon the satisfaction of another performance obligation. These amounts are included in contract assets on the consolidated balance sheet. The deferred revenue and contract liabilities relate to the advance consideration received from customers for services that will be recognized over time (primarily fuel cell and related infrastructure services and electrolyzer systems and solutions). Deferred revenue and contract liabilities also include advance consideration received from customers prior to delivery of products. These amounts are included within deferred revenue and other contract liabilities on the consolidated balance sheet. Significant changes in the contract assets and the contract liabilities balances during the period are as follows (in thousands): Contract assets December 31, 2023 December 31, 2022 Transferred to receivables from contract assets recognized at the beginning of the period $ (94,860) $ (33,394) Change in contract assets related to warrants 14,260 26,455 Impairment (2,375) — Revenue recognized and not billed as of the end of the period 134,677 72,469 Net change in contract assets $ 51,702 $ 65,530 Deferred revenue and contract liabilities December 31, 2023 December 31, 2022 Increases due to customer billings, net of amounts recognized as revenue during the period $ 151,965 $ 200,347 Change in contract liabilities related to warrants 440 — Contract liabilities assumed as part of acquisitions — 10,011 Revenue recognized that was included in the contract liability balance as of the beginning of the period (94,001) (163,550) Net change in deferred revenue and contract liabilities $ 58,404 $ 46,808 Estimated future revenue The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period, including provision for common stock warrants (in thousands): December 31, Expected recognition 2023 period (years) Sales of fuel cell systems $ 64,954 1 - 2 Sales of hydrogen installations and other infrastructure 22,860 1 Sales of electrolyzers 301,323 1 - 2 Sales of engineered equipment 19,876 1 Services performed on fuel cell systems and related infrastructure 123,080 5 - 10 Power purchase agreements 435,967 5 - 10 Fuel delivered to customers and related equipment 95,444 5 - 10 Sales of cryogenic equipment and other 87,927 1 Total estimated future revenue $ 1,151,431

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2023
Employee Benefit Plans
Employee Benefit Plans	19. Employee Benefit Plans 2011 and 2021 Stock Option and Incentive Plan On May 12, 2011, the Company’s stockholders approved the 2011 Stock Option and Incentive Plan (the “2011 Plan”). The 2011 Plan provided for the issuance of up to a maximum number of shares of common stock equal to the sum of (i) 1,000,000, plus (ii) the number of shares of common stock underlying any grants pursuant to the 2011 Plan or the Plug Power Inc. 1999 Stock Option and Incentive Plan that are forfeited, canceled, repurchased or are terminated (other than by exercise). The shares were issued pursuant to stock options, stock appreciation rights, restricted stock awards and certain other equity-based awards granted to employees, directors and consultants of the Company. No further grants may be made under the 2011 Plan after May 12, 2021. In July 2021, the 2021 Stock Option Incentive Plan (the “2021 Plan”) was approved by the Company’s stockholders. The 2021 Plan provides for the issuance of up to a maximum number of shares of common stock equal to the sum of (i) 22,500,000 shares, plus the 473,491 shares remaining under the 2011 Plan as of the effective date of that the 2021 Plan, plus (iii) shares underlying any awards under the 2021 Plan and the 2011 Plan that are forfeited, canceled, cash-settled or otherwise terminated, other than by exercise. In June 2023, the Company’s stockholders approved an increase in the number of shares of the Company’s common stock authorized for issuance under the 2021 Plan to 51,400,000. Stock-based compensation costs recognized, excluding the Company’s matching contributions of $12.1 million to the Plug Power Inc. 401(k) Savings & Retirement Plan and quarterly Board compensation, were approximately $150.0 million, $169.8 million and $72.4 million for the years ended December 31, 2023, 2022, and 2021, respectively, in connection with the 2011 and 2021 Plans. The components and classification of stock-based compensation expense, excluding the Company’s matching contributions to the Plug Power Inc. 401(k) Savings & Retirement Plan and quarterly Board compensation, were as follows (in thousands): Year ended December 31, 2023 2022 2021 Cost of sales $ 11,079 $ 7,259 $ 1,965 Research and development 9,532 6,369 5,983 Selling, general and administrative 129,387 156,127 64,443 $ 149,998 $ 169,755 $ 72,391 Option Awards The Company issues options that become exercisable based on time and/or market conditions and are classified as equity awards. Service Stock Options Awards To date, service-based stock option awards (“Service Stock Options”) granted under the 2011 and 2021 Plans have vesting provisions ranging from one December 31, December 31, December 31, 2023 2022 2021 Expected term of options (years) 5 5 3 5 Risk free interest rate 3.40% - 4.69% 1.26% - 4.34% 0.61% - 1.23% Volatility 80.02% - 92.55% 73.38% - 85.97% 72.46% - 76.60% There was no expected dividend yield for the Service Stock Options granted. The estimated stock price volatility is derived from the Company’s actual historic stock prices over the expected term, which represents the Company’s best estimate of expected volatility. The following table reflects the Service Stock Option activity for the year ended December 31, 2023: Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Terms Value Options outstanding at December 31, 2022 12,078,269 $ 14.34 7.57 $ 42,835 Options exercisable at December 31, 2022 6,661,969 8.41 6.40 42,182 Options unvested at December 31, 2022 5,416,300 21.63 9.01 653 Granted 6,849,689 7.08 — — Exercised (716,581) 2.25 — — Forfeited (875,015) 26.27 — — Options outstanding at December 31, 2023 17,336,362 $ 11.37 7.86 $ 11,391 Options exercisable at December 31, 2023 8,288,944 11.84 6.18 7,250 Options unvested at December 31, 2023 9,047,418 $ 10.94 9.39 $ 4,141 The weighted average grant-date fair value of the Service Stock Options granted during for the years ended December 31, 2023, 2022 and 2021 was $4.88, $13.39, and $19.80 per share, respectively. The total intrinsic fair value of Service Stock Options exercised during the years ended December 31, 2023, 2022, and 2021, was approximately $5.3 million, $15.1 million, and $115.5 million. The total fair value of Service Stock Options vested during the years ended December 31, 2023, 2022, and 2021 was $33.1 million, $22.6 million, and $11.0 million, respectively. Compensation cost associated with Service Stock Options represented approximately $31.5 million, $27.5 million, and $17.4 million of the total share-based payment expense recorded for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, there was approximately $53.1 million and $59.8 million of unrecognized compensation cost related to Service Stock Options to be recognized over a weighted average remaining period of 2.10 years. Performance Stock Option Awards The Company grants performance-based stock options awards (“Performance Stock Options”) under the 2021 plan to the Chief Executive Officer and certain other executive officers. These Performance Stock Options are subject to both performance-based conditions, tied to the achievement of stock price hurdles, and time-based vesting; therefore, a Monte Carlo Simulation was utilized to determine the grant-date fair value with the associated expense recognized over the requisite service period. Up to one 30 The Company granted 6,405,000 performance-based options in May 2023. Options that meet the performance-based conditions will vest 1 Failure to achieve any of the stock price hurdles applicable to a Performance Stock Option during the three-year performance period will result in the applicable options not becoming exercisable. The Performance Stock Options have a maximum term of seven years from the grant date. Key inputs and assumptions used to estimate the fair value of Performance Stock Options include the grant price of the awards, the expected option term, VWAP hurdle rates, volatility of the Company’s stock, an appropriate risk-free rate, and the Company’s dividend yield. Estimates of fair value are not intended to predict actual future events or the value ultimately realized by employees who receive equity awards, and subsequent events are not indicative of the reasonableness of the original estimates of fair value made by the Company. The following table presents key assumptions used to estimate the fair value of the Performance Stock Option awards granted in 2023, 2022 and 2021: December 31, December 31, December 31, 2023 2022 2021 Remaining VWAP performance period (years) 3 3 3 Risk- free interest rate 3.60% 3.10% 1.12% Expected volatility 75.00% 75.00% 70.00% Closing stock price on grant date $ 7.87 $ 26.38 $ 26.92 For the 2022 and 2021 Performance Stock Option awards, the expected term was determined based on term features within the grants that decreases the overall grant pool if options are exercised early ( 0 The following table reflects the Performance Stock Option activity for the year ended December 31, 2023. Solely for the purposes of this table, the number of shares is based on participants earning the maximum number of shares underlying the Performance Stock Options (i.e., 200% of the target number of shares). Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Terms Value Options outstanding at December 31, 2022 15,520,000 $ 26.87 5.81 $ — Options exercisable at December 31, 2022 1,391,000 26.9 5.7 — Options unvested at December 31, 2022 14,129,000 26.86 5.82 — Granted 6,405,000 7.87 6.38 — Exercised — — — — Forfeited — — — — Options outstanding at December 31, 2023 21,925,000 $ 21.32 5.27 $ — Options exercisable at December 31, 2023 2,782,000 26.92 4.73 — Options unvested at December 31, 2023 19,143,000 $ 20.50 5.35 $ — The weighted average grant-date fair value of Performance Stock Options granted during the years ended December 31, 2023, 2022 and 2021 was $4.32, $9.73 and $12.70, respectively. There were no Performance Stock Options exercised during the years ended December 31, 2023, 2022 and 2021. The total fair value of the performance stock options that vested during the years ended December 31, 2023, 2022 and 2021 was $20.8 million, $20.8 million and $0, respectively. As of December 31, 2023, there were 5,661,000 unvested shares underlying Performance Stock Options for which the employee requisite service period has not been rendered but are expected to vest. The aggregate intrinsic value of these unvested Performance Stock Options was $0 as of December 31, 2023. The weighted average remaining contractual term of these unvested Performance Stock Options was 5.97 years as of December 31, 2023. Compensation cost associated with Performance Stock Options represented approximately $64.0 million, $95.7 million and $27.8 million of the total share-based payment expense recorded for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023, there was approximately $34.2 million of unrecognized compensation cost related to Performance Stock Options to be recognized over a weighted average remaining period of 1.55 years. Restricted Common Stock and Restricted Stock Unit Awards Restricted common stock and restricted stock unit awards generally vest in equal installments over a period of one A summary of restricted common stock and restricted stock unit activity for the year ended December 31, 2023 is as follows (in thousands except share amounts): Weighted Aggregate Average Grant Date Intrinsic Shares Fair Value Value Unvested restricted stock at December 31, 2022 6,276,376 $ 21.56 $ 77,639 Granted 4,131,193 11.55 — Vested (2,851,637) 20.40 — Forfeited (823,048) 23.60 — Unvested restricted stock at December 31, 2023 6,732,884 $ 15.66 $ 30,298 The weighted average grant-date fair value of the restricted common stock and restricted stock unit awards granted during the years ended December 31, 2023, 2022, and 2021, was $11.55, $20.28, and $32.35, respectively. The total fair value of restricted common stock and restricted stock unit awards that vested for the years ended December 31, 2023, 2022, and 2021 was $58.2 million, $36.7 million, and $76.0 million, respectively. The Company recorded expense associated with its restricted common stock and restricted stock unit awards of approximately $54.5 million, $46.5 million, and $27.2 million, for the years ended December 31, 2023, 2022, and 2021, respectively. Additionally, for the years ended December 31, 2023, 2022, and 2021, there was $84.1 million, $110.3 million, and $74.5 million, respectively, of unrecognized compensation cost related to restricted common stock and restricted stock unit awards to be recognized over a weighted average remaining period of 1.99 years. Included in the total unvested restricted common stock and restricted stock units as of December 31, 2023, there were 375,000 restricted common stock units outstanding with a performance target. The Company recorded expense associated with the restricted common stock units with a performance target of $1.1 million for the year ended December 31, 2023. Additionally, as of December 31, 2023 there was $3.1 million of unrecognized compensation cost related to the restricted common stock units outstanding with a performance target to be recognized over the weighted average period of 2.58 years. 401(k) Savings & Retirement Plan The Company offers a 401(k) Savings & Retirement Plan to eligible employees meeting certain age and service requirements. This plan permits participants to contribute 100% of their salary, up to the maximum allowable by the Internal Revenue Service regulations. Participants are immediately vested in their voluntary contributions plus actual earnings or less actual losses thereon. Participants are vested in the Company’s matching contribution based on years of service completed. Participants are fully vested upon completion of three years of service. During 2018, the Company began funding its matching contribution in a combination of cash and common stock. The Company issued 1,473,662 shares of common stock, 442,056 shares of common stock, and 90,580 shares of common stock pursuant to the Plug Power Inc. 401(k) Savings & Retirement Plan during the years ended December 31, 2023, 2022, and 2021, respectively. The Company’s expense for this plan was approximately $12.1 million, $9.2 million, and $4.3 million for the years ended December 31, 2023, 2022, and 2021, respectively. Non-Employee Director Compensation Each non-employee director is paid an annual retainer for his or her service, in the form of either cash or stock compensation. This annual retainer is paid in four quarterly installments. The Company granted 59,323, 21,886, and 12,258 shares of common stock to non-employee directors as compensation for the years ended December 31, 2023, 2022 and 2021, respectively. All common stock issued related to this annual retainer that is paid quarterly, is fully vested at the time of issuance and is valued at fair value on the date of issuance. The Company’s share-based compensation expense in connection with non-employee director quarterly compensation was approximately $452 thousand, $390 thousand and $372 thousand for the years ended December 31, 2023, 2022, and 2021, respectively.

Income Taxes

Income Taxes	12 Months Ended
Income Taxes	Dec. 31, 2023
Income Taxes
Income Taxes	20. Income Taxes The components of loss before income taxes and the income tax (expense) benefit for the years ended December 31, 2023, 2022, and 2021, by jurisdiction, are as follows (in thousands): 2023 2022 2021 U.S. Foreign Total U.S. Foreign Total U.S. Foreign Total Loss before income taxes $ (1,211,796) $ (164,401) $ (1,376,197) $ (697,342) $ (25,827) $ (723,169) $ (466,825) $ (9,337) $ (476,162) Income tax (expense) benefit 29 7,335 7,364 868 (1,707) (839) 16,540 (343) 16,197 Net loss $ (1,211,767) $ (157,066) $ (1,368,833) $ (696,474) $ (27,534) $ (724,008) $ (450,285) $ (9,680) $ (459,965) The significant components of current and deferred income tax expense (benefit) for the years ended December 31, 2023, 2022, and 2021, by jurisdiction, are as follows (in thousands): 2023 2022 2021 U.S. Foreign Total U.S. Foreign Total U.S. Foreign Total Current income tax (benefit) expense $ — $ 1,170 $ 1,170 $ — $ 668 $ 668 $ — $ — $ — Deferred tax (benefit) expense (100,754) (2,618) (103,372) (42,705) 6,968 (35,737) (51,999) 1,064 (50,935) Net operating loss carryforward generated (146,174) (17,653) (163,827) (92,030) 4,332 (87,698) (105,498) (2,038) (107,536) Valuation allowance increase (decrease) 246,899 11,766 258,665 133,867 (10,261) 123,606 140,957 1,317 142,274 Expense (benefit) for income taxes $ (29) (7,335) $ (7,364) $ (868) $ 1,707 $ 839 $ (16,540) $ 343 $ (16,197) The Company’s effective income tax rate differed from the federal statutory rate as follows: 2023 2022 2021 U.S. Federal statutory tax rate (21.0) % (21.0) % (21.0) % Deferred state taxes 0.0 % 0.0 % (0.6) % Common stock warrant liability 0.0 % 0.0 % (6.0) % Section 162M Disallowance 0.7 % 1.9 % 1.1 % Equity Compensation 0.4 % (0.7) % (4.3) % Provision to return and deferred tax asset adjustments (2.1) % 4.6 % (1.3) % Change in U.S. Federal/Foreign statutory tax rate (0.1) % 0.0 % 0.3 % Other, net 0.6 % 0.6 % (1.5) % Impairment of goodwill 3.3 % 0.0 % 0.0 % Change in valuation allowance 17.7 % 14.8 % 29.9 % (0.5) % 0.1 % (3.4) % Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of certain assets and liabilities for financial reporting and the amounts used for income tax purposes. The Company has recorded a net deferred tax liability in other non-current liabilities, at December 31, 2023 and 2022 of approximately $3.2 million and $11.5 million, respectively. Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2023 and 2022 are as follows (in thousands): U.S. Foreign Total 2023 2022 2023 2022 2023 2022 Deferred revenue 39,241 33,172 142 137 39,383 33,309 Interest expense 28,126 31,368 — — 28,126 31,368 Other reserves and accruals 57,265 26,591 337 287 57,602 26,878 Tax credit carryforwards 20,794 14,949 — — 20,794 14,949 Amortization of stock-based compensation 44,023 30,217 — — 44,023 30,217 Non-compensatory warrants 2,950 6,268 — — 2,950 6,268 Capitalized research & development expenditures 82,374 60,588 — — 82,374 60,588 Right of use liability (operating leases) 41,960 32,616 — 259 41,960 32,875 Capital loss carryforwards 1,763 — — — 1,763 — Net operating loss carryforwards 443,964 297,790 25,373 7,720 469,337 305,510 Total deferred tax asset 762,460 533,559 25,852 8,403 788,312 541,962 Valuation allowance (676,190) (429,291) (19,949) (8,183) (696,139) (437,474) Net deferred tax assets $ 86,270 $ 104,268 $ 5,903 $ 220 $ 92,173 $ 104,488 Intangible assets (27,749) (29,731) (9,088) (9,938) (36,837) (39,669) Convertible debt — (26,989) — — — (26,989) Right of use asset (operating leases) (50,632) (40,194) — (260) (50,632) (40,454) Property, plant and equipment and right of use assets (7,889) (7,383) — (1,500) (7,889) (8,883) Deferred tax liability $ (86,270) $ (104,297) $ (9,088) $ (11,699) $ (95,358) $ (115,996) Net $ — $ (29) $ (3,185) $ (11,479) $ (3,185) $ (11,508) The Company has recorded a valuation allowance, as a result of uncertainties related to the realization of its net deferred tax asset, at December 31, 2023 and 2022 of approximately $696.1 million and $437.5 million, respectively. A reconciliation of the current year change in valuation allowance is as follows (in thousands): U.S. Foreign Total Increase in valuation allowance for current year increase in net operating losses $ 177,299 11,496 $ 188,795 Increase in valuation allowance for current year net increase in deferred tax assets other than net operating losses 69,600 — 69,600 Increase in valuation allowance due to change in tax rates — 270 270 Net increase in valuation allowance $ 246,899 $ 11,766 $ 258,665 The Company has not changed its overall conclusion with respect to the need for a valuation allowance against its net deferred tax assets in the U.S., which remain fully reserved. With the exception of the Company’s Netherlands subsidiary, all deferred tax assets are offset by a full valuation allowance because it is more likely than not that the tax benefits of the net operating loss carryforwards and other deferred tax assets will not be realized. The Company’s Netherlands subsidiary has established a valuation allowance on its deferred tax assets that will not be realized. There are $8.2 million of DTAs recorded in the Netherlands, of which $6.5 million do not require a reserve, as the Netherlands entity has approximately $9.7 million of DTLs that provide a sufficient source of income to support realization of a portion of its DTAs. Under Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”), the use of loss carryforwards may be limited if a change in ownership of a company occurs. If it is determined that due to transactions involving the Company’s shares owned by its 5 percent or greater stockholders a change of ownership has occurred under the provisions of Section 382 of the Code, the Company’s federal and state NOL carryforwards could be subject to significant Section 382 limitations. The Company’s deferred tax assets include $2.2 billion of U.S. net operating loss carryforwards. The NOL carryforwards available at December 31, 2023, include $2.0 billion of NOL that was generated in 2018 through 2023, that do not expire. The remainder, if unused, will expire at various dates from 2034 through 2037. Based on analysis of stock transactions, an ownership change as defined under Section 382 of the Code occurred in 2013, which imposes a $13.5 million limit on the utilization of pre-change losses that can be used to offset taxable income in future years. The pre-change NOL carryforwards will expire, if unused, at various dates from 2024 through 2033. The Company continuously analyzes stock transactions and has determined that no ownership changes have occurred since 2013 that would further limit the utilization of NOLs. Therefore, NOLs of $2.2 billion incurred in post-change years are not subject to limitation. Approximately $20.7 million of research credit carryforwards generated after the most recent IRC Section 382 ownership change are included in the Company’s deferred tax assets. Due to limitations under IRC Section 382, research credit carryforwards existing prior to the most recent IRC Section 382 ownership change will not be used and are not reflected in the Company’s gross deferred tax asset at December 31, 2023. The remaining credit carryforwards will expire during the periods 2033 through 2042. At December 31, 2023, the Company has unused Canadian net operating loss carryforwards of approximately $2.4 million. The net operating loss carryforwards if unused will expire at various dates between 2041 through 2043. At December 31, 2023, the Company has no remaining Scientific Research and Experimental Development (“SR&ED”) expenditures or ITC credit carryforwards. At December 31, 2023, the Company has unused French net operating loss carryforwards of approximately $67.8 million. The net operating loss may carry forward indefinitely or until the Company changes its activity. At December 31, 2023, the Company has unused Netherlands net operating loss carryforwards of approximately $31.1 million. The net operating loss may carry forward indefinitely or until the Company changes its activity. As of December 31, 2023, the Company has no un-repatriated foreign earnings or unrecognized tax benefits. The Inflation Reduction Act of 2022 (“IRA”) was signed into law on August 16, 2022. Key provisions under the IRA include a 15% corporate alternative minimum tax imposed on certain large corporations and the extension and expansion of clean energy tax incentives. The 15% corporate alternative minimum tax is not expected to affect the Company in the near future. The Company is in the process of evaluating the impact of the clean energy tax incentives on its businesses and is awaiting U.S. Department of the Treasury and Internal Revenue Service guidance. The Company files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. In the normal course of business, the Company is subject to examination by taxing authorities. Open tax years in the U.S. range from 2020 and forward. Open tax years in the foreign jurisdictions range from 2013 and forward. However, upon examination in subsequent years, if net operating losses carryforwards and tax credit carryforwards are utilized, the US and foreign jurisdictions can reduce net operating loss carryforwards and tax credit carryforwards utilized in the year being examined if they do not agree with the carryforward amount. As of December 31, 2023, the Company was not under audit in the U.S. or non-U.S. taxing jurisdictions. The Tax Cuts and Jobs Act of 2017 requires taxpayers to capitalize and amortize research and development costs pursuant to Internal Revenue Code (“IRC”) Section 174. The requirement was effective for the Company beginning after December 31, 2021. As of December 31, 2023, we recorded a deferred tax asset of approximately $39.5 million due to Section 174 capitalization. We note that the Company is currently in a full valuation allowance as it relates to the U.S. taxing jurisdiction as a result there is no impact to cash taxes payable.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2023
Commitments and Contingencies
Commitments and Contingencies	21. Commitments and Contingencies Restricted Cash In connection with certain of the above noted sale/leaseback agreements, cash of $573.5 million and $383.7 million, respectively, was required to be restricted as security as of December 31, 2023 and 2022, which will be released over the lease term. As of December 31, 2023 and 2022, the Company also had certain letters of credit backed by security deposits totaling $370.7 million and $379.6 million, respectively, of which $340.0 million and $354.0 million are security for the above noted sale/leaseback agreements, respectively, and $30.7 million and $25.6 million are customs related letters of credit, respectively. As of December 31, 2023 and 2022, the Company had $76.8 million and $75.5 million, respectively, held in escrow related to the construction of certain hydrogen plants. The Company also had $1.2 million and $0.2 million of consideration held by our paying agent in connection with the Joule and CIS acquisitions, respectively, reported as restricted cash as of December 31, 2023, with a corresponding accrued liability on the Company’s consolidated balance sheet. Additionally, the Company had $11.7 million and $10.8 million in restricted cash as collateral resulting from the Frames acquisition as of December 31, 2023 and 2022, respectively. Litigation Legal matters are defended and handled in the ordinary course of business. Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. The Company has not recorded any accruals related to any legal matters. Concentrations of credit risk Financial instruments that potentially subject the Company to credit risk consist principally of cash, cash equivalents, restricted cash, accounts receivable and marketable securities. Cash and restricted cash are maintained in accounts with financial institutions which, at times, may exceed the Federal depository insurance coverage of $250 thousand. The Company has not experienced losses on these accounts and management believes, based upon the quality of the financial institutions, that the credit risk with regard to these deposits is not significant. The Company’s available-for-sale securities consists primarily of investments in U.S. Treasury securities and short-term high credit quality corporate debt securities. Equity securities are comprised of fixed income and equity market index mutual funds. As of December 31, 2023, the Company has no cash equivalents, available-for-sale securities or equity securities. Concentrations of credit risk with respect to receivables exist due to the limited number of select customers with whom the Company has initial commercial sales arrangements. To mitigate credit risk, the Company performs appropriate evaluation of a prospective customer’s financial condition. At December 31, 2023, one customer comprised approximately 21.5% of the total accounts receivable balance. At December 31, 2022, one customer comprised approximately 24.9% of the total accounts receivable balance. For purposes of assigning a customer to a sale/leaseback transaction completed with a financial institution, the Company considers the end user of the assets to be the ultimate customer. For the year ended December 31, 2023, two customers accounted for 34.3% of total consolidated revenues. For the year ended December 31, 2022, three customers accounted for 51.2% of total consolidated revenues. Guarantee On May 30, 2023, our joint venture, HyVia, entered into a government grant agreement with Bpifrance. As part of the agreement, our wholly-owned subsidiary, Plug Power France, was required to issue a guarantee to Bpifrance in the amount of €20 million through the end of January 2027. Plug Power France is liable to the extent of the guarantee for sums due to Bpifrance from HyVia under the agreement based on the difference between the total amount paid by Bpifrance and the final amount certified by HyVia and Bpifrance. As part of the agreement, there are certain milestones that HyVia is required to meet, and the nonperformance of these milestones or termination of this agreement could result in this guarantee being called upon. As of December 31, 2023, no payments related to this guarantee have been made by the Company and Plug Power France did not record a liability for this guarantee as the likelihood of the guarantee being called upon is remote as of December 31, 2023. Unconditional purchase obligations The Company has entered into certain off–balance sheet commitments that require the future purchase of goods or services (“unconditional purchase obligations”). The Company’s unconditional purchase obligations primarily consist of supplier arrangements, take or pay contracts and service agreements. For certain vendors, the Company’s unconditional obligation to purchase a minimum quantity of raw materials at an agreed upon price is fixed and determinable; while certain other raw material costs will vary due to product forecasting and future economic conditions. Future payments under non-cancelable unconditional purchase obligations with a remaining term in excess of one year as of December 31, 2023, were as follows (in thousands): 2024 $ 42,125 2025 8,023 2026 8,023 2027 2,638 2028 — 2029 and thereafter — Total 60,809

Segment and Geographic Area Rep

Segment and Geographic Area Reporting	12 Months Ended
Segment and Geographic Area Reporting	Dec. 31, 2023
Segment and Geographic Area Reporting
Segment and Geographic Area Reporting	22. Segment and Geographic Area Reporting Our organization is managed from a sales perspective based on “go-to-market” sales channels, emphasizing shared learning across end-user applications and common supplier/vendor relationships. These sales channels are structured to serve a range of customers for our products and services. As a result of this structure, we concluded that we have one operating and reportable The revenue and long-lived assets based on geographic location are as follows (in thousands): Revenues Long-Lived Assets Year ended December 31, As of December 31, 2023 2022 2021 2023 2022 North America $ 751,421 $ 579,218 $ 476,246 $ 1,881,315 $ 1,209,900 Europe 112,892 46,033 20,814 122,489 13,215 Asia 13,937 50,498 718 — — Other 13,090 25,691 4,564 884 — Total $ 891,340 $ 701,440 $ 502,342 $ 2,004,688 $ 1,223,115

Related Party Transactions

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2023
Related Party Transactions
Related Party Transactions	23. Related Party Transactions HyVia Our 50/50 joint venture, HyVia, manufactures and sells fuel cell powered electric light commercial vehicles (“FCE-LCVs”) and supplies hydrogen fuel and fueling stations to support the FCE-LCV market, in each case primarily in Europe. For the years ended December 31, 2023 and 2022, we recognized related party total revenue of $13.9 million and $5.2 million, respectively. For the years ended December 31, 2023 and 2022, we had related party outstanding accounts receivable of $2.3 million and $3.4 million, respectively.

Subsequent Events

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2023
Subsequent Events
Subsequent Events	24. Subsequent Events Common Stock At Market Issuance Sales Agreement On January 17, 2024, the Company entered into the Original ATM Agreement with 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 Original ATM Agreement. On February 23, 2024, the Company and B. Riley entered into the Amendment to increase the aggregate offering price of shares of the Company’s common stock available for future issuance under the Original ATM Agreement to $1.0 billion. Under the ATM Agreement, for a period of 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 and up to $55.0 million of shares in any calendar week. 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. Through the date of filing of the Annual Report on Form 10-K, the Company issued 77,417,069 shares of common stock at a weighted-average sales price of $3.90 per share for gross proceeds of $302.1 million.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2023
Summary of Significant Accounting Policies
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. In addition, we include our share of the results of our joint ventures HyVia, AccionaPlug S.L. and SK Plug Hyverse, and our investment in Clean H2 Infra Fund, using the equity method based on our economic ownership interest and our ability to exercise significant influence over the operating and financial decisions of HyVia, AccionaPlug S.L., SK Plug Hyverse and Clean H2 Infra Fund.
Use of Estimates	Use of Estimates The consolidated financial statements of the Company have been prepared in conformity with U.S. generally accepted accounting principles, which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis, we evaluate our estimates and judgments, including but not limited to those related to revenue recognition, valuation of inventories, goodwill and intangible assets, valuation of long-lived assets, accrual for service loss contracts, operating and finance leases, allowance for doubtful accounts receivable, unbilled revenue, common stock warrants, stock-based compensation, income taxes, and contingencies. We base our estimates and judgments on historical experience and on various other factors and assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about (1) the carrying values of assets and liabilities and (2) the amount of revenue and expenses realized that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.
Leases	Leases The Company is a lessee in noncancelable (1) operating leases, primarily related to sale/leaseback transactions with financial institutions for deployment of the Company’s products at certain customer sites, and (2) finance leases. The Company accounts for leases in accordance with Accounting Standards Codification (ASC) Topic 842, Leases The Company determines if an arrangement is or contains a lease at contract inception. The Company recognizes a right of use asset and a lease liability at the lease commencement date. For operating leases, the lease liability is initially measured at the present value of the unpaid lease payments at the lease commencement date. For finance leases, the lease liability is initially measured in the same manner and date as for operating leases and is subsequently measured at amortized cost using the effective interest method. Key estimates and judgments include how the Company determines (1) the discount rate it uses to discount the unpaid lease payments to present value, (2) the lease term, and (3) the lease payments. ● ASC Topic 842 requires a lessee to discount its future lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. Generally, the Company cannot determine the interest rate implicit in its lease because it does not have access to the lessor’s estimated residual value or the amount of the lessor’s deferred initial direct costs. Therefore, the Company generally uses its incremental borrowing rate to estimate the discount rate for each lease. The Company’s incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. Adjustments that considered the Company’s actual borrowing rate, inclusive of securitization, as well as borrowing rates for companies of similar credit quality, were applied in the determination of the incremental borrowing rate. ● The lease term for all of the Company’s leases includes the noncancelable period of the lease, plus any additional periods covered by either a Company option to extend (or not to terminate) the lease that the Company is reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor. ● Lease payments included in the measurement of the lease liability comprise fixed payments, and for certain finance leases, the exercise price of a Company option to purchase the underlying asset if the Company is reasonably certain at lease commencement to exercise the option. The right of use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. For operating leases, the right of use asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term. For finance leases, the right of use asset is subsequently amortized using the straight-line method from the lease commencement date to the earlier of the end of the useful life of the underlying asset or the end of the lease term unless the lease transfers ownership of the underlying asset to the Company or the Company is reasonably certain to exercise an option to purchase the underlying asset. In those cases, the right of use asset is amortized over the useful life of the underlying asset. Amortization of the right of use asset is recognized and presented separately from interest expense on the lease liability. The Company’s leases do not contain variable lease payments. Right of use assets for operating and finance leases are periodically reviewed for impairment losses. The Company uses the long-lived assets impairment guidance in ASC Subtopic 360-10, Property, Plant and Equipment — Overall The Company monitors for events or changes in circumstances that require a reassessment of its leases. When a reassessment results in the remeasurement of a lease liability, a corresponding adjustment is made to the carrying amount of the corresponding right of use asset. Operating and finance lease right of use assets are presented separately on the Company’s consolidated balance sheets. The current portions of operating and finance lease liabilities are also presented separately within current liabilities and the long-term portions are presented separately within noncurrent liabilities on the consolidated balance sheets. The Company has elected not to recognize right of use assets and lease liabilities for short-term leases that have a lease term of 12 months or less. The Company recognizes the lease payments associated with its short-term leases as an expense on a straight-line basis over the lease term.
Revenue Recognition	Revenue Recognition The Company enters into contracts that may contain one or a combination of fuel cell systems and infrastructure, installation, maintenance, spare parts, fuel delivery and other support services. Contracts containing fuel cell systems and related infrastructure may be sold directly to customers or provided to customers under a PPA. The Company also enters into contracts that contain electrolyzer stacks, systems, maintenance, and other support services. Furthermore, the Company enters into contracts related to the sales of cryogenic equipment, liquefaction systems and engineered equipment. The Company does not include a right of return on its products other than rights related to standard warranty provisions that permit repair or replacement of defective goods. The Company accrues for anticipated standard warranty costs at the same time that revenue is recognized for the related product, or when circumstances indicate that warranty costs will be incurred, as applicable. Any prepaid amounts would only be refunded to the extent services have not been provided or the fuel cell systems or infrastructure have not been delivered . Revenue is measured based on the transaction price specified in a contract with a customer, subject to the allocation of the transaction price to distinct performance obligations as discussed below. The Company recognizes revenue when it satisfies a performance obligation by transferring a product or service to a customer. Promises to the customer are separated into performance obligations and are accounted for separately if they are (1) capable of being distinct and (2) distinct in the context of the contract. The Company considers a performance obligation to be distinct if the customer can benefit from the good or service either on its own or together with other resources readily available to the customer and the Company’s promise to transfer the goods or service to the customer is separately identifiable from other promises in the contract. The Company allocates revenue to each distinct performance obligation based on relative standalone selling prices. Payment terms for sales of fuel cells, infrastructure, and service to customers are typically 30 to 90 days from shipment of the goods. Payment terms on electrolyzer systems are typically based on achievement of milestones over the term of the contract with the customer. Sale/leaseback transactions with financial institutions are invoiced and collected upon transaction closing. Service is prepaid upfront in a majority of the arrangements. The Company does not adjust the transaction price for a significant financing component when the performance obligation is expected to be fulfilled within a year. The Company has issued to each of Amazon.com NV Investment Holdings LLC and Walmart warrants to purchase shares of the Company’s common stock. The Company presents the provision for common stock warrants within each revenue-related line item on the consolidated statements of operations. This presentation reflects the discount that those common stock warrants represent, and therefore revenue is net of these non-cash charges. The provision of common stock warrants is allocated to the relevant revenue-related line items based upon the expected mix of the revenue for each respective contract. See Note 17, “Warrant Transaction Agreements”, for more details. Nature of goods and services The following is a description of principal activities from which the Company generates its revenue. (b) Sales of equipment, related infrastructure and other (j) Revenue from sales of fuel cell systems, related infrastructure, and equipment represents sales of our GenDrive units, GenSure stationary backup power units, as well as hydrogen fueling infrastructure. The Company uses a variety of information sources in determining standalone selling prices for fuel cells systems and the related infrastructure. For GenDrive fuel cells, given the nascent nature of the Company’s market, the Company considers several inputs, including prices from a limited number of standalone sales as well as the Company’s negotiations with customers. The Company also considers its costs to produce fuel cells as well as comparable list prices in estimating standalone selling prices. The Company uses applicable observable evidence from similar products in the market to determine standalone selling prices for GenSure stationary backup power units and hydrogen fueling infrastructure. The determination of standalone selling prices of the Company’s performance obligations requires significant judgment, including periodic assessment of pricing approaches and available observable evidence in the market. Once relative standalone selling prices are determined, the Company proportionately allocates the transaction price to each performance obligation within the customer arrangement based upon standalone selling price. The allocated transaction price related to fuel cell systems and spare parts is recognized as revenue at a point in time which usually occurs upon delivery (and occasionally at time of shipment). Revenue on hydrogen infrastructure installations is generally recognized at the point at which transfer of control passes to the customer, which usually occurs upon customer acceptance of the hydrogen infrastructure. The Company uses an input method to determine the amount of revenue to recognize during each reporting period when such revenue is recognized over time, based on the costs incurred to satisfy the performance obligation. (ii) Sales of electrolyzer systems and solutions Revenue from sales of electrolyzer systems and solutions represents sales of electrolyzer stacks and systems used to generate hydrogen for various applications including mobility, ammonia production, methanol production, power to gas, and other uses. The Company uses a variety of information sources in determining standalone selling prices for electrolyzer systems solutions. Electrolyzer stacks are typically sold on a standalone basis and the standalone selling price is the contractual price with the customer. The Company uses an adjusted market assessment approach to determine the standalone selling price of electrolyzer systems when sold with extended service or other equipment. This includes considering both standalone selling prices of the systems by the Company and available information on competitor pricing on similar products. The determination of standalone selling prices of the Company’s performance obligations requires judgment, including periodic assessment of pricing approaches and available observable evidence in the market. Once relative standalone selling prices are determined, the Company proportionately allocates the transaction price to each performance obligation within the customer arrangement based upon standalone selling price. Revenue on electrolyzer systems and stacks is generally recognized at the point at which transfer of control passes to the customer, which usually occurs upon title transfer at shipment or delivery to the customer location. In certain instances, control of electrolyzer systems transfers to the customer over time, and the related revenue is recognized over time as the performance obligation is satisfied. We recognize revenue over time when contract performance results in the creation of a product for which we do not have an alternative use and the contract includes an enforceable right to payment in an amount that corresponds directly with the value of the performance completed. In these instances, we use an input measure (cost-to-total cost or percentage-of-completion method) of progress to determine the amount of revenue to recognize during each reporting period based on the costs incurred to satisfy the performance obligation. Payments received from customers are recorded within deferred revenue and customer deposits in the consolidated balance sheets until control is transferred. The related cost of such product and installation is also deferred as a component of deferred cost of revenue in the consolidated balance sheets until control is transferred. (iii) Sales of cryogenic equipment and other Revenue from sales of cryogenic equipment represents sales of liquefaction system and other cryogenic equipment such as trailers and mobile storage equipment for the distribution of liquefied hydrogen, oxygen, argon, nitrogen and other cryogenic gases. The Company uses a variety of information sources in determining standalone selling prices for liquefaction systems and cryogenic equipment. Liquefaction systems are typically sold on a standalone basis and the standalone selling price is the contractual price with the customer. The Company uses an adjusted market assessment approach to determine the standalone selling price of liquefaction systems when sold with other equipment. This includes considering both standalone selling prices of the systems by the Company and available information on competitor pricing on similar products. The determination of standalone selling prices of the Company’s performance obligation requires judgment, including periodic assessment of pricing approaches and available observable evidence in the market. Revenue on liquefaction systems is generally recognized over time. Control transfers to the customer over time, and the related revenue is recognized over time as the performance obligation is satisfied. We recognize revenue over time when contract performance results in the creation of a product for which we don’t not have an alternative use and the contract includes an enforceable right to payment in an amount that corresponds directly with the value of the performance completed. In these instances, we use an input measure of progress to determine the amount of revenue to recognize during each reporting period based on the costs incurred to satisfy the performance obligation. Revenue on cryogenic equipment is generally recognized at the point at which transfer of control passes to the customer, which usually occurs upon title transfer at shipment or delivery to the customer location. Payments received from customers are recorded within deferred revenue and customer deposits in the consolidated balance sheets until control is transferred. The related costs of such product and installation is also deferred as a component of deferred cost of revenue in the consolidated balance sheets until control is transferred. (b) Services performed on fuel cell systems and related infrastructure Revenue from services performed on fuel cell systems and related infrastructure represents revenue earned on our service and maintenance contracts and sales of spare parts. The Company uses an adjusted market assessment approach to determine standalone selling prices for services. This approach considers market conditions and constraints while maximizing the use of available observable inputs obtained from a limited number of historical standalone service renewal prices and negotiations with customers. The transaction price allocated to services as discussed above is generally recognized as revenue over time on a straight-line basis over the expected service period, as customers simultaneously receive and consume the benefits of routine, recurring maintenance performed throughout the contract period. In substantially all of its transactions, the Company sells extended maintenance contracts that generally provide for a five ten-year Extended maintenance contracts generally do not contain customer renewal options. Upon expiration, customers may either negotiate a contract extension or switch to purchasing spare parts and maintaining the fuel cell systems on their own. (c) Power purchase agreements Revenue from PPAs primarily represents payments received from customers who make monthly payments to access the Company’s GenKey solution. Revenue associated with these agreements is recognized on a straight-line basis over the life of the agreements as the customers simultaneously receive and consume the benefits from the Company’s performance of the services. The customers receive services ratably over the contract term. In conjunction with entering into a PPA with a customer, the Company may enter into a separate transaction with third-party financial institutions in which the Company receives proceeds from the sale/leaseback transactions of the equipment and the sale of future service revenue. The proceeds from the financial institution are allocated between the sale of equipment and the sale of future service revenue based on the relative standalone selling prices of equipment and service. The proceeds allocated to the sale of future services are recognized as finance obligations. The proceeds allocated to the sale of the equipment are evaluated to determine if the transaction meets the criteria for sale/leaseback accounting. To meet the sale/leaseback criteria, control of the equipment must transfer to the financial institution, which requires among other criteria the leaseback to meet the criteria for an operating lease and the Company must not have a right to repurchase the equipment (unless specific criteria are met). These transactions typically meet the criteria for sale/leaseback accounting and accordingly, the Company recognizes revenue on the sale of the equipment, and separately recognizes the leaseback obligations. The Company recognizes an operating lease liability for the equipment leaseback obligation based on the present value of the future payments to the financial institutions that are attributed to the equipment leaseback. The discount rate used to determine the lease liability is the Company’s incremental borrowing rate. The Company also records a right of use asset which is amortized over the term of the leaseback. Rental expense is recognized on a straight-line basis over the life of the leaseback and is included as a cost of power purchase agreements revenue on the consolidated statements of operations. Certain of the Company’s transactions with financial institutions do not meet the criteria for sale/leaseback accounting and accordingly, no equipment sale is recognized. All proceeds from these transactions are accounted for as finance obligations. The right of use assets related to these transactions are classified as equipment related to the PPAs and fuel delivered to the customers, net in the consolidated balance sheets. The Company uses its transaction-date incremental borrowing rate as the interest rate for its finance obligations that arise from these transactions. No additional adjustments to the incremental borrowing rate have been deemed necessary for the finance obligations that have resulted from the failed sale/leaseback transactions. In determining whether the sales of fuel cells and other equipment to financial institutions meet the requirements for revenue recognition under sale/leaseback accounting, the Company, as lessee, determines the classification of the lease. The Company estimates certain key inputs to the associated calculations such as: 1) discount rate used to determine the present value of future lease payments, 2) fair value of the fuel cells and equipment, and 3) useful life of the underlying asset(s): ● ASC Topic 842 requires a lessee to discount its future lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. Generally, the Company cannot determine the interest rate implicit in its leases because it does not have access to the lessor’s estimated residual value or the amount of the lessor’s deferred initial direct costs. Therefore, the Company generally uses its incremental borrowing rate to estimate the discount rate for each lease. Adjustments that considered the Company’s actual borrowing rate, inclusive of securitization, as well as borrowing rates for companies of similar credit quality were applied in the determination of the incremental borrowing rate. ● In order for the lease to be classified as an operating lease, the present value of the future lease payments cannot exceed 90% of the fair value of the leased assets. The Company estimates the fair value of the lease assets using the sales prices. ● In order for a lease to be classified as an operating lease, the lease term cannot exceed 75% (major part) of the estimated useful life of the leased asset. The average estimated useful life of the fuel cells is 10 years , and the average estimated useful life of the hydrogen infrastructure is 20 years . These estimated useful lives are compared to the term of each lease to determine the appropriate lease classification. (d) Fuel delivered to customers and related equipment Revenue associated with fuel delivered to customers represents the sale of hydrogen to customers that has been purchased by the Company from a third party or generated at our hydrogen production plant. The stand-alone selling price is not estimated because it is sold separately and therefore directly observable. The Company purchases hydrogen fuel from suppliers in most cases (and sometimes produces hydrogen onsite) and sells to its customers. Revenue and cost of revenue related to this fuel is recorded as dispensed and is included in the respective fuel delivered to customers and related equipment lines on the consolidated statements of operations. (e) Other revenue Other revenue includes payments received for technical services that include engineering services, program management services, procurement services and operations, testing and validation services with HyVia. The scope of these services includes mutually agreed upon services as may be requested from time to time by HyVia. Other revenue also includes sales of electrolyzer engineering and design services. The scope of these services includes establishing and defining project technical requirements, standards and guidelines as well as assistance in scoping and scheduling of large-scale electrolyzer solutions. Contract costs The Company expects that incremental commission fees paid to employees as a result of obtaining sales contracts are recoverable and therefore the Company capitalizes them as contract costs. Capitalized commission fees are amortized on a straight-line basis over the period of time which the transfer of goods or services to which the assets relate occur, typically ranging from five The Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the Company otherwise would have recognized is one year or less. These costs are included in selling, general and administrative expenses. Capitalized contract costs at December 31, 2023 and 2022 were $0.8 million and $0.6 million, respectively.
Cash and cash equivalents	Cash and cash equivalents For purposes of the consolidated statements of cash flows, the Company considers all highly-liquid debt instruments with original maturities of three months or less to be cash equivalents. Due to their short-term nature, the carrying amounts reported in the consolidated balance sheets approximate the fair value of cash and cash equivalents. The Company’s cash and cash equivalents are deposited with financial institutions located in the U.S. and may at times exceed insured limits.
Restricted cash	Restricted cash Restricted cash consists primarily of cash that serves as support for leasing arrangements. Any cash that is legally restricted from use is classified as restricted cash. If the purpose of restricted cash relates to acquiring a long-term asset, liquidating a long-term liability, or is otherwise unavailable for a period longer than one year from the balance sheet date, the restricted cash is included in other long-term assets. Otherwise, restricted cash is included in other current assets in the consolidated balance sheets.
Available-for-sale securities	Available-for-sale securities Available-for-sale securities is comprised of U.S. Treasury securities, certificates of deposit and corporate bonds, with original maturities greater than three months. We consider these securities to be available for use in our current operations, and therefore classify them as current even if we do not dispose of the securities in the following year. Available-for-sale securities are recorded at fair value as of each balance sheet date. As of each balance sheet date, unrealized gains and losses, with the exception of credit related losses, are recorded to accumulated other comprehensive income/(loss). Any credit related losses are recognized as a credit loss allowance on the balance sheet with a corresponding adjustment to the statement of operations. Realized gains and losses are due to the sale and maturity of securities classified as available-for-sale and includes the loss from accumulated other comprehensive loss reclassifications for previously unrealized losses on available-for-sale debt securities. As of December 31, 2023, the Company has no investments classified as available-for-sale.
Equity securities	Equity securities Equity securities are comprised of fixed income and equity market index mutual funds. Equity securities are valued at fair value with changes in the fair value recognized in our consolidated statements of operations. We consider these securities to be available for use in our current year operations, and therefore classify them as current even if we do not dispose of the securities in the following year. As of December 31, 2023, the Company has no investments classified as equity securities.
Investments in non-consolidated entities and non-marketable equity securities	Investments in non-consolidated entities and non-marketable equity securities The Company accounts for its investments in non-consolidated entities, such as HyVia, AccionaPlug S.L., SK Plug Hyverse and Clean H2 Infra Fund, as equity method investments. Included in “Investments in non-consolidated entities and non-marketable equity securities” on the consolidated balance sheet are equity investments without readily determinable fair values (“non-marketable equity securities”). Non-marketable equity securities that do not qualify for equity method accounting are measured at cost, less any impairment and adjusted for changes resulting from observable price changes in orderly transactions for the identical or similar investments of the same issuer. Our investment in non-marketable equity securities was $5.6 million and $8.8 million as of December 31, 2023 and 2022, respectively. The Company sells goods and services to related parties, including its equity method investees, which are conducted at arm’s length in the normal course of business. Transactions involving services do not result in assets remaining on the books of the investee, and therefore no profit elimination is recorded in accordance with ASC Subtopic 323-10-35, Equity Method and Joint Ventures
Common stock warrant accounting	Common stock warrant accounting The Company accounts for common stock warrants as either derivative liabilities or as equity instruments depending on the specific terms of the respective warrant agreements. Common stock warrants that meet certain applicable requirements of ASC Subtopic 815-40, Derivatives and Hedging – Contracts in Entity’s Own Equity Common stock warrants accounted for as equity instruments represent the warrants issued to Amazon and Walmart as discussed in Note 17, “Warrant Transaction Agreements”. The Company adopted FASB ASU 2019-08, Compensation – Stock Compensation Revenue from Contracts with Customers In order to calculate warrant charges, the Company used the Black-Scholes pricing model, which required key inputs including volatility and risk-free interest rate and certain unobservable inputs for which there is little or no market data, requiring the Company to develop its own assumptions. The Company estimated the fair value of unvested warrants, considered to be probable of vesting, at the time. Based on that estimated fair value, the Company determined warrant charges, which are recorded as a reduction of revenue in the consolidated statement of operations.
Accounts receivable	Accounts receivable Accounts receivable are stated at the amount billed or billable to customers and are ordinarily due between 30 and 90 days after the issuance of the invoice. Receivables are reserved or written off based on individual credit evaluation and specific circumstances of the customer. The allowance for expected credit losses for current accounts receivable is based primarily on past collections experience relative to the length of time receivables are past due; however, when available evidence reasonably supports an assumption that counterparty credit risk over the expected payment period will differ from current and historical payment collections, a forecasting adjustment will be reflected in the allowance for expected credit losses. The allowance for doubtful accounts and related receivable are reduced when the amount is deemed uncollectible. As of December 31, 2023, and 2022, the allowance for doubtful accounts was $8.8 million and $43 thousand, respectively.
Inventory	Inventory Inventories are valued at the lower of cost, determined on a first-in, first-out basis, and net realizable value. All inventory, including spare parts inventory held at service locations, is not relieved until the customer has received the product, at which time the customer obtains control of the goods. We maintain inventory levels adequate for our short-term needs within the next twelve months based upon present levels of production. An allowance for potential non-saleable inventory due to damaged, excess stock or obsolescence is based upon a detailed review of inventory, past history, and expected usage. The Company's estimate of the reserves utilizes certain inputs and involves judgment. The Company evaluates excess and obsolescence and lower of cost or net realizable value inventory reserves on a quarterly basis and, as necessary, reserves inventory based upon a variety of factors, including historical usage, forecasted usage and sales, product obsolescence, anticipated selling price, and anticipated cost to complete to determine product margin and other factors. We review all contracts related to product lines with projected negative margins that are arranged to be sold at a loss in the future as the basis for a lower of cost or net realizable value adjustment.
Property, plant and equipment	Property, plant and equipment Property, plant and equipment are originally recorded at cost or, if acquired as part of a business combination, at fair value. Maintenance and repairs are expensed as costs are incurred. Depreciation on plant and equipment is calculated on the straight-line method over the estimated useful lives of the assets. Gains and losses resulting from the sale of property and equipment are recorded in current operations. Included within machinery and equipment is certain equipment related to our hydrogen plants. The Company records depreciation and amortization over the following estimated useful lives: Building and leasehold improvements 10 Machinery and equipment 2 Software 1 – 5 years Hydrogen production plants 30 years
Equipment related to PPAs and fuel delivered to customers	Equipment related to PPAs and fuel delivered to customers Equipment related to PPAs and fuel delivered to customers primarily consists of the assets deployed related to PPAs and sites where we deliver fuel to customers as well as equipment related to failed sale/leaseback transactions. Equipment is depreciated over its useful life. Depreciation expense is recorded on a straight-line basis and is included in cost of revenue for PPAs or cost of fuel delivered to customers, respectively, in the consolidated statements of operations.
Impairment	Impairment Contract assets 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. Other current assets During the second quarter of 2023, there was an other current asset impairment charge of $9.7 million related to the termination of a commercial agreement. There was no such impairment charge for the year ended December 31, 2022. Property, equipment, leasehold improvements, and finite-lived intangible assets Long-lived assets, such as property, equipment, leasehold improvements, and finite-lived intangible assets, are reviewed for impairment whenever events and circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. In making these determinations, the Company uses certain assumptions, including, but not limited to: (i) estimated fair value of the assets; and (ii) estimated, undiscounted future cash flows expected to be generated by these assets, which are based on additional assumptions such as asset utilization, length of service, the asset will be used in the Company’s operations, and (iii) estimated residual values. Fair value is determined using various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. There was impairment of $3.1 million and $0.8 million of property, equipment, leasehold improvements, or finite-lived intangible assets during the years ended December 31, 2023 and 2022, respectively. PPA Executory Contract Considerations We evaluate PPA assets on a quarterly basis to identify events or changes in circumstances (“triggering events”) that indicate the carrying value of certain assets may not be recoverable. PPA assets that we evaluate include right of use lease assets, equipment deployed to our PPAs, and assets related primarily to our fuel delivery business. Upon the occurrence of a triggering event, PPA assets are evaluated on a per-site basis to determine if the carrying amounts are recoverable. The determination of recoverability is made based upon the estimated undiscounted future net cash flows of assets grouped at the lowest level for which there are identifiable cash flows independent of the cash flows of other groups. For operating assets, the Company has generally determined that the lowest level of identifiable cash flows is based on the customer sites. The assets related primarily to our fuel delivery business are considered to be their own asset group. The cash flows are estimated based on the remaining useful life of the primary asset within the asset group. 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. If the estimated undiscounted future net cash flows for a 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. In 2023, 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. 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 service 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.
Intangible assets	Intangible assets Intangible assets consist of acquired technology, customer relationships, trade name and other finite intangibles and are amortized using a straight-line method over their useful lives. Additionally, the intangible assets are reviewed for impairment when certain triggering events occur.
Extended maintenance contracts	Extended maintenance contracts On a quarterly basis, we evaluate any potential losses related to our extended maintenance contracts for fuel cell systems and related infrastructure that has been sold. We measure loss accruals at the customer contract level. The expected revenues and expenses for these contracts include all applicable expected costs of providing services over the remaining term of the contracts and the related unearned net revenue. A loss is recognized if the sum of expected costs of providing services under the contract exceeds related unearned net revenue and is recorded as a provision for loss contracts related to service in the consolidated statements of operations. A key component of these estimates is the expected future service costs. In estimating the expected future service costs, the Company considers its current service cost level and applies judgement related to certain cost saving estimates that have been implemented in the field. The expected future cost savings will be primarily dependent upon the success of the Company’s initiatives related to increasing stack life and achieving better economies of scale on service labor. If the expected cost saving initiatives are not realized, this will increase the costs of providing services and could adversely affect our estimated contract loss accrual. Further, as we continue to work to improve quality and reliability; however, unanticipated additional quality issues or warranty claims may arise and additional material charges may be incurred in the future. These quality issues could also adversely affect our contract loss accrual. The Company has undertaken and will soon undertake several other initiatives to extend the life and improve the reliability of its equipment. As a result of these initiatives and our additional expectation that the increase in certain costs will abate, the Company believes that its contract loss accrual is sufficient. However, if elevated service costs persist, the Company will adjust its estimated future service costs and increase its contract loss accrual estimate. The following table shows the roll forward of balances in the accrual for loss contracts, including changes due to the provision for loss accrual, releases to service cost of sales, provision for warrants and foreign currency translation adjustment (in thousands): Year ended Year ended December 31, 2023 December 31, 2022 Beginning balance $ 81,066 $ 89,773 Provision for loss accrual 85,375 23,295 Releases to service cost of sales (29,713) (35,446) Increase to loss accrual related to customer warrants 971 3,506 Foreign currency translation adjustment 154 (62) Ending balance $ 137,853 $ 81,066 The Company increased its provision for loss accrual to $137.9 million for the year ended December 31, 2023 due to continued cost and inflationary increases of labor, parts and related overhead coupled with the timing of the remaining period of service required. As a result, the Company increased its estimated projected costs to service existing fuel cell systems and the related infrastructure.
Goodwill	Goodwill Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. The Company reviews goodwill for impairment at least annually. In accordance with ASC 350, Intangibles — Goodwill and Other on this review, we have concluded that we have one operating segment and one reporting unit. During the annual impairment review process, the Company has the option to perform a qualitative assessment over relevant events and circumstances to determine whether it is more-likely-than-not that the fair value of the reporting unit is less than its carrying amount or to perform a quantitative assessment. We derive the fair value of our reporting unit using the market approach, which estimates fair value based on the determination of comparable publicly-traded companies and market multiples of revenue and earnings derived from those companies with similar operating and investment characteristics as the reporting unit being valued. The Company compares and reconciles the fair value of the reporting unit to our market capitalization in order to assess the reasonableness of the calculated fair value by reporting unit. If the carrying value of the reporting unit exceeds its fair value, an impairment loss equal to the excess is recorded. The Company performs an impairment review of goodwill on an annual basis at October 31, and when a triggering event is determined to have occurred between annual impairment tests. The Company’s stock price declined below book value during the fourth quarter of 2023. Management believes the decline of the stock price was due primarily to missed projections and reduced liquidity. 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 Company’s analyses did not indicate impairment of goodwill for the years ended December 31, 2022 and 2021. See Note 10, “Intangible Assets and Goodwill”, for further information.
Fair value measurements	Fair value measurements The Company records the fair value of assets and liabilities in accordance with ASC 820, Fair Value Measurement In addition to defining fair value, ASC 820 expands the disclosure requirements around fair value and establishes a fair value hierarchy for valuation inputs. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of the three levels, which is determined by the lowest level input that is significant to the fair value measurement in its entirety. These levels are: ● Level 1 — quoted prices (unadjusted) in active markets for identical assets or liabilities. ● Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. ● Level 3 — unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability at fair value.
Income taxes	Income taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets if it is more likely than not that such assets will not be realized. The Company accounts for uncertain tax positions in accordance with FASB ASC No. 740-10-25, Income Taxes-Overall-Recognition
Foreign currency translation	Foreign currency translation Foreign currency translation adjustments arising from conversion of the Company’s foreign subsidiary’s financial statements to U.S. dollars for reporting purposes are included in accumulated other comprehensive income/(loss) in stockholders’ equity on the consolidated balance sheet. Transaction gains and losses resulting from the effect of exchange rate changes on transactions denominated in currencies other than the functional currency of the Company’s operations give rise to realized foreign currency transaction gains and losses and are included in other expense, net in the consolidated statements of operations.
Research and development	Research and development Activities that qualify as research and development under ASC 730 include: (i) laboratory research aimed at discovery of new knowledge; (ii) searching for applications of new research findings or other knowledge; (iii) conceptual formulation and design of possible product or process alternatives; (iv) testing in search for or evaluation of product or process alternatives; (v) modification of the formulation or design of a product or process: (vi) design, construction, and testing of preproduction prototypes and models; (vii) design of tools, jigs, molds, and dies involving new technology; (viii) design, construction, and operation of a pilot plant that is not of a scale economically feasible to the entity for commercial production; (ix) engineering activity required to advance the design of a product to the point that it meets specific functional and economic requirements and is ready for manufacture; and (x) design and development of tools used to facilitate research and development or components of a product or process that are undergoing research and development activities. Costs related to research and development activities by the Company are expensed as incurred.
Stock-based compensation	Stock-based compensation The Company maintains employee stock-based compensation plans, which are described more fully in Note 19, “Employee Benefit Plans”. Stock-based compensation represents the cost related to stock-based awards granted to employees and directors. The Company measures stock-based compensation cost at grant-date, based on the fair value of the award, and recognizes the cost as expense on a straight-line basis over the option’s requisite service period. Forfeitures are recognized as they occur. The Company estimates the fair value of stock-based awards using a Black-Scholes valuation model. Stock-based compensation expense is recorded in cost of revenue associated with sales of fuel cell systems, related infrastructure and equipment, cost of revenue for services performed on fuel cell systems and related infrastructure, research and development expense and selling, general and administrative expenses in the consolidated statements of operations based on the employees’ respective function. Beginning in September 2021, the Company also issued performance stock option awards that include a market condition. The grant date fair value of performance stock options is estimated using a Monte Carlo simulation model and the cost is recognized using the accelerated attribution method. The Company records deferred tax assets for awards that result in deductions on the Company’s income tax returns, based upon the amount of compensation cost recognized and the Company’s statutory tax rate. Differences between the deferred tax assets recognized for financial reporting purposes and the actual tax deduction reported on the Company’s income tax return are recorded in the income statement.
Convertible senior notes	Convertible senior notes The Company accounts for its convertible senior notes as a single liability measured at amortized cost. The Company uses the effective interest rate method to amortize the debt issuance costs to interest expense over the respective term of the convertible senior notes.
Subsequent Events	Subsequent Events The Company evaluates subsequent events at the date of the balance sheet as well as conditions that arise after the balance sheet date but before the consolidated financial statements are issued. The effects of conditions that existed at the balance sheet date are recognized in the consolidated financial statements. Events and conditions arising after the balance sheet date but before the consolidated financial statements are issued are evaluated to determine if disclosure is required to keep the consolidated financial statements from being misleading. To the extent such events and conditions exist, if any, disclosures are made regarding the nature of events and the estimated financial effects for those events and conditions. See Note 24, “Subsequent Events”.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Issued and Not Yet Adopted Accounting Pronouncements In March 2020, ASU 2020-03, Codification Improvements to Financial Instruments In November 2023, ASU 2023-07, Improvements to Reportable Segment Disclosures In December 2023, ASU 2023-09, Improvements to Income Tax Disclosures

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
Summary of Significant Accounting Policies (Tables)	Dec. 31, 2023
Summary of Significant Accounting Policies
Schedule of property plant and equipment useful lives	Building and leasehold improvements 10 Machinery and equipment 2 Software 1 – 5 years Hydrogen production plants 30 years
Schedule of accrual for loss contracts	The following table shows the roll forward of balances in the accrual for loss contracts, including changes due to the provision for loss accrual, releases to service cost of sales, provision for warrants and foreign currency translation adjustment (in thousands): Year ended Year ended December 31, 2023 December 31, 2022 Beginning balance $ 81,066 $ 89,773 Provision for loss accrual 85,375 23,295 Releases to service cost of sales (29,713) (35,446) Increase to loss accrual related to customer warrants 971 3,506 Foreign currency translation adjustment 154 (62) Ending balance $ 137,853 $ 81,066

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
Acquisitions (Tables)	Dec. 31, 2023
Alloy Custom Products, LLC and WesMor Cryogenics, LLC
Schedule of fair value of consideration paid	The fair value of consideration paid by the Company in connection with the CIS acquisition was as follows (in thousands): Cash $ 30,700 Due to Cryogenic Industrial Solutions, LLC 500 Plug Power Inc. Common Stock 6,107 Total consideration $ 37,307
Summary of allocation of the purchase price to the estimated fair value of the net assets acquired	The following table summarizes the final allocation of the purchase price to the fair value of the net assets acquired, excluding goodwill (in thousands): Cash $ 267 Accounts receivable 5,038 Inventory 11,120 Prepaid expenses and other assets 464 Property, plant and equipment 3,887 Right of use asset 1,538 Identifiable intangible assets 13,430 Lease liability (1,562) Accounts payable, accrued expenses and other liabilities (3,826) Deferred revenue (6,193) Total net assets acquired, excluding goodwill $ 24,163
Schedule of business combination segment allocation	Goodwill associated with the CIS acquisition was calculated as follows (in thousands): Consideration paid $ 37,307 Less: net assets acquired (24,163) Total goodwill recognized $ 13,144
Joule Processing LLC
Schedule of fair value of consideration paid	The fair value of consideration paid by the Company in connection with the Joule acquisition was as follows (in thousands): Cash $ 28,140 Contingent consideration 41,732 Total consideration $ 69,872
Summary of allocation of the purchase price to the estimated fair value of the net assets acquired	The following table summarizes the final allocation of the purchase price to the fair value of the net assets acquired, excluding goodwill (in thousands): Current assets $ 2,672 Property, plant and equipment 493 Right of use asset 182 Identifiable intangible assets 60,522 Lease liability (374) Current liabilities (2,612) Contract liability (3,818) Total net assets acquired, excluding goodwill $ 57,065
Schedule of business combination segment allocation	Goodwill associated with the Joule acquisition was calculated as follows (in thousands): Consideration paid $ 28,140 Contingent consideration 41,732 Less: net assets acquired (57,065) Total goodwill recognized $ 12,807
Schedule of unaudited pro forma financial information	For the year ended For the year ended December 31, 2022 December 31, 2021 (unaudited) (unaudited) Revenue $ 701,742 $ 513,174 Net loss $ (723,934) $ (460,008)

Investments (Tables)

Investments (Tables)	12 Months Ended
Investments (Tables)	Dec. 31, 2023
Investments
Schedule of gross unrealized gains and losses, and the amortized cost, allowance for credit losses, and fair value of those investments classified as available-for-sale	The amortized cost, gross unrealized gains and losses, fair value of those investments classified as available-for-sale, and allowance for credit losses at December 31, 2022 are summarized as follows (in thousands): December 31, 2022 Amortized Gross Gross Fair Allowance for Cost Unrealized Gains Unrealized Losses Value Credit Losses Corporate bonds $ 200,735 $ 7 $ (7,109) $ 193,633 — U.S. Treasuries 1,154,879 111 (15,680) 1,139,310 — Total $ 1,355,614 $ 118 $ (22,789) $ 1,332,943 $ —
Schedule of investments classified as equity securities	The cost, gross unrealized gains and losses, and fair value of those investments classified as equity securities at December 31, 2022 are summarized as follows (in thousands): December 31, 2022 Gross Gross Fair Cost Unrealized Gains Unrealized Losses Value Fixed income mutual funds $ 70,257 $ — $ (2,620) $ 67,637 Exchange traded mutual funds 75,999 — (8,800) 67,199 Total $ 146,256 $ — $ (11,420) $ 134,836
Schedule of the amortized cost and fair value of investments classified as available-for-sale, by contractual maturity	A summary of the amortized cost and fair value of investments classified as available-for-sale, by contractual maturity, as of December 31, is as follows (in thousands): December 31, 2023 December 31, 2022 Amortized Fair Amortized Fair Maturity: Cost Value Cost Value Less than 12 months $ — $ — $ 1,045,120 $ 1,039,333 12 months or greater — — 310,494 293,610 Total $ — $ — $ 1,355,614 $ 1,332,943
Summary of investments under the equity method	As of December 31, 2023 and December 31, 2022, the Company accounted for the following investments in the investee’s common stock under the equity method, which are included in the investments in non-consolidated entities and non-marketable equity securities on the consolidated balance sheets (amounts in thousands): As of December 31, 2023 As of December 31, 2022 Formation Common Stock Carrying Common Stock Carrying Investee Date Ownership % Value Ownership % Value HyVia Q2 2021 50% $ (2,068) 50% $ 11,281 AccionaPlug S.L. Q4 2021 50% 3,198 50% 2,225 Clean H2 Infra Fund Q4 2021 5% 13,357 5% 3,922 SK Plug Hyverse Q1 2022 49% 41,609 49% 8,937 $ 56,096 $ 26,365
Schedule Of capital commitments	The Company had the following capital commitments related to its equity method investments as of December 31 as follows (in thousands): 2024 $ 152,672 2025 17,300 Total $ 169,972

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
Fair Value Measurements (Tables)	Dec. 31, 2023
Fair Value Measurements
Schedule of assets and liabilities measured at fair value on a recurring basis	The following table summarizes the carrying amount and estimated fair value of the Company’s financial instruments at December 31, 2023 and 2022 As of December 31, 2023 Carrying Fair Fair Value Measurements Amount Value Level 1 Level 2 Level 3 Liabilities Contingent consideration $ 126,216 $ 126,216 $ — $ — $ 126,216 As of December 31, 2022 Carrying Fair Fair Value Measurements Amount Value Level 1 Level 2 Level 3 Assets Cash equivalents $ 212,577 $ 212,577 $ 212,577 $ — $ — Corporate bonds 193,633 193,633 — 193,633 — U.S. Treasuries 1,139,310 1,139,310 1,139,310 — — Equity securities 134,836 134,836 134,836 — — Liabilities Contingent consideration 116,165 116,165 — — 116,165
Schedule of assets and liabilities measured at fair value on a recurring basis that have unobservable inputs	In the audited consolidated balance sheets, contingent consideration is recorded in the contingent consideration, loss accrual for service contracts, and other liabilities financial statement line item, and is comprised of the following unobservable inputs for the year ended December 31, 2023: Financial Instrument Fair Value Valuation Technique Unobservable Input Range (weighted average) Contingent Consideration $ 126,216 Scenario based method Credit spread 13.61% Discount rate 17.71% - 19.06% 126,216 In the audited consolidated balance sheets, contingent consideration is recorded in the contingent consideration, loss accrual for service contracts, and other liabilities financial statement line item, and is comprised of the following unobservable inputs for the year ended December 31, 2022: Financial Instrument Fair Value Valuation Technique Unobservable Input Range (weighted average) Contingent Consideration $ 85,269 Scenario based method Credit spread 15.73% - 15.74% Discount rate 19.85% - 20.68% 11,310 Monte carlo simulation Credit spread 15.74% Discount rate 20.00% - 20.30% Revenue volatility 45.29% 19,586 Monte carlo simulation Credit spread 15.73% Revenue volatility 35.7% - 23.1% (35.0%) Gross profit volatility 106.7% - 23.2% (60.0%) 116,165
Schedule of activity in the level 3 liabilities	The change in the carrying amount of Level 3 liabilities for the year ended December 31, 2023 was as follows (in thousands): Year Ended December 31, 2023 Beginning balance at December 31, 2022 $ 116,165 Cash payments (13,000) Payment settled in stock (8,000) Fair value adjustments 30,024 Foreign currency translation adjustment 1,027 Ending balance at December 31, 2023 $ 126,216

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
Earnings Per Share (Tables)	Dec. 31, 2023
Earnings Per Share
Schedule of components of the calculations of basic and diluted earnings per share:	The following table provides the components of the calculations of basic and diluted earnings per share (in thousands, except share amounts): December 31, 2023 2022 2021 Numerator: Net loss $ (1,368,833) $ (724,008) $ (459,965) Denominator: Weighted average number of common stock outstanding 595,468,419 579,716,708 558,182,177
Schedule of potential dilutive common shares	At December 31, 2023 2022 2021 Stock options outstanding (1) 39,261,362 27,598,269 23,806,909 Restricted stock and restricted stock units outstanding (2) 6,732,884 6,276,376 4,851,873 Common stock warrants (3) 78,561,263 88,774,725 80,017,181 Convertible Senior Notes (4) 39,170,766 39,170,766 39,170,766 Number of dilutive potential shares of common stock 163,726,275 161,820,136 147,846,729 (1) During the years ended December 31, 2023, 2022, and 2021, the Company granted options for 13,254,689 , 4,761,724 , and 16,502,335 shares of common stock, respectively. (2) During the years ended December 31, 2023, 2022, and 2021, the Company granted 4,131,193 , 4,289,682 , and 1,894,356 , shares of restricted stock and restricted stock units, respectively. (3) In August 2022, the Company issued a warrant to acquire up to 16,000,000 shares of the Company’s common stock as part of a transaction agreement with Amazon, subject to certain vesting events, as described in Note 17, “Warrant Transaction Agreements”. The warrant had no shares exercised of the Company’s common stock as of December 31, 2023. In April 2017, the Company issued a warrant to acquire up to 55,286,696 of the Company’s common stock as part of a transaction agreement with Amazon, subject to certain vesting events, as described in Note 17, “Warrant Transaction Agreements”. The warrant was exercised with respect to 34,917,912 shares and 24,704,450 shares of the Company’s common stock as of December 31, 2023 and 2022, respectively. In July 2017, the Company issued a warrant to acquire up to 55,286,696 of the Company’s common stock as part of a transaction agreement with Walmart, subject to certain vesting events, as described in Note 17, “Warrant Transaction Agreements”. The warrant had been exercised with respect to 13,094,217 shares of the Company’s common stock as of December 31, 2023 and 2022. (4) In May 2020, the Company issued $212.5 million in aggregate principal amount of the 3.75% Convertible Senior Notes due 2025 (the “ 3.75% Convertible Senior Notes”). There were no other conversions for the years ended December 31, 2023 and 2022.

Inventory (Tables)

Inventory (Tables)	12 Months Ended
Inventory (Tables)	Dec. 31, 2023
Inventory
Schedule of inventory	Inventory as of December 31, 2023 and 2022, consists of the following (in thousands): December 31, December 31, 2023 2022 Raw materials and supplies - production locations $ 564,818 $ 450,432 Raw materials and supplies - customer locations 20,751 18,860 Work-in-process 149,574 112,231 Finished goods 226,110 64,113 Inventory $ 961,253 $ 645,636

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	12 Months Ended
Property, Plant and Equipment (Tables)	Dec. 31, 2023
Property, Plant and Equipment
Schedule of Property plant and equipment	Property, plant and equipment at December 31, 2023 and 2022 consists of the following (in thousands): December 31, December 31, 2023 2022 Land $ 6,049 $ 1,772 Construction in progress 1,109,896 575,141 Hydrogen production plants 77,107 48,147 Building and leasehold improvements 95,229 21,363 Software, machinery, and equipment 229,352 121,486 Property, plant and equipment 1,517,633 767,909 Less: accumulated depreciation (81,456) (48,116) Property, plant and equipment, net $ 1,436,177 $ 719,793

Equipment Related to Power Pu_2

Equipment Related to Power Purchase Agreements and Fuel Delivered to Customers, net (Tables)	12 Months Ended
	Dec. 31, 2023
Equipment Related to Power Purchase Agreements and Fuel Delivered to Customers, net
Schedule of equipment related to power purchase agreements and fuel delivered to customers, net	Equipment related to power purchase agreements and fuel delivered to customers, net, at December 31, 2023 and 2022 consists of the following (in thousands): December 31, December 31, 2023 2022 Equipment related to power purchase agreements and fuel delivered to customers $ 139,651 $ 109,683 Less: accumulated depreciation (28,390) (20,390) Equipment related to power purchase agreements and fuel delivered to customers, net 111,261 89,293

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	12 Months Ended
Intangible Assets and Goodwill (Tables)	Dec. 31, 2023
Intangible Assets and Goodwill
Schedule of Intangible assets	The gross carrying amount and accumulated amortization of the Company’s acquired identifiable intangible assets as of December 31, 2023 are as follows (in thousands): Weighted Average Gross Carrying Accumulated Amortization Period Amount Amortization Total Acquired technology 14 years $ 103,060 $ (20,204) $ 82,856 Dry stack electrolyzer technology 10 years 29,000 (5,317) 23,683 Customer relationships, trade name and other 13 years 103,981 (21,634) 82,347 $ 236,041 $ (47,155) $ 188,886 The gross carrying amount and accumulated amortization of the Company’s acquired identifiable intangible assets as of December 31, 2022 are as follows (in thousands): Weighted Average Gross Carrying Accumulated Amortization Period Amount Amortization Total Acquired technology 14 years $ 104,221 $ (12,754) $ 91,467 Dry stack electrolyzer technology 10 years 29,000 (2,417) 26,583 Customer relationships, trade name and other 13 years 102,521 (12,846) 89,675 $ 235,742 $ (28,017) $ 207,725
Schedule of future amortization of intangible assets	Estimated amortization expense for subsequent years was as follows (in thousands): 2024 $ 18,955 2025 18,174 2026 16,564 2027 16,556 2028 47,901 2029 and thereafter 70,736 Total $ 188,886
Schedule of changes in the carrying amount of goodwill	The change in the carrying amount of goodwill for the year ended December 31, 2023 was as follows (in thousands): Beginning balance at December 31, 2022 $ 248,607 Impairment of goodwill (249,480) Foreign currency translation adjustment 873 Ending balance at December 31, 2023 $ -

Accrued Expenses (Tables)

Accrued Expenses (Tables)	12 Months Ended
Accrued Expenses (Tables)	Dec. 31, 2023
Accrued Expenses
Schedule of Accrued Expenses	Accrued expenses at December 31, 2023 and 2022 consist of (in thousands): December 31, December 31, 2023 2022 Accrued payroll and compensation related costs $ 32,584 $ 18,231 Accrual for capital expenditures 83,781 53,089 Accrued accounts payable 64,767 53,899 Accrued sales and other taxes 17,207 15,112 Accrued interest 562 421 Accrued other 1,643 15,678 Total $ 200,544 $ 156,430

Operating and Finance Lease L_2

Operating and Finance Lease Liabilities (Tables)	12 Months Ended
Operating and Finance Lease Liabilities (Tables)	Dec. 31, 2023
Operating and Finance Lease Liabilities
Schedule of future minimum lease payments under operating leases	Future minimum lease payments under operating and finance leases (with initial or remaining lease terms in excess of one year) as of December 31, 2023 were as follows (in thousands): Finance Total Operating Lease Lease Lease Liability Liability Liabilities 2024 $ 99,356 $ 12,117 $ 111,473 2025 94,569 15,033 109,602 2026 85,693 12,175 97,868 2027 71,414 8,485 79,899 2028 49,477 1,896 51,373 2029 and thereafter 145,875 3,247 149,122 Total future minimum payments 546,384 52,953 599,337 Less imputed interest (190,691) (7,379) (198,070) Total $ 355,693 $ 45,574 $ 401,267
Schedule of operating leases other information	Year ended Year ended December 31, 2023 December 31, 2022 Cash payments - operating cash flows (in thousands) $ 91,637 $ 63,214 Weighted average remaining lease term (years) 5.76 6.52 Weighted average discount rate 11.3% 11.2%

Finance Obligation (Tables)

Finance Obligation (Tables) - Finance obligation	12 Months Ended
Finance Obligation (Tables) - Finance obligation	Dec. 31, 2023
Finance Obligation
Schedule of future minimum lease payments under finance obligations	Future minimum payments under finance obligations notes above as of December 31, 2023 were as follows (in thousands): Total Sale of Future Sale/Leaseback Finance Revenue - Debt Financings Obligations 2024 $ 109,805 $ 11,133 $ 120,938 2025 104,547 2,229 106,776 2026 87,824 2,229 90,053 2027 71,253 2,229 73,482 2028 51,188 2,015 53,203 2029 and thereafter 25,503 1,131 26,634 Total future minimum payments 450,120 20,966 471,086 Less imputed interest (99,367) (3,325) (102,692) Total $ 350,753 $ 17,641 $ 368,394
Schedule of finance leases other information	Year ended Year ended December 31, 2023 December 31, 2022 Cash payments (in thousands) $ 96,781 $ 72,377 Weighted average remaining term (years) 4.49 4.84 Weighted average discount rate 11.3% 11.1%

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
Long-Term Debt (Tables)	Dec. 31, 2023
Long-Term Debt
Schedule of long term debt	December 31, 2024 3,357 December 31, 2025 1,200 December 31, 2026 900 Total outstanding principal $ 5,457

Convertible Senior Notes (Table

Convertible Senior Notes (Tables) - 3.75% Convertible Senior Notes	12 Months Ended
	Dec. 31, 2023
Debt Instrument [Line Items]
Schedule of net proceeds from the Convertible Senior Notes	Principal amount $ 212,463 Less: initial purchasers' discount (6,374) Less: cost of related capped calls (16,253) Less: other issuance costs (617) Net proceeds $ 189,219
Schedule of Convertible Senior Notes	The 3.75% Convertible Senior Notes consisted of the following (in thousands): December 31, December 31, 2023 2022 Principal amounts: Principal $ 197,278 $ 197,278 Unamortized debt issuance costs (1) (2,014) (3,359) Net carrying amount $ 195,264 $ 193,919 1) Included in the consolidated balance sheets within the 3.75% Convertible Senior Notes, net and amortized over the remaining life of the notes using the effective interest rate method.
Schedule of debt	The following table summarizes the total interest expense and effective interest rate related to the 3.75% Convertible Senior Notes (in thousands, except for effective interest rate): December 31, December 31, 2023 2022 Interest expense $ 7,546 $ 7,398 Amortization of debt issuance costs 1,345 1,286 Total 8,891 8,684 Effective interest rate 4.6% 4.5%

Warrant Transaction Agreements

Warrant Transaction Agreements (Tables)	12 Months Ended
Warrant Transaction Agreements (Tables)	Dec. 31, 2023
2022 Amazon transaction agreement
Schedule of warranty assumptions	Tranches 1-3 Tranche 4 August 24, 2022 December 31, 2023 Risk-free interest rate 3.15% 3.78% Volatility 75.00% 85.00% Expected average term (years) 7.00 4.00 Exercise price $22.98 $4.05 Stock price $20.36 $4.50
Tranche one of warrants issued with the Walmart Stores Inc transaction agreement
Schedule of warranty assumptions	Tranches 1-2 Tranche 3 January 1, 2019 October 30, 2023 Risk-free interest rate 2.63% 4.73% Volatility 95.00% 75.00% Expected average term (years) 8.55 3.72 Exercise price $2.12 $6.28 Stock price $1.24 $5.70

Revenue (Tables)

Revenue (Tables)	12 Months Ended
Revenue (Tables)	Dec. 31, 2023
Revenue
Schedule of disaggregation of revenue	The following table provides information about disaggregation of revenue (in thousands): Major products/services lines Year ended December 31, 2023 2022 2021 Sales of fuel cell systems $ 181,168 $ 207,691 $ 225,229 Sales of hydrogen infrastructure 183,606 141,528 135,055 Sales of electrolyzers 82,611 28,463 16,667 Sales of engineered equipment 32,361 93,489 7,571 Services performed on fuel cell systems and related infrastructure 39,093 35,280 26,706 Power purchase agreements 63,731 47,183 35,153 Fuel delivered to customers and related equipment 66,246 57,196 46,917 Sales of cryogenic equipment and other 231,687 87,761 8,255 Other 10,837 2,849 789 Net revenue $ 891,340 $ 701,440 $ 502,342
Schedule of receivables, contract assets and contract liabilities from contracts with customers	The following table provides information about receivables, contract assets, and contract liabilities from contracts with customers (in thousands): December 31, December 31, 2023 2022 Accounts receivable $ 243,811 $ 129,450 Contract assets 155,989 104,287 Deferred revenue and contract liabilities 288,302 229,898
Schedule of changes in contract assets and the contract liabilities	Significant changes in the contract assets and the contract liabilities balances during the period are as follows (in thousands): Contract assets December 31, 2023 December 31, 2022 Transferred to receivables from contract assets recognized at the beginning of the period $ (94,860) $ (33,394) Change in contract assets related to warrants 14,260 26,455 Impairment (2,375) — Revenue recognized and not billed as of the end of the period 134,677 72,469 Net change in contract assets $ 51,702 $ 65,530 Deferred revenue and contract liabilities December 31, 2023 December 31, 2022 Increases due to customer billings, net of amounts recognized as revenue during the period $ 151,965 $ 200,347 Change in contract liabilities related to warrants 440 — Contract liabilities assumed as part of acquisitions — 10,011 Revenue recognized that was included in the contract liability balance as of the beginning of the period (94,001) (163,550) Net change in deferred revenue and contract liabilities $ 58,404 $ 46,808
Schedule of Estimated future revenue	The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period, including provision for common stock warrants (in thousands): December 31, Expected recognition 2023 period (years) Sales of fuel cell systems $ 64,954 1 - 2 Sales of hydrogen installations and other infrastructure 22,860 1 Sales of electrolyzers 301,323 1 - 2 Sales of engineered equipment 19,876 1 Services performed on fuel cell systems and related infrastructure 123,080 5 - 10 Power purchase agreements 435,967 5 - 10 Fuel delivered to customers and related equipment 95,444 5 - 10 Sales of cryogenic equipment and other 87,927 1 Total estimated future revenue $ 1,151,431

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	12 Months Ended
Employee Benefit Plans (Tables)	Dec. 31, 2023
Schedule of components and classification of stock-based compensation expense	The components and classification of stock-based compensation expense, excluding the Company’s matching contributions to the Plug Power Inc. 401(k) Savings & Retirement Plan and quarterly Board compensation, were as follows (in thousands): Year ended December 31, 2023 2022 2021 Cost of sales $ 11,079 $ 7,259 $ 1,965 Research and development 9,532 6,369 5,983 Selling, general and administrative 129,387 156,127 64,443 $ 149,998 $ 169,755 $ 72,391
Nonvested Restricted Stock Shares Activity	A summary of restricted common stock and restricted stock unit activity for the year ended December 31, 2023 is as follows (in thousands except share amounts): Weighted Aggregate Average Grant Date Intrinsic Shares Fair Value Value Unvested restricted stock at December 31, 2022 6,276,376 $ 21.56 $ 77,639 Granted 4,131,193 11.55 — Vested (2,851,637) 20.40 — Forfeited (823,048) 23.60 — Unvested restricted stock at December 31, 2023 6,732,884 $ 15.66 $ 30,298
Service Stock Options Awards
Assumptions made for the purpose of estimating fair value	December 31, December 31, December 31, 2023 2022 2021 Expected term of options (years) 5 5 3 5 Risk free interest rate 3.40% - 4.69% 1.26% - 4.34% 0.61% - 1.23% Volatility 80.02% - 92.55% 73.38% - 85.97% 72.46% - 76.60%
Schedule of Share-based Compensation, Stock Options, Activity	The following table reflects the Service Stock Option activity for the year ended December 31, 2023: Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Terms Value Options outstanding at December 31, 2022 12,078,269 $ 14.34 7.57 $ 42,835 Options exercisable at December 31, 2022 6,661,969 8.41 6.40 42,182 Options unvested at December 31, 2022 5,416,300 21.63 9.01 653 Granted 6,849,689 7.08 — — Exercised (716,581) 2.25 — — Forfeited (875,015) 26.27 — — Options outstanding at December 31, 2023 17,336,362 $ 11.37 7.86 $ 11,391 Options exercisable at December 31, 2023 8,288,944 11.84 6.18 7,250 Options unvested at December 31, 2023 9,047,418 $ 10.94 9.39 $ 4,141
Performance Stock Option Awards
Assumptions made for the purpose of estimating fair value	December 31, December 31, December 31, 2023 2022 2021 Remaining VWAP performance period (years) 3 3 3 Risk- free interest rate 3.60% 3.10% 1.12% Expected volatility 75.00% 75.00% 70.00% Closing stock price on grant date $ 7.87 $ 26.38 $ 26.92
Schedule of Share-based Compensation, Stock Options, Activity	The following table reflects the Performance Stock Option activity for the year ended December 31, 2023. Solely for the purposes of this table, the number of shares is based on participants earning the maximum number of shares underlying the Performance Stock Options (i.e., 200% of the target number of shares). Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Terms Value Options outstanding at December 31, 2022 15,520,000 $ 26.87 5.81 $ — Options exercisable at December 31, 2022 1,391,000 26.9 5.7 — Options unvested at December 31, 2022 14,129,000 26.86 5.82 — Granted 6,405,000 7.87 6.38 — Exercised — — — — Forfeited — — — — Options outstanding at December 31, 2023 21,925,000 $ 21.32 5.27 $ — Options exercisable at December 31, 2023 2,782,000 26.92 4.73 — Options unvested at December 31, 2023 19,143,000 $ 20.50 5.35 $ —

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Dec. 31, 2023
Income Taxes
Schedule Components of loss before income taxes and the provision for income taxes	The components of loss before income taxes and the income tax (expense) benefit for the years ended December 31, 2023, 2022, and 2021, by jurisdiction, are as follows (in thousands): 2023 2022 2021 U.S. Foreign Total U.S. Foreign Total U.S. Foreign Total Loss before income taxes $ (1,211,796) $ (164,401) $ (1,376,197) $ (697,342) $ (25,827) $ (723,169) $ (466,825) $ (9,337) $ (476,162) Income tax (expense) benefit 29 7,335 7,364 868 (1,707) (839) 16,540 (343) 16,197 Net loss $ (1,211,767) $ (157,066) $ (1,368,833) $ (696,474) $ (27,534) $ (724,008) $ (450,285) $ (9,680) $ (459,965)
Schedule of Significant Components of Deferred Income Tax Expense (Benefit)	The significant components of current and deferred income tax expense (benefit) for the years ended December 31, 2023, 2022, and 2021, by jurisdiction, are as follows (in thousands): 2023 2022 2021 U.S. Foreign Total U.S. Foreign Total U.S. Foreign Total Current income tax (benefit) expense $ — $ 1,170 $ 1,170 $ — $ 668 $ 668 $ — $ — $ — Deferred tax (benefit) expense (100,754) (2,618) (103,372) (42,705) 6,968 (35,737) (51,999) 1,064 (50,935) Net operating loss carryforward generated (146,174) (17,653) (163,827) (92,030) 4,332 (87,698) (105,498) (2,038) (107,536) Valuation allowance increase (decrease) 246,899 11,766 258,665 133,867 (10,261) 123,606 140,957 1,317 142,274 Expense (benefit) for income taxes $ (29) (7,335) $ (7,364) $ (868) $ 1,707 $ 839 $ (16,540) $ 343 $ (16,197)
Schedule of Effective Income Tax Rate Reconciliation	2023 2022 2021 U.S. Federal statutory tax rate (21.0) % (21.0) % (21.0) % Deferred state taxes 0.0 % 0.0 % (0.6) % Common stock warrant liability 0.0 % 0.0 % (6.0) % Section 162M Disallowance 0.7 % 1.9 % 1.1 % Equity Compensation 0.4 % (0.7) % (4.3) % Provision to return and deferred tax asset adjustments (2.1) % 4.6 % (1.3) % Change in U.S. Federal/Foreign statutory tax rate (0.1) % 0.0 % 0.3 % Other, net 0.6 % 0.6 % (1.5) % Impairment of goodwill 3.3 % 0.0 % 0.0 % Change in valuation allowance 17.7 % 14.8 % 29.9 % (0.5) % 0.1 % (3.4) %
Schedule of Deferred Tax Assets and Liabilities	The Company has recorded a net deferred tax liability in other non-current liabilities, at December 31, 2023 and 2022 of approximately $3.2 million and $11.5 million, respectively. Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2023 and 2022 are as follows (in thousands): U.S. Foreign Total 2023 2022 2023 2022 2023 2022 Deferred revenue 39,241 33,172 142 137 39,383 33,309 Interest expense 28,126 31,368 — — 28,126 31,368 Other reserves and accruals 57,265 26,591 337 287 57,602 26,878 Tax credit carryforwards 20,794 14,949 — — 20,794 14,949 Amortization of stock-based compensation 44,023 30,217 — — 44,023 30,217 Non-compensatory warrants 2,950 6,268 — — 2,950 6,268 Capitalized research & development expenditures 82,374 60,588 — — 82,374 60,588 Right of use liability (operating leases) 41,960 32,616 — 259 41,960 32,875 Capital loss carryforwards 1,763 — — — 1,763 — Net operating loss carryforwards 443,964 297,790 25,373 7,720 469,337 305,510 Total deferred tax asset 762,460 533,559 25,852 8,403 788,312 541,962 Valuation allowance (676,190) (429,291) (19,949) (8,183) (696,139) (437,474) Net deferred tax assets $ 86,270 $ 104,268 $ 5,903 $ 220 $ 92,173 $ 104,488 Intangible assets (27,749) (29,731) (9,088) (9,938) (36,837) (39,669) Convertible debt — (26,989) — — — (26,989) Right of use asset (operating leases) (50,632) (40,194) — (260) (50,632) (40,454) Property, plant and equipment and right of use assets (7,889) (7,383) — (1,500) (7,889) (8,883) Deferred tax liability $ (86,270) $ (104,297) $ (9,088) $ (11,699) $ (95,358) $ (115,996) Net $ — $ (29) $ (3,185) $ (11,479) $ (3,185) $ (11,508)
Schedule of Valuation Allowance	A reconciliation of the current year change in valuation allowance is as follows (in thousands): U.S. Foreign Total Increase in valuation allowance for current year increase in net operating losses $ 177,299 11,496 $ 188,795 Increase in valuation allowance for current year net increase in deferred tax assets other than net operating losses 69,600 — 69,600 Increase in valuation allowance due to change in tax rates — 270 270 Net increase in valuation allowance $ 246,899 $ 11,766 $ 258,665

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
Commitments and Contingencies (Tables)	Dec. 31, 2023
Commitments and Contingencies
Schedule of unconditional purchase obligations	Future payments under non-cancelable unconditional purchase obligations with a remaining term in excess of one year as of December 31, 2023, were as follows (in thousands): 2024 $ 42,125 2025 8,023 2026 8,023 2027 2,638 2028 — 2029 and thereafter — Total 60,809

Segment and Geographic Area R_2

Segment and Geographic Area Reporting (Tables)	12 Months Ended
Segment and Geographic Area Reporting (Tables)	Dec. 31, 2023
Segment and Geographic Area Reporting
Schedule of revenue from external customers and long-lived assets, by geographical areas	The revenue and long-lived assets based on geographic location are as follows (in thousands): Revenues Long-Lived Assets Year ended December 31, As of December 31, 2023 2022 2021 2023 2022 North America $ 751,421 $ 579,218 $ 476,246 $ 1,881,315 $ 1,209,900 Europe 112,892 46,033 20,814 122,489 13,215 Asia 13,937 50,498 718 — — Other 13,090 25,691 4,564 884 — Total $ 891,340 $ 701,440 $ 502,342 $ 2,004,688 $ 1,223,115

Nature of Operations - Descript

Nature of Operations - Description Of Business (Details)	12 Months Ended
Nature of Operations - Description Of Business (Details)	Dec. 31, 2023 MWh T	Dec. 31, 2022
Plug Power LA JV LLC
Description of Business
Ownership interest percentage	50%
Clean H2 Infra Fund
Description of Business
Ownership interest percentage	5%	5%
Niloco Hydrogen Holdings LLC
Description of Business
Ownership interest percentage	50%
HyVia SAS
Description of Business
Ownership interest percentage	50%	50%
Minimum
Description of Business
Construction capacity per day.	15
Capacity of electrolyzer \| MWh	5
Maximum
Description of Business
Construction capacity per day.	30
Capacity of electrolyzer \| MWh	10
Joint Venture with S K
Description of Business
Ownership percentage in joint venture	49%
Hidrogenii
Description of Business
Construction capacity per day.	15
Plug Power France \| HyVia SAS
Description of Business
Ownership interest percentage	50%
Renault \| HyVia SAS
Description of Business
Ownership interest percentage	50%
Plug Power Spain
Description of Business
Ownership percentage in joint venture	50%
Acciona
Description of Business
Ownership percentage in joint venture	50%
SK E&S Co., Ltd. \| Joint Venture with S K
Description of Business
Ownership percentage in joint venture	51%

Nature of Operations - Liquidit

Nature of Operations - Liquidity, Capital Resources and Going Concern (Details) - USD ($) $ in Thousands				2 Months Ended		12 Months Ended
	Feb. 23, 2024	Jan. 17, 2024	Jan. 07, 2024	Feb. 29, 2024	Feb. 28, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jun. 01, 2024
Liquidity and Capital Resources
Working Capital						$ 822,200
Unrestricted cash						135,000
Restricted cash						1,000,000
Available-for-sale securities							$ 1,332,943
Equity securities						0	134,836
Accumulated deficit						4,489,744	3,120,911
Net Income (Loss)						(1,368,833)	(724,008)	$ (459,965)
Aggregate offering price								2,023,219
Number of common stock sold					32,200,000
Net cash used in operating activities						$ 1,106,570	$ 828,623	$ 358,176
ATM Agreement \| Subsequent event
Liquidity and Capital Resources
Aggregate offering price	$ 302,100
Number of common stock sold	77,417,069			77,417,069
Period of ATM Agreement			18 months
ATM Agreement \| Subsequent event \| R.Bailey [Member]
Liquidity and Capital Resources
Maximum Commitment Advance Purchase Amount	$ 11,000
Maximum Commitment Advance Purchase Amount Cap	$ 55,000
Market capitalization									$ 1,000,000
ATM Agreement \| Subsequent event \| If market capitalization is not less than $1.0 billion \| R.Bailey [Member]
Liquidity and Capital Resources
Maximum Commitment Advance Purchase Amount									11,000
Maximum Commitment Advance Purchase Amount Cap									55,000
ATM Agreement \| Subsequent event \| If market capitalization is less Than $1.0 billion \| R.Bailey [Member]
Liquidity and Capital Resources
Maximum Commitment Advance Purchase Amount									10,000
Maximum Commitment Advance Purchase Amount Cap									30,000
Market capitalization									$ 1,000,000
Minimum \| ATM Agreement \| Subsequent event
Liquidity and Capital Resources
Number of common stock sold	77,417,069,000,000
Maximum \| At Market Issuance Sales Agreement \| Subsequent event
Liquidity and Capital Resources
Aggregate offering price		$ 1,000,000
Maximum \| ATM Agreement \| Subsequent event
Liquidity and Capital Resources
Aggregate offering price	$ 1,000,000	$ 1,000,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Summary of Significant Accounting Policies
Contract asset impairment charge	$ 2,400	$ 0
Provision for loss accrual	$ 137,900
Operating lease maximum allowed extension percentage	75%
Fair Value	$ 0	1,332,943
Equity securities	0	134,836
Investment in non-marketable equity securities	$ 5,600	8,800
Minimum number of days after an invoice is issued when accounts receivable is considered due	30 days
Maximum number of days after an invoice is issued when accounts receivable is considered due	90 days
Capitalized contract costs	$ 800	600
Allowance for doubtful accounts receivable	8,798	43
Goodwill impairment charge	249,480
Impairment of long-lived assets	3,100	800
Other current asset impairment charge	$ 9,700	$ 0
Existing contracts	4 years
Fuel
Property, Plant and Equipment
Estimated useful life	10 years
Hydrogen infrastructure
Property, Plant and Equipment
Estimated useful life	20 years
Minimum
Summary of Significant Accounting Policies
Payment terms for fuel cells and its services	30 days
Extension period	5 years
Capitalized commission fees amortization term	5 years
Maximum
Summary of Significant Accounting Policies
Payment terms for fuel cells and its services	90 days
Extension period	10 years
Capitalized commission fees amortization term	10 years
Building and leasehold improvements \| Minimum
Property, Plant and Equipment
Estimated useful life	10 years
Building and leasehold improvements \| Maximum
Property, Plant and Equipment
Estimated useful life	30 years
Machinery and equipment \| Minimum
Property, Plant and Equipment
Estimated useful life	2 years
Machinery and equipment \| Maximum
Property, Plant and Equipment
Estimated useful life	30 years
Software \| Minimum
Property, Plant and Equipment
Estimated useful life	1 year
Software \| Maximum
Property, Plant and Equipment
Estimated useful life	5 years
Hydrogen production plants
Property, Plant and Equipment
Estimated useful life	30 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Accrual for loss contracts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accrual for loss contracts
Beginning balance	$ 81,066	$ 89,773
Provision for loss accrual	85,375	23,295
Releases to service cost of sales	(29,713)	(35,446)
Increase/(decrease) to loss accrual related to customer warrants	971	3,506
Foreign currency translation adjustment	154	(62)
Ending balance	$ 137,853	$ 81,066

Acquisitions - Fair value of co

Acquisitions - Fair value of consideration (Details) - USD ($) $ in Thousands	Dec. 05, 2022	Jan. 14, 2022
Alloy Custom Products, LLC and WesMor Cryogenics, LLC
Cash	$ 30,700
Due to Cryogenic Industrial Solutions, LLC	500
Plug Power Inc. common stock	6,107
Total consideration	$ 37,307
Joule Processing LLC
Cash		$ 28,140
Contingent consideration		41,732
Total consideration		$ 69,872

Acquisitions - Allocation of Pu

Acquisitions - Allocation of Purchase Price (Details) - USD ($) $ in Thousands	Dec. 05, 2022	Jan. 14, 2022
Alloy Custom Products, LLC and WesMor Cryogenics, LLC
Preliminary allocation of the purchase price to the estimated fair value of the net assets acquired
Cash	$ 267
Accounts receivable	5,038
Inventory	11,120
Prepaid expenses and other assets	464
Property, plant and equipment	3,887
Right of use asset	1,538
Identifiable intangible assets	13,430
Lease liability	(1,562)
Accounts payable, accrued expenses and other liabilities	(3,826)
Deferred revenue	(6,193)
Total net assets acquired, excluding goodwill	$ 24,163
Joule Processing LLC
Preliminary allocation of the purchase price to the estimated fair value of the net assets acquired
Current assets		$ 2,672
Property, plant and equipment		493
Right of use asset		182
Identifiable intangible assets		60,522
Lease liability		(374)
Current liabilities		(2,612)
Contract liability		(3,818)
Total net assets acquired, excluding goodwill		$ 57,065

Acquisitions - Goodwill (Detail

Acquisitions - Goodwill (Details) - USD ($) $ in Thousands	Dec. 05, 2022	Jan. 14, 2022	Dec. 31, 2023	Dec. 31, 2022
Total goodwill recognized			$ 0	$ 248,607
Alloy Custom Products, LLC and WesMor Cryogenics, LLC
Consideration paid	$ 37,307
Consideration paid	30,700
Less: net assets acquired	(24,163)
Total goodwill recognized	$ 13,144
Joule Processing LLC
Consideration paid		$ 69,872
Consideration paid		28,140
Contingent consideration		41,732
Less: net assets acquired		(57,065)
Total goodwill recognized		$ 12,807

Acquisitions - Narratives (Deta

Acquisitions - Narratives (Details) $ in Thousands			12 Months Ended
Acquisitions - Narratives (Details) $ in Thousands	Dec. 05, 2022 USD ($) subsidiary	Jan. 14, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Change in fair value of contingent consideration			$ 30,024	$ 16,468	$ 11,176
Alloy Custom Products, LLC and WesMor Cryogenics, LLC
Identifiable intangible assets	$ 13,430
Alloy Custom Products, LLC and WesMor Cryogenics, LLC \| Customer Relationships
Identifiable intangible assets	$ 7,100
Estimated useful lives of acquired finite-lived intangible assets	15 years
Alloy Custom Products, LLC and WesMor Cryogenics, LLC \| Trade Names
Identifiable intangible assets	$ 6,200
Estimated useful lives of acquired finite-lived intangible assets	15 years
Alloy Custom Products, LLC and WesMor Cryogenics, LLC \| Noncompete Agreements
Identifiable intangible assets	$ 200
Estimated useful lives of acquired finite-lived intangible assets	5 years
Alloy Custom Products, LLC and WesMor Cryogenics, LLC \| Cyrogenic Industrial Solutions, LLC, Alloy Custom Products, LLC and WesMor Cryogenics, LLC [Member]
Number of subsidiaries \| subsidiary	2
Revenue			47,700	3,700
Joule Processing LLC
Earn-out payments		$ 130,000	41,700
Achievement of revenue targets		90,000
Achievement of cost targets		40,000
Identifiable intangible assets		60,522
Fair value of contingent consideration			75,500	53,200
Change in fair value of contingent consideration			$ 22,300
Revenue				36,800	10,800
Net income				$ 3,600	$ 43
Joule Processing LLC \| Developed Technology Rights
Identifiable intangible assets		$ 59,200
Estimated useful lives of acquired finite-lived intangible assets		15 years
Joule Processing LLC \| Trade Names
Identifiable intangible assets		$ 800
Estimated useful lives of acquired finite-lived intangible assets		4 years
Joule Processing LLC \| Noncompete Agreements
Identifiable intangible assets		$ 500
Estimated useful lives of acquired finite-lived intangible assets		6 years

Acquisitions - Unaudited Pro Fo

Acquisitions - Unaudited Pro Forma Results (Details) - Joule Processing LLC - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Revenue	$ 701,742	$ 513,174
Net loss	$ (723,934)	$ (460,008)

Investments - Available-for-sal

Investments - Available-for-sale securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale
Proceeds from sales and maturities of available-for-sale securities	$ 1,400,000
Amortized Cost		$ 1,355,614
Gross Unrealized Gains		118
Gross Unrealized Losses		(22,789)
Fair Value	$ 0	1,332,943
Corporate bonds
Debt Securities, Available-for-sale
Amortized Cost		200,735
Gross Unrealized Gains		7
Gross Unrealized Losses		(7,109)
Fair Value		193,633
U.S. Treasuries
Debt Securities, Available-for-sale
Amortized Cost		1,154,879
Gross Unrealized Gains		111
Gross Unrealized Losses		(15,680)
Fair Value		$ 1,139,310

Investments - Available-for-s_2

Investments - Available-for-sale securities, Unrealized Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2021	Dec. 31, 2022
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Fair Value of Investments with Unrealized Losses	$ 10,800		$ 0
Proceeds from sales of equity securities	144,250	$ 28,536
Equity securities	$ 0		$ 134,836

Investments - Equity Securities

Investments - Equity Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Cost	$ 146,256
Gross Unrealized Losses	(11,420)
Fair Value	134,836	$ 0
Fixed income mutual funds
Debt and Equity Securities, FV-NI [Line Items]
Cost	70,257
Gross Unrealized Losses	(2,620)
Fair Value	67,637
Exchange traded mutual funds
Debt and Equity Securities, FV-NI [Line Items]
Cost	75,999
Gross Unrealized Losses	(8,800)
Fair Value	$ 67,199

Investments - Contractual Matur

Investments - Contractual Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Amortized Cost
Less than 12 months		$ 1,045,120
12 months or greater		310,494
Amortized Cost		1,355,614
Fair Value
Less than 12 months		1,039,333
12 months or greater		293,610
Fair Value	$ 0	1,332,943
Accrued interest income	$ 0	$ 3,000

Investments - Equity Method Inv

Investments - Equity Method Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 56,096	$ 26,365
HyVia
Schedule of Equity Method Investments [Line Items]
Common Stock Ownership %	50%	50%
Carrying Value	$ (2,068)	$ 11,281
Payments to acquire equity method investments	$ 22,300
AccionaPlug S.L.
Schedule of Equity Method Investments [Line Items]
Common Stock Ownership %	50%	50%
Carrying Value	$ 3,198	$ 2,225
Payments to acquire equity method investments	$ 2,600
Clean H2 Infra Fund
Schedule of Equity Method Investments [Line Items]
Common Stock Ownership %	5%	5%
Carrying Value	$ 13,357	$ 3,922
Payments to acquire equity method investments	$ 13,100
SK Plug Hyverse
Schedule of Equity Method Investments [Line Items]
Common Stock Ownership %	49%	49%
Carrying Value	$ 41,609	$ 8,937
Payments to acquire equity method investments	$ 33,800

Investments - Capital commitmen

Investments - Capital commitments (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Investments
2024	$ 152,672
2025	17,300
Total	$ 169,972

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Millions	12 Months Ended
Fair Value Measurements - Narrative (Details) $ in Millions	Dec. 31, 2023 USD ($)
Fair Value Measurements
Transfers between Level 1, Level 2, and Level 3	$ 0

Fair Value Measurements - Asset

Fair Value Measurements - Assets and liabilities measured at fair value on a recurring basis (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 14, 2022	Dec. 31, 2020
Fair Value
Change in fair value of contingent consideration		$ 30,024	$ 16,468	$ 11,176
Payments of contingent consideration		10,105	2,667	1,541
Recurring basis \| Level 1 \| Cash and cash equivalents
Fair Value
Assets, Fair Value			212,577
Recurring basis \| Level 1 \| U.S. Treasuries
Fair Value
Assets, Fair Value			1,139,310
Recurring basis \| Level 1 \| Equity securities
Fair Value
Assets, Fair Value			134,836
Recurring basis \| Level 2 \| Corporate bonds
Fair Value
Assets, Fair Value			193,633
Recurring basis \| Level 3 \| Contingent consideration
Fair Value
Liabilities, Fair value		126,216	116,165
Joule Processing LLC
Fair Value
Contingent consideration		41,700			$ 130,000
Change in fair value of contingent consideration		22,300
Carrying value \| Recurring basis \| Contingent consideration
Fair Value
Liabilities, Fair value		126,216	116,165
Carrying value \| Recurring basis \| Cash and cash equivalents
Fair Value
Assets, Fair Value			212,577
Carrying value \| Recurring basis \| Corporate bonds
Fair Value
Assets, Fair Value			193,633
Carrying value \| Recurring basis \| U.S. Treasuries
Fair Value
Assets, Fair Value			1,139,310
Carrying value \| Recurring basis \| Equity securities
Fair Value
Assets, Fair Value			134,836
Fair value \| Contingent consideration
Fair Value
Payments of contingent consideration	$ 19,000
Fair value \| Recurring basis \| Contingent consideration
Fair Value
Liabilities, Fair value		126,216	116,165
Fair value \| Recurring basis \| Cash and cash equivalents
Fair Value
Assets, Fair Value			212,577
Fair value \| Recurring basis \| Corporate bonds
Fair Value
Assets, Fair Value			193,633
Fair value \| Recurring basis \| U.S. Treasuries
Fair Value
Assets, Fair Value			1,139,310
Fair value \| Recurring basis \| Equity securities
Fair Value
Assets, Fair Value			134,836
Fair value \| Giner ELX, Inc \| Contingent consideration
Fair Value
Liabilities, Fair value		18,000	14,500
Contingent consideration		2,000				$ 16,000
Change in fair value of contingent consideration		5,500
Fair value \| United Hydrogen Group Inc \| Contingent consideration
Fair Value
Liabilities, Fair value		900	1,500
Contingent consideration						$ 1,100
Change in fair value of contingent consideration		600
Fair value \| Applied Cryo Technologies Inc \| Contingent consideration
Fair Value
Liabilities, Fair value		0	15,900
Contingent consideration		14,000
Change in fair value of contingent consideration		3,100
Fair value \| Applied Cryo Technologies Inc \| Contingent consideration \| Maximum
Fair Value
Change in fair value of contingent consideration		19,000
Fair value \| Frames Holding B.V. \| Contingent consideration
Fair Value
Liabilities, Fair value		31,800	$ 31,000
Contingent consideration				$ 29,100
Change in fair value of contingent consideration		300
Foreign Currency Contracts, Liability, Fair Value Disclosure		$ 1,100

Fair Value Measurements - Ass_2

Fair Value Measurements - Assets and liabilities measured at fair value on recurring basis that have unobservable inputs (Details) $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Recurring basis \| Level 3 \| Scenario based method \| Credit spread \| Business Combination, One
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Contingent Consideration, measurement input	13.61
Recurring basis \| Level 3 \| Scenario based method \| Credit spread \| Business Combination, One \| Minimum
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Contingent Consideration, measurement input		15.73
Recurring basis \| Level 3 \| Scenario based method \| Credit spread \| Business Combination, One \| Maximum
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Contingent Consideration, measurement input		15.74
Recurring basis \| Level 3 \| Scenario based method \| Discount rate \| Business Combination, One \| Minimum
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Contingent Consideration, measurement input	17.71	19.85
Recurring basis \| Level 3 \| Scenario based method \| Discount rate \| Business Combination, One \| Maximum
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Contingent Consideration, measurement input	19.06	20.68
Recurring basis \| Level 3 \| Monte carlo simulation \| Credit spread \| Business Combination, Two
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Contingent Consideration, measurement input		15.74
Recurring basis \| Level 3 \| Monte carlo simulation \| Credit spread \| Business Combination, Three
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Contingent Consideration, measurement input		15.73
Recurring basis \| Level 3 \| Monte carlo simulation \| Discount rate \| Business Combination, One \| Minimum
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Contingent Consideration, measurement input		20
Recurring basis \| Level 3 \| Monte carlo simulation \| Discount rate \| Business Combination, One \| Maximum
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Contingent Consideration, measurement input		20.30
Recurring basis \| Level 3 \| Monte carlo simulation \| Revenue volatility \| Business Combination, Two
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Contingent Consideration, measurement input		45.29
Recurring basis \| Level 3 \| Monte carlo simulation \| Revenue volatility \| Business Combination, Three \| Minimum
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Contingent Consideration, measurement input		23.1
Recurring basis \| Level 3 \| Monte carlo simulation \| Revenue volatility \| Business Combination, Three \| Maximum
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Contingent Consideration, measurement input		35.7
Recurring basis \| Level 3 \| Monte carlo simulation \| Revenue volatility \| Business Combination, Three \| Weighted Average
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Contingent Consideration, measurement input		(35)
Recurring basis \| Level 3 \| Monte carlo simulation \| Gross profit volatility \| Business Combination, Three \| Minimum
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Contingent Consideration, measurement input		23.2
Recurring basis \| Level 3 \| Monte carlo simulation \| Gross profit volatility \| Business Combination, Three \| Maximum
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Contingent Consideration, measurement input		106.7
Recurring basis \| Level 3 \| Monte carlo simulation \| Gross profit volatility \| Business Combination, Three \| Weighted Average
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Contingent Consideration, measurement input		(60)
Fair value \| Frames Holding B.V. \| Contingent consideration
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Contingent consideration			$ 29,100
Fair value \| Giner ELX, Inc \| Contingent consideration
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Contingent consideration	$ 2,000			$ 16,000
Fair value \| United Hydrogen Group Inc \| Contingent consideration
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Contingent consideration				$ 1,100
Fair value \| Recurring basis \| Level 3
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Contingent Consideration	126,216	$ 116,165
Fair value \| Recurring basis \| Level 3 \| Scenario based method \| Business Combination, One
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Contingent Consideration		85,269
Fair value \| Recurring basis \| Level 3 \| Scenario based method \| Credit spread \| Business Combination, One
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Contingent Consideration	$ 126,216
Fair value \| Recurring basis \| Level 3 \| Monte carlo simulation \| Business Combination, Two
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Contingent Consideration		11,310
Fair value \| Recurring basis \| Level 3 \| Monte carlo simulation \| Business Combination, Three
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Contingent Consideration		$ 19,586

Fair Value Measurements - Level

Fair Value Measurements - Level 3 Instruments Reconciliation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Reconciliations of the beginning and ending balances for liabilities measured at fair value on a recurring basis using significant unobservable inputs (i.e. Level 3)
Balance at the beginning of the period	$ 116,165
Cash payments	(13,000)
Payment settled in stock	(8,000)
Fair value adjustments	$ 30,024
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability
Foreign currency translation adjustment	$ 1,027
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Liability, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent
Balance at the end of the period	$ 126,216

Earnings Per Share - Basic and

Earnings Per Share - Basic and Diluted Components (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net loss	$ (1,368,833)	$ (724,008)	$ (459,965)
Denominator:
Weighted average number of common stock outstanding, basic (in shares)	595,468,419	579,716,708	558,182,177
Weighted average number of common stock outstanding, diluted (in shares)	595,468,419	579,716,708	558,182,177

Earnings Per Share - Dilutive P

Earnings Per Share - Dilutive Potential Common Shares (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Aug. 31, 2022	Aug. 24, 2022	Dec. 31, 2020	May 31, 2020	May 29, 2020	May 18, 2020	Mar. 31, 2018	Jul. 31, 2017	Jul. 20, 2017	Apr. 30, 2017	Apr. 04, 2017
Earnings Per Share
Number of dilutive potential common stock	163,726,275	161,820,136	147,846,729
3.75% Convertible Senior Notes
Earnings Per Share
Principal amount	$ 197,278	$ 197,278					$ 212,463	$ 12,500	$ 200,000
Conversion of notes through common stock issuance (in shares)	0	0	3,000,000
Interest rate (as a percent)			3.75%			3.75%	3.75%	3.75%	3.75%	3.75%
2022 Amazon transaction agreement
Earnings Per Share
Shares of common stock that can be purchased from warrants issued (in shares)				16,000,000	16,000,000
Warrants Exercised During the Period	0
Warrants issued with the Amazon, Inc transaction agreement
Earnings Per Share
Shares of common stock that can be purchased from warrants issued (in shares)													55,286,696	55,286,696
Number of warrants exercised (in shares)	34,917,912	24,704,450
Warrants issued with the Walmart Stores, Inc transaction agreement
Earnings Per Share
Shares of common stock that can be purchased from warrants issued (in shares)											55,286,696	55,286,696
Number of warrants exercised (in shares)	13,094,217	13,094,217
Employee Stock Option [Member]
Earnings Per Share
Number of dilutive potential common stock	39,261,362	27,598,269	23,806,909
Options granted	13,254,689	4,761,724	16,502,335
Restricted stock and restricted stock units outstanding
Earnings Per Share
Number of dilutive potential common stock	6,732,884	6,276,376	4,851,873
Options granted	4,131,193	4,289,682	1,894,356
Common stock warrants
Earnings Per Share
Number of dilutive potential common stock	78,561,263	88,774,725	80,017,181
Convertible senior notes
Earnings Per Share
Number of dilutive potential common stock	39,170,766	39,170,766	39,170,766

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	12 Months Ended
Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Inventory
Raw materials and supplies - production locations	$ 564,818	$ 450,432
Raw materials and supplies - customer locations	20,751	18,860
Work-in-process	149,574	112,231
Finished goods	226,110	64,113
Inventory	961,253	645,636
Reserve for excess and obsolete inventory	85,200	5,400
Inventory Write-down	$ 93,742	$ 1,957	$ 2,158

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) $ in Thousands	12 Months Ended
Property, Plant and Equipment (Details) $ in Thousands	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Property, plant and equipment
Property, plant, and equipment	$ 1,517,633	$ 767,909
Less: accumulated depreciation	(81,456)	(48,116)
Property, plant, and equipment, net	$ 1,436,177	719,793
Number of hydrogen production plant \| item	4
Capitalized interest	$ 8,200	13,100
Depreciation expense	33,300	19,000	$ 6,900
Land
Property, plant and equipment
Property, plant, and equipment	6,049	1,772
Construction in progress
Property, plant and equipment
Property, plant, and equipment	1,109,896	575,141
Hydrogen production plants
Property, plant and equipment
Property, plant, and equipment	77,107	48,147
Buildings and Leasehold Improvements
Property, plant and equipment
Property, plant, and equipment	95,229	21,363
Software, machinery, and equipment
Property, plant and equipment
Property, plant, and equipment	$ 229,352	$ 121,486

Equipment Related to Power Pu_3

Equipment Related to Power Purchase Agreements and Fuel Delivered to Customers, net - Components (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Equipment Related to Power Purchase Agreements and Fuel Delivered to Customers, net
Equipment related to power purchase agreements and fuel delivered to customers	$ 139,651	$ 109,683
Less: accumulated depreciation	(28,390)	(20,390)
Equipment related to power purchase agreements and fuel delivered to customers, net	$ 111,261	$ 89,293

Equipment Related to Power Pu_4

Equipment Related to Power Purchase Agreements and Fuel Delivered to Customers, net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lessor, Lease, Description [Line Items]
Depreciation expense	$ 8	$ 6.9	$ 7.4
Impairment charge related to the tanks	$ 0.2	$ 1.5	10.2
Cost Of Revenue, Fuel Delivered To Customers
Lessor, Lease, Description [Line Items]
Termination costs			$ 17
Minimum
Lessor, Lease, Description [Line Items]
Lease term	1 year	1 year
Maximum
Lessor, Lease, Description [Line Items]
Lease term	10 years	10 years

Intangible Assets and Goodwil_2

Intangible Assets and Goodwill - Gross Carrying Amount (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Gross carrying amount and accumulated amortization of acquired identifiable intangible assets
Gross Carrying Amount	$ 236,041	$ 235,742
Accumulated Amortization	(47,155)	(28,017)
Total	188,886	$ 207,725
Impairment of goodwill	$ 249,480
Acquired technology
Gross carrying amount and accumulated amortization of acquired identifiable intangible assets
Weighted Average Amortization Period	14 years	14 years
Gross Carrying Amount	$ 103,060	$ 104,221
Accumulated Amortization	(20,204)	(12,754)
Total	$ 82,856	$ 91,467
Dry stack electrolyzer technology
Gross carrying amount and accumulated amortization of acquired identifiable intangible assets
Weighted Average Amortization Period	10 years	10 years
Gross Carrying Amount	$ 29,000	$ 29,000
Accumulated Amortization	(5,317)	(2,417)
Total	$ 23,683	$ 26,583
Customer relationships trade name and other
Gross carrying amount and accumulated amortization of acquired identifiable intangible assets
Weighted Average Amortization Period	13 years	13 years
Gross Carrying Amount	$ 103,981	$ 102,521
Accumulated Amortization	(21,634)	(12,846)
Total	$ 82,347	$ 89,675

Intangible Assets and Goodwil_3

Intangible Assets and Goodwill - Estimated Amortization Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Intangible Assets and Goodwill
Amortization of intangible assets	$ 19,097	$ 21,195	$ 2,469
Estimated amortization expense
2024	18,955
2025	18,174
2026	16,564
2027	16,556
2028	47,901
2029 and thereafter	70,736
Total	$ 188,886

Intangible Assets and Goodwil_4

Intangible Assets and Goodwill - Carrying Amount of Goodwill (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Goodwill [Roll Forward]
Goodwill, Beginning Balance	$ 248,607
Impairment	(249,480)
Foreign currency translation adjustment	873
Goodwill, Ending Balance	$ 0

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accrued Expenses
Accrued payroll and compensation related costs	$ 32,584	$ 18,231
Accrual for capital expenditures	83,781	53,089
Accrued accounts payable	64,767	53,899
Accrued sales and other taxes	17,207	15,112
Accrued interest	562	421
Accrued other	1,643	15,678
Total	$ 200,544	$ 156,430

Operating and Finance Lease L_3

Operating and Finance Lease Liabilities - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lessee, Lease, Description
Rental expense for all operating lease	$ 95	$ 67.6	$ 38.6
Prepaid rent and security deposit	7.4	5.8
Finance lease, right-of-use asset, amortization and interest expense	7.5	6.2
Right of use assets, finance lease	57.3	53.7
Amortization of right-of-use asset from finance lease	9	4.7
Master Lease Agreement
Lessee, Lease, Description
Outstanding obligations lease agreements	$ 171.3	$ 159.5
Minimum
Lessee, Lease, Description
Lease Term - as Lessee	1 year
Maximum
Lessee, Lease, Description
Lease Term - as Lessee	7 years

Operating and Finance Lease L_4

Operating and Finance Lease Liabilities - Future minimum lease payments under operating and finance leases (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Future minimum lease payments under operating lease
2024	$ 99,356
2025	94,569
2026	85,693
2027	71,414
2028	49,477
2029 and thereafter	145,875
Total future minimum lease payments	546,384
Less imputed interest	(190,691)
Total operating lease, liabilities	355,693
Future minimum lease payments under finance leases
2024	12,117
2025	15,033
2026	12,175
2027	8,485
2028	1,896
2029 and thereafter	3,247
Total future minimum lease payments	52,953
Less imputed interest	(7,379)
Total finance lease liabilities	45,574
Future minimum lease payments under operating and finance leases
2024	111,473
2025	109,602
2026	97,868
2027	79,899
2028	51,373
2029 and thereafter	149,122
Total future minimum payments	599,337
Less imputed interest	(198,070)
Total	$ 401,267

Operating and Finance Lease L_5

Operating and Finance Lease Liabilities - Other information related to the operating leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Other information of operating leases
Cash payments - operating cash flows (in thousands)	$ 91,637	$ 63,214
Weighted average remaining lease term (in years)	5 years 9 months 3 days	6 years 6 months 7 days
Weighted average discount rate (as a percent)	11.30%	11.20%

Operating and Finance Lease L_6

Operating and Finance Lease Liabilities - Other information related to the finance leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Other information
Cash payments - operating cash flows (in thousands)	$ 3,059	$ 2,447
Cash payments - financing cash flows (in thousands)	$ 8,638	$ 6,586
Weighted average remaining lease term (in years)	3 years 10 months 13 days	3 years 11 months 1 day
Weighted average discount rate (as a percent)	6.80%	6.70%

Finance Obligation - Narrative

Finance Obligation - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finance Obligation
Finance obligation under sale-leaseback transaction	$ 368,394
Current portion of finance obligation in sale-leaseback transaction	84,031	$ 58,925
Noncurrent portion of finance obligation in sale-leaseback transaction	284,363	270,315
Sale of Future Revenue - Debt
Finance Obligation
Finance obligation under sale-leaseback transaction	350,753	312,100
Current portion of finance obligation in sale-leaseback transaction	74,000	55,400
Noncurrent portion of finance obligation in sale-leaseback transaction	276,800	256,600
Interest on lease liabilities, finance lease	39,600	29,700	$ 21,000
Sale/Leaseback Financings
Finance Obligation
Finance obligation under sale-leaseback transaction	17,641	17,200
Current portion of finance obligation in sale-leaseback transaction	10,000	3,500
Noncurrent portion of finance obligation in sale-leaseback transaction	$ 7,600	$ 13,700

Finance Obligation - Future min

Finance Obligation - Future minimum payments under finance obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Future minimum payments under finance obligations
2024	$ 120,938
2025	106,776
2026	90,053
2027	73,482
2028	53,203
2029 and thereafter	26,634
Total future minimum payments	471,086
Less imputed interest	(102,692)
Total	368,394
Sale of Future Revenue - Debt
Future minimum payments under finance obligations
2024	109,805
2025	104,547
2026	87,824
2027	71,253
2028	51,188
2029 and thereafter	25,503
Total future minimum payments	450,120
Less imputed interest	(99,367)
Total	350,753	$ 312,100
Sale/Leaseback Financings
Future minimum payments under finance obligations
2024	11,133
2025	2,229
2026	2,229
2027	2,229
2028	2,015
2029 and thereafter	1,131
Total future minimum payments	20,966
Less imputed interest	(3,325)
Total	$ 17,641	$ 17,200

Finance Obligation - Other info

Finance Obligation - Other information (Details) - Finance obligation - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Finance Obligation
Cash payments (in thousands)	$ 96,781	$ 72,377
Weighted average remaining term (in years)	4 years 5 months 26 days	4 years 10 months 2 days
Weighted average discount rate (as a percent)	11.30%	11.10%

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2023	Mar. 31, 2019
Long-Term Debt
Loss on extinguishment of debt		$ (986)
Outstanding balance			$ 3,900
Carrying amount of debt			5,457
Unamortized debt discount			$ 1,600
Minimum
Long-Term Debt
Effective interest rate (as a percent)			5.60%
Maximum
Long-Term Debt
Effective interest rate (as a percent)			8.30%
Secured term loan facility \| Loan and security agreement
Long-Term Debt
Secured term loan amount				$ 100,000
Loss on extinguishment of debt	$ (1,000)

Long-Term Debt - Principal Bala

Long-Term Debt - Principal Balance Due (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Principal payments of long term debt
December 31, 2024	$ 3,357
December 31, 2025	1,200
December 31, 2026	900
Total outstanding principal	$ 5,457

Convertible Senior Notes - Narr

Convertible Senior Notes - Narratives (Details) $ / shares in Units, $ in Thousands			1 Months Ended	2 Months Ended	12 Months Ended
	Jan. 07, 2021 shares	May 18, 2020 USD ($) D $ / shares	May 31, 2020 USD ($)	Feb. 28, 2021 shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares	May 29, 2020 USD ($)	Mar. 31, 2018 USD ($)
Convertible Senior Notes
Net proceeds					$ 104,251	$ 122,886	$ 108,925
Conversion of convertible senior notes to common stock							$ 15,345
Long-term borrowings					3,900
Carrying amount of the liability component					$ 5,457
Gain/(loss) on extinguishment of debt						(986)
Common stock shares issued \| shares				32,200,000
Minimum
Convertible Senior Notes
Effective interest rate (as a percent)					5.60%
Maximum
Convertible Senior Notes
Effective interest rate (as a percent)					8.30%
3.75% Convertible Senior Notes
Convertible Senior Notes
Principal amount		$ 200,000	$ 212,463		$ 197,278	197,278			$ 12,500
Interest rate (as a percent)		3.75%	3.75%				3.75%	3.75%	3.75%	3.75%
Net proceeds			$ 189,219
Conversion of convertible senior notes to common stock					$ 0	$ 0
Conversion of notes through common stock issuance (in shares) \| shares					0	0	3,000,000
Conversion of convertible senior notes to common stock							$ 15,200
Maturity principal amount		$ 1
Conversion rates for the notes (in shares)		198.6196
Conversion price, per share \| $ / shares		$ 5.03
Trading days \| D		20
Consecutive trading days \| D		30
Conversion price (as a percent)		130%
Number of business days		5 days
Number of consecutive trading days		5 days
Principal amount (as a percent)		98%
Percentage of principal amount to be redeemed		100%
Effective interest rate (as a percent)					4.60%	4.50%
Transaction costs for issuance		$ 7,000
Initial purchasers' discount		6,400
Other issuance costs		$ 600	$ 617
Fair value of convertible senior notes					$ 213,200
3.75% Convertible Senior Notes \| Minimum
Convertible Senior Notes
Redemption notice days		1 day
3.75% Convertible Senior Notes \| Maximum
Convertible Senior Notes
Redemption notice days		3 days
5.5% Convertible Senior Notes
Convertible Senior Notes
Principal amount										$ 100,000
Interest rate (as a percent)	5.50%						5.50%	5.50%		5.50%
Aggregate repurchase of debt								$ 66,300
Conversion of convertible senior notes to common stock								$ 33,500
Conversion of notes through common stock issuance (in shares) \| shares	69,808							14,600,000

Convertible Senior Notes - Conv

Convertible Senior Notes - Conversion (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	May 18, 2020	May 31, 2020	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	May 29, 2020	Mar. 31, 2018
Convertible Senior Notes
Net proceeds			$ 104,251	$ 122,886	$ 108,925
Conversion of convertible senior notes to common stock					$ 15,345
3.75% Convertible Senior Notes
Convertible Senior Notes
Principal amount	$ 200,000	$ 212,463	197,278	197,278			$ 12,500
Less initial purchasers' discount		(6,374)
Less initial purchasers' discount	(6,400)
Less cost of related capped calls		(16,253)
Less other issuance costs	$ (600)	(617)
Net proceeds		$ 189,219
Interest rate (as a percent)	3.75%	3.75%			3.75%	3.75%	3.75%	3.75%
Conversion of convertible senior notes to common stock			$ 0	$ 0

Convertible Senior Notes - Comp

Convertible Senior Notes - Components (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	May 31, 2020	May 29, 2020	May 18, 2020	Mar. 31, 2018
Convertible Senior Notes
Unamortized debt discount	$ (1,600)
Net carrying amount	195,264	$ 193,919
Conversion of convertible senior notes to common stock			$ 15,345
3.75% Convertible Senior Notes
Convertible Senior Notes
Principal amount	197,278	197,278			$ 212,463	$ 12,500	$ 200,000
Unamortized debt issuance costs	(2,014)	(3,359)
Net carrying amount	195,264	193,919
Interest rate (as a percent)			3.75%	3.75%	3.75%	3.75%	3.75%	3.75%
Conversion of convertible senior notes to common stock	$ 0	$ 0

Convertible Senior Notes - Expe

Convertible Senior Notes - Expenses and Interest (Details) - 3.75% Convertible Senior Notes - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Convertible Senior Notes
Interest expense	$ 7,546	$ 7,398
Amortization of debt issuance costs	1,345	1,286
Total	$ 8,891	$ 8,684
Effective interest rate (as a percent)	4.60%	4.50%

Convertible Senior Notes - Capp

Convertible Senior Notes - Capped Call and Common Stock Forward (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	2 Months Ended	12 Months Ended
	Jan. 07, 2021	May 18, 2020	Mar. 31, 2018	Feb. 28, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	May 31, 2020	May 29, 2020
Capped Call and Common Stock Forward
Conversion of convertible senior notes to common stock							$ 15,345
Common stock shares issued				32,200,000
Common Stock Forward
Capped Call and Common Stock Forward
Conversion of notes through common stock issuance (in shares)			14,397,906		0	0
3.75% Convertible Senior Notes
Capped Call and Common Stock Forward
Principal amount		$ 200,000			$ 197,278	$ 197,278			$ 212,463	$ 12,500
Interest rate (as a percent)		3.75%	3.75%				3.75%	3.75%	3.75%	3.75%
Conversion of convertible senior notes to common stock					$ 0	$ 0
Conversion of notes through common stock issuance (in shares)					0	0	3,000,000
Convertible senior notes					$ 213,200
Percentage of principal amount to be redeemed		100%
3.75% Convertible Senior Notes \| Capped Call
Capped Call and Common Stock Forward
Capped call options amount		$ 16,200
Cap price		$ 6.7560
Premium (as a percent)		60%
Closing stock price on grant date		$ 4.11
5.5% Convertible Senior Notes
Capped Call and Common Stock Forward
Principal amount			$ 100,000
Interest rate (as a percent)	5.50%		5.50%				5.50%	5.50%
Aggregate repurchase of debt								$ 66,300
Conversion of convertible senior notes to common stock								$ 33,500
Conversion of notes through common stock issuance (in shares)	69,808							14,600,000

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock and Warrants (Details) $ / shares in Units, $ in Thousands	1 Months Ended		2 Months Ended	12 Months Ended
	Feb. 28, 2021 USD ($) $ / shares shares	Jan. 31, 2021 USD ($) $ / shares	Feb. 28, 2021 $ / shares shares	Dec. 31, 2023 item $ / shares shares	Dec. 31, 2021 USD ($)	Dec. 31, 2017 shares	Dec. 31, 2022 shares	Aug. 31, 2022 shares	Aug. 24, 2022 shares
Stockholders' equity
Preferred stock, Shares authorized				5,000,000,000,000
Preferred stock, par value \| $ / shares				$ 0.01
Net proceeds from shares of common stock sold \| $					$ 3,587,833
Number of votes per share \| item				1
Common stock shares issued			32,200,000
Common stock, shares issued				625,305,025			608,421,785
Series A Junior Participating Cumulative Preferred Stock
Stockholders' equity
Common Stock Shares, Outstanding				0			0
SK Holdings Co LTD
Stockholders' equity
Net proceeds from shares of common stock sold \| $	$ 1,600,000
Common stock, shares issued	54,966,188		54,966,188
Per share price of shares of common stock \| $ / shares	$ 29.2893		$ 29.2893
Public Offerings
Stockholders' equity
Net proceeds from shares of common stock sold \| $	$ 2,000,000	$ 2,000,000
Share price (in dollars per share) \| $ / shares	$ 65	$ 65	$ 65
2022 Amazon transaction agreement
Stockholders' equity
Shares of common stock that can be purchased from warrants issued (in shares)								16,000,000	16,000,000
Class of Warrant or Right Issued				2,000,000
Maximum \| Warrant Issued With Amazon And Walmart Stores Inc Transaction Agreement In 2017
Stockholders' equity
Class of Warrant or Right Issued						110,573,392
Series A Junior Participating Cumulative Preferred Stock
Stockholders' equity
Preferred stock, Shares authorized				170,000
Undesignated preferred stock
Stockholders' equity
Preferred stock, Shares authorized				4,830,000

Stockholders' Equity - Accumula

Stockholders' Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accumulated other comprehensive income(loss)
Amounts reclassified from accumulated other comprehensive income(loss)	$ 12.8	$ 0	$ 0
Gains and Losses on Available-For-Sale Securities
Accumulated other comprehensive income(loss)
Net current-period other comprehensive income	9.9	20	2.7
Foreign Currency Items
Accumulated other comprehensive income(loss)
Net current-period other comprehensive income	$ 3.5	$ 4.5	$ 1.3

Warrant Transaction Agreement_2

Warrant Transaction Agreements - Amazon.com, Inc. Transaction Agreement (Details) $ in Thousands		12 Months Ended
	Aug. 24, 2022 USD ($) $ / shares D shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($)	Jun. 30, 2023 shares	Aug. 31, 2022 shares	Aug. 24, 2020 USD ($)	Apr. 30, 2017 shares	Apr. 04, 2017 shares
Class of Warrant or Right [Line Items]
Minimum percentage of warrants vested and exercisable automatically		60%
Selling, General and Administrative Expense \| $		$ 422,469	$ 363,929	$ 179,852
(Benefit)/loss on service contracts \| $		$ 56,633	$ (8,645)	63,124
Warrants issued with the Amazon, Inc transaction agreement
Class of Warrant or Right [Line Items]
Shares of common stock that can be purchased from warrants issued (in shares)								55,286,696	55,286,696
Number of warrants exercised (in shares)		34,917,912	24,704,450
Warrant shares vested (in shares)		55,286,696	55,286,696
Warrants issued with the Amazon, Inc transaction agreement \| Amazon
Class of Warrant or Right [Line Items]
Number of warrants exercised (in shares)		34,917,912	24,704,450
Tranche one of warrants issued with the Amazon.com, Inc transaction agreement
Class of Warrant or Right [Line Items]
Contract asset \| $		$ 19,400
Tranche one of warrants issued with the Amazon.com, Inc transaction agreement \| Amazon
Class of Warrant or Right [Line Items]
Provision for common stock warrants \| $		400	$ 400	$ 500
Tranche two of warrants issued with the Amazon.com, Inc. Transaction Agreement
Class of Warrant or Right [Line Items]
Warrant shares vested (in shares)					1,000,000
Warrant charge capitalized \| $							$ 20,400
Contract asset \| $		13,800
Tranche three of warrants issued with the Amazon.com, Inc. Transaction Agreement
Class of Warrant or Right [Line Items]
Contract asset \| $		5,200
Tranche Three Of Warrant Issued With Amazon
Class of Warrant or Right [Line Items]
Contract asset \| $		1,000,000
Warrant Issued With Amazon
Class of Warrant or Right [Line Items]
Cash payments to be received under agreement \| $	$ 2,100,000
Warrant percentage weighted average share price	90%
Warrant Issued With Amazon \| Vesting of First Warrants Shares
Class of Warrant or Right [Line Items]
Number of warrants exercisable	9,000,000
Warrant shares vested (in shares)	9,000,000
Exercise price of warrants (in dollars per share) \| $ / shares	$ 22.9841
Fair value of warrants per share \| $ / shares	$ 20.36
Warrant Issued With Amazon \| Vesting of Remaining Warrants Shares
Class of Warrant or Right [Line Items]
Warrant shares vested (in shares)	7,000,000
Warrant Issued With Amazon \| Vest in multiple tranches
Class of Warrant or Right [Line Items]
Shares of common stock that can be purchased from warrants issued (in shares)	15,000,000
Vesting period	7 years
Warrant shares vested (in shares)	15,000,000
2022 Amazon transaction agreement
Class of Warrant or Right [Line Items]
Shares of common stock that can be purchased from warrants issued (in shares)	16,000,000					16,000,000
Reduction in revenue \| $		$ 4,900	$ 5,200
Warrant shares vested (in shares)	1,000,000
Class Of Warrant Or Right Exercisable on Vesting Threshold Trading Days \| D	30
Warrant charge capitalized \| $	$ 20,400
2022 Amazon transaction agreement \| Vest immediately upon issuance
Class of Warrant or Right [Line Items]
Warrant shares vested (in shares)	1,000,000
2022 Amazon transaction agreement \| Tranches 1-3 \| Risk free interest rate
Class of Warrant or Right [Line Items]
Warrants and rights outstanding measurement input	0.0315
2022 Amazon transaction agreement \| Tranches 1-3 \| Volatility
Class of Warrant or Right [Line Items]
Warrants and rights outstanding measurement input	0.7500
2022 Amazon transaction agreement \| Tranches 1-3 \| Expected average term
Class of Warrant or Right [Line Items]
Expected average term	7 years
2022 Amazon transaction agreement \| Tranches 1-3 \| Exercise price
Class of Warrant or Right [Line Items]
Warrants and rights outstanding measurement input \| $ / shares	22.98
2022 Amazon transaction agreement \| Tranches 1-3 \| Stock price
Class of Warrant or Right [Line Items]
Warrants and rights outstanding measurement input \| $ / shares	20.36
2022 Amazon transaction agreement \| Tranche 4 \| Risk free interest rate
Class of Warrant or Right [Line Items]
Warrants and rights outstanding measurement input		0.0378
2022 Amazon transaction agreement \| Tranche 4 \| Volatility
Class of Warrant or Right [Line Items]
Warrants and rights outstanding measurement input		0.8500
2022 Amazon transaction agreement \| Tranche 4 \| Expected average term
Class of Warrant or Right [Line Items]
Expected average term		4 years
2022 Amazon transaction agreement \| Tranche 4 \| Exercise price
Class of Warrant or Right [Line Items]
Warrants and rights outstanding measurement input \| $ / shares		4.05
2022 Amazon transaction agreement \| Tranche 4 \| Stock price
Class of Warrant or Right [Line Items]
Warrants and rights outstanding measurement input \| $ / shares		4.50

Warrant Transaction Agreement_3

Warrant Transaction Agreements - Walmart Stores, Inc. Transaction Agreement (Details) $ / shares in Units, $ in Thousands				12 Months Ended
	Oct. 30, 2023	Jan. 01, 2019	Jul. 20, 2017 USD ($) installment $ / shares shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 shares	Jul. 31, 2017 shares
Warrant Transaction Agreements
Provision compared for common stock warrants				$ 25,028	$ 38,698	$ 6,142
Warrants issued with the Walmart Stores, Inc transaction agreement
Warrant Transaction Agreements
Shares of common stock that can be purchased from warrants issued (in shares) \| shares			55,286,696					55,286,696
Reduction in revenue				$ 5,900	$ 7,100	6,100
Cash payments to be received under agreement			$ 200,000
Warrant shares vested (in shares) \| shares				34,917,912	27,643,347
Contract asset				$ 2,400
Number of warrants exercised (in shares) \| shares				13,094,217	13,094,217
Warrants issued with the Walmart Stores, Inc transaction agreement \| Risk free interest rate
Warrant Transaction Agreements
Warrants and rights outstanding measurement input	0.0473	0.0263
Warrants issued with the Walmart Stores, Inc transaction agreement \| Volatility
Warrant Transaction Agreements
Warrants and rights outstanding measurement input	0.7500	0.9500
Warrants issued with the Walmart Stores, Inc transaction agreement \| Exercise price
Warrant Transaction Agreements
Warrants and rights outstanding measurement input	0.0628	0.0212
Warrants issued with the Walmart Stores, Inc transaction agreement \| Stock price
Warrant Transaction Agreements
Warrants and rights outstanding measurement input	0.0570	0.0124
Tranche one of warrants issued with the Walmart Stores Inc transaction agreement
Warrant Transaction Agreements
Reduction in revenue			$ 10,900
Warrant shares vested (in shares) \| shares							5,819,652
Exercise price of warrants (in dollars per share) \| $ / shares			$ 2.1231
Tranche two of warrants issued with the Walmart Stores, Inc. Transaction Agreement
Warrant Transaction Agreements
Cash payments to be received under agreement			$ 50,000
Warrant shares vested (in shares) \| shares			29,098,260
Number of installments \| installment			4
Number of shares per installment \| shares			7,274,565
Tranche three of warrants issued with the Walmart Stores, Inc. Transaction Agreement
Warrant Transaction Agreements
Shares of common stock that can be purchased from warrants issued (in shares) \| shares			20,368,784
Cash payments to be received under agreement			$ 50,000
Number of installments \| installment			8
Number of shares per installment \| shares			2,546,098
Exercise price of warrants (in dollars per share) \| $ / shares			$ 6.28
Tranche one of warrants issued with the Amazon.com, Inc transaction agreement
Warrant Transaction Agreements
Contract asset				$ 19,400
Walmart \| Expected average term
Warrant Transaction Agreements
Expected average term	3 years 8 months 19 days	8 years 6 months 18 days
Walmart \| Warrants issued with the Walmart Stores, Inc transaction agreement
Warrant Transaction Agreements
Number of warrants exercised (in shares) \| shares				13,094,217	13,094,217
Amazon \| Tranche one of warrants issued with the Amazon.com, Inc transaction agreement
Warrant Transaction Agreements
Provision for common stock warrants				$ 400	$ 400	$ 500
Maximum \| Warrants issued with the Walmart Stores, Inc transaction agreement
Warrant Transaction Agreements
Cash payments to be received under agreement			$ 600,000
Maximum \| Tranche two of warrants issued with the Walmart Stores, Inc. Transaction Agreement
Warrant Transaction Agreements
Cash payments to be received under agreement			200,000
Maximum \| Tranche three of warrants issued with the Walmart Stores, Inc. Transaction Agreement
Warrant Transaction Agreements
Cash payments to be received under agreement			$ 400,000

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue
Net revenue	$ 891,340	$ 701,440	$ 502,342
Sales of fuel cell systems
Revenue
Net revenue	181,168	207,691	225,229
Sale of hydrogen infrastructure
Revenue
Net revenue	183,606	141,528	135,055
Sale of electrolyzers
Revenue
Net revenue	82,611	28,463	16,667
Sales of engineered equipment
Revenue
Net revenue	32,361	93,489	7,571
Services performed on fuel cell systems and related infrastructure
Revenue
Net revenue	39,093	35,280	26,706
Power purchase agreements
Revenue
Net revenue	63,731	47,183	35,153
Fuel delivered to customers and related equipment
Revenue
Net revenue	66,246	57,196	46,917
Sales of cryogenic equipment and other
Revenue
Net revenue	231,687	87,761	8,255
Other
Revenue
Net revenue	$ 10,837	$ 2,849	$ 789

Revenue - Contract balances (De

Revenue - Contract balances (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Revenue
Accounts receivable	$ 243,811	$ 129,450
Contract assets	155,989	104,287
Deferred revenue and contract liabilities	$ 288,302	$ 229,898

Revenue - Changes in contract a

Revenue - Changes in contract assets and contract liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Contract assets
Contract asset impairment charge	$ 2,400	$ 0
Net change in contract assets	(40,258)	(39,515)	$ (10,608)
Contract liabilities
Increases due to cash received, net of amounts recognized as revenue during the period	151,965	200,347
Change in contract liabilities related to warrants	440
Contract liabilities assumed as part of acquisitions		10,011
Revenue recognized that was included in the contract liability balance as of the beginning of the period	(94,001)	(163,550)
Net change in deferred revenue and contract liabilities	58,404	46,808
Sales of fuel cell systems
Contract assets
Transferred to receivables from contract assets recognized at the beginning of the period	(94,860)	(33,394)
Change in contract assets related to warrants	14,260	26,455
Contract asset impairment charge	(2,375)
Revenue recognized and not billed as of the end of the period	134,677	72,469
Net change in contract assets	$ 51,702	$ 65,530

Revenue - Estimated future reve

Revenue - Estimated future revenue (Details) $ in Thousands	12 Months Ended
Revenue - Estimated future revenue (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Revenue
Total estimated future revenue	$ 1,151,431
Sales of fuel cell systems
Revenue
Duration of estimated revenue expected to be recognized in future (in years)	1 year
Total estimated future revenue	$ 64,954
Sale of hydrogen installations and other infrastructure
Revenue
Total estimated future revenue	$ 22,860
Sale of electrolyzers
Revenue
Duration of estimated revenue expected to be recognized in future (in years)	1 year
Total estimated future revenue	$ 301,323
Sales of engineered equipment
Revenue
Total estimated future revenue	19,876
Services performed on fuel cell systems and related infrastructure
Revenue
Total estimated future revenue	123,080
Power purchase agreements
Revenue
Total estimated future revenue	435,967
Fuel delivered to customers and related equipment
Revenue
Total estimated future revenue	$ 95,444
Sales of cryogenic equipment and other
Revenue
Duration of estimated revenue expected to be recognized in future (in years)	1 year
Total estimated future revenue	$ 87,927
Maximum \| Sales of fuel cell systems
Revenue
Duration of estimated revenue expected to be recognized in future (in years)	2 years
Maximum \| Sale of electrolyzers
Revenue
Duration of estimated revenue expected to be recognized in future (in years)	2 years
Maximum \| Services performed on fuel cell systems and related infrastructure
Revenue
Duration of estimated revenue expected to be recognized in future (in years)	10 years
Maximum \| Power purchase agreements
Revenue
Duration of estimated revenue expected to be recognized in future (in years)	10 years
Maximum \| Fuel delivered to customers and related equipment
Revenue
Duration of estimated revenue expected to be recognized in future (in years)	10 years
Minimum \| Sales of fuel cell systems
Revenue
Duration of estimated revenue expected to be recognized in future (in years)	1 year
Minimum \| Sale of electrolyzers
Revenue
Duration of estimated revenue expected to be recognized in future (in years)	1 year
Minimum \| Services performed on fuel cell systems and related infrastructure
Revenue
Duration of estimated revenue expected to be recognized in future (in years)	5 years
Minimum \| Power purchase agreements
Revenue
Duration of estimated revenue expected to be recognized in future (in years)	5 years
Minimum \| Fuel delivered to customers and related equipment
Revenue
Duration of estimated revenue expected to be recognized in future (in years)	5 years

Employee Benefit Plans - Assump

Employee Benefit Plans - Assumptions For Estimating Fair Value (Details) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($) shares	May 31, 2023 $ / shares	Dec. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($) $ / shares	May 18, 2023 item	Jul. 31, 2021 shares	May 12, 2011 shares
Employee Benefit Plans
Compensation cost				$ 169,800	$ 72,400
Service Stock Options Awards
Employee Benefit Plans
Expiration period			10 years
Compensation cost			$ 31,500	$ 27,500	$ 17,400
Percentage of performance stock options		0.33%
Assumptions for estimating fair value
Expected term of options (years)			5 years	5 years
Risk Free interest rate, minimum (as a percent)			3.40%	1.26%	0.61%
Risk Free interest rate, maximum (as a percent)			4.69%	4.34%	1.23%
Volatility, minimum (as a percent)			80.02%	73.38%	72.46%
Volatility, maximum (as a percent)			92.55%	85.97%	76.60%
Dividend Yield			0%
Service Stock Options Awards \| Minimum
Employee Benefit Plans
Vesting period			1 year
Assumptions for estimating fair value
Expected term of options (years)					3 years
Service Stock Options Awards \| Maximum
Employee Benefit Plans
Vesting period			3 years
Assumptions for estimating fair value
Expected term of options (years)					5 years
Performance Stock Option Awards
Employee Benefit Plans
Options exercisable (as a percent)			200%
Compensation cost			$ 64,000	$ 95,700	$ 27,800
Percentage of performance stock options			0.33%
Threshold number of specified trading days			30 days
Vesting period			3 years
Stock price hurdles \| item						2
Assumptions for estimating fair value
Remaining VWAP performance period (years)			3 years	3 years	3 years
Risk-free interest rate (as a percent):			3.60%	3.10%	1.12%
Expected volatility (as a percent):			75%	75%	70%
Closing stock price on grant date \| $ / shares			$ 7.87	$ 26.38	$ 26.92
Performance Stock Option Awards \| Share-Based Payment Arrangement, Tranche one
Employee Benefit Plans
Percentage of performance stock options		33.33%
Volume weighted average price \| $ / shares		$ 9.84
Performance Stock Option Awards \| Share-Based Payment Arrangement, Tranche Two
Employee Benefit Plans
Percentage of performance stock options		33.33%
Volume weighted average price \| $ / shares		$ 11.81
Performance Stock Option Awards \| Share-Based Payment Arrangement, Tranche Three
Employee Benefit Plans
Percentage of performance stock options		33.34%
Volume weighted average price \| $ / shares		$ 13.77
Performance Stock Option Awards \| Minimum
Assumptions for estimating fair value
Expected term of options (years)				0 years
Performance Stock Option Awards \| Maximum
Employee Benefit Plans
Vesting period			7 years
Assumptions for estimating fair value
Expected term of options (years)					3 years
Employees \| Service Stock Options Awards
Employee Benefit Plans
Expiration period			10 years
Vesting period			3 years
Board of Directors \| Service Stock Options Awards
Employee Benefit Plans
Vesting period			1 year
the 2011 Plan \| Employee Stock Option [Member]
Employee Benefit Plans
Maximum number of common stock shares available for issuance \| shares								1,000,000
Number of options available for issuance (in shares) \| shares							473,491
2021 Stock Option Incentive Plan \| Employee Stock Option [Member]
Employee Benefit Plans
Maximum number of common stock shares available for issuance \| shares	51,400,000						22,500,000
Stock Incentive Plan 2011 And 2021
Employee Benefit Plans
Compensation cost			$ 149,998	$ 169,755	$ 72,391
Company's matching contributions	$ 12,100
Cost of sales \| Stock Incentive Plan 2011 And 2021
Employee Benefit Plans
Compensation cost			11,079	7,259	1,965
Research and development \| Stock Incentive Plan 2011 And 2021
Employee Benefit Plans
Compensation cost			9,532	6,369	5,983
Selling, general and administrative \| Stock Incentive Plan 2011 And 2021
Employee Benefit Plans
Compensation cost			$ 129,387	$ 156,127	$ 64,443

Employee Benefit Plans - Stock

Employee Benefit Plans - Stock Activity, Weighted Average Exercise Price (Details) $ / shares in Units, € in Millions		1 Months Ended	12 Months Ended
	May 12, 2011 shares	May 31, 2023 shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2021 EUR (€) shares
Stock option activity additional disclosures
Weighted-average grant date fair value of options granted (per share) \| $ / shares			$ 4
Compensation cost \| $				$ 169,800,000	$ 72,400,000
Service Stock Options Awards
Shares
Options outstanding, beginning balance (in shares)			12,078,269
Options exercisable, beginning balance (in shares)			6,661,969
Options unvested, beginning balance (in shares)			5,416,300
Granted (in shares)			6,849,689	3,261,724	1,942,335	1,942,335
Exercised (in shares)			(716,581)
Forfeited (in shares)			(875,015)
Expired (in shares)		6,405,000
Options outstanding, end balance (in shares)			17,336,362	12,078,269
Options exercisable, ending balance (in shares)			8,288,944	6,661,969
Options unvested, ending balance (in shares)			9,047,418	5,416,300
Weighted Average Exercise Price
Options outstanding, beginning balance, weighted-average exercise price \| $ / shares			$ 14.34
Options exercisable, beginning balance, weighted-average exercise price \| $ / shares			8.41
Options unvested, beginning balance, weighted-average exercise price \| $ / shares			21.63
Granted, weighted-average exercise price \| $ / shares			7.08
Exercised, weighted-average exercise price \| $ / shares			2.25
Forfeited, weighted-average exercise price \| $ / shares			26.27
Options outstanding, ending balance, weighted-average exercise price \| $ / shares			11.37	$ 14.34
Options exercisable, ending balance, weighted-average exercise price \| $ / shares			11.84	8.41
Options unvested, ending balance, weighted-average exercise price \| $ / shares			$ 10.94	$ 21.63
Stock option activity additional disclosures
Options outstanding, weighted-average remaining contractual term			7 years 10 months 9 days	7 years 6 months 25 days
Options exercisable, weighted-average remaining contractual term			6 years 2 months 4 days	6 years 4 months 24 days
Options unvested, weighted-average remaining contractual term			9 years 4 months 20 days	9 years 3 days
Options outstanding, aggregate intrinsic value \| $			$ 11,391,000	$ 42,835,000
Options exercisable, aggregate intrinsic value \| $			7,250,000	42,182,000
Options unvested, aggregate intrinsic value \| $			$ 4,141,000	$ 653,000
Weighted-average grant date fair value of options granted (per share) \| $ / shares			$ 4.88	$ 13.39	$ 19.80
Fair value of stock options that vested during the period \| $			$ 33,100,000	$ 22,600,000	$ 11,000,000
Option expected to vest (in shares)			5,661,000
Compensation cost \| $			$ 31,500,000	27,500,000	17,400,000
Unrecognized compensation cost \| $			$ 53,100,000	59,800,000
Period for recognition			2 years 1 month 6 days
Intrinsic fair value of options exercised \| $			$ 5,300,000	$ 15,100,000	$ 115,500,000
Options granted			6,849,689	3,261,724	1,942,335	1,942,335
Percentage of performance stock options		0.33%
Performance Stock Option Awards
Shares
Options outstanding, beginning balance (in shares)			15,520,000
Options exercisable, beginning balance (in shares)			1,391,000
Options unvested, beginning balance (in shares)			14,129,000
Granted (in shares)			6,405,000
Exercised (in shares)			0	0	0	0
Options outstanding, end balance (in shares)			21,925,000	15,520,000
Options exercisable, ending balance (in shares)			2,782,000	1,391,000
Options unvested, ending balance (in shares)			19,143,000	14,129,000
Weighted Average Exercise Price
Options outstanding, beginning balance, weighted-average exercise price \| $ / shares			$ 26.87
Options exercisable, beginning balance, weighted-average exercise price \| $ / shares			26.9
Options unvested, beginning balance, weighted-average exercise price \| $ / shares			26.86
Granted, weighted-average exercise price \| $ / shares			7.87
Options outstanding, ending balance, weighted-average exercise price \| $ / shares			21.32	$ 26.87
Options exercisable, ending balance, weighted-average exercise price \| $ / shares			26.92	26.9
Options unvested, ending balance, weighted-average exercise price \| $ / shares			$ 20.50	$ 26.86
Stock option activity additional disclosures
Options outstanding, weighted-average remaining contractual term			5 years 3 months 7 days	5 years 9 months 21 days
Options granted, weighted-average remaining contractual term			6 years 4 months 17 days
Options exercisable, weighted-average remaining contractual term			4 years 8 months 23 days	5 years 8 months 12 days
Options unvested, weighted-average remaining contractual term			5 years 4 months 6 days	5 years 9 months 25 days
Options unvested, aggregate intrinsic value \| $			$ 0
Weighted-average grant date fair value of options granted (per share) \| $ / shares			$ 4	$ 9.73	$ 12.70
Fair value of stock options that vested during the period			$ 20,800,000	$ 20,800,000		€ 0
Unvested stock options expected to vest period for calculation of weighted- average exercise price			5 years 11 months 19 days
Compensation cost \| $			$ 64,000,000	$ 95,700,000	$ 27,800,000
Unrecognized compensation cost \| $			$ 34,200,000
Period for recognition			1 year 6 months 18 days
Options granted			6,405,000
Percentage of performance stock options			0.33%
the 2011 Plan \| Employee Stock Option [Member]
Shares
Granted (in shares)	0
Stock option activity additional disclosures
Options granted	0

Employee Benefit Plans - Restri

Employee Benefit Plans - Restricted Common Stock and Restricted Stock Unit Awards (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee Benefit Plans
Compensation cost		$ 169,800	$ 72,400
Outstanding balance	6,732,884
Shares
Granted (in shares)	4,131,193
Vested (in shares)	(2,851,637)
Forfeited (in shares)	(823,048)
Unvested restricted stock, end balance (in shares)	6,732,884
Weighted Average Grant Date Fair Value
Granted, weighted average grant date fair value	$ 11.55
Vested, weighted average grant date fair value	20.40
Forfeited, weighted average grant date fair value	23.60
Unvested restricted stock, end balance, weighted average grant date fair value	$ 15.66
Aggregate Intrinsic Value
Unvested restricted stock, end balance, aggregate intrinsic value	$ 30,298
Restricted stock and restricted stock units outstanding
Employee Benefit Plans
Compensation cost	54,500	46,500	27,200
Unrecognized compensation cost	$ 84,100	110,300	74,500
Period for recognition	1 year 11 months 26 days
Fair value of restricted stock units vested	$ 58,200	$ 36,700	$ 76,000
Outstanding balance		6,276,376
Shares
Unvested restricted stock, beginning balance (in shares)	6,276,376
Unvested restricted stock, end balance (in shares)		6,276,376
Weighted Average Grant Date Fair Value
Unvested restricted stock, beginning balance, weighted average grant date fair value	$ 21.56
Granted, weighted average grant date fair value	$ 11.55	$ 20.28	$ 32.35
Unvested restricted stock, end balance, weighted average grant date fair value		$ 21.56
Aggregate Intrinsic Value
Unvested restricted stock, beginning balance, aggregate intrinsic value	$ 77,639
Unvested restricted stock, end balance, aggregate intrinsic value		$ 77,639
Restricted stock and restricted stock units outstanding \| Minimum
Employee Benefit Plans
Vesting period	1 year
Restricted stock and restricted stock units outstanding \| Maximum
Employee Benefit Plans
Vesting period	3 years
Restricted common units with performance target
Employee Benefit Plans
Compensation cost	$ 1,100
Unrecognized compensation cost	$ 3,100
Period for recognition	2 years 6 months 29 days
Outstanding balance	375,000
Shares
Unvested restricted stock, end balance (in shares)	375,000

Employee Benefit Plans - 401(K)

Employee Benefit Plans - 401(K) Saving And Retirement Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Non-Employee Benefit Plan Compensation
Granted (in shares)	4,131,193
Compensation cost		$ 169,800	$ 72,400
Non Employee Director
Non-Employee Benefit Plan Compensation
Granted (in shares)	59,323	21,886	12,258
Compensation cost	$ 452	$ 390	$ 372
Savings And Retirement Plan 401 K
401(K) Savings & Retirement Plan
Percent of salary employee is permitted to contribute	100%
Vesting period	3 years
Common stock, shares issued	1,473,662	442,056	90,580
Total expense (including issuance of shares)	$ 12,100	$ 9,200	$ 4,300

Income Taxes - Components of In

Income Taxes - Components of Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Components of loss before income taxes and income tax (expense) benefit
Loss before income taxes	$ (1,376,197)	$ (723,169)	$ (476,162)
Income tax benefit/(expense)	7,364	(839)	16,197
Net loss	(1,368,833)	(724,008)	(459,965)
Significant components of current and deferred income tax expense (benefit)
Current income tax (benefit) expense	1,170	668
Deferred tax (benefit) expense	(103,372)	(35,737)	(50,935)
Net operating loss carryforward generated	(163,827)	(87,698)	(107,536)
Valuation allowance increase (decrease)	258,665	123,606	142,274
Income tax expense/(benefit)	(7,364)	839	(16,197)
U.S.
Components of loss before income taxes and income tax (expense) benefit
Loss before income taxes	(1,211,796)	(697,342)	(466,825)
Income tax benefit/(expense)	29	868	16,540
Net loss	(1,211,767)	(696,474)	(450,285)
Significant components of current and deferred income tax expense (benefit)
Deferred tax (benefit) expense	(100,754)	(42,705)	(51,999)
Net operating loss carryforward generated	(146,174)	(92,030)	(105,498)
Valuation allowance increase (decrease)	246,899	133,867	140,957
Income tax expense/(benefit)	(29)	(868)	(16,540)
Foreign
Components of loss before income taxes and income tax (expense) benefit
Loss before income taxes	(164,401)	(25,827)	(9,337)
Income tax benefit/(expense)	7,335	(1,707)	(343)
Net loss	(157,066)	(27,534)	(9,680)
Significant components of current and deferred income tax expense (benefit)
Current income tax (benefit) expense	1,170	668
Deferred tax (benefit) expense	(2,618)	6,968	1,064
Net operating loss carryforward generated	(17,653)	4,332	(2,038)
Valuation allowance increase (decrease)	11,766	(10,261)	1,317
Income tax expense/(benefit)	$ (7,335)	$ 1,707	$ 343

Income Taxes - Effective Income

Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Effective income tax rate reconciliation
U.S. Federal statutory tax rate	(21.00%)	(21.00%)	(21.00%)
Deferred state taxes	(0.00%)	(0.00%)	(0.60%)
Common stock warrant liability	(0.00%)	(0.00%)	(6.00%)
Section 162M Disallowance	0.70%	1.90%	1.10%
Equity Compensation	0.40%	(0.70%)	(4.30%)
Provision to return and deferred tax asset adjustments	(2.10%)	4.60%	(1.30%)
Change in U.S. Federal/Foreign statutory tax rate	(0.10%)	(0.00%)	0.30%
Other, net	0.60%	0.60%	(1.50%)
Impairment of goodwill	3.30%	0%	0%
Impairment of goodwill	$ 249,480
Change in valuation allowance	17.70%	14.80%	29.90%
Total effective income tax rate	(0.50%)	0.10%	(3.40%)

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Significant components of the Company's deferred tax assets and liabilities
Deferred revenue	$ 39,383	$ 33,309
Interest expense	28,126	31,368
Other reserves and accruals	57,602	26,878
Tax credit carryforwards	20,794	14,949
Amortization of stock-based compensation	44,023	30,217
Non-compensatory warrants	2,950	6,268
Capitalized research & development expenditures	82,374	60,588
Right of use liability (operating leases)	41,960	32,875
Capital loss carryforwards	1,763
Net operating loss carryforwards	469,337	305,510
Total deferred tax asset	788,312	541,962
Valuation allowance	(696,139)	(437,474)
Net deferred tax assets	92,173	104,488
Intangible assets	(36,837)	(39,669)
Convertible debt		(26,989)
Right of use asset (operating leases)	(50,632)	(40,454)
Property, plant and equipment and right of use assets	(7,889)	(8,883)
Deferred tax liability	(95,358)	(115,996)
Net	(3,185)	(11,508)
U.S.
Significant components of the Company's deferred tax assets and liabilities
Deferred revenue	39,241	33,172
Interest expense	28,126	31,368
Other reserves and accruals	57,265	26,591
Tax credit carryforwards	20,794	14,949
Amortization of stock-based compensation	44,023	30,217
Non-compensatory warrants	2,950	6,268
Capitalized research & development expenditures	82,374	60,588
Right of use liability (operating leases)	41,960	32,616
Capital loss carryforwards	1,763
Net operating loss carryforwards	443,964	297,790
Total deferred tax asset	762,460	533,559
Valuation allowance	(676,190)	(429,291)
Net deferred tax assets	86,270	104,268
Intangible assets	(27,749)	(29,731)
Convertible debt		(26,989)
Right of use asset (operating leases)	(50,632)	(40,194)
Property, plant and equipment and right of use assets	(7,889)	(7,383)
Deferred tax liability	(86,270)	(104,297)
Net		(29)
Foreign
Significant components of the Company's deferred tax assets and liabilities
Deferred revenue	142	137
Other reserves and accruals	337	287
Right of use liability (operating leases)		259
Net operating loss carryforwards	25,373	7,720
Total deferred tax asset	25,852	8,403
Valuation allowance	(19,949)	(8,183)
Net deferred tax assets	5,903	220
Intangible assets	(9,088)	(9,938)
Right of use asset (operating leases)		(260)
Property, plant and equipment and right of use assets		(1,500)
Deferred tax liability	(9,088)	(11,699)
Net	$ (3,185)	$ (11,479)

Income Taxes - Change In Valuat

Income Taxes - Change In Valuation Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Change in valuation allowance
Increase (decrease) in valuation allowance for current year increase in net operating losses	$ 188,795
Increase (decrease) in valuation allowance for current year net increase in deferred tax assets other than net operating losses	69,600
Increase (decrease) in valuation allowance due to change in tax rates	270
Net increase (decrease) in valuation allowance	258,665	$ 123,606	$ 142,274
U.S.
Change in valuation allowance
Increase (decrease) in valuation allowance for current year increase in net operating losses	177,299
Increase (decrease) in valuation allowance for current year net increase in deferred tax assets other than net operating losses	69,600
Net increase (decrease) in valuation allowance	246,899	133,867	140,957
Foreign
Change in valuation allowance
Increase (decrease) in valuation allowance for current year increase in net operating losses	11,496
Increase (decrease) in valuation allowance due to change in tax rates	270
Net increase (decrease) in valuation allowance	$ 11,766	$ (10,261)	$ 1,317

Income Taxes - Unrecognized Tax

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income taxes
Pre-change net operating losses that can be used in future years	$ 13,500
Net operating losses post-change years are not subject to limitation	2,200,000
Amount of net operating loss carryforwards that will expire due to IRC Section 382 limitations	20,700
Un-repatriated foreign earnings	0
Deferred tax assets, U.S. net operating loss carryforwards	2,200,000
Net operating loss carryforwards	469,337	$ 305,510
Restated adjustment
Income taxes
Deferred tax assets, U.S. net operating loss carryforwards	2,000,000
Foreign
Income taxes
Net operating loss carryforwards	25,373	$ 7,720
Foreign \| French
Income taxes
Unused net operating loss carryforwards	67,800
Foreign \| Canada
Income taxes
Net operating loss carryforwards	2,400
Foreign \| Netherlands
Income taxes
Unused net operating loss carryforwards	$ 31,100

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
DTAs recorded	$ 788,312	$ 541,962
Deferred tax liability in other non-current liabilities	3,200	$ 11,500
Deferred tax asset	39,500
Netherlands
DTAs recorded	8,200
Not require a reserve	6,500
DTLs recorded	$ 9,700

Commitments and Contingencies -

Commitments and Contingencies - Concentrations of Credit Risk (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) customer	Dec. 31, 2022 USD ($) customer
Customer Concentration
Restricted cash	$ 573,500	$ 383,700
Letter of credit	370,700	379,600
Letters of credit on sale/leaseback agreements	340,000	354,000
Customs related letters of credit	30,700	25,600
Construction escrow	76,800	75,500
Federal depository insurance coverage	250
Joule Processing LLC
Customer Concentration
Consideration held by paying agent.	1,200
Alloy Custom Products, LLC and WesMor Cryogenics, LLC
Customer Concentration
Consideration held by paying agent.	200
Collateral Related to Acquisitions \| Frames Holding B.V.
Customer Concentration
Restricted cash as collateral	$ 11,700	$ 10,800
Accounts receivable \| Customer concentration \| One customers
Customer Concentration
Number of customers \| customer	1	1
Concentration risk (as a percent)	21.50%	24.90%
Revenues \| Customer concentration \| Two customers
Customer Concentration
Number of customers \| customer	2
Concentration risk (as a percent)	34.30%
Revenues \| Customer concentration \| Three customers
Customer Concentration
Number of customers \| customer		3
Concentration risk (as a percent)		51.20%

Commitments and Contingencies_2

Commitments and Contingencies - Purchase Obligations (Details) $ in Thousands, € in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)	May 30, 2023 EUR (€)
Guarantee
Amount of guarantee \| €		€ 20
Payments related to guarantee	$ 0
Unconditional Purchase Obligation
2024	42,125
2025	8,023
2026	8,023
2027	2,638
Total	$ 60,809

Segment and Geographic Area R_3

Segment and Geographic Area Reporting (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Segment and Geographic Area Reporting
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
Revenues	$ 891,340	$ 701,440	$ 502,342
Long-Lived Assets	2,004,688	1,223,115
North America
Segment and Geographic Area Reporting
Revenues	751,421	579,218	476,246
Long-Lived Assets	1,881,315	1,209,900
Europe
Segment and Geographic Area Reporting
Revenues	112,892	46,033	20,814
Long-Lived Assets	122,489	13,215
Asia
Segment and Geographic Area Reporting
Revenues	13,937	50,498	718
Other
Segment and Geographic Area Reporting
Revenues	13,090	$ 25,691	$ 4,564
Long-Lived Assets	$ 884

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transactions
Related party total revenue	$ 891,340	$ 701,440	$ 502,342
Outstanding accounts receivable	$ 243,811	129,450
HyVia
Related Party Transactions
Ownership percentage in joint venture	50%
Related party total revenue	$ 13,900	5,200
Outstanding accounts receivable	$ 2,300	$ 3,400

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands				2 Months Ended		12 Months Ended
	Jun. 01, 2024	Feb. 23, 2024	Jan. 17, 2024	Feb. 29, 2024	Feb. 28, 2021	Dec. 31, 2021
Subsequent Events
Aggregate offering price						$ 2,023,219
Common stock shares issued					32,200,000
Sale of common stock						$ 3,587,833
Subsequent event \| ATM Agreement
Subsequent Events
Aggregate offering price		$ 302,100
Term Of An Agreement		18 months
Common stock shares issued		77,417,069		77,417,069
Weighted-average sales price				$ 3.90
Sale of common stock				$ 302,100
Subsequent event \| ATM Agreement \| Maximum
Subsequent Events
Aggregate offering price		$ 1,000,000	$ 1,000,000
Subsequent event \| ATM Agreement \| Minimum
Subsequent Events
Common stock shares issued		77,417,069,000,000
Subsequent event \| ATM Agreement \| Purchase Amount Allowed Per Trading Day [Member]
Subsequent Events
Aggregate offering price		$ 11,000
Subsequent event \| ATM Agreement \| Purchase Amount Allowed Per Calendar Week [Member]
Subsequent Events
Aggregate offering price		$ 55,000
Subsequent event \| ATM Agreement \| If Market Capitalization is Not Less Than $1.0 billion [Member]
Subsequent Events
Aggregate offering price	$ 1,000,000
Subsequent event \| ATM Agreement \| If Market Capitalization is Not Less Than $1.0 billion [Member] \| Purchase Amount Allowed Per Trading Day [Member]
Subsequent Events
Aggregate offering price	11,000
Subsequent event \| ATM Agreement \| If Market Capitalization is Not Less Than $1.0 billion [Member] \| Purchase Amount Allowed Per Calendar Week [Member]
Subsequent Events
Aggregate offering price	55,000
Subsequent event \| ATM Agreement \| If Market Capitalization is Less Than $1.0 billion [Member]
Subsequent Events
Market Capitalization	1,000,000
Subsequent event \| ATM Agreement \| If Market Capitalization is Less Than $1.0 billion [Member] \| Purchase Amount Allowed Per Trading Day [Member]
Subsequent Events
Aggregate offering price	10,000
Subsequent event \| ATM Agreement \| If Market Capitalization is Less Than $1.0 billion [Member] \| Purchase Amount Allowed Per Calendar Week [Member]
Subsequent Events
Aggregate offering price	$ 30,000

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ (1,368,833)	$ (724,008)	$ (459,965)

Insider Trading Arrangements

Insider Trading Arrangements - shares	3 Months Ended
Insider Trading Arrangements - shares	Dec. 31, 2023	Dec. 14, 2023
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Sanjay K. Shrestha [Member]
Trading Arrangements, by Individual
Name	Sanjay K. Shrestha
Title	executive officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 15, 2023
Termination Date	June 15, 2025
Aggregate Available	125,000
Existing Stock Trading Plan, One [Member] \| George C. McNamee [Member]
Trading Arrangements, by Individual
Name	George C. McNamee
Title	Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	true
Aggregate Available	19,343
Expiration Date	April 14, 2024
Existing Stock Trading Plan, Two [Member] \| Mr. McNamee [Member]
Trading Arrangements, by Individual
Name	Mr. McNamee
Rule 10b5-1 Arrangement Adopted	true
Aggregate Available	170,000	120,000
Expiration Date	June 15, 2025