Plug Power (PLUG) 10-Q12 Nov 242024 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Nov. 07, 2024
Document and Entity Information:
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Securities Act File Number	1-34392
Entity Registrant Name	PLUG POWER INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	22-3672377
Entity Address, Address Line One	125 VISTA BOULEVARD
Entity Address, City or Town	SLINGERLANDS
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	12159
City Area Code	518
Local Phone Number	782-7700
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	PLUG
Security Exchange Name	NASDAQ
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
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		911,196,936
Entity Central Index Key	0001093691
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 93,940	$ 135,033
Restricted cash	216,772	216,552
Accounts receivable, net of allowance of $7,340 as of September 30, 2024 and $8,798 as of December 31, 2023	167,222	243,811
Inventory, net	885,764	961,253
Contract assets	145,499	126,248
Prepaid expenses and other current assets	124,824	104,068
Total current assets	1,634,021	1,786,965
Restricted cash	689,483	817,559
Property, plant, and equipment, net	1,534,056	1,436,177
Right of use assets related to finance leases, net	52,947	57,281
Right of use assets related to operating leases, net	361,009	399,969
Equipment related to power purchase agreements and fuel delivered to customers, net	142,238	111,261
Contract assets	30,333	29,741
Intangible assets, net	175,006	188,886
Investments in non-consolidated entities and non-marketable equity securities	92,767	63,783
Other assets	13,014	11,116
Total assets	4,724,874	4,902,738
Current liabilities:
Accounts payable	207,224	257,828
Accrued expenses	107,402	200,544
Deferred revenue and other contract liabilities	132,345	204,139
Operating lease liabilities	66,973	63,691
Finance lease liabilities	10,822	9,441
Finance obligations	83,305	84,031
Current portion of convertible senior notes, net	58,163
Current portion of long-term debt	3,232	2,716
Contingent consideration, loss accrual for service contracts, and other current liabilities	117,479	142,410
Total current liabilities	786,945	964,800
Deferred revenue and other contract liabilities	59,529	84,163
Operating lease liabilities	249,191	292,002
Finance lease liabilities	27,134	36,133
Finance obligations	278,250	284,363
Convertible senior notes, net	149,214	195,264
Long-term debt	2,341	1,209
Contingent consideration, loss accrual for service contracts, and other liabilities	142,937	146,679
Total liabilities	1,695,541	2,004,613
Stockholders' equity:
Common stock, $.01 par value per share; 1,500,000,000 shares authorized; Issued (including shares in treasury): 900,281,573 as of September 30, 2024 and 625,305,025 as of December 31, 2023	9,003	6,254
Additional paid-in capital	8,388,930	7,494,685
Accumulated other comprehensive loss	(1,634)	(6,802)
Accumulated deficit	(5,259,021)	(4,489,744)
Less common stock in treasury: 19,831,594 as of September 30, 2024 and 19,169,366 as of December 31, 2023	(107,945)	(106,268)
Total stockholders' equity	3,029,333	2,898,125
Total liabilities and stockholders' equity	$ 4,724,874	$ 4,902,738

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Condensed Consolidated Balance Sheets
Allowance for doubtful accounts receivable	$ 7,340	$ 8,798
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	900,281,573	625,305,025
Common stock in treasury, shares	19,831,594	19,169,366

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net revenue:
Net revenue	$ 173,730	$ 198,711	$ 437,344	$ 669,179
Cost of revenue:
Provision for loss contracts related to service	6,036	41,581	38,265	55,801
Total cost of revenue	273,755	336,676	827,699	954,683
Gross loss	(100,025)	(137,965)	(390,355)	(285,504)
Operating expenses:
Research and development	19,712	27,651	63,932	83,437
Selling, general and administrative	91,586	105,451	254,689	310,621
Restructuring	514		8,154
Impairment	4,185	665	8,406	11,734
Change in fair value of contingent consideration	146	2,239	(5,286)	26,316
Total operating expenses	116,143	136,006	329,895	432,108
Operating loss	(216,168)	(273,971)	(720,250)	(717,612)
Interest income	7,423	10,369	24,495	44,392
Interest expense	(9,148)	(11,802)	(29,984)	(33,717)
Other income/(expense), net	15,510	4,987	(566)	(4,866)
Realized gain on investments, net				263
Other-than-temporary impairment of available-for-sale securities		(10,831)		(10,831)
Change in fair value of equity securities		70		8,987
Loss on equity method investments	(8,690)	(7,030)	(29,043)	(19,970)
Loss on extinguishment of convertible senior notes			(14,047)
Loss before income taxes	(211,073)	(288,208)	(769,395)	(733,354)
Income tax (expense)/benefit	(95)	4,729	118	6,916
Net loss	$ (211,168)	$ (283,479)	$ (769,277)	$ (726,438)
Net loss per share:
Net loss per share, basic (in dollars per share)	$ (0.25)	$ (0.47)	$ (1.03)	$ (1.22)
Net loss per share, diluted (in dollars per share)	$ (0.25)	$ (0.47)	$ (1.03)	$ (1.22)
Weighted average number of common stock outstanding, basic (in shares)	858,442,951	599,465,146	745,827,431	593,417,595
Weighted average number of common stock outstanding, diluted (in shares)	858,442,951	599,465,146	745,827,431	593,417,595
Sales of equipment, related infrastructure and other
Net revenue:
Net revenue	$ 107,141	$ 145,130	$ 252,224	$ 543,510
Cost of revenue:
Cost of revenue	149,912	158,989	414,948	504,717
Services performed on fuel cell systems and related infrastructure
Net revenue:
Net revenue	14,148	9,290	40,205	27,088
Cost of revenue:
Cost of revenue	9,086	17,916	35,773	53,586
Power purchase agreements
Net revenue:
Net revenue	20,459	20,068	58,437	44,135
Cost of revenue:
Cost of revenue	51,782	56,981	161,322	157,773
Fuel delivered to customers and related equipment
Net revenue:
Net revenue	29,791	19,371	77,964	47,391
Cost of revenue:
Cost of revenue	55,538	59,012	172,428	177,963
Other
Net revenue:
Net revenue	2,191	4,852	8,514	7,055
Cost of revenue:
Cost of revenue	$ 1,401	$ 2,197	$ 4,963	$ 4,843

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Condensed Consolidated Statements of Comprehensive Loss
Net loss	$ (211,168)	$ (283,479)	$ (769,277)	$ (726,438)
Other comprehensive income/(loss):
Foreign currency translation gain/(loss)	315	(3,021)	5,168	1,711
Change in net unrealized gain on available-for-sale securities		4,333		11,841
Amounts reclassified from accumulated other comprehensive income/(loss):
Other-than-temporary impairment of available-for-sale securities		10,831		10,831
Comprehensive loss attributable to the Company, net of tax	$ (210,853)	$ (271,336)	$ (764,109)	$ (702,055)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in-Capital	Accumulated Other Comprehensive Gain/(Loss)	Treasury Stock	Accumulated Deficit	Total
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
Increase (Decrease) in Stockholders' Equity
Net loss					(206,561)	(206,561)
Other comprehensive income (loss)			6,970			6,970
Stock-based compensation	$ 2	43,300				43,302
Stock-based compensation (in shares)	228,954
Stock option exercises and issuance of common stock upon grant/vesting of restricted stock and restricted stock unit awards	$ 6	668				674
Stock option exercises and issuance of common stock upon grant/vesting of restricted stock and restricted stock unit awards (in shares)	620,250
Treasury stock acquired from employees upon exercise of stock options and vesting of restricted stock and restricted stock unit awards				$ (2,590)		(2,590)
Treasury stock acquired from employees upon exercise of stock options and vesting of restricted stock and restricted stock unit awards (in shares)				169,787
Exercise of warrants	$ 28	(28)
Exercise of warrants (in shares)	2,680,637
Provision for common stock warrants		19,641				19,641
Balance at Mar. 31, 2023	$ 6,120	7,360,887	(19,034)	$ (98,851)	(3,327,472)	3,921,650
Balance (in shares) at Mar. 31, 2023	611,951,626			18,245,914
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
Increase (Decrease) in Stockholders' Equity
Net loss						(726,438)
Earnouts from acquisitions paid in stock						8,000
Balance at Sep. 30, 2023	$ 6,243	7,456,196	(1,621)	$ (104,183)	(3,847,349)	3,509,286
Balance (in shares) at Sep. 30, 2023	624,267,053			18,879,367
Balance at Mar. 31, 2023	$ 6,120	7,360,887	(19,034)	$ (98,851)	(3,327,472)	3,921,650
Balance (in shares) at Mar. 31, 2023	611,951,626			18,245,914
Increase (Decrease) in Stockholders' Equity
Net loss					(236,398)	(236,398)
Other comprehensive income (loss)			5,270			5,270
Stock-based compensation	$ 3	39,915				39,918
Stock-based compensation (in shares)	338,328
Stock option exercises and issuance of common stock upon grant/vesting of restricted stock and restricted stock unit awards	$ 3	55				58
Stock option exercises and issuance of common stock upon grant/vesting of restricted stock and restricted stock unit awards (in shares)	246,717
Treasury stock acquired from employees upon exercise of stock options and vesting of restricted stock and restricted stock unit awards				$ (364)		(364)
Treasury stock acquired from employees upon exercise of stock options and vesting of restricted stock and restricted stock unit awards (in shares)				39,349
Exercise of warrants	$ 66	(66)
Exercise of warrants (in shares)	6,623,794
Provision for common stock warrants		951				951
Earnouts from acquisitions paid in stock	$ 9	7,991				8,000
Earnouts from acquisitions paid in stock (in shares)	927,042
Balance at Jun. 30, 2023	$ 6,201	7,409,733	(13,764)	$ (99,215)	(3,563,870)	3,739,085
Balance (in shares) at Jun. 30, 2023	620,087,507			18,285,263
Increase (Decrease) in Stockholders' Equity
Net loss					(283,479)	(283,479)
Other comprehensive income (loss)			12,143			12,143
Stock-based compensation	$ 4	45,850				45,854
Stock-based compensation (in shares)	361,162
Stock option exercises and issuance of common stock upon grant/vesting of restricted stock and restricted stock unit awards	$ 38	543				581
Stock option exercises and issuance of common stock upon grant/vesting of restricted stock and restricted stock unit awards (in shares)	3,818,384
Treasury stock acquired from employees upon exercise of stock options and vesting of restricted stock and restricted stock unit awards				$ (4,968)		(4,968)
Treasury stock acquired from employees upon exercise of stock options and vesting of restricted stock and restricted stock unit awards (in shares)				594,104
Provision for common stock warrants		70				70
Balance at Sep. 30, 2023	$ 6,243	7,456,196	(1,621)	$ (104,183)	(3,847,349)	3,509,286
Balance (in shares) at Sep. 30, 2023	624,267,053			18,879,367
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
Increase (Decrease) in Stockholders' Equity
Net loss					(295,776)	$ (295,776)
Other comprehensive income (loss)			(2,231)			(2,231)
Stock-based compensation	$ 9	13,695				13,704
Stock-based compensation (in shares)	923,027
Public offerings, common stock, net of issuance costs	$ 796	304,550				305,346
Public offerings, common stock, net of issuance costs (in shares)	79,553,175
Stock option exercises and issuance of common stock upon grant/vesting of restricted stock and restricted stock unit awards	$ (2)	43				41
Stock option exercises and issuance of common stock upon grant/vesting of restricted stock and restricted stock unit awards (in shares)	(176,678)
Treasury stock acquired from employees upon exercise of stock options and vesting of restricted stock and restricted stock unit awards				$ (278)		(278)
Treasury stock acquired from employees upon exercise of stock options and vesting of restricted stock and restricted stock unit awards (in shares)				72,849
Provision for common stock warrants		10,236				10,236
Balance at Mar. 31, 2024	$ 7,057	7,823,209	(9,033)	$ (106,546)	(4,785,520)	2,929,167
Balance (in shares) at Mar. 31, 2024	705,604,549			19,242,215
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
Increase (Decrease) in Stockholders' Equity
Net loss						$ (769,277)
Earnouts from acquisitions paid in stock						18,241
Balance at Sep. 30, 2024	$ 9,003	8,388,930	(1,634)	$ (107,945)	(5,259,021)	$ 3,029,333
Balance (in shares) at Sep. 30, 2024	900,281,573			19,831,594		900,281,573
Balance at Mar. 31, 2024	$ 7,057	7,823,209	(9,033)	$ (106,546)	(4,785,520)	$ 2,929,167
Balance (in shares) at Mar. 31, 2024	705,604,549			19,242,215
Increase (Decrease) in Stockholders' Equity
Net loss					(262,333)	(262,333)
Other comprehensive income (loss)			7,084			7,084
Stock-based compensation	$ 13	26,296				26,309
Stock-based compensation (in shares)	1,252,258
Public offerings, common stock, net of issuance costs	$ 968	265,806				266,774
Public offerings, common stock, net of issuance costs (in shares)	96,812,695
Stock option exercises and issuance of common stock upon grant/vesting of restricted stock and restricted stock unit awards	$ 6	20				26
Stock option exercises and issuance of common stock upon grant/vesting of restricted stock and restricted stock unit awards (in shares)	698,280
Treasury stock acquired from employees upon exercise of stock options and vesting of restricted stock and restricted stock unit awards				$ (324)		(324)
Treasury stock acquired from employees upon exercise of stock options and vesting of restricted stock and restricted stock unit awards (in shares)				118,242
Provision for common stock warrants		3,636				3,636
Earnouts from acquisitions paid in stock	$ 26	18,215				18,241
Earnouts from acquisitions paid in stock (in shares)	2,625,628
Balance at Jun. 30, 2024	$ 8,070	8,137,182	(1,949)	$ (106,870)	(5,047,853)	2,988,580
Balance (in shares) at Jun. 30, 2024	806,993,410			19,360,457
Increase (Decrease) in Stockholders' Equity
Net loss					(211,168)	(211,168)
Other comprehensive income (loss)			315			315
Stock-based compensation	$ 13	24,094				24,107
Stock-based compensation (in shares)	1,299,404
Public offerings, common stock, net of issuance costs	$ 918	220,211				221,129
Public offerings, common stock, net of issuance costs (in shares)	91,785,729
Stock option exercises and issuance of common stock upon grant/vesting of restricted stock and restricted stock unit awards	$ 2	27				29
Stock option exercises and issuance of common stock upon grant/vesting of restricted stock and restricted stock unit awards (in shares)	203,030
Treasury stock acquired from employees upon exercise of stock options and vesting of restricted stock and restricted stock unit awards				$ (1,075)		(1,075)
Treasury stock acquired from employees upon exercise of stock options and vesting of restricted stock and restricted stock unit awards (in shares)				471,137
Provision for common stock warrants		7,416				7,416
Balance at Sep. 30, 2024	$ 9,003	$ 8,388,930	$ (1,634)	$ (107,945)	$ (5,259,021)	$ 3,029,333
Balance (in shares) at Sep. 30, 2024	900,281,573			19,831,594		900,281,573

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Operating activities
Net loss			$ (769,277)	$ (726,438)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation of long-lived assets			51,639	37,810
Amortization of intangible assets			14,194	14,158
Lower of cost or net realizable value inventory adjustment and provision for excess and obsolete inventory			67,768	33,889
Stock-based compensation			64,120	129,074
Loss on extinguishment of convertible senior notes			14,047
(Recoveries)/provision for losses on accounts receivable			(1,458)	948
Amortization of (premium)/discount of debt issuance costs on convertible senior notes and long-term debt			(1,731)	1,699
Provision for common stock warrants			16,294	12,737
Deferred income tax benefit			(118)	(621)
Impairment	$ 4,185	$ 665	8,406	11,734
(Recovery)/loss on service contracts			(558)	35,893
Loss on sale of long-lived assets			2,519
Fair value adjustment to contingent consideration			(5,286)	26,316
Net realized gain on investments				(263)
Other-than-temporary impairment of available-for-sale securities		10,831		10,831
Accretion of premium on available-for-sale securities				(5,144)
Lease origination costs			(3,508)	(7,665)
Change in fair value for equity securities				(8,987)
Loss on equity method investments	8,690	7,030	29,043	19,970
Change in fair value of derivative financial instruments			100
Changes in operating assets and liabilities that provide/(use) cash:
Accounts receivable			78,047	(34,685)
Inventory			30,868	(411,737)
Contract assets			(14,849)	(39,040)
Prepaid expenses and other assets			(42,835)	(6,423)
Accounts payable, accrued expenses, and other liabilities			(29,183)	21,221
Payments of contingent consideration			(9,216)	(2,895)
Deferred revenue and other contract liabilities			(96,428)	23,699
Net cash used in operating activities			(597,402)	(863,919)
Investing activities
Purchases of property, plant and equipment			(253,148)	(484,030)
Purchases of equipment related to power purchase agreements and equipment related to fuel delivered to customers			(41,513)	(26,094)
Proceeds from maturities of available-for-sale securities				961,160
Proceeds from sales of equity securities				76,263
Proceeds from sale of long-lived assets			500
Cash paid for non-consolidated entities and non-marketable equity securities			(64,368)	(66,811)
Net cash (used in)/provided by investing activities			(358,529)	460,488
Financing activities
Payments of contingent consideration			(1,841)	(10,105)
Proceeds from public and private offerings, net of transaction costs			793,249
Payments of tax withholding on behalf of employees for net stock settlement of stock-based compensation			(1,677)	(7,922)
Proceeds from exercise of stock options			96	1,313
Principal payments on long-term debt			(726)	(5,710)
Proceeds from finance obligations			54,416	90,265
Principal repayments of finance obligations and finance leases			(64,342)	(53,394)
Net cash provided by financing activities			779,175	14,447
Effect of exchange rate changes on cash			7,807	2,130
Decrease in cash and cash equivalents			(41,093)	(579,821)
(Decrease)/increase in restricted cash			(127,856)	192,967
Cash, cash equivalents, and restricted cash beginning of period			1,169,144	1,549,344	$ 1,549,344
Cash, cash equivalents, and restricted cash end of period	$ 1,000,195	$ 1,162,490	1,000,195	1,162,490	$ 1,169,144
Supplemental disclosure of cash flow information
Cash paid for interest, net of capitalized interest of $8.3 million as of September 30, 2024 and $6.0 million as of September 30, 2023			26,946	29,207
Summary of non-cash activity
Recognition of right of use asset - finance leases			163	5,338
Recognition of right of use asset - operating leases			6,835	77,500
Net transfers between inventory and long-lived assets			22,411	725
Earnouts from acquisitions paid in common stock and warrants			18,241	8,000
Purchases of long-lived asset from financing agreement			2,000
Accrued purchase of fixed assets, cash to be paid in subsequent period			$ 51,033	$ 131,774

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Condensed Consolidated Statements of Cash Flows
Net capitalized interest	$ 8.3	$ 6

Nature of Operations

Nature of Operations	9 Months Ended
Nature of Operations	Sep. 30, 2024
Nature of Operations
Nature of Operations	1. Nature of Operations Plug Power Inc. (the “Company”, “Plug”, “we” or “our”) 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. We are focusing our efforts on (a) industrial mobility applications, including electric forklifts and electric industrial vehicles, at multi shift high volume manufacturing and high throughput distribution sites where we believe our products and services provide a unique combination of productivity, flexibility, and environmental benefits; (b) production of hydrogen; and (c) stationary power systems that will support critical operations, such as data centers, microgrids, and generation facilities, in either a backup power or continuous power role, and replace batteries, diesel generators or the grid for telecommunication logistics, transportation, and utility customers. Plug expects to support these products and customers with an ecosystem of vertically integrated products that produce, transport, store and handle, dispense, and use hydrogen for mobility and power applications. Liquidity and Capital Resources The Company’s working capital was $847.1 million as of September 30, 2024, which included unrestricted cash and cash equivalents of $93.9 million and restricted cash of $906.3 million. 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 gross sales price of up to $1.0 billion. As of February 23, 2024, the Company had $697.9 million remaining authorized for issuance under the Original ATM Agreement. On February 23, 2024, the Company and B. Riley entered into Amendment No. 1 to the Original ATM Agreement (“Amendment No. 1” and, together with the Original ATM Agreement, the “ATM Agreement”) to increase the aggregate gross sales 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, 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”) if the Company’s market capitalization is more than $1.0 billion (or up to $10.0 million if the Company’s market capitalization is less than $1.0 billion) and up to $55.0 million of shares in any calendar week (the “Maximum Commitment Advance Purchase Amount Cap”) if the Company’s market capitalization is more than $1.0 billion (or up to $30.0 million if the Company’s market capitalization is less than $1.0 billion). As of November 7, 2024, the Company had offered and sold 219,835,221 shares of common stock having an aggregate gross sales price of approximately $677.2 million under the ATM Agreement and shares of the Company’s common stock having an aggregate gross sales price of approximately $624.8 million remained available for issuance and sale under the ATM Agreement. On November 7, 2024, the Company entered into Amendment No. 2 to the Original ATM Agreement (“Amendment No. 2” and together with the ATM Agreement, the “Amended ATM Agreement”) with B. Riley. Amendment No. 2 increased the aggregate gross sales price of the Company’s common stock the Company may offer and sell pursuant to the Amended ATM Agreement by approximately $375.2 million to $1.0 billion. From and after November 7, 2024, through and including February 7, 2025, the Company has the right at its sole discretion to direct B. Riley to act on a principal basis and purchase from the Company up to the Maximum Commitment Advance Purchase Amount of $11.0 million and up to the Maximum Commitment Advance Purchase Amount Cap of $55.0 million (including any shares sold by B. Riley in agency transactions) in any calendar week. If the Company’s market capitalization is less than $1.0 billion on and after February 8, 2025, the Maximum Commitment Advance Purchase Amount shall be decreased to $10.0 million and the Maximum Commitment Advance Purchase Amount Cap shall be decreased to $30.0 million. On November 11, 2024, the Company entered into a Debenture Purchase Agreement with YA II PN, Ltd. under which the Company agreed to sell and issue to the Investor an unsecured convertible debenture in aggregate principal amount of $200.0 million in exchange for the payment by the Investor to the Company of $190.0 million. The Company expects to close the issuance of the Convertible Debenture on or about November 12, 2024, subject to customary closing conditions. For more information, see Note 24, “Subsequent Events”. On July 22, 2024, the Company sold 78,740,157 shares of its common stock at a public offering price of $2.54 per share for net proceeds of $191.0 million after deducting the underwriting discount and related offering expenses. 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 Amended 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 unaudited interim condensed consolidated financial statements.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2024
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Principles of Consolidation The unaudited interim condensed 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 with Renault SAS (“Renault”) named HyVia SAS, a French société par actions simplifiée (“HyVia”), AccionaPlug S.L. (“AccionaPlug”), and SK Plug Hyverse Co., Ltd. (“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, SK Plug Hyverse and Clean H2 Infra Fund. Interim Financial Statements The accompanying unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments, which consist solely of normal recurring adjustments, necessary to present fairly, in accordance with U.S. generally accepted accounting principles (“GAAP”), the financial position, results of operations and cash flows for all periods presented, have been made. The results of operations for the interim periods presented are not necessarily indicative of the results that may be expected for the full year. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the “2023 Form 10-K”). The information presented in the accompanying unaudited interim condensed consolidated balance sheets as of December 31, 2023 has been derived from the Company’s 2023 audited consolidated financial statements. The unaudited interim condensed consolidated financial statements contained herein should be read in conjunction with our 2023 Form 10-K . Clean Hydrogen Production Tax Credit Beginning in the second quarter of 2024, the Company determined that it qualifies for the clean hydrogen production tax credit (“PTC”) under Section 45V as part of the Inflation Reduction Act of 2022 (“IRA”) resulting from operation of the Company’s hydrogen production plant located in Georgia. The PTC is available for qualified clean hydrogen produced and sold during the 10-year four revoked. During the remaining five years of the 10-year period to receive the PTC, the Company can elect to transfer all or a portion of the PTC to a third party buyer in exchange for cash. The Company has analogized the accounting of the PTC to accounting for government grants due to the ability to receive payment for the credit regardless of whether the Company has an income tax liability. As a result, the Company recorded approximately $1.6 million and $2.9 million for the three and nine months ended September 30, 2024, respectively, as a reduction to the “fuel delivered to customers and related equipment” costs of revenue financial statement line item in the unaudited interim condensed consolidated statement of operations and $3.3 million as of September 30, 2024 as an increase to the “other assets” financial statement line item in the unaudited interim condensed consolidated balance sheet. Recent Accounting Pronouncements Recently Adopted Accounting Guidance There have been no significant changes in our reported financial position or results of operations and cash flows resulting from the adoption of new accounting pronouncements. Recent Accounting Guidance Not Yet Effective Other than the standards mentioned in our 2023 Form 10-K, all issued but not yet effective accounting and reporting standards as of September 30, 2024 are either not applicable to the Company or are not expected to have a material impact on the Company.

Extended Maintenance Contracts

Extended Maintenance Contracts	9 Months Ended
Extended Maintenance Contracts	Sep. 30, 2024
Extended Maintenance Contracts
Extended Maintenance Contracts	3. Extended Maintenance Contracts On a quarterly basis, we evaluate any potential losses related to our extended maintenance contracts for sales of equipment, related infrastructure and other that have been sold. 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, increase to loss accrual related to customer warrants, and foreign currency translation adjustment (in thousands): Nine months ended Year ended September 30, 2024 December 31, 2023 Beginning balance $ 137,853 $ 81,066 Provision for loss accrual 37,997 85,375 Releases to service cost of sales (38,823) (29,713) Increase to loss accrual related to customer warrants 268 971 Foreign currency translation adjustment 214 154 Ending balance $ 137,509 $ 137,853

Earnings Per Share

Earnings Per Share	9 Months Ended
Earnings Per Share	Sep. 30, 2024
Earnings Per Share
Earnings Per Share	4. 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. 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 potentially dilutive securities are summarized as follows: As of September 30, 2024 2023 Stock options outstanding (1) 33,180,236 35,463,759 Restricted stock and restricted stock units outstanding (2) 4,824,497 7,261,132 Common stock warrants (3) 82,022,634 78,561,263 Convertible Senior Notes (4) 44,661,605 39,170,766 Number of dilutive potential shares of common stock 164,688,972 160,456,920 (1) During the three months ended September 30, 2024 and 2023, the Company granted options for 1,726,500 and 2,255,096 shares of common stock, respectively. During the nine months ended September 30, 2024 and 2023, the Company granted options for 9,147,125 and 9,131,689 shares of common stock, respectively. (2) During the three months ended September 30, 2024 and 2023, the Company granted 21,500 and 3,217,700 shares of restricted stock and restricted stock units, respectively. During the nine months ended September 30, 2024 and 2023, the Company granted 1,075,557 and 3,606,393 shares of restricted stock and restricted stock units, respectively. (3) In May 2024, the Company issued warrants in connection with an earn-out settlement agreement with Giner ELX, Inc. (“Giner”) as described in Note 15, “Fair Value Measurements”, and the Company registered for resale up to 3,461,371 shares of the Company’s common stock issuable upon exercise of the warrants. The warrants had no t been exercised as of September 30, 2024. 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.com, Inc. (“Amazon”), subject to certain vesting events, as described in Note 12, “Warrant Transaction Agreements”. The warrant had not been exercised as of September In April 2017, the Company issued a warrant to acquire up to 55,286,696 shares of the Company’s common stock as part of a transaction agreement with Amazon, subject to certain vesting events, as described in Note 12, “Warrant Transaction Agreements”. The warrant had been exercised with respect to 34,917,912 shares of the Company’s common stock as of September In July 2017, the Company issued a warrant to acquire up to 55,286,696 shares of the Company’s common stock as part of a transaction agreement with Walmart, Inc. (“Walmart”), subject to certain vesting events, as described in Note 12, “Warrant Transaction Agreements”. The warrant had been exercised with respect to 13,094,217 shares of the Company’s common stock as of September (4) In March 2024, the Company exchanged $138.8 million in aggregate principal amount of the 3.75% Convertible Senior Notes for $140.4 million in aggregate principal amount of the 7.00% Convertible Senior Notes due 2026 (the “ 7.00% Convertible Senior Notes”) as described in Note 10, “Convertible Senior Notes”. There were no conversions of the 7.00% Convertible Senior Notes during the three and nine months ended September 30, 2024 and 2023. 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”) as described in Note 10, “Convertible Senior Notes”. There were no conversions of the 3.75% Convertible Senior Notes during the three and nine months ended September

Inventory

Inventory	9 Months Ended
Inventory	Sep. 30, 2024
Inventory
Inventory	5. Inventory Inventory as of September September 30, December 31, 2024 2023 Raw materials and supplies - production locations $ 522,332 $ 564,818 Raw materials and supplies - customer locations 26,988 20,751 Work-in-process 146,441 149,574 Finished goods 190,003 226,110 Inventory $ 885,764 $ 961,253 Inventory is comprised of raw materials and supplies, work-in-process, and finished goods. The Company had inventory reserves made up of excess and obsolete items and related lower of cost or net realizable value adjustments of $89.5 million and $85.2 million as of September

Property, Plant and Equipment

Property, Plant and Equipment	9 Months Ended
Property, Plant and Equipment	Sep. 30, 2024
Property, Plant and Equipment
Property, Plant and Equipment	6. Property, Plant and Equipment Property, plant and equipment as of September 30, 2024 and December 31, 2023 consisted of the following (in thousands): September 30, December 31, 2024 2023 Land $ 5,845 $ 6,049 Construction in progress 930,505 1,109,896 Hydrogen production plants 370,104 77,107 Leasehold improvements 97,022 95,229 Software, machinery, and equipment 249,091 229,352 Property, plant, and equipment 1,652,567 1,517,633 Less: accumulated depreciation (118,511) (81,456) Property, plant, and equipment, net $ 1,534,056 $ 1,436,177 Construction in progress is primarily comprised of construction of three 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. During the three months ended September September Depreciation expense related to property, plant and equipment was $12.6 million and $10.2 million for the three months ended September September

Intangible Assets

Intangible Assets	9 Months Ended
Intangible Assets	Sep. 30, 2024
Intangible Assets
Intangible Assets	7. Intangible Assets The gross carrying amount and accumulated amortization of the Company’s acquired identifiable intangible assets as of September 30, 2024 were as follows (in thousands): Weighted Average Gross Carrying Accumulated Amortization Period Amount Amortization Total Acquired technology 14 years $ 103,144 $ (25,902) $ 77,242 Dry stack electrolyzer technology 10 years 29,000 (7,492) 21,508 Customer relationships, trade name, and other 13 years 104,473 (28,217) 76,256 $ 236,617 $ (61,611) $ 175,006 The gross carrying amount and accumulated amortization of the Company’s acquired identifiable intangible assets as of December 31, 2023 were 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 change in the gross carrying amount of the acquired technology and customer relationships, trade name and other from December 31, 2023 to September Amortization expense for acquired identifiable intangible assets for the three months ended September September The estimated amortization expense for subsequent years is as follows (in thousands): Remainder of 2024 $ 4,724 2025 18,228 2026 16,603 2027 16,596 2028 16,187 2029 and thereafter 102,668 Total $ 175,006

Accrued Expenses

Accrued Expenses	9 Months Ended
Accrued Expenses	Sep. 30, 2024
Accrued Expenses
Accrued Expenses	8. Accrued Expenses Accrued expenses as of September 30, 2024 and December 31, 2023 consisted of (in thousands): September 30, December 31, 2024 2023 Accrued payroll and compensation related costs $ 23,699 $ 32,584 Accrual for capital expenditures 16,378 83,781 Accrued accounts payable 40,249 64,767 Accrued sales and other taxes 22,301 17,207 Accrued interest 4,107 562 Accrued other 668 1,643 Total $ 107,402 $ 200,544

Long-Term Debt

Long-Term Debt	9 Months Ended
Long-Term Debt	Sep. 30, 2024
Long-Term Debt.
Long-Term Debt	9. Long-Term Debt During the second quarter of 2024, the Company began repaying the principal and interest on a $2.0 million allowance for tenant work related to its manufacturing facility in Slingerlands, NY. In accordance with Accounting Standard Codification (“ASC”) 842, Leases September In June 2020, the Company acquired debt as part of its acquisition of United Hydrogen Group Inc. During the three months ended September 30, 2024 and 2023, During the nine months ended September 30, 2024 and 2023, September December 31, 2024 2,757 December 31, 2025 1,200 December 31, 2026 900 Total outstanding principal $ 4,857

Convertible Senior Notes

Convertible Senior Notes	9 Months Ended
Convertible Senior Notes	Sep. 30, 2024
Convertible Senior Notes
Convertible Senior Notes	10. Convertible Senior Notes 7.00% Convertible Senior Notes On March 20, 2024, the Company entered into separate, privately negotiated exchange agreements with certain holders of the Company’s outstanding 3.75% Convertible Senior Notes pursuant to which the Company exchanged $138.8 million in aggregate principal amount of the 3.75% Convertible Senior Notes, and accrued and unpaid interest of $1.6 million on such notes to, but excluding, March 20, 2024, for $140.4 million in aggregate principal amount of the Company’s new 7.00% Convertible Senior Notes due 2026, in each case, pursuant to the exemption from registration provided by Section 4(a)(2) under the Securities Act of 1933, as amended (the “Securities Act”). Following the exchange, approximately $58.5 million in aggregate principal amount of the 3.75% Convertible Senior Notes remained outstanding with terms unchanged. This transaction was accounted for as an extinguishment of debt. As a result, the Company recorded a loss on extinguishment of debt of $14.0 million in the unaudited interim condensed consolidated statement of operations during the first quarter of 2024. Loss on extinguishment of debt arises from the difference between the net carrying amount of the Company’s debt and the fair value of the assets transferred to extinguish the debt. The 7.00% Convertible Senior Notes are the Company’s senior, unsecured obligations and are governed by the terms of an Indenture (the “Indenture”), dated as of March 20, 2024, entered into between the Company and Wilmington Trust, National Association, as trustee. The 7.00% Convertible Senior Notes bear cash interest at the rate of 7.00% per annum, payable semi-annually in arrears on June 1 and December 1 of each year, beginning on June 1, 2024, to holders of record at the close of business on the preceding May 15 and November 15, respectively. The 7.00% Convertible Senior Notes mature on June 1, 2026, unless earlier converted or redeemed or repurchased by the Company. The conversion rate for the 7.00% Convertible Senior Notes is initially 235.4049 shares of the Company’s common stock per $1,000 principal amount of 7.00% Convertible Senior Notes, which is equivalent to an initial conversion price of approximately $4.25 per share of common stock, which represents a premium of approximately 20% over the last reported sale price of Plug’s common stock on the Nasdaq Capital Market on March 12, 2024. The conversion rate and conversion price are subject to customary adjustments upon the occurrence of certain events. Prior to the close of business on the business day immediately preceding December 1, 2025, the 7.00% Convertible Senior Notes will be convertible at the option of the holders of the 7.00% Convertible Senior Notes only upon the satisfaction of specified conditions and during certain periods. On or after December 1, 2025 until the close of business on the second scheduled trading day immediately preceding the maturity date, the 7.00% Convertible Senior Notes will be convertible at the option of the holders of the 7.00% Convertible Senior Notes at any time regardless of these conditions. Conversions of the 7.00% Convertible Senior Notes will be settled in cash, shares of the Company’s common stock, or a combination thereof, at the Company’s election. Subject to certain exceptions and subject to certain conditions, holders of the 7.00% Convertible Senior Notes may require the Company to repurchase their 7.00% Convertible Senior Notes upon the occurrence of a “Fundamental Change” (as defined in the Indenture) prior to maturity for cash at a repurchase price equal to 100% of the principal amount of the 7.00% Convertible Senior Notes to be repurchased plus accrued and unpaid interest, if any, to, but excluding, the repurchase date. The 7.00% Convertible Senior Notes will be redeemable, in whole or in part, at the Company’s option at any time on or after June 5, 2025, at a cash redemption price equal to the principal amount of the 7.00% Convertible Senior Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, but only if the last reported sale price per share of the Company’s common stock exceeds 130% of the then-applicable conversion price then in effect for at least 20 trading days (whether or not consecutive), including at least one three In certain circumstances, conversions of 7.00% Convertible Senior Notes in connection with “Make-Whole Fundamental Changes” (as defined in the Indenture) or conversions of 7.00% Convertible Senior Notes called for redemption may result in an increase to the conversion rate, provided that the conversion rate will not exceed 282.4859 shares of the Company’s common stock per $1,000 principal amount of 7.00% Convertible Senior Notes, subject to adjustment. In such circumstance, a maximum of 39,659,890 shares of common stock, subject to adjustment, may be issued upon conversion of the 7.00% Convertible Senior Notes. There were no conversions of the 7.00% Convertible Senior Notes during the three and nine months ended September The 7.00% Convertible Senior Notes consisted of the following (in thousands): September 30, 2024 Principal amounts: Principal $ 140,396 Unamortized debt premium, net of offering costs (1) 8,818 Net carrying amount $ 149,214 (1) Included in the unaudited interim condensed consolidated balance sheets within 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 7.00% Convertible Senior Notes for the three and nine months ended September 30, 2024 (in thousands, except for the effective interest rate): Three months ended Nine months ended September 30, 2024 September 30, 2024 Interest expense $ 2,478 $ 5,224 Amortization of premium (1,308) (2,781) Total $ 1,170 $ 2,443 Effective interest rate 3.0% 3.0% The estimated fair value of the 7.00% Convertible Senior Notes as of September 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 in a private placement to qualified institutional buyers pursuant to Rule 144A under 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. On March 12, 2024, the Company exchanged $138.8 million in aggregate principal amount of the 3.75% Convertible Senior Notes for $140.4 million in aggregate principal amount of the Company’s new 7.00% Convertible Senior Notes due 2026. Following the exchange, approximately $58.5 million in aggregate principal amount of the 3.75% Convertible Senior Notes remained outstanding with terms unchanged. There were no conversions of the 3.75% Convertible Senior Notes during the three and nine months ended September The 3.75% Convertible Senior Notes consisted of the following (in thousands): September 30, December 31, 2024 2023 Principal amounts: Principal $ 58,462 $ 197,278 Unamortized debt issuance costs (1) (299) (2,014) Net carrying amount $ 58,163 $ 195,264 (1) Included in the unaudited interim condensed consolidated balance sheets within 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 for the three and nine months ended September 30, 2024 and 2023 (in thousands, except for the effective interest rate): Three months ended Nine months ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Interest expense $ 549 $ 1,849 $ 2,787 $ 5,547 Amortization of debt issuance costs 108 338 532 1,003 Total $ 657 $ 2,187 $ 3,319 $ 6,550 Effective interest rate 4.5% 4.5% 4.5% 4.5% The estimated fair value of the 3.75% Convertible Senior Notes as of September 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 The net cost incurred in connection with the 3.75% Notes Capped Call was recorded as a reduction to additional paid-in capital in the unaudited interim condensed consolidated balance sheets at the time the transactions were entered into. The book value of the 3.75% Notes Capped Call is not remeasured. 5.5% Convertible Senior Notes and 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, in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act, which have been fully repaid. 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. On May 18, 2020, 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 net cost incurred in connection with the Common Stock Forward of $27.5 million was recorded as an increase in treasury stock in the unaudited interim condensed consolidated balance sheets at the time the transactions were entered into. The related shares were accounted for as a repurchase of common stock. The book value of the Common Stock Forward is not remeasured. There were no shares of common stock that settled in connection with the Common Stock Forward during the three and nine months ended September

Stockholders' Equity

Stockholders' Equity	9 Months Ended
Stockholders' Equity	Sep. 30, 2024
Stockholders' Equity
Stockholders' Equity	11. Stockholders’ Equity At Market Issuance Sales Agreement On January 17, 2024, the Company entered into an At Market Issuance Sales 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 $697.9 million remaining authorized for issuance under the ATM Agreement. On February 23, 2024, the Company amended the ATM Agreement to increase the amount of shares of the Company’s common stock available for sale under the ATM Agreement to $1.0 billion. During the three months ended September September Public Offering of Common Stock On July 22, 2024, the Company sold 78,740,157 shares of its common stock at a public offering price of $2.54 per share for net proceeds of $191.0 million after deducting the underwriting discount and related offering expenses. Accumulated Other Comprehensive Loss Accumulated other comprehensive loss is comprised of unrealized gains and losses on available-for-sale securities (prior periods ending September 30, 2023 only) and foreign currency translation gains and losses. There were no reclassifications from accumulated other comprehensive loss for the three and nine months ended September Net current-period other comprehensive income for the three months ended September September Net current-period other comprehensive income for the nine months ended September September

Warrant Transaction Agreements

Warrant Transaction Agreements	9 Months Ended
Warrant Transaction Agreements	Sep. 30, 2024
Warrant Transaction Agreements
Warrant Transaction Agreements	12. Warrant Transaction Agreements Amazon Transaction Agreement in 2022 On August 24, 2022, the Company and Amazon entered into a Transaction Agreement (the “2022 Amazon 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 Amazon Transaction Agreement in connection with a concurrent commercial arrangement under which Amazon agreed to purchase hydrogen fuel from the Company through August 24, 2029. 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 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 2022 Amazon Warrant are subject to customary antidilution adjustments. On August 24, 2022, 1,000,000 of the 2022 Amazon Warrant Shares associated with tranche 1 vested. The warrant fair value associated with the vested shares of tranche 1 of $20.4 million was capitalized to contract assets based on the grant date fair value and is subsequently amortized ratably as a reduction to revenue based on the Company’s estimate of revenue over the term of the agreement. As of September 30, 2024, the balance of the contract asset related to tranche 1 was $18.8 million which is recorded in contract assets in the Company’s unaudited interim condensed consolidated balance sheet. During the second quarter of 2023, all 1,000,000 of the 2022 Amazon Warrant Shares associated with tranche 2 vested. The warrant fair value associated with the vested shares of tranche 2 was $20.4 million and was determined on the grant date of August 24, 2022. As of September 30, 2024, the balance of the contract asset related to tranche 2 was $18.8 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 September 30, 2024, the balance of the contract asset related to tranche 3 was $3.6 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. As of September 30, 2024 and December 31, 2023, 2,500,000 and 2,000,000 of the 2022 Amazon Warrant Shares had vested, respectively, and none of the 2022 Amazon Warrant Shares had been exercised. The total amount of provision for common stock warrants recorded as a reduction of revenue for the 2022 Amazon Warrant during the three months ended September 30, 2024 and 2023 was $2.0 million and $1.6 million, respectively. The total amount of provision for common stock warrants recorded as a reduction of revenue for the 2022 Amazon Warrant during the nine months ended September 30, 2024 and 2023 was $4.4 million and $4.3 million, respectively. The assumptions used to calculate the valuations of the 2022 Amazon Warrant as of August 24, 2022 and September 30, 2024 are as follows: Tranches 1-3 Tranche 4 August 24, 2022 September 30, 2024 Risk-free interest rate 3.15% 3.51% Volatility 75.00% 95.00% Expected average term (years) 7.00 1.15 Exercise price $22.98 $2.03 Stock price $20.36 $2.26 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 was 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 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. As of September 30, 2024, the balance of the contract asset related to the Walmart Warrant was $5.4 million. As of September 30, 2024 and December 31, 2023, 40,010,108 and 34,917,912 of the Walmart Warrant Shares had vested, respectively, and the Walmart Warrant was exercised with respect to 13,094,217 shares of the Company’s common stock. During the three and nine months ended September 30, 2024 and 2023, there were no exercises with respect to the Walmart Warrant. The total amount of provision for common stock warrants recorded as a reduction of revenue for the Walmart Warrant during the three months ended September 30, 2024 was $3.9 million compared to a negative provision for common stock warrants recorded as an addition to revenue of $3.1 million for the three months ended September 30, 2023. The total amount of provision for common stock warrants recorded as a reduction of revenue for the Walmart Warrant during the nine months ended September 30, 2024 and 2023 was $11.6 million and $8.4 million, respectively.

Revenue

Revenue	9 Months Ended
Revenue	Sep. 30, 2024
Revenue
Revenue	13. Revenue Disaggregation of revenue The following table provides information about disaggregation of revenue (in thousands): Major products/services lines Three months ended Nine months ended September 30, September 30, 2024 2023 2024 2023 Sales of fuel cell systems $ 8,131 $ 37,650 $ 40,282 $ 138,682 Sales of hydrogen infrastructure 11,869 38,225 37,399 145,740 Sales of electrolyzers 57,789 26,628 74,169 73,627 Sales of engineered equipment 7,302 7,212 15,924 23,784 Services performed on fuel cell systems and related infrastructure 14,148 9,290 40,205 27,088 Power purchase agreements 20,459 20,068 58,437 44,135 Fuel delivered to customers and related equipment 29,791 19,371 77,964 47,391 Sales of cryogenic equipment and liquefiers 22,050 35,415 84,450 161,677 Other 2,191 4,852 8,514 7,055 Net revenue $ 173,730 $ 198,711 $ 437,344 $ 669,179 Contract balances The following table provides information about receivables, contract assets and deferred revenue and contract liabilities from contracts with customers (in thousands): September 30, December 31, 2024 2023 Accounts receivable $ 167,222 $ 243,811 Contract assets 175,832 155,989 Deferred revenue and contract liabilities 191,874 288,302 Contract assets primarily 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 accompanying unaudited interim condensed consolidated balance sheets. 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 unaudited interim condensed consolidated balance sheets. Significant changes in the contract assets and the deferred revenue and contract liabilities balances during the period are as follows (in thousands): Contract assets Nine months ended Year ended September 30, 2024 December 31, 2023 Transferred to receivables from contract assets recognized at the beginning of the period $ (10,697) $ (94,860) Change in contract assets related to warrants 5,324 14,260 Impairment — (2,375) Revenue recognized and not billed as of the end of the period 25,216 134,677 Net change in contract assets $ 19,843 $ 51,702 Deferred revenue and contract liabilities Nine months ended Year ended September 30, 2024 December 31, 2023 Increases due to customer billings, net of amounts recognized as revenue during the period $ 19,936 $ 151,965 Change in contract liabilities related to warrants 330 440 Revenue recognized that was included in the contract liability balance as of the beginning of the period (116,694) (94,001) Net change in deferred revenue and contract liabilities $ (96,428) $ 58,404 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): As of Expected recognition September 30, 2024 period (years) Sales of fuel cell systems $ 34,553 1 - 2 Sales of hydrogen installations and other infrastructure 34,740 1 Sales of electrolyzers 269,371 1 - 2 Sales of engineered equipment 7,264 1 Services performed on fuel cell systems and related infrastructure 131,112 5 - 10 Power purchase agreements 375,119 5 - 10 Fuel delivered to customers and related equipment 82,733 5 - 10 Sales of cryogenic equipment and other 60,610 1 Total estimated future revenue $ 995,502

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Taxes
Income Taxes	14. Income Taxes The Company recorded $0.1 million of income tax expense and $4.7 million of income tax benefit for the three months ended September 30, 2024 and 2023, respectively. The Company recorded $0.1 million of income tax benefit and $6.9 million of income tax benefit for the nine months ended September 30, 2024 and 2023, respectively. The income tax benefit for the nine months ended September 30, 2024 was due to an incremental change to the valuation allowance recorded in foreign jurisdictions. The Company has not changed its overall conclusion with respect to the need for a valuation allowance against its domestic net deferred tax assets, which remain fully reserved, and its valuation allowances recorded in foreign jurisdictions. The domestic net deferred tax asset generated from the Company’s net operating loss has been offset by a full valuation allowance because it is more likely than not that the tax benefits of the net operating loss carryforward will not be realized. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as a component of income tax expense. The Organization for Economic Co-operation and Development Inclusive Framework on Base Erosion and Profit Shifting has proposed a global minimum corporate tax rate of 15% on multi-national corporations, commonly referred to as the Pillar Two rules that has been agreed upon in principle by over 140 countries. While the United States has not adopted the Pillar Two rules, numerous foreign countries have enacted legislation to implement the Pillar Two rules, effective beginning January 1, 2024, or are expected to enact similar legislation. As of September 30, 2024, the Company did not meet the consolidated revenue threshold and is not subject to the GloBE Rules under Pillar Two. The Company will continue to monitor the implementation of rules in the jurisdictions in which it operates.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Sep. 30, 2024
Fair Value Measurements
Fair Value Measurements	15. 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. There were no transfers between Level 1, Level 2, or Level 3 during the nine months ended September 30, 2024. 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, SK Plug Hyverse and Clean H2 Infra Fund. Assets and liabilities measured at fair value on a recurring basis are summarized below (in thousands): As of September 30, 2024 Carrying Fair Fair Value Measurements Amount Value Level 1 Level 2 Level 3 Liabilities Contingent consideration $ 91,987 $ 91,987 $ — $ — $ 91,987 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 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 30, 2024 of $92.0 million is comprised of contingent consideration related to the Joule Processing LLC (“Joule”) acquisition in 2022 and the Frames Holding B.V. (“Frames”) acquisition in 2021. In connection with the Joule acquisition, the Company initially recorded on its unaudited interim condensed consolidated balance sheet a liability of $41.7 million representing the fair value of contingent consideration payable. The fair value of this contingent consideration was $60.0 million and $75.5 million as of 30, 2024 and December 31, 2023, respectively. The decrease compared to the year ended December 31, 2023 was primarily due to payments that reduced the fair value of the liability by $10.0 million during the first quarter of 2024 and by $57 thousand during the third quarter of 2024. A decrease of $1.4 million and $5.5 million was recorded in change in fair value of contingent consideration in the unaudited interim condensed consolidated statement of operations for the three and nine months ended 30, 2024, respectively. In connection with the Frames acquisition, the Company initially recorded on its unaudited interim condensed 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 $32.0 million and $31.8 million as of September 30, 2024 and December 31, 2023, respectively. The increase compared to the year ended December 31, 2023 was primarily due to an increase in foreign currency translation losses of $1.3 million and $0.3 million for the three and nine months ended September 30, 2024, respectively. The increase was partially offset by a decrease of $0.1 million recorded in change in fair value of contingent consideration in the unaudited interim condensed consolidated statement of operations for the nine months ended September 30, 2024, partially offset by an increase of $1.5 million recorded in change in fair value of contingent consideration in the unaudited interim condensed consolidated statement of operations for the three months ended September 30, 2024. In connection with the United Hydrogen Group Inc. (“UHG”) acquisition, The contingent consideration was fully settled during the second quarter of 2024 and the fair value of this contingent consideration was $0.9 million as of December 31, 2023. The decrease of $0.9 million was due to payments that reduced the fair value of the liability by $1.0 million during the second quarter of 2024. Partially offsetting this decrease was an increase of $0.1 million recorded in change in fair value of contingent consideration in the unaudited interim condensed consolidated statement of operations during the nine months ended 30, 2024. The $1.0 million payment made during the second quarter of 2024 settled the remaining earn-out obligation. In connection with the Giner acquisition, The contingent consideration was fully settled during the second quarter of 2024 and the fair value of this contingent consideration was $18.0 million as of December 31, 2023. The decrease of $18.0 million was due to payments that reduced the fair value of the liability by $18.2 million during the second quarter of 2024. Partially offsetting this decrease was an increase of $0.2 million recorded in change in fair value of contingent consideration in the unaudited interim condensed consolidated statement of operations during the nine months ended 30, 2024. The $18.2 million payment during the second quarter of 2024 was paid in common stock and warrants and settled the remaining obligation of the earn-out. As part of the $18.2 million settlement of Giner’s earn-out obligation on May 24, 2024, the Company issued warrants to the sellers of Giner and the Company registered for resale up to 3,461,371 shares of the Company’s common stock issuable upon exercise of the warrants. The warrants had not been exercised as of September 30, 2024. In the unaudited interim condensed consolidated balance sheets, contingent consideration is recorded in the contingent consideration, loss accrual for service contracts, and other current liabilities financial statement line item, and was comprised of the following unobservable inputs as of September 30, 2024: Financial Instrument Fair Value Valuation Technique Unobservable Input Range (weighted average) Contingent consideration $ 91,987 Scenario based method Credit spread 12.21% - 13.51% Discount rate 15.73% - 18.38% 91,987 In the unaudited interim condensed consolidated balance sheets, contingent consideration is recorded in the contingent consideration, loss accrual for service contracts, and other current liabilities financial statement line item, and was comprised of the following unobservable inputs as of 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 The change in the carrying amount of Level 3 liabilities during the nine months ended September 30 Nine months ended September 30, 2024 Beginning balance as of December 31, 2023 $ 126,216 Cash payments (10,000) Change in fair value of contingent consideration (9,200) Foreign currency translation adjustment (690) Ending balance as of March 31, 2024 $ 106,326 Cash payments (1,000) Payment settled in common stock and warrants (18,241) Change in fair value of contingent consideration 3,768 Foreign currency translation adjustment (233) Ending balance as of June 30, 2024 $ 90,620 Cash payments (57) Change in fair value of contingent consideration 146 Foreign currency translation adjustment 1,278 Ending balance as of September 30, 2024 $ 91,987

Investments

Investments	9 Months Ended
Investments	Sep. 30, 2024
Investments
Investments	16. Investments Equity Method Investments As of September 30 As of September 30, 2024 As of December 31, 2023 Formation Common Stock Carrying Common Stock Carrying Investee Date Ownership % Value Ownership % Value HyVia Q2 2021 50% $ 2,420 50% $ (2,068) AccionaPlug Q4 2021 50% 4,062 50% 3,198 Clean H2 Infra Fund Q4 2021 5% 27,392 5% 13,357 SK Plug Hyverse Q1 2022 49% 56,274 49% 41,609 $ 90,148 $ 56,096 As of December 31, 2023, the Company’s investment in HyVia was negative due to historical losses. The Company is committed to fund its share of losses of the joint venture and, therefore, continued to record losses as incurred. The negative equity investment as of December 31, 2023 was recorded on the unaudited interim condensed consolidated balance sheet to the contingent consideration, loss accrual for service contracts, and other liabilities financial statement line item. During the three months ended September 30 ended September 30 During the nine months ended September 30 September 30 The Company’s capital commitments related to its equity method investments as of September 30

Operating and Finance Lease Lia

Operating and Finance Lease Liabilities	9 Months Ended
Operating and Finance Lease Liabilities	Sep. 30, 2024
Operating and Finance Lease Liabilities
Operating and Finance Lease Liabilities	17. Operating and Finance Lease Liabilities As of September 30 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, the lease contains customary operational covenants such as the requirement that the Company properly maintain the leased assets and carry appropriate insurance. The leases include credit support in the form of either cash, collateral or letters of credit. See Note 19, “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 Slingerlands, New York and at customer fueling locations. Future minimum lease payments under operating and finance leases (with initial or remaining lease terms in excess of one year) as of September 30 Finance Total Operating Lease Lease Lease Liability Liability Liabilities Remainder of 2024 $ 25,078 $ 2,978 $ 28,056 2025 95,840 14,792 110,632 2026 86,964 11,934 98,898 2027 73,267 8,256 81,523 2028 50,874 1,941 52,815 2029 and thereafter 151,713 3,299 155,012 Total future minimum payments 483,736 43,200 526,936 Less imputed interest (167,572) (5,244) (172,816) Total $ 316,164 $ 37,956 $ 354,120 Rental expense for all operating leases was $26.0 million and $25.0 million for the three months ended September 30 September 30 As of both September Other information related to the operating leases are presented in the following table: Nine months ended Nine months ended September 30, 2024 September 30, 2023 Cash payments - operating cash flows (in thousands) $ 75,057 $ 66,970 Weighted average remaining lease term (years) 7.14 6.01 Weighted average discount rate 11.3% 11.3% Finance lease costs include amortization of the right of use assets (i.e., depreciation expense) and interest on lease liabilities (i.e., interest and other expense, net in the unaudited interim condensed consolidated statement of operations) and were $1.8 million and $1.9 million for the three months ended September September As of September September Other information related to the finance leases are presented in the following table: Nine months ended Nine months ended September 30, 2024 September 30, 2023 Cash payments - operating cash flows (in thousands) $ 2,119 $ 2,329 Cash payments - financing cash flows (in thousands) $ 6,988 $ 6,345 Weighted average remaining lease term (years) 3.28 3.26 Weighted average discount rate 6.8% 6.9%

Finance Obligation

Finance Obligation	9 Months Ended
Finance Obligation	Sep. 30, 2024
Finance Obligation
Finance Obligation	18. 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 as of September 30, 2024 was $296.0 million, $77.3 million and $218.7 million of which was classified as short-term and long-term, respectively, on the unaudited interim condensed consolidated balance sheet. 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 unaudited interim condensed consolidated balance sheet. The amount is amortized using the effective interest method. Interest expense recorded related to finance obligations for the three months ended September 30, 2024 and 2023 was $9.0 million and $10.4 million, respectively. Interest expense recorded related to finance obligations for the nine months ended September 30, 2024 and 2023 was $28.4 million and $29.4 million, respectively. During the third quarter of 2024, the Company entered into additional failed sale/leaseback transactions that were accounted for as financing obligations resulting in $56.9 million of additional finance obligations. No gain or loss was recorded as a result of these transactions. The outstanding balance of finance obligations related to sale/leaseback transactions as of September unaudited interim condensed unaudited interim condensed Future minimum payments under finance obligations notes above as of September 30, 2024 were as follows (in thousands): Total Sale of Future Sale/Leaseback Finance Revenue - Debt Financings Obligations Remainder of 2024 $ 27,451 $ 5,430 $ 32,881 2025 104,547 15,553 120,100 2026 87,824 13,954 101,778 2027 71,253 13,954 85,207 2028 51,188 13,741 64,929 2029 and thereafter 25,503 22,038 47,541 Total future minimum payments 367,766 84,670 452,436 Less imputed interest (71,751) (52,691) (124,442) Total $ 296,015 $ 31,979 $ 327,994 Other information related to the above finance obligations are presented in the following table: Nine months ended Nine months ended September 30, 2024 September 30, 2023 Cash payments (in thousands) $ 86,397 $ 76,747 Weighted average remaining term (years) 4.25 4.62 Weighted average discount rate 12.3% 11.3% The fair value of the Company’s total finance obligations approximated their carrying value as of September 30, 2024 and December 31, 2023.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies
Commitments and Contingencies	19. Commitments and Contingencies Restricted Cash In connection with certain of the above noted sale/leaseback agreements, cash of $507.8 million and $573.5 million was required to be restricted as security as of September September As of September The Company also had $0.1 million and $1.2 million of consideration held by our paying agent in connection with each of the Joule and CIS acquisitions, respectively, reported as restricted cash as of September September Litigation Legal matters are handled in the ordinary course of business. The outcome of any such matters, regardless of the merits, is inherently uncertain; therefore, assessing the likelihood of loss and any estimated damages is difficult and subject to considerable judgment. 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. While we are not in a position to accurately predict the outcome of any legal or other proceedings, where there is at least a reasonable possibility that a loss may be incurred, GAAP requires us to disclose an estimate of the reasonably possible loss or range of loss, if material, or make a statement that such an estimate cannot be made. Except for a $0.6 million accrual relating to a settled matter subject to pending court approval, which has not been paid as of September 30, 2024, a reasonably possible loss or range of loss associated with any individual legal proceeding cannot be currently estimated. Securities Litigation and Related Stockholder Derivative Litigation 2021 Securities Action and Related Derivative Litigation One action is pending in which alleged stockholders of the Company assert claims derivatively, on the Company’s behalf, based on allegations and claims that were asserted in In re Plug Power, Inc. Securities Litigation A consolidated stockholder derivative action relating to the claims and allegations in the 2021 Securities Action is pending in the Court of Chancery for the State of Delaware, styled In re Plug Power Inc. Stockholder Derivative Litigation 2023 Securities Action and Related Derivative Litigation A consolidated action is pending in the United States District Court for the District of Delaware asserting claims under the federal securities laws against the Company and certain of its senior officers on behalf of a putative class of purchasers of the Company’s securities, styled In re Plug Power, Inc. Securities Litigation Beginning on September 13, 2023, three separate actions were filed in the U.S. District Court for the District of Delaware and in the U.S. District Court for the Southern District of New York asserting claims derivatively, on behalf of the Company, against certain former and current Company officers and directors based on the allegations and claims in the 2023 Securities Action. Those cases have been consolidated in the District of Delaware under the caption In re Plug Power, Inc. Stockholder Deriv. Litig. Schneider, Mr. Silver, Mr. Willis, and current or former directors Jean Bua, Kavita Mahtani, and Kyungyeol Song. In an order entered on April 26, 2024, the Court approved the parties’ stipulation to stay all proceedings until motions to dismiss have been resolved in the 2023 Securities Action. 2024 Securities Litigation On March 22, 2024, Ete Adote filed a complaint in the United States District Court for the Northern District of New York asserting claims under the federal securities laws against the Company, Mr. Marsh, and Mr. Middleton, on behalf of an alleged class of purchasers of the Company’s common stock between May 9, 2023 and January 16, 2024, styled Adote v. Plug Power, Inc. et al. Lee v. Plug Power, et al. Other Litigation On May 2, 2023, a lawsuit entitled Jacob Thomas and JTurbo Engineering & Technology, LLC v. Joule Processing, LLC and Plug Power Inc. On July 24, 2023, an action entitled Felton v. Plug Power, Inc. pro se On October 23, 2024, a case entitled First Solar, Inc. v. Plug Power Inc. Concentrations of Credit Risk Financial instruments that potentially subject the Company to credit risk consist principally of cash, cash equivalents, restricted cash and accounts receivable. 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. Concentrations of credit risk with respect to receivables exist due to the limited number of select customers with whom the Company has commercial sales arrangements. To mitigate credit risk, the Company performs appropriate evaluation of a prospective customer’s financial condition. As of September 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 three months ended September For the nine months ended September 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 September 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 September Remainder of 2024 $ 25,989 2025 8,023 2026 8,023 2027 2,638 2028 — 2029 and thereafter — Total 44,673

Employee Benefit Plans

Employee Benefit Plans	9 Months Ended
Employee Benefit Plans	Sep. 30, 2024
Employee Benefit Plans
Employee Benefit Plans	20. Employee Benefit Plans 2011 and 2021 Stock Option and Incentive Plan The Company has issued stock-based awards to employees and members of its Board of Directors (the “Board”) consisting of stock options and restricted stock and restricted stock unit awards. The Company accounts for all stock-based awards to employees and members of the Board as compensation costs in the consolidated financial statements based on their fair values measured as of the date of grant. These costs are recognized over the requisite service period. Stock-based compensation costs recognized, excluding the Company’s matching contributions of $2.6 million and $3.0 million to the Plug Power Inc. 401(k) Savings & Retirement Plan and quarterly Board compensation, were $21.3 million and $42.4 million for the three months ended September September 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): Three months ended Nine months ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Cost of sales $ 1,459 $ 3,115 $ 5,544 $ 8,231 Research and development 2,028 2,935 6,621 6,982 Selling, general and administrative 17,784 36,392 42,224 104,278 $ 21,271 $ 42,442 $ 54,389 $ 119,491 Option Awards The Company issues options that are time and performance-based awards. All option awards are determined to be classified as equity awards. Service Stock Options Awards The following table reflects the service stock option activity for the nine months ended September 30, 2024: Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Terms Value Options outstanding as of December 31, 2023 17,336,362 $ 11.37 7.86 $ 11,391 Options exercisable as of December 31, 2023 8,288,944 11.84 6.18 7,250 Options unvested as of December 31, 2023 9,047,418 10.94 9.39 4,141 Granted 6,194,625 2.45 — — Exercised (47,500) 2.09 — — Forfeited (2,869,251) 15.98 — — Options outstanding as of September 30, 2024 20,614,236 $ 8.07 7.35 $ 476 Options exercisable as of September 30, 2024 8,733,294 11.56 5.63 342 Options unvested as of September 30, 2024 11,880,942 $ 5.51 8.62 $ 134 The weighted average grant date fair value of the service stock options granted during the nine months ended September September The total fair value of the service stock options that vested during the nine months ended September Compensation cost associated with service stock options represented approximately $3.7 million and $8.6 million of the total share-based payment expense recorded for the three months ended September September September Market Condition Stock Option Awards The following table reflects the market condition stock option award activity for the nine months ended September Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Terms Value Options outstanding as of December 31, 2023 21,925,000 $ 21.32 5.27 $ — Options exercisable as of December 31, 2023 2,782,000 26.9 4.7 — Options unvested as of December 31, 2023 19,143,000 20.50 5.35 — Granted 2,952,500 2.42 — — Exercised — — — — Forfeited (12,311,500) 25.45 — — Options outstanding as of September 30, 2024 12,566,000 $ 12.83 5.44 $ — Options exercisable as of September 30, 2024 5,372,667 22.46 4.36 — Options unvested as of September 30, 2024 7,193,333 $ 5.63 6.24 $ — The weighted average grant-date fair value of the market condition stock options granted during the nine months ended September September September Compensation cost associated with market condition stock options represented approximately $9.3 million and $18.4 million of the total share-based payment expense recorded for the three months ended September September September September September As of September market condition stock options was $0 as of September September Restricted Stock and Restricted Stock Unit Awards The following table reflects the restricted stock and restricted stock unit activity for the nine months ended September 30, 2024 (in thousands except share amounts): Weighted Aggregate Average Grant Date Intrinsic Shares Fair Value Value Unvested restricted stock as of December 31, 2023 6,732,884 $ 15.66 $ 30,298 Granted 1,075,557 2.81 — Vested (1,784,759) 15.81 — Forfeited (1,199,185) 17.22 — Unvested restricted stock as of September 30, 2024 4,824,497 $ 12.35 $ 10,903 The weighted average grant-date fair value of the restricted stock and restricted stock unit awards granted during the nine months ended September 30, 2024 and 2023 was $2.81 and $12.57, respectively. The total fair value of restricted shares of stock and restricted stock unit awards that vested for the nine months ended September 30, 2024 and 2023 was $28.2 million and $41.0 million, respectively. Compensation cost associated with restricted stock and restricted stock unit awards represented approximately $8.3 million and $15.0 million for the three months ended September 30, 2024 and 2023, respectively. Compensation cost associated with restricted stock and restricted stock unit awards represented approximately $27.3 million and $42.1 million for the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024, there was $39.2 million of unrecognized compensation cost related to restricted stock and restricted stock unit awards to be recognized over the weighted average period of 1.49 years. Included in the total unvested restricted stock and restricted stock units as of September 30, 2024, there were 375,000 restricted stock units outstanding with a performance target. The Company recorded expense associated with the restricted stock units with a performance target of $0.4 million and $0.4 million for the three months ended September 30, 2024 and 2023, respectively. The Company recorded expense associated with the restricted stock units with a performance target of $1.7 million and $0.4 million for the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024 there was $1.4 million of unrecognized compensation cost related to the restricted stock units outstanding with a performance target to be recognized over the weighted average period of 1.83 years. 401(k) Savings & Retirement Plan The Company issued 3,305,494 shares of common stock and 872,026 shares of common stock pursuant to the Plug Power Inc. 401(k) Savings & Retirement Plan during the nine months ended September 30, 2024 and 2023, respectively. The Company’s expense for this plan was approximately $2.6 million and $3.0 million during the three months ended September 30, 2024 and 2023, respectively. The Company’s expense for this plan was approximately $8.9 million and $9.0 million during the nine months ended September 30, 2024 and 2023, respectively. Non-Employee Director Compensation The Company granted 83,085 shares of common stock and 13,662 shares of common stock to non-employee directors as compensation during the three months ended September 30, 2024 and 2023, respectively. The Company granted 210,315 shares of common stock and 35,444 shares of common stock to non-employee directors as compensation during the nine months ended September 30, 2024 and 2023, respectively. All common stock issued 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 compensation was approximately $0.1 million and $0.1 million during the three months ended September 30, 2024 and 2023, respectively. The Company’s share-based compensation expense in connection with non-employee director compensation was approximately $0.5 million and $0.3 million during the nine months ended September 30, 2024 and 2023, respectively.

Segment and Geographic Area Rep

Segment and Geographic Area Reporting	9 Months Ended
Segment and Geographic Area Reporting	Sep. 30, 2024
Segment and Geographic Area Reporting
Segment and Geographic Area Reporting	21. 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 Revenues Long-Lived Assets Three months ended Nine months ended As of September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 September 30, 2024 December 31, 2023 North America $ 107,798 $ 156,645 $ 326,647 $ 557,644 $ 1,923,649 $ 1,881,315 Europe 50,958 34,097 80,714 86,367 162,748 122,489 Asia 11,155 3,128 20,334 12,746 143 — Other 3,819 4,841 9,649 12,422 3,710 884 Total $ 173,730 $ 198,711 $ 437,344 $ 669,179 $ 2,090,250 $ 2,004,688

Related Party Transactions

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2024
Related Party Transactions
Related Party Transactions	22. 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 three months ended September September September SK Plug Hyverse Our 49/51 joint venture, SK Plug Hyverse, aims to provide hydrogen fuel cell systems, hydrogen fueling stations, electrolyzers and clean hydrogen to the Korean and other selected Asian markets. For the three months ended September September September

Restructuring

Restructuring	9 Months Ended
Restructuring	Sep. 30, 2024
Restructuring
Restructuring	23. Restructuring In February 2024, in a strategic move to enhance our financial performance and ensure long-term value creation in a competitive market, we approved a comprehensive initiative that encompasses a broad range of measures, including operational consolidation, strategic workforce adjustments, and various other cost-saving actions (the “Restructuring Plan”). These measures are aimed at increasing efficiency, improving scalability, and maintaining our leadership position in the renewable energy industry. We began executing the Restructuring Plan in February 2024 and expect the Restructuring Plan to be completed in the fourth quarter of 2024, subject to local law and consultation requirements. The determination of when we accrue for involuntary termination benefits under restructuring plans depends on whether the termination benefits are provided under an ongoing benefit arrangement or under a one-time benefit arrangement. We account for involuntary termination benefits that are provided pursuant to one-time benefit arrangements in accordance with ASC 420, Exit or Disposal Cost Obligations Nonretirement Postemployment Benefits During the three months ended September September Severance expense recorded during the three and nine months ended September September September

Subsequent Events

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events
Subsequent Events	24. Subsequent Events At Market Issuance Sales Agreement From September On November 7, 2024, the Company entered into Amendment No. 2 to the Original ATM Agreement (“Amendment No. 2” and together with the ATM Agreement, the “Amended ATM Agreement”) with B. Riley. Amendment No. 2 increased the aggregate gross sales price of the Company’s common stock the Company may offer and sell pursuant to the Amended ATM Agreement by approximately $375.2 million to $1.0 billion. From and after November 7, 2024, through and including February 7, 2025, the Company at its sole discretion to direct B. Riley to act on a principal basis and purchase from the Company up to the Maximum Commitment Advance Purchase Amount of $11.0 million and up to the Maximum Commitment Advance Purchase Amount Cap of $55.0 million (including any shares sold by B. Riley in agency transactions) in any calendar week. If the Company’s market capitalization is less than 8, 2025 Commitment Advance Purchase Amount Debenture Purchase Agreement On November 11, 2024, the Company entered into a Debenture Purchase Agreement with YA II PN, Ltd. (the “Investor”) under which the Company agreed to sell and issue to the Investor an unsecured convertible debenture in aggregate principal amount of $200.0 million (the “Convertible Debenture”) in exchange for the payment by the Investor to the Company of $190.0 million. The Company expects to close the issuance of the Convertible Debenture on or about November 12, 2024, subject to customary closing conditions, including the Company’s filing of a prospectus supplement registering the resale of the shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), that may be issuable upon conversion of the Convertible Debenture. The Convertible Debenture ranks pari passu in right of payment with all other outstanding and future senior indebtedness of the Company. The Convertible Debenture will be issued in a private placement in reliance upon an exemption from registration provided by Section 4(a)(2) of the Securities Act. The Convertible Debenture bears interest at a rate of 6.00% per annum and is payable on the second year anniversary of the issuance date of the Convertible Debenture (the “Maturity Date”) or earlier redemption date. The Investor may convert all or any portion of the principal amount of the Convertible Debenture and if there are certain events of default, the Investor may require the Company to amortize $22.5 million of the principal amount of the Convertible Debenture. The Company has the right to redeem the Convertible Debenture under certain circumstances. The Convertible Debenture includes customary covenants and events of default that are typical for transactions of this type and certain affirmative and negative covenants.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (211,168)	$ (262,333)	$ (295,776)	$ (283,479)	$ (236,398)	$ (206,561)	$ (769,277)	$ (726,438)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2024
Summary of Significant Accounting Policies
Principles of Consolidation	Principles of Consolidation The unaudited interim condensed 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 with Renault SAS (“Renault”) named HyVia SAS, a French société par actions simplifiée (“HyVia”), AccionaPlug S.L. (“AccionaPlug”), and SK Plug Hyverse Co., Ltd. (“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, SK Plug Hyverse and Clean H2 Infra Fund.
Interim Financial Statements	Interim Financial Statements The accompanying unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments, which consist solely of normal recurring adjustments, necessary to present fairly, in accordance with U.S. generally accepted accounting principles (“GAAP”), the financial position, results of operations and cash flows for all periods presented, have been made. The results of operations for the interim periods presented are not necessarily indicative of the results that may be expected for the full year. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the “2023 Form 10-K”). The information presented in the accompanying unaudited interim condensed consolidated balance sheets as of December 31, 2023 has been derived from the Company’s 2023 audited consolidated financial statements. The unaudited interim condensed consolidated financial statements contained herein should be read in conjunction with our 2023 Form 10-K .
Clean Hydrogen Production Tax Credit	Clean Hydrogen Production Tax Credit Beginning in the second quarter of 2024, the Company determined that it qualifies for the clean hydrogen production tax credit (“PTC”) under Section 45V as part of the Inflation Reduction Act of 2022 (“IRA”) resulting from operation of the Company’s hydrogen production plant located in Georgia. The PTC is available for qualified clean hydrogen produced and sold during the 10-year four revoked. During the remaining five years of the 10-year period to receive the PTC, the Company can elect to transfer all or a portion of the PTC to a third party buyer in exchange for cash. The Company has analogized the accounting of the PTC to accounting for government grants due to the ability to receive payment for the credit regardless of whether the Company has an income tax liability. As a result, the Company recorded approximately $1.6 million and $2.9 million for the three and nine months ended September 30, 2024, respectively, as a reduction to the “fuel delivered to customers and related equipment” costs of revenue financial statement line item in the unaudited interim condensed consolidated statement of operations and $3.3 million as of September 30, 2024 as an increase to the “other assets” financial statement line item in the unaudited interim condensed consolidated balance sheet.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Accounting Guidance There have been no significant changes in our reported financial position or results of operations and cash flows resulting from the adoption of new accounting pronouncements. Recent Accounting Guidance Not Yet Effective Other than the standards mentioned in our 2023 Form 10-K, all issued but not yet effective accounting and reporting standards as of September 30, 2024 are either not applicable to the Company or are not expected to have a material impact on the Company.

Extended Maintenance Contracts

Extended Maintenance Contracts (Tables)	9 Months Ended
Extended Maintenance Contracts (Tables)	Sep. 30, 2024
Extended Maintenance Contracts
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, increase to loss accrual related to customer warrants, and foreign currency translation adjustment (in thousands): Nine months ended Year ended September 30, 2024 December 31, 2023 Beginning balance $ 137,853 $ 81,066 Provision for loss accrual 37,997 85,375 Releases to service cost of sales (38,823) (29,713) Increase to loss accrual related to customer warrants 268 971 Foreign currency translation adjustment 214 154 Ending balance $ 137,509 $ 137,853

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
Earnings Per Share (Tables)	Sep. 30, 2024
Earnings Per Share
Schedule of potential dilutive common shares	As of September 30, 2024 2023 Stock options outstanding (1) 33,180,236 35,463,759 Restricted stock and restricted stock units outstanding (2) 4,824,497 7,261,132 Common stock warrants (3) 82,022,634 78,561,263 Convertible Senior Notes (4) 44,661,605 39,170,766 Number of dilutive potential shares of common stock 164,688,972 160,456,920 (1) During the three months ended September 30, 2024 and 2023, the Company granted options for 1,726,500 and 2,255,096 shares of common stock, respectively. During the nine months ended September 30, 2024 and 2023, the Company granted options for 9,147,125 and 9,131,689 shares of common stock, respectively. (2) During the three months ended September 30, 2024 and 2023, the Company granted 21,500 and 3,217,700 shares of restricted stock and restricted stock units, respectively. During the nine months ended September 30, 2024 and 2023, the Company granted 1,075,557 and 3,606,393 shares of restricted stock and restricted stock units, respectively. (3) In May 2024, the Company issued warrants in connection with an earn-out settlement agreement with Giner ELX, Inc. (“Giner”) as described in Note 15, “Fair Value Measurements”, and the Company registered for resale up to 3,461,371 shares of the Company’s common stock issuable upon exercise of the warrants. The warrants had no t been exercised as of September 30, 2024. 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.com, Inc. (“Amazon”), subject to certain vesting events, as described in Note 12, “Warrant Transaction Agreements”. The warrant had not been exercised as of September In April 2017, the Company issued a warrant to acquire up to 55,286,696 shares of the Company’s common stock as part of a transaction agreement with Amazon, subject to certain vesting events, as described in Note 12, “Warrant Transaction Agreements”. The warrant had been exercised with respect to 34,917,912 shares of the Company’s common stock as of September In July 2017, the Company issued a warrant to acquire up to 55,286,696 shares of the Company’s common stock as part of a transaction agreement with Walmart, Inc. (“Walmart”), subject to certain vesting events, as described in Note 12, “Warrant Transaction Agreements”. The warrant had been exercised with respect to 13,094,217 shares of the Company’s common stock as of September (4) In March 2024, the Company exchanged $138.8 million in aggregate principal amount of the 3.75% Convertible Senior Notes for $140.4 million in aggregate principal amount of the 7.00% Convertible Senior Notes due 2026 (the “ 7.00% Convertible Senior Notes”) as described in Note 10, “Convertible Senior Notes”. There were no conversions of the 7.00% Convertible Senior Notes during the three and nine months ended September 30, 2024 and 2023. 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”) as described in Note 10, “Convertible Senior Notes”. There were no conversions of the 3.75% Convertible Senior Notes during the three and nine months ended September

Inventory (Tables)

Inventory (Tables)	9 Months Ended
Inventory (Tables)	Sep. 30, 2024
Inventory
Schedule of inventory	Inventory as of September September 30, December 31, 2024 2023 Raw materials and supplies - production locations $ 522,332 $ 564,818 Raw materials and supplies - customer locations 26,988 20,751 Work-in-process 146,441 149,574 Finished goods 190,003 226,110 Inventory $ 885,764 $ 961,253

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	9 Months Ended
Property, Plant and Equipment (Tables)	Sep. 30, 2024
Property, Plant and Equipment
Schedule of Property plant and equipment	Property, plant and equipment as of September 30, 2024 and December 31, 2023 consisted of the following (in thousands): September 30, December 31, 2024 2023 Land $ 5,845 $ 6,049 Construction in progress 930,505 1,109,896 Hydrogen production plants 370,104 77,107 Leasehold improvements 97,022 95,229 Software, machinery, and equipment 249,091 229,352 Property, plant, and equipment 1,652,567 1,517,633 Less: accumulated depreciation (118,511) (81,456) Property, plant, and equipment, net $ 1,534,056 $ 1,436,177

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
Intangible Assets (Tables)	Sep. 30, 2024
Intangible Assets
Schedule of Intangible assets	The gross carrying amount and accumulated amortization of the Company’s acquired identifiable intangible assets as of September 30, 2024 were as follows (in thousands): Weighted Average Gross Carrying Accumulated Amortization Period Amount Amortization Total Acquired technology 14 years $ 103,144 $ (25,902) $ 77,242 Dry stack electrolyzer technology 10 years 29,000 (7,492) 21,508 Customer relationships, trade name, and other 13 years 104,473 (28,217) 76,256 $ 236,617 $ (61,611) $ 175,006 The gross carrying amount and accumulated amortization of the Company’s acquired identifiable intangible assets as of December 31, 2023 were 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
Schedule of future amortization of intangible assets	The estimated amortization expense for subsequent years is as follows (in thousands): Remainder of 2024 $ 4,724 2025 18,228 2026 16,603 2027 16,596 2028 16,187 2029 and thereafter 102,668 Total $ 175,006

Accrued Expenses (Tables)

Accrued Expenses (Tables)	9 Months Ended
Accrued Expenses (Tables)	Sep. 30, 2024
Accrued Expenses
Schedule of Accrued Expenses	Accrued expenses as of September 30, 2024 and December 31, 2023 consisted of (in thousands): September 30, December 31, 2024 2023 Accrued payroll and compensation related costs $ 23,699 $ 32,584 Accrual for capital expenditures 16,378 83,781 Accrued accounts payable 40,249 64,767 Accrued sales and other taxes 22,301 17,207 Accrued interest 4,107 562 Accrued other 668 1,643 Total $ 107,402 $ 200,544

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
Long-Term Debt (Tables)	Sep. 30, 2024
Long-Term Debt.
Schedule of long term debt	As of September 30, 2024, the principal balance was due at each of the following dates as follows (in thousands): December 31, 2024 2,757 December 31, 2025 1,200 December 31, 2026 900 Total outstanding principal $ 4,857

Convertible Senior Notes (Table

Convertible Senior Notes (Tables)	9 Months Ended
Convertible Senior Notes (Tables)	Sep. 30, 2024
7.0% Convertible Senior Notes
Debt Instrument [Line Items]
Schedule of Convertible Senior Notes	The 7.00% Convertible Senior Notes consisted of the following (in thousands): September 30, 2024 Principal amounts: Principal $ 140,396 Unamortized debt premium, net of offering costs (1) 8,818 Net carrying amount $ 149,214 (1) Included in the unaudited interim condensed consolidated balance sheets within 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 7.00% Convertible Senior Notes for the three and nine months ended September 30, 2024 (in thousands, except for the effective interest rate): Three months ended Nine months ended September 30, 2024 September 30, 2024 Interest expense $ 2,478 $ 5,224 Amortization of premium (1,308) (2,781) Total $ 1,170 $ 2,443 Effective interest rate 3.0% 3.0%
3.75% Convertible Senior Notes
Debt Instrument [Line Items]
Schedule of Convertible Senior Notes	The 3.75% Convertible Senior Notes consisted of the following (in thousands): September 30, December 31, 2024 2023 Principal amounts: Principal $ 58,462 $ 197,278 Unamortized debt issuance costs (1) (299) (2,014) Net carrying amount $ 58,163 $ 195,264 (1) Included in the unaudited interim condensed consolidated balance sheets within 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 for the three and nine months ended September 30, 2024 and 2023 (in thousands, except for the effective interest rate): Three months ended Nine months ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Interest expense $ 549 $ 1,849 $ 2,787 $ 5,547 Amortization of debt issuance costs 108 338 532 1,003 Total $ 657 $ 2,187 $ 3,319 $ 6,550 Effective interest rate 4.5% 4.5% 4.5% 4.5%

Warrant Transaction Agreements

Warrant Transaction Agreements (Tables)	9 Months Ended
Warrant Transaction Agreements (Tables)	Sep. 30, 2024
2022 Amazon transaction agreement
Schedule of Fair Value Assumption of Warrants	Tranches 1-3 Tranche 4 August 24, 2022 September 30, 2024 Risk-free interest rate 3.15% 3.51% Volatility 75.00% 95.00% Expected average term (years) 7.00 1.15 Exercise price $22.98 $2.03 Stock price $20.36 $2.26

Revenue (Tables)

Revenue (Tables)	9 Months Ended
Revenue (Tables)	Sep. 30, 2024
Revenue
Schedule of disaggregation of revenue	The following table provides information about disaggregation of revenue (in thousands): Major products/services lines Three months ended Nine months ended September 30, September 30, 2024 2023 2024 2023 Sales of fuel cell systems $ 8,131 $ 37,650 $ 40,282 $ 138,682 Sales of hydrogen infrastructure 11,869 38,225 37,399 145,740 Sales of electrolyzers 57,789 26,628 74,169 73,627 Sales of engineered equipment 7,302 7,212 15,924 23,784 Services performed on fuel cell systems and related infrastructure 14,148 9,290 40,205 27,088 Power purchase agreements 20,459 20,068 58,437 44,135 Fuel delivered to customers and related equipment 29,791 19,371 77,964 47,391 Sales of cryogenic equipment and liquefiers 22,050 35,415 84,450 161,677 Other 2,191 4,852 8,514 7,055 Net revenue $ 173,730 $ 198,711 $ 437,344 $ 669,179
Schedule of receivables, contract assets and contract liabilities from contracts with customers	The following table provides information about receivables, contract assets and deferred revenue and contract liabilities from contracts with customers (in thousands): September 30, December 31, 2024 2023 Accounts receivable $ 167,222 $ 243,811 Contract assets 175,832 155,989 Deferred revenue and contract liabilities 191,874 288,302
Schedule of changes in contract assets and the contract liabilities	Significant changes in the contract assets and the deferred revenue and contract liabilities balances during the period are as follows (in thousands): Contract assets Nine months ended Year ended September 30, 2024 December 31, 2023 Transferred to receivables from contract assets recognized at the beginning of the period $ (10,697) $ (94,860) Change in contract assets related to warrants 5,324 14,260 Impairment — (2,375) Revenue recognized and not billed as of the end of the period 25,216 134,677 Net change in contract assets $ 19,843 $ 51,702 Deferred revenue and contract liabilities Nine months ended Year ended September 30, 2024 December 31, 2023 Increases due to customer billings, net of amounts recognized as revenue during the period $ 19,936 $ 151,965 Change in contract liabilities related to warrants 330 440 Revenue recognized that was included in the contract liability balance as of the beginning of the period (116,694) (94,001) Net change in deferred revenue and contract liabilities $ (96,428) $ 58,404
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): As of Expected recognition September 30, 2024 period (years) Sales of fuel cell systems $ 34,553 1 - 2 Sales of hydrogen installations and other infrastructure 34,740 1 Sales of electrolyzers 269,371 1 - 2 Sales of engineered equipment 7,264 1 Services performed on fuel cell systems and related infrastructure 131,112 5 - 10 Power purchase agreements 375,119 5 - 10 Fuel delivered to customers and related equipment 82,733 5 - 10 Sales of cryogenic equipment and other 60,610 1 Total estimated future revenue $ 995,502

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
Fair Value Measurements (Tables)	Sep. 30, 2024
Fair Value Measurements
Schedule of assets and liabilities measured at fair value on a recurring basis	Assets and liabilities measured at fair value on a recurring basis are summarized below (in thousands): As of September 30, 2024 Carrying Fair Fair Value Measurements Amount Value Level 1 Level 2 Level 3 Liabilities Contingent consideration $ 91,987 $ 91,987 $ — $ — $ 91,987 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
Schedule of assets and liabilities measured at fair value on a recurring basis that have unobservable inputs	In the unaudited interim condensed consolidated balance sheets, contingent consideration is recorded in the contingent consideration, loss accrual for service contracts, and other current liabilities financial statement line item, and was comprised of the following unobservable inputs as of September 30, 2024: Financial Instrument Fair Value Valuation Technique Unobservable Input Range (weighted average) Contingent consideration $ 91,987 Scenario based method Credit spread 12.21% - 13.51% Discount rate 15.73% - 18.38% 91,987 In the unaudited interim condensed consolidated balance sheets, contingent consideration is recorded in the contingent consideration, loss accrual for service contracts, and other current liabilities financial statement line item, and was comprised of the following unobservable inputs as of 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
Schedule of activity in the level 3 liabilities	The change in the carrying amount of Level 3 liabilities during the nine months ended September 30 Nine months ended September 30, 2024 Beginning balance as of December 31, 2023 $ 126,216 Cash payments (10,000) Change in fair value of contingent consideration (9,200) Foreign currency translation adjustment (690) Ending balance as of March 31, 2024 $ 106,326 Cash payments (1,000) Payment settled in common stock and warrants (18,241) Change in fair value of contingent consideration 3,768 Foreign currency translation adjustment (233) Ending balance as of June 30, 2024 $ 90,620 Cash payments (57) Change in fair value of contingent consideration 146 Foreign currency translation adjustment 1,278 Ending balance as of September 30, 2024 $ 91,987

Investments (Tables)

Investments (Tables)	9 Months Ended
Investments (Tables)	Sep. 30, 2024
Investments
Summary of investments under the equity method	As of September 30 As of September 30, 2024 As of December 31, 2023 Formation Common Stock Carrying Common Stock Carrying Investee Date Ownership % Value Ownership % Value HyVia Q2 2021 50% $ 2,420 50% $ (2,068) AccionaPlug Q4 2021 50% 4,062 50% 3,198 Clean H2 Infra Fund Q4 2021 5% 27,392 5% 13,357 SK Plug Hyverse Q1 2022 49% 56,274 49% 41,609 $ 90,148 $ 56,096

Operating and Finance Lease L_2

Operating and Finance Lease Liabilities (Tables)	9 Months Ended
Operating and Finance Lease Liabilities (Tables)	Sep. 30, 2024
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 September 30 Finance Total Operating Lease Lease Lease Liability Liability Liabilities Remainder of 2024 $ 25,078 $ 2,978 $ 28,056 2025 95,840 14,792 110,632 2026 86,964 11,934 98,898 2027 73,267 8,256 81,523 2028 50,874 1,941 52,815 2029 and thereafter 151,713 3,299 155,012 Total future minimum payments 483,736 43,200 526,936 Less imputed interest (167,572) (5,244) (172,816) Total $ 316,164 $ 37,956 $ 354,120
Schedule of future minimum lease payments under finance obligations	Future minimum lease payments under operating and finance leases (with initial or remaining lease terms in excess of one year) as of September 30 Finance Total Operating Lease Lease Lease Liability Liability Liabilities Remainder of 2024 $ 25,078 $ 2,978 $ 28,056 2025 95,840 14,792 110,632 2026 86,964 11,934 98,898 2027 73,267 8,256 81,523 2028 50,874 1,941 52,815 2029 and thereafter 151,713 3,299 155,012 Total future minimum payments 483,736 43,200 526,936 Less imputed interest (167,572) (5,244) (172,816) Total $ 316,164 $ 37,956 $ 354,120
Schedule of operating leases other information	Nine months ended Nine months ended September 30, 2024 September 30, 2023 Cash payments - operating cash flows (in thousands) $ 75,057 $ 66,970 Weighted average remaining lease term (years) 7.14 6.01 Weighted average discount rate 11.3% 11.3%
Schedule of finance leases other information	Nine months ended Nine months ended September 30, 2024 September 30, 2023 Cash payments - operating cash flows (in thousands) $ 2,119 $ 2,329 Cash payments - financing cash flows (in thousands) $ 6,988 $ 6,345 Weighted average remaining lease term (years) 3.28 3.26 Weighted average discount rate 6.8% 6.9%

Finance Obligation (Tables)

Finance Obligation (Tables)	9 Months Ended
Finance Obligation (Tables)	Sep. 30, 2024
Finance Obligation
Schedule of future minimum payments under finance obligations	Future minimum payments under finance obligations notes above as of September 30, 2024 were as follows (in thousands): Total Sale of Future Sale/Leaseback Finance Revenue - Debt Financings Obligations Remainder of 2024 $ 27,451 $ 5,430 $ 32,881 2025 104,547 15,553 120,100 2026 87,824 13,954 101,778 2027 71,253 13,954 85,207 2028 51,188 13,741 64,929 2029 and thereafter 25,503 22,038 47,541 Total future minimum payments 367,766 84,670 452,436 Less imputed interest (71,751) (52,691) (124,442) Total $ 296,015 $ 31,979 $ 327,994
Schedule of finance obligation other information	Nine months ended Nine months ended September 30, 2024 September 30, 2023 Cash payments (in thousands) $ 86,397 $ 76,747 Weighted average remaining term (years) 4.25 4.62 Weighted average discount rate 12.3% 11.3%

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
Commitments and Contingencies (Tables)	Sep. 30, 2024
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 September Remainder of 2024 $ 25,989 2025 8,023 2026 8,023 2027 2,638 2028 — 2029 and thereafter — Total 44,673

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	9 Months Ended
Employee Benefit Plans (Tables)	Sep. 30, 2024
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): Three months ended Nine months ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Cost of sales $ 1,459 $ 3,115 $ 5,544 $ 8,231 Research and development 2,028 2,935 6,621 6,982 Selling, general and administrative 17,784 36,392 42,224 104,278 $ 21,271 $ 42,442 $ 54,389 $ 119,491
Nonvested Restricted Stock Shares Activity	The following table reflects the restricted stock and restricted stock unit activity for the nine months ended September 30, 2024 (in thousands except share amounts): Weighted Aggregate Average Grant Date Intrinsic Shares Fair Value Value Unvested restricted stock as of December 31, 2023 6,732,884 $ 15.66 $ 30,298 Granted 1,075,557 2.81 — Vested (1,784,759) 15.81 — Forfeited (1,199,185) 17.22 — Unvested restricted stock as of September 30, 2024 4,824,497 $ 12.35 $ 10,903
Service Stock Options Awards
Schedule of Share-based Compensation, Stock Options, Activity	Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Terms Value Options outstanding as of December 31, 2023 17,336,362 $ 11.37 7.86 $ 11,391 Options exercisable as of December 31, 2023 8,288,944 11.84 6.18 7,250 Options unvested as of December 31, 2023 9,047,418 10.94 9.39 4,141 Granted 6,194,625 2.45 — — Exercised (47,500) 2.09 — — Forfeited (2,869,251) 15.98 — — Options outstanding as of September 30, 2024 20,614,236 $ 8.07 7.35 $ 476 Options exercisable as of September 30, 2024 8,733,294 11.56 5.63 342 Options unvested as of September 30, 2024 11,880,942 $ 5.51 8.62 $ 134
Market Condition Stock Option Awards
Schedule of Share-based Compensation, Stock Options, Activity	Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Terms Value Options outstanding as of December 31, 2023 21,925,000 $ 21.32 5.27 $ — Options exercisable as of December 31, 2023 2,782,000 26.9 4.7 — Options unvested as of December 31, 2023 19,143,000 20.50 5.35 — Granted 2,952,500 2.42 — — Exercised — — — — Forfeited (12,311,500) 25.45 — — Options outstanding as of September 30, 2024 12,566,000 $ 12.83 5.44 $ — Options exercisable as of September 30, 2024 5,372,667 22.46 4.36 — Options unvested as of September 30, 2024 7,193,333 $ 5.63 6.24 $ —

Segment and Geographic Area R_2

Segment and Geographic Area Reporting (Tables)	9 Months Ended
Segment and Geographic Area Reporting (Tables)	Sep. 30, 2024
Segment and Geographic Area Reporting
Schedule of revenue and long-lived assets based on geographic location	The revenue and long-lived assets based on geographic location are as follows (in thousands): Revenues Revenues Long-Lived Assets Three months ended Nine months ended As of September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 September 30, 2024 December 31, 2023 North America $ 107,798 $ 156,645 $ 326,647 $ 557,644 $ 1,923,649 $ 1,881,315 Europe 50,958 34,097 80,714 86,367 162,748 122,489 Asia 11,155 3,128 20,334 12,746 143 — Other 3,819 4,841 9,649 12,422 3,710 884 Total $ 173,730 $ 198,711 $ 437,344 $ 669,179 $ 2,090,250 $ 2,004,688

Nature of Operations - Liquidit

Nature of Operations - Liquidity, Capital Resources and Going Concern (Details) - USD ($) $ / shares in Units, $ in Thousands

1 Months Ended

3 Months Ended

9 Months Ended

Nov. 11, 2024

Nov. 07, 2024

Jul. 22, 2024

Feb. 23, 2024

Jan. 17, 2024

Nov. 13, 2024

Sep. 30, 2024

Jun. 30, 2024

Mar. 31, 2024

Sep. 30, 2024

Feb. 08, 2025

Feb. 07, 2025

Liquidity and Capital Resources

Working Capital

$ 847,100

Unrestricted cash

$ 93,900

93,900

Restricted cash

906,300

Aggregate offering price

$ 221,129

$ 266,774

$ 305,346

Proceeds from issuance of common stock

$ 793,249

Subsequent Event | Convertible Debenture Purchase Agreement [Member]

Liquidity and Capital Resources

Principal amount

$ 200,000

Proceeds from Convertible Debt

$ 190,000

ATM Agreement | Subsequent Event

Liquidity and Capital Resources

Remaining authorized for issuance

$ 624,800

At Market Issuance Sales Agreement

Liquidity and Capital Resources

Remaining authorized for issuance

$ 697,900

Common stock reserved for future issuance

1,000,000

Number of shares of common stock sold

13,045,572

189,411,442

Proceeds from issuance of common stock

$ 30,700

$ 611,500

At Market Issuance Sales Agreement | If market capitalization is not less than $1.0 billion | R.Bailey

Liquidity and Capital Resources

Maximum commitment advance purchase amount

11,000

Maximum commitment advance purchase amount cap

55,000

Market capitalization

1,000,000

At Market Issuance Sales Agreement | If market capitalization is less Than $1.0 billion | R.Bailey

Liquidity and Capital Resources

Maximum commitment advance purchase amount

10,000

Maximum commitment advance purchase amount cap

30,000

Market capitalization

$ 1,000,000

At Market Issuance Sales Agreement | Subsequent Event

Liquidity and Capital Resources

Common stock reserved for future issuance

1,000,000

Maximum commitment advance purchase amount

$ 11,000

Maximum commitment advance purchase amount cap

$ 55,000

Aggregate gross sales price

$ 375,200

Number of shares of common stock sold

219,835,221

30,423,779

Proceeds from issuance of common stock

$ 677,200

$ 65,800

Sales price per share

$ 2.16

At Market Issuance Sales Agreement | Subsequent Event | If market capitalization is less Than $1.0 billion | R.Bailey

Liquidity and Capital Resources

Maximum commitment advance purchase amount

$ 10,000

Maximum commitment advance purchase amount cap

30,000

Market capitalization

$ 1,000,000

Public Offerings

Liquidity and Capital Resources

Number of shares of common stock sold

78,740,157

Proceeds from issuance of common stock

$ 191,000

Sales price per share

$ 2.54

Maximum | At Market Issuance Sales Agreement

Liquidity and Capital Resources

Aggregate offering price

$ 1,000,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)
Summary of Significant Accounting Policies
Term of clean Hydrogen production tax credit		10 years
Subsequent taxable years		4 years
Production Tax Credit, remaining duration		5 years
Clean Hydrogen Production Tax Credit (PTC) recorded under other assets	$ 3.3	$ 3.3
Fuel delivered to customers and related equipment
Summary of Significant Accounting Policies
Tax credit, reduction to cost of revenue	$ 1.6	$ 2.9

Extended Maintenance Contract_2

Extended Maintenance Contracts (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Accrual for loss contracts
Beginning balance	$ 137,853	$ 81,066
Provision for loss accrual	37,997	85,375
Releases to service cost of sales	(38,823)	(29,713)
Increase to loss accrual related to customer warrants	268	971
Foreign currency translation adjustment	214	154
Ending balance	$ 137,509	$ 137,853

Earnings Per Share - Dilutive P

Earnings Per Share - Dilutive Potential Common Shares (Details) - USD ($)		1 Months Ended	3 Months Ended		9 Months Ended
	Mar. 12, 2024	Mar. 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	May 31, 2024	Mar. 21, 2024	Mar. 20, 2024	Dec. 31, 2023	Aug. 24, 2022	May 31, 2020	May 29, 2020	May 18, 2020	Jul. 20, 2017	Apr. 04, 2017
Earnings Per Share
Number of dilutive potential shares of common stock					164,688,972	160,456,920
Options granted			1,726,500	2,255,096	9,147,125	9,131,689
Shares of common stock that can be purchased from warrants issued (in shares)							3,461,371
Interest rate (as a percent)			7%		7%
3.75% Convertible Senior Notes
Earnings Per Share
Exchanged aggregate principal amount	$ 138,800,000	$ 138,800,000
Amount of debt converted			$ 0	$ 0	$ 0	$ 0
Interest rate (as a percent)	3.75%	3.75%	3.75%	3.75%	3.75%	3.75%		3.75%	3.75%			3.75%	3.75%	3.75%
Principal amount			$ 58,462,000		$ 58,462,000			$ 58,500,000		$ 197,278,000		$ 212,500,000	$ 12,500,000	$ 200,000,000
Conversion of notes through common stock issuance (in shares)			0	0	0	0
7.0% Convertible Senior Notes
Earnings Per Share
Amount of debt converted			$ 0	$ 0	$ 0	$ 0
Interest rate (as a percent)	7%	7%	7%		7%				7%
Principal amount	$ 140,400,000	$ 140,400,000	$ 140,396,000		$ 140,396,000				$ 140,400,000
2022 Amazon transaction agreement
Earnings Per Share
Shares of common stock that can be purchased from warrants issued (in shares)											16,000,000
Number of warrants exercised to date			0	0	0	0
2017 Amazon Transaction Agreement
Earnings Per Share
Shares of common stock that can be purchased from warrants issued (in shares)																55,286,696
Number of warrants exercised to date			34,917,912	34,917,912	34,917,912	34,917,912
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
Number of warrants exercised to date			13,094,217	13,094,217	13,094,217	13,094,217
Warrant issued with Giner Inc earn out settlement agreement
Earnings Per Share
Number of warrants exercised to date			0		0
Employee Stock Option
Earnings Per Share
Number of dilutive potential shares of common stock					33,180,236	35,463,759
Restricted stock and restricted stock units outstanding
Earnings Per Share
Number of dilutive potential shares of common stock					4,824,497	7,261,132
Number of restricted shares granted during period			21,500	3,217,700	1,075,557	3,606,393
Common stock warrants
Earnings Per Share
Number of dilutive potential shares of common stock					82,022,634	78,561,263
Convertible Senior Notes
Earnings Per Share
Number of dilutive potential shares of common stock					44,661,605	39,170,766

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventory
Raw materials and supplies - production locations	$ 522,332	$ 564,818
Raw materials and supplies - customer locations	26,988	20,751
Work-in-process	146,441	149,574
Finished goods	190,003	226,110
Inventory	885,764	961,253
Reserve for excess and obsolete inventory	$ 89,500	$ 85,200

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) $ in Thousands	3 Months Ended		9 Months Ended
Property, Plant and Equipment (Details) $ in Thousands	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) Plant	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Property, plant and equipment
Property, plant, and equipment	$ 1,652,567		$ 1,652,567		$ 1,517,633
Less: accumulated depreciation	(118,511)		(118,511)		(81,456)
Property, plant, and equipment, net	1,534,056		$ 1,534,056		1,436,177
Number of hydrogen production plant \| Plant			3
Capitalized interest	3,100	$ 2,000	$ 8,300	$ 6,000
Depreciation expense	12,600	$ 10,200	37,300	$ 23,000
Land
Property, plant and equipment
Property, plant, and equipment	5,845		5,845		6,049
Construction in progress
Property, plant and equipment
Property, plant, and equipment	930,505		930,505		1,109,896
Hydrogen production plants
Property, plant and equipment
Property, plant, and equipment	370,104		370,104		77,107
Leasehold improvements
Property, plant and equipment
Property, plant, and equipment	97,022		97,022		95,229
Software, machinery and equipment
Property, plant and equipment
Property, plant, and equipment	$ 249,091		$ 249,091		$ 229,352

Intangible Assets - Gross Carry

Intangible Assets - Gross Carrying Amount (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Gross carrying amount and accumulated amortization of acquired identifiable intangible assets
Gross Carrying Amount	$ 236,617	$ 236,041
Accumulated Amortization	(61,611)	(47,155)
Total	$ 175,006	$ 188,886
Acquired Technology
Gross carrying amount and accumulated amortization of acquired identifiable intangible assets
Weighted Average Amortization Period	14 years	14 years
Gross Carrying Amount	$ 103,144	$ 103,060
Accumulated Amortization	(25,902)	(20,204)
Total	$ 77,242	$ 82,856
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	(7,492)	(5,317)
Total	$ 21,508	$ 23,683
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	$ 104,473	$ 103,981
Accumulated Amortization	(28,217)	(21,634)
Total	$ 76,256	$ 82,347

Intangible Assets - Estimated A

Intangible Assets - Estimated Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Intangible Assets
Amortization of intangible assets	$ 4,800	$ 4,400	$ 14,200	$ 14,200
Estimated amortization expense
Remainder of 2024	4,724		4,724
2025	18,228		18,228
2026	16,603		16,603
2027	16,596		16,596
2028	16,187		16,187
2029 and thereafter	102,668		102,668
Total	$ 175,006		$ 175,006		$ 188,886

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accrued Expenses
Accrued payroll and compensation related costs	$ 23,699	$ 32,584
Accrual for capital expenditures	16,378	83,781
Accrued accounts payable	40,249	64,767
Accrued sales and other taxes	22,301	17,207
Accrued interest	4,107	562
Accrued other	668	1,643
Total	$ 107,402	$ 200,544

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Long-Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024
Long-Term Debt
Principal payments on long-term debt			$ 726	$ 5,710
Outstanding balance	$ 3,900		3,900
Carrying amount of debt	4,857		4,857
Unamortized debt discount	1,000		1,000
Loan payable for allowance for tenant work
Long-Term Debt
Secured term loan amount					$ 2,000
Outstanding balance	$ 1,700		$ 1,700
Minimum
Long-Term Debt
Effective interest rate (as a percent)	7.30%		7.30%
Maximum
Long-Term Debt
Effective interest rate (as a percent)	7.60%		7.60%
Secured term loan facility \| Loan and security agreement
Long-Term Debt
Principal payments on long-term debt	$ 0	$ 300	$ 600	$ 5,700

Long-Term Debt - Principal Bala

Long-Term Debt - Principal Balance Due (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Principal payments of long term debt
December 31, 2024	$ 2,757
December 31, 2025	1,200
December 31, 2026	900
Total outstanding principal	$ 4,857

Convertible Senior Notes - Narr

Convertible Senior Notes - Narratives (Details)			1 Months Ended	3 Months Ended			9 Months Ended
Convertible Senior Notes - Narratives (Details)	Mar. 20, 2024 USD ($) D $ / shares shares	Mar. 12, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2024 USD ($) shares	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($) shares	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($) shares	Mar. 21, 2024 USD ($)	Dec. 31, 2023 USD ($)	May 31, 2020 USD ($)	May 29, 2020 USD ($)	May 20, 2020 USD ($)	May 18, 2020 USD ($)
Convertible Senior Notes
Interest rate (as a percent)				7%			7%
Loss on extinguishment of debt							$ (14,047,000)
7.0% Convertible Senior Notes
Convertible Senior Notes
Amount of debt converted				$ 0		$ 0	0	$ 0
Principal amount	$ 140,400,000	$ 140,400,000	$ 140,400,000	$ 140,396,000	$ 140,400,000		$ 140,396,000
Interest rate (as a percent)	7%	7%	7%	7%	7%		7%
Premium (as a percent)	20%
Maturity principal amount	$ 1,000												$ 1,000
Conversion rates for the notes (in shares)	235.4049
Conversion price, per share \| $ / shares	$ 4.25
Fair value of convertible senior notes				$ 120,000,000			$ 120,000,000
7.0% Convertible Senior Notes \| Minimum
Convertible Senior Notes
Redemption notice days	1 day
7.0% Convertible Senior Notes \| Maximum
Convertible Senior Notes
Redemption notice days	3 days
7.0% Convertible Senior Notes \| Holder may require redemption
Convertible Senior Notes
Debt Instrument, Redemption Price, Percentage	100%
7.0% Convertible Senior Notes \| Company may redeem with the consent of the holder
Convertible Senior Notes
Trading days \| D	20
Consecutive trading days \| D	30
Conversion price (as a percent)	130%
7.0% Convertible Senior Notes \| Under certain circumstances resulting in increase to conversion rate \| Maximum
Convertible Senior Notes
Conversion of notes through common stock issuance (in shares) \| shares	39,659,890
Conversion rates for the notes (in shares)	282.4859
3.75% Convertible Senior Notes
Convertible Senior Notes
Exchanged aggregate principal amount		$ 138,800,000	$ 138,800,000
Amount of debt converted				0		$ 0	0	$ 0
Principal amount				$ 58,462,000			$ 58,462,000		$ 58,500,000	$ 197,278,000	$ 212,500,000	$ 12,500,000		$ 200,000,000
Accrued and unpaid interest	$ 1,600,000
Interest rate (as a percent)	3.75%	3.75%	3.75%	3.75%	3.75%	3.75%	3.75%	3.75%	3.75%		3.75%	3.75%		3.75%
Conversion of debt	$ 138,800,000
Conversion of notes through common stock issuance (in shares) \| shares				0		0	0	0
Loss on extinguishment of debt					$ (14,000,000)
Fair value of convertible senior notes				$ 54,100,000			$ 54,100,000

Convertible Senior Notes - Comp

Convertible Senior Notes - Components (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024	Mar. 21, 2024	Mar. 20, 2024	Mar. 12, 2024	Dec. 31, 2023	May 31, 2020	May 29, 2020	May 18, 2020
Convertible Senior Notes
Unamortized debt discount	$ (1,000)
Net carrying amount	149,214					$ 195,264
3.75% Convertible Senior Notes
Convertible Senior Notes
Principal amount	58,462		$ 58,500			197,278	$ 212,500	$ 12,500	$ 200,000
Unamortized debt issuance costs	(299)					(2,014)
Net carrying amount	58,163					$ 195,264
7.0% Convertible Senior Notes
Convertible Senior Notes
Principal amount	140,396	$ 140,400		$ 140,400	$ 140,400
Unamortized debt premium, net of offering costs	8,818
Net carrying amount	$ 149,214

Convertible Senior Notes - Expe

Convertible Senior Notes - Expenses and Interest (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
3.75% Convertible Senior Notes
Convertible Senior Notes
Interest expense	$ 549	$ 1,849	$ 2,787	$ 5,547
Amortization of debt issuance costs	108	338	532	1,003
Interest and Debt Expense, Total	$ 657	$ 2,187	$ 3,319	$ 6,550
Effective interest rate (as a percent)	4.50%	4.50%	4.50%	4.50%
7.0% Convertible Senior Notes
Convertible Senior Notes
Interest expense	$ 2,478		$ 5,224
Amortization of premium	(1,308)		(2,781)
Interest and Debt Expense, Total	$ 1,170		$ 2,443
Effective interest rate (as a percent)	3%		3%

Convertible Senior Notes - Capp

Convertible Senior Notes - Capped Call and Common Stock Forward (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended
	May 18, 2020	Mar. 31, 2018	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Mar. 31, 2024	Mar. 21, 2024	Mar. 20, 2024	Mar. 12, 2024	Dec. 31, 2023	May 31, 2020	May 29, 2020
Capped Call and Common Stock Forward
Interest rate (as a percent)			7%		7%
3.75% Convertible Senior Notes
Capped Call and Common Stock Forward
Principal amount	$ 200,000		$ 58,462		$ 58,462			$ 58,500			$ 197,278	$ 212,500	$ 12,500
Interest rate (as a percent)	3.75%		3.75%	3.75%	3.75%	3.75%	3.75%	3.75%	3.75%	3.75%		3.75%	3.75%
Five Point Five Percent Convertible Senior Notes [Member]
Capped Call and Common Stock Forward
Principal amount		$ 100,000
Interest rate (as a percent)		5.50%	5.50%		5.50%
Capped Call \| 3.75% Convertible Senior Notes
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
Common Stock Forward
Capped Call and Common Stock Forward
Net cost incurred		$ 27,500
Common Stock Forward \| Five Point Five Percent Convertible Senior Notes [Member]
Capped Call and Common Stock Forward
Common stock shares issued		14,397,906
Number of shares settled			0	0	0	0

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock and Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended			9 Months Ended
	Jul. 22, 2024	Feb. 23, 2024	Jan. 17, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2024
Stockholders' equity
Aggregate offering price				$ 221,129	$ 266,774	$ 305,346
Net proceeds from shares of common stock sold							$ 793,249
At Market Issuance Sales Agreement
Stockholders' equity
Net proceeds from shares of common stock sold				$ 30,700			$ 611,500
Common stock shares issued				13,045,572			189,411,442
Remaining authorized for issuance		$ 697,900
Common stock reserved for future issuance		$ 1,000,000
Stock issuance cost				$ 500			$ 9,200
Per share price of shares of common stock				$ 2.35			$ 3.23
Public Offerings
Stockholders' equity
Net proceeds from shares of common stock sold	$ 191,000
Common stock shares issued	78,740,157
Per share price of shares of common stock	$ 2.54
Maximum \| At Market Issuance Sales Agreement
Stockholders' equity
Aggregate offering price			$ 1,000,000

Stockholders' Equity - Accumula

Stockholders' Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		21 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024
Accumulated other comprehensive income(loss)
Amounts reclassifications from accumulated other comprehensive income(loss)					$ 0
Unrealized Gains and Losses on Available-For-Sale Securities
Accumulated other comprehensive income(loss)
Net current-period other comprehensive income		$ 4.3		$ 11.8
Foreign Currency Items
Accumulated other comprehensive income(loss)
Other comprehensive gain (loss) before reclassifications	$ 0.3	$ (3)	$ 5.2	$ 1.7

Warrant Transaction Agreement_2

Warrant Transaction Agreements - Amazon.com, Inc. Transaction Agreement (Details) $ in Millions		3 Months Ended		9 Months Ended
	Aug. 24, 2022 USD ($) $ / shares D shares	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($)	May 31, 2024 shares	Dec. 31, 2023 shares	Jun. 30, 2023 shares
Class of Warrant or Right [Line Items]
Shares of common stock that can be purchased from warrants issued (in shares) \| shares						3,461,371
Tranche one of warrants issued with the Amazon.com, Inc transaction agreement \| Tranche one
Class of Warrant or Right [Line Items]
Contract asset \| $		$ 18.8		$ 18.8
Tranche one of warrants issued with the Amazon.com, Inc transaction agreement \| Tranche two
Class of Warrant or Right [Line Items]
Contract asset \| $		$ 18.8		$ 18.8
2022 Amazon transaction agreement
Class of Warrant or Right [Line Items]
Minimum percentage of warrants vested and exercisable automatically	60%
Shares of common stock that can be purchased from warrants issued (in shares) \| shares	16,000,000
Warrant shares vested (in shares) \| shares		2,500,000		2,500,000			2,000,000
Provision for common stock warrants \| $			$ 1.6		$ 4.3
2022 Amazon transaction agreement \| Maximum
Class of Warrant or Right [Line Items]
Shares of common stock that can be purchased from warrants issued (in shares) \| shares	16,000,000
2022 Amazon transaction agreement \| Warrants Tranches One Through Three
Class of Warrant or Right [Line Items]
Warrant shares vested (in shares) \| shares	9,000,000
Exercise price of warrants (in dollars per share) \| $ / shares	$ 22.9841
Fair value of warrants per share \| $ / shares	$ 20.36
2022 Amazon transaction agreement \| Warrants Tranches One Through Three \| Risk-free interest rate
Class of Warrant or Right [Line Items]
Warrants and rights outstanding measurement input	3.15
2022 Amazon transaction agreement \| Warrants Tranches One Through Three \| Volatility
Class of Warrant or Right [Line Items]
Warrants and rights outstanding measurement input	75
2022 Amazon transaction agreement \| Warrants Tranches One Through Three \| Expected average term (years)
Class of Warrant or Right [Line Items]
Expected average term (years)	7 years
2022 Amazon transaction agreement \| Warrants Tranches One Through Three \| Exercise price
Class of Warrant or Right [Line Items]
Warrants and rights outstanding measurement input \| $ / shares	22.98
2022 Amazon transaction agreement \| Warrants Tranches One Through Three \| Stock price
Class of Warrant or Right [Line Items]
Warrants and rights outstanding measurement input \| $ / shares	20.36
2022 Amazon transaction agreement \| Tranche one
Class of Warrant or Right [Line Items]
Warrant shares vested (in shares) \| shares	1,000,000
Warrant charge capitalized \| $	$ 20.4
2022 Amazon transaction agreement \| Tranche two
Class of Warrant or Right [Line Items]
Warrant shares vested (in shares) \| shares								1,000,000
Warrant charge capitalized \| $	20.4
2022 Amazon transaction agreement \| Tranche three
Class of Warrant or Right [Line Items]
Cash payments to be received under agreement \| $	$ 1,000
Contract asset \| $		$ 3.6		$ 3.6
2022 Amazon transaction agreement \| Tranche four
Class of Warrant or Right [Line Items]
Warrant shares vested (in shares) \| shares	7,000,000
Warrant percentage weighted average share price	90%
Threshold trading days \| D	30
2022 Amazon transaction agreement \| Tranche four \| Risk-free interest rate
Class of Warrant or Right [Line Items]
Warrants and rights outstanding measurement input		3.51		3.51
2022 Amazon transaction agreement \| Tranche four \| Volatility
Class of Warrant or Right [Line Items]
Warrants and rights outstanding measurement input		95		95
2022 Amazon transaction agreement \| Tranche four \| Expected average term (years)
Class of Warrant or Right [Line Items]
Expected average term (years)				1 year 1 month 24 days
2022 Amazon transaction agreement \| Tranche four \| Exercise price
Class of Warrant or Right [Line Items]
Warrants and rights outstanding measurement input \| $ / shares		2.03		2.03
2022 Amazon transaction agreement \| Tranche four \| Stock price
Class of Warrant or Right [Line Items]
Warrants and rights outstanding measurement input \| $ / shares		2.26		2.26
2022 Amazon transaction agreement \| Share-Based Payment Arrangement, Tranche Two
Class of Warrant or Right [Line Items]
Vesting period	7 years
Cash payments to be received under agreement \| $	$ 2,100
Warrant shares vested (in shares) \| shares	15,000,000
Warrant Issued With Amazon
Class of Warrant or Right [Line Items]
Provision for common stock warrants \| $		$ 2		$ 4.4

Warrant Transaction Agreement_3

Warrant Transaction Agreements - Walmart Stores, Inc. Transaction Agreement (Details) $ / shares in Units, $ in Thousands			3 Months Ended						9 Months Ended		12 Months Ended
	Jul. 20, 2020 D	Jul. 20, 2017 USD ($) installment $ / shares shares	Sep. 30, 2024 USD ($) shares	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($) shares	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($) shares	Dec. 31, 2023 shares	May 31, 2024 shares
Warrant Transaction Agreements
Shares of common stock that can be purchased from warrants issued (in shares)												3,461,371
Provision compared for common stock warrants \| $			$ 7,416	$ 3,636	$ 10,236	$ 70	$ 951	$ 19,641
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)		55,286,696
Warrant shares vested (in shares)			40,010,108						40,010,108		34,917,912
Contract asset \| $			$ 5,400						$ 5,400
Number of warrants exercised (in shares)			0			0			0	0
Provision for common stock warrants \| $			$ 3,900			$ 3,100
Provision compared for common stock warrants \| $									$ 11,600	$ 8,400
Warrants issued with the Walmart Stores, Inc transaction agreement \| Warrants Tranches One And Two [Member]
Warrant Transaction Agreements
Cash payments to be received under agreement \| $		$ 200,000
Exercise price of warrants (in dollars per share) \| $ / shares		$ 2.1231
Warrants issued with the Walmart Stores, Inc transaction agreement \| Tranche three
Warrant Transaction Agreements
Cash payments to be received under agreement \| $		$ 400,000
Warrant shares vested (in shares)		20,368,784
Warrant percentage weighted average share price		90%
Threshold trading days \| D	30
Number of installments \| installment		8
Number of shares per installment		2,546,098
Cash receipt per installment \| $		$ 50,000
Exercise price of warrants (in dollars per share) \| $ / shares		$ 6.28
Walmart \| Warrants issued with the Walmart Stores, Inc transaction agreement
Warrant Transaction Agreements
Number of warrants exercised (in shares)									13,094,217		13,094,217
Maximum \| 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)		55,286,696

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue
Net revenue	$ 173,730	$ 198,711	$ 437,344	$ 669,179
Sales of fuel cell systems
Revenue
Net revenue	8,131	37,650	40,282	138,682
Sales of hydrogen infrastructure
Revenue
Net revenue	11,869	38,225	37,399	145,740
Sales of electrolyzers
Revenue
Net revenue	57,789	26,628	74,169	73,627
Sales of engineered equipment
Revenue
Net revenue	7,302	7,212	15,924	23,784
Services performed on fuel cell systems and related infrastructure
Revenue
Net revenue	14,148	9,290	40,205	27,088
Power purchase agreements
Revenue
Net revenue	20,459	20,068	58,437	44,135
Fuel delivered to customers and related equipment
Revenue
Net revenue	29,791	19,371	77,964	47,391
Sales of cryogenic equipment and liquefiers
Revenue
Net revenue	22,050	35,415	84,450	161,677
Other
Revenue
Net revenue	$ 2,191	$ 4,852	$ 8,514	$ 7,055

Revenue - Contract balances (De

Revenue - Contract balances (Details) - Sales of fuel cell systems - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Disaggregation of revenue
Accounts receivable	$ 167,222	$ 243,811
Contract assets	175,832	155,989
Deferred revenue and contract liabilities	$ 191,874	$ 288,302

Revenue - Changes in contract a

Revenue - Changes in contract assets and contract liabilities (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Contract assets
Net change in contract assets	$ 14,849	$ 39,040
Contract liabilities
Increases due to customer billings, net of amounts recognized as revenue during the period	19,936		$ 151,965
Change in contract liabilities related to warrants	330		440
Revenue recognized that was included in the contract liability balance as of the beginning of the period	(116,694)		(94,001)
Net change in deferred revenue and contract liabilities	(96,428)		58,404
Sales of fuel cell systems
Contract assets
Transferred to receivables from contract assets recognized at the beginning of the period	(10,697)		(94,860)
Change in contract assets related to warrants	5,324		14,260
Impairment			(2,375)
Revenue recognized and not billed as of the end of the period	25,216		134,677
Net change in contract assets	$ 19,843		$ 51,702

Revenue - Estimated future reve

Revenue - Estimated future revenue (Details) $ in Thousands	9 Months Ended
Revenue - Estimated future revenue (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Revenue
Total estimated future revenue	$ 995,502
Sales of fuel cell systems
Revenue
Total estimated future revenue	$ 34,553
Sale of hydrogen installations and other infrastructure
Revenue
Duration of estimated revenue expected to be recognized in future (in years)	1 year
Total estimated future revenue	$ 34,740
Sales of electrolyzers
Revenue
Total estimated future revenue	$ 269,371
Sales of engineered equipment
Revenue
Duration of estimated revenue expected to be recognized in future (in years)	1 year
Total estimated future revenue	$ 7,264
Services performed on fuel cell systems and related infrastructure
Revenue
Total estimated future revenue	131,112
Power purchase agreements
Revenue
Total estimated future revenue	375,119
Fuel delivered to customers and related equipment
Revenue
Total estimated future revenue	$ 82,733
Sales of cryogenic equipment and liquefiers
Revenue
Duration of estimated revenue expected to be recognized in future (in years)	1 year
Total estimated future revenue	$ 60,610
Maximum \| Sales of fuel cell systems
Revenue
Duration of estimated revenue expected to be recognized in future (in years)	2 years
Maximum \| Sales 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 \| Sales 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

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Taxes
Income tax (expense)/benefit	$ (95)	$ 4,729	$ 118	$ 6,916

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 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					9 Months Ended
	May 24, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Jan. 14, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value
Change in fair value of contingent consideration		$ 146			$ 2,239		$ (5,286)	$ 26,316
Payments and settlements		57	$ 1,000	$ 10,000
Foreign currency translation adjustment		1,278	(233)	(690)
Earnouts from acquisitions paid in common stock and warrants			18,241			$ 8,000	18,241	$ 8,000
Recurring basis \| Level 3
Fair Value
Contingent consideration		91,987					91,987		$ 126,216
Recurring basis \| Level 3 \| Contingent consideration
Fair Value
Liabilities, Fair value		91,987					91,987		126,216
Giner ELX, Inc
Fair Value
Maximum number of shares authorized to resale	3,461,371
United Hydrogen Group Inc \| Contingent consideration
Fair Value
Change in fair value of contingent consideration							100
Joule Processing LLC
Fair Value
Contingent consideration										$ 41,700
Carrying value \| Recurring basis \| Contingent consideration
Fair Value
Liabilities, Fair value		91,987					91,987		126,216
Fair Value \| Contingent consideration
Fair Value
Change in fair value of contingent consideration							200
Fair Value \| Recurring basis \| Contingent consideration
Fair Value
Liabilities, Fair value		91,987					91,987		126,216
Fair Value \| Giner ELX, Inc \| Contingent consideration
Fair Value
Liabilities, Fair value									18,000
Contingent consideration												$ 16,000
Change in fair value of contingent consideration			(18,000)
Earnouts from acquisitions paid in common stock and warrants	$ 18,200		18,200
Fair Value \| United Hydrogen Group Inc \| Contingent consideration
Fair Value
Liabilities, Fair value									900
Contingent consideration												$ 1,100
Change in fair value of contingent consideration			(900)
Payments and settlements			$ 1,000
Fair Value \| Frames Holding B.V. \| Contingent consideration
Fair Value
Liabilities, Fair value		32,000					32,000		31,800
Contingent consideration											$ 29,100
Change in fair value of contingent consideration		1,500					(100)
Foreign currency translation adjustment		1,300					300
Fair Value \| Joule Processing LLC \| Contingent consideration
Fair Value
Liabilities, Fair value		60,000					60,000		$ 75,500
Change in fair value of contingent consideration		(1,400)					(5,500)
Payments and settlements		57		$ 10,000
Fair Value \| Joule Processing LLC \| Recurring basis \| Contingent consideration
Fair Value
Liabilities, Fair value		$ 92,000					$ 92,000

Fair Value Measurements - Ass_2

Fair Value Measurements - Assets and liabilities measured at fair value on recurring basis that have unobservable inputs (Details) - Recurring basis - Level 3 $ in Thousands	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration	$ 91,987	$ 126,216
Business Combination, Contingent Consideration, Liability, Valuation Technique [Extensible Enumeration]	plug:ValuationTechniqueScenarioBasedMethodMember	plug:ValuationTechniqueScenarioBasedMethodMember
Credit spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent Consideration, measurement input		0.1361
Credit spread \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent Consideration, measurement input	0.1221
Credit spread \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent Consideration, measurement input	0.1351
Discount rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent Consideration, measurement input	0.1573	0.1771
Discount rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent Consideration, measurement input	0.1838	0.1906

Fair Value Measurements - Level

Fair Value Measurements - Level 3 Instruments Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
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	$ 90,620	$ 106,326	$ 126,216		$ 126,216
Cash payments	(57)	(1,000)	(10,000)
Payment settled in stock		(18,241)		$ (8,000)	(18,241)	$ (8,000)
Change in fair value of contingent consideration	146	3,768	(9,200)
Foreign currency translation adjustment	1,278	(233)	(690)
Balance at the end of the period	$ 91,987	$ 90,620	$ 106,326		$ 91,987

Investments - Equity Method Inv

Investments - Equity Method Investments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 90,148		$ 90,148		$ 56,096
Capital commitment to be made in remainder of 2024	$ 38,900		$ 38,900
HyVia
Schedule of Equity Method Investments [Line Items]
Common Stock Ownership %	50%		50%		50%
Carrying Value	$ 2,420		$ 2,420		$ (2,068)
Payments to acquire equity method investments	$ 0	$ 0	$ 32,300	$ 22,300
AccionaPlug S.L.
Schedule of Equity Method Investments [Line Items]
Common Stock Ownership %	50%		50%		50%
Carrying Value	$ 4,062		$ 4,062		$ 3,198
Payments to acquire equity method investments	$ 700	1,800	$ 2,400	2,600
SK Plug Hyverse
Schedule of Equity Method Investments [Line Items]
Common Stock Ownership %	49%		49%		49%
Carrying Value	$ 56,274		$ 56,274		$ 41,609
Payments to acquire equity method investments	$ 0	16,000	$ 16,000	33,800
Clean H2 Infra Fund
Schedule of Equity Method Investments [Line Items]
Common Stock Ownership %	5%		5%		5%
Carrying Value	$ 27,392		$ 27,392		$ 13,357
Payments to acquire equity method investments	$ 0	$ 4,800	$ 13,700	$ 8,100

Operating and Finance Lease L_3

Operating and Finance Lease Liabilities - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Lessee, Lease, Description
Rental expense for all operating lease	$ 26	$ 25	$ 78.2	$ 70.2
Finance lease, right-of-use asset, amortization and interest expense	1.8	$ 1.9	5.5	$ 5.6
Right of use assets, finance lease	52.9		52.9		$ 57.3
Accumulated amortization of right-of-use asset from finance lease	$ 12		$ 12		$ 9
Minimum
Lessee, Lease, Description
Lease Term - as Lessee	1 year		1 year
Maximum
Lessee, Lease, Description
Lease Term - as Lessee	7 years		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	Sep. 30, 2024 USD ($)
Future minimum lease payments under operating lease
Remainder of 2024	$ 25,078
2025	95,840
2026	86,964
2027	73,267
2028	50,874
2029 and thereafter	151,713
Total future minimum lease payments	483,736
Less imputed interest	(167,572)
Total operating lease, liabilities	316,164
Future minimum lease payments under finance leases
Remainder of 2024	2,978
2025	14,792
2026	11,934
2027	8,256
2028	1,941
2029 and thereafter	3,299
Total future minimum lease payments	43,200
Less imputed interest	(5,244)
Total finance lease liabilities	37,956
Future minimum lease payments under operating and finance leases
Remainder of 2024	28,056
2025	110,632
2026	98,898
2027	81,523
2028	52,815
2029 and thereafter	155,012
Total future minimum payments	526,936
Less imputed interest	(172,816)
Total	$ 354,120

Operating and Finance Lease L_5

Operating and Finance Lease Liabilities - Other information related to the operating leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Other information of operating leases
Cash payments - operating cash flows (in thousands)	$ 75,057	$ 66,970
Weighted average remaining lease term (in years)	7 years 1 month 20 days	6 years 3 days
Weighted average discount rate (as a percent)	11.30%	11.30%

Operating and Finance Lease L_6

Operating and Finance Lease Liabilities - Other information related to the finance leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Other information
Cash payments - operating cash flows (in thousands)	$ 2,119	$ 2,329
Cash payments - financing cash flows (in thousands)	$ 6,988	$ 6,345
Weighted average remaining lease term (in years)	3 years 3 months 10 days	3 years 3 months 3 days
Weighted average discount rate (as a percent)	6.80%	6.90%

Finance Obligation - Narrative

Finance Obligation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Finance Obligation
Current portion of finance obligation in sale-leaseback transaction	$ 83,305		$ 83,305		$ 84,031
Noncurrent portion of finance obligation in sale-leaseback transaction	278,250		278,250		284,363
Gain or loss on sale leaseback transactions	0
Sale of Future Revenue - Debt
Finance Obligation
Finance obligation under sale-leaseback transaction	296,000		296,000		350,800
Current portion of finance obligation in sale-leaseback transaction	77,300		77,300		74,000
Noncurrent portion of finance obligation in sale-leaseback transaction	218,700		218,700		276,800
Interest on lease liabilities, finance lease	9,000	$ 10,400	28,400	$ 29,400
Sale/Leaseback Financings
Finance Obligation
Finance obligation under sale-leaseback transaction	65,600		65,600		17,600
Current portion of finance obligation in sale-leaseback transaction	6,000		6,000		10,000
Finance obligation, residual value	33,600		33,600
Noncurrent portion of finance obligation in sale-leaseback transaction	59,600		$ 59,600		$ 7,600
failed sale/leaseback transactions
Finance Obligation
Additions finance obligations	$ 56,900

Finance Obligation - Future min

Finance Obligation - Future minimum payments under finance obligations (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Future minimum payments under finance obligations
Remainder of 2024	$ 32,881
2025	120,100
2026	101,778
2027	85,207
2028	64,929
2029 and thereafter	47,541
Total future minimum payments	452,436
Less imputed interest	(124,442)
Finance obligation total payments	327,994
Sale of Future Revenue - Debt
Future minimum payments under finance obligations
Remainder of 2024	27,451
2025	104,547
2026	87,824
2027	71,253
2028	51,188
2029 and thereafter	25,503
Total future minimum payments	367,766
Less imputed interest	(71,751)
Finance obligation total payments	296,015
Sale/Leaseback Financings
Future minimum payments under finance obligations
Remainder of 2024	5,430
2025	15,553
2026	13,954
2027	13,954
2028	13,741
2029 and thereafter	22,038
Total future minimum payments	84,670
Less imputed interest	(52,691)
Finance obligation total payments	$ 31,979

Finance Obligation - Other info

Finance Obligation - Other information related to finance obligations (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Finance Obligation
Cash payments (in thousands)	$ 86,397	$ 76,747
Weighted average remaining term (in years)	4 years 3 months	4 years 7 months 13 days
Weighted average discount rate (as a percent)	12.30%	11.30%

Commitments and Contingencies -

Commitments and Contingencies - Restricted cash, Litigation, Concentrations of Credit Risk (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($) customer	Sep. 30, 2023 USD ($) customer	Sep. 30, 2024 USD ($) customer	Sep. 30, 2023 USD ($) customer	Dec. 31, 2023 USD ($) customer
Customer Concentration
Escrow Deposit	$ 80,000		$ 80,000		$ 76,800
Security deposit	307,900		307,900		370,700
Accrual related to legal matters	600		600
Federal depository insurance coverage	250		250
Revenue	173,730	$ 198,711	437,344	$ 669,179
Sale/Leaseback Financings
Customer Concentration
Restricted cash	507,800		507,800		573,500
Security deposit	276,500		276,500		340,000
Customs Related Transactions [Member]
Customer Concentration
Security deposit	31,400		31,400		30,700
Collateral Related to Acquisitions \| Joule Processing LLC
Customer Concentration
Restricted cash	100		100
Collateral Related to Acquisitions \| Cyrogenic Industrial Solutions, LLC, Alloy Custom Products, LLC and WesMor Cryogenics, LLC [Member]
Customer Concentration
Restricted cash	1,200		1,200
Collateral Related to Acquisitions \| Frames Holding B.V.
Customer Concentration
Restricted cash	$ 9,300		$ 9,300		$ 11,700
Accounts receivable \| Customer concentration
Customer Concentration
Number of customers \| customer	1		1		1
Accounts receivable \| Customer concentration \| One customer
Customer Concentration
Revenue			$ 34,100		$ 52,400
Concentration risk (as a percent)			20.40%		21.50%
Revenues \| Customer concentration
Customer Concentration
Number of customers \| customer	2	3	2	3
Revenues \| Customer concentration \| One customer
Customer Concentration
Number of customers \| customer	1	1	1	1
Revenue	$ 29,000	$ 35,100	$ 81,200	$ 169,000
Concentration risk (as a percent)	16.70%	17.70%	18.60%	25.20%
Revenues \| Customer concentration \| Two customers
Customer Concentration
Number of customers \| customer	1	1	1	1
Revenue	$ 24,600	$ 30,700	$ 77,700	$ 72,300
Concentration risk (as a percent)	14.20%	15.40%	17.80%	10.80%
Revenues \| Customer concentration \| Three customers
Customer Concentration
Number of customers \| customer		1		1
Revenue		$ 22,200		$ 70,600
Concentration risk (as a percent)		11.20%		10.60%

Commitments and Contingencies_2

Commitments and Contingencies - Guarantee, Purchase Obligations (Details) $ in Thousands, € in Millions	9 Months Ended
	Sep. 30, 2024 EUR (€)	Sep. 30, 2024 USD ($)	May 30, 2023 EUR (€)
Guarantee
Amount of guarantee \| €			€ 20
Payments related to guarantee \| €	€ 0
Recorded Unconditional Purchase Obligation, Fiscal Year Maturity Schedule [Abstract]
Remainder of 2024		$ 25,989
2025		8,023
2026		8,023
2027		2,638
Total		$ 44,673

Employee Benefit Plans - Narrat

Employee Benefit Plans - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Employee Benefit Plans
Compensation cost	$ 21,271	$ 42,442	$ 54,389	$ 119,491
Service Stock Options Awards
Employee Benefit Plans
Compensation cost	3,700	8,600	$ 16,000	23,800
Market Condition Stock Option Awards
Employee Benefit Plans
Options exercisable (as a percent)			200%
Compensation cost	9,300	18,400	$ 11,100	53,600
Stock Incentive Plan 2011 And 2021
Employee Benefit Plans
Company's matching contributions	2,600	3,000	8,900	9,000
Compensation cost	21,300	42,400	54,400	119,500
Cost of sales
Employee Benefit Plans
Compensation cost	1,459	3,115	5,544	8,231
Research and development
Employee Benefit Plans
Compensation cost	2,028	2,935	6,621	6,982
Selling, general and administrative
Employee Benefit Plans
Compensation cost	$ 17,784	$ 36,392	$ 42,224	$ 104,278

Employee Benefit Plans - Stock

Employee Benefit Plans - Stock Activity, Weighted Average Exercise Price (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Shares
Granted (in shares)	1,726,500	2,255,096	9,147,125	9,131,689
Service Stock Options Awards
Shares
Options outstanding, beginning balance (in shares)			17,336,362
Options exercisable, beginning balance (in shares)			8,288,944
Options unvested, beginning balance (in shares)			9,047,418
Granted (in shares)			6,194,625
Exercised (in shares)			(47,500)
Forfeited (in shares)			(2,869,251)
Options outstanding, end balance (in shares)	20,614,236		20,614,236		17,336,362
Options exercisable, ending balance (in shares)	8,733,294		8,733,294		8,288,944
Options unvested, ending balance (in shares)	11,880,942		11,880,942		9,047,418
Weighted Average Exercise Price
Options outstanding, beginning balance, weighted-average exercise price			$ 11.37
Options exercisable, beginning balance, weighted-average exercise price			11.84
Options unvested, beginning balance, weighted-average exercise price			10.94
Granted, weighted-average exercise price			2.45
Exercised, weighted-average exercise price			2.09
Forfeited, weighted-average exercise price			15.98
Options outstanding, ending balance, weighted-average exercise price	$ 8.07		8.07		$ 11.37
Options exercisable, ending balance, weighted-average exercise price	11.56		11.56		11.84
Options unvested, ending balance, weighted-average exercise price	$ 5.51		$ 5.51		$ 10.94
Stock option activity additional disclosures
Options outstanding, weighted-average remaining contractual term			7 years 4 months 6 days		7 years 10 months 9 days
Options exercisable, weighted-average remaining contractual term			5 years 7 months 17 days		6 years 2 months 4 days
Options unvested, weighted-average remaining contractual term			8 years 7 months 13 days		9 years 4 months 20 days
Options outstanding, aggregate intrinsic value	$ 476,000		$ 476,000		$ 11,391,000
Options exercisable, aggregate intrinsic value	342,000		342,000		7,250,000
Options unvested, aggregate intrinsic value	134,000		$ 134,000		$ 4,141,000
Weighted-average grant date fair value of options granted (per share)			$ 1.73	$ 8.44
Fair value of stock options that vested during the period			$ 16,900,000	$ 24,400,000
Unrecognized compensation cost	$ 32,900,000		$ 32,900,000
Period for recognition			1 year 10 months 13 days
Intrinsic fair value of options exercised			$ 43,000	$ 4,200,000
Market Condition Stock Option Awards
Shares
Options outstanding, beginning balance (in shares)			21,925,000
Options exercisable, beginning balance (in shares)			2,782,000
Options unvested, beginning balance (in shares)			19,143,000
Granted (in shares)			2,952,500
Exercised (in shares)			0	0
Forfeited (in shares)			(12,311,500)
Options outstanding, end balance (in shares)	12,566,000		12,566,000		21,925,000
Options exercisable, ending balance (in shares)	5,372,667		5,372,667		2,782,000
Options unvested, ending balance (in shares)	7,193,333		7,193,333		19,143,000
Weighted Average Exercise Price
Options outstanding, beginning balance, weighted-average exercise price			$ 21.32
Options exercisable, beginning balance, weighted-average exercise price			26.9
Options unvested, beginning balance, weighted-average exercise price			20.50
Granted, weighted-average exercise price			2.42
Forfeited, weighted-average exercise price			25.45
Options outstanding, ending balance, weighted-average exercise price	$ 12.83		12.83		$ 21.32
Options exercisable, ending balance, weighted-average exercise price	22.46		22.46		26.9
Options unvested, ending balance, weighted-average exercise price	$ 5.63		$ 5.63		$ 20.50
Stock option activity additional disclosures
Options outstanding, weighted-average remaining contractual term			5 years 5 months 8 days		5 years 3 months 7 days
Options exercisable, weighted-average remaining contractual term			4 years 4 months 9 days		4 years 8 months 12 days
Options unvested, weighted-average remaining contractual term			6 years 2 months 26 days		5 years 4 months 6 days
Weighted-average grant date fair value of options granted (per share)			$ 0.49	$ 4.32
Fair value of stock options that vested during the period			$ 25,500,000	$ 20,800,000
Option expected to vest (in shares)	2,513,333		2,513,333
Unvested stock options expected to vest period for calculation of weighted- average exercise price			5 years 7 months 17 days
Unvested stock options, weighted- average exercise price	$ 7.87		$ 7.87
Non-cash compensation expense reversals compensation cost			$ 23,200,000
Unrecognized compensation cost	$ 7,800,000		7,800,000
Aggregate intrinsic value of unvested performance stock options	$ 0		$ 0
Period for recognition			1 year 9 months 3 days

Employee Benefit Plans - Restri

Employee Benefit Plans - Restricted Common Stock and Restricted Stock Unit Awards (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Employee Benefit Plans
Compensation cost	$ 21,271	$ 42,442	$ 54,389	$ 119,491
Restricted stock and restricted stock units outstanding
Employee Benefit Plans
Compensation cost	8,300	15,000	27,300	42,100
Unrecognized compensation cost	$ 39,200		$ 39,200
Period for recognition			1 year 5 months 26 days
Fair value of restricted stock units vested			$ 28,200	$ 41,000
Outstanding balance	4,824,497		4,824,497
Shares
Unvested restricted stock and restricted stock units, beginning balance (in shares)			6,732,884
Granted (in shares)			1,075,557
Vested (in shares)			(1,784,759)
Forfeited (in shares)			(1,199,185)
Unvested restricted stock and restricted stock units, end balance (in shares)	4,824,497		4,824,497
Weighted Average Grant Date Fair Value
Unvested restricted stock, beginning balance, weighted average grant date fair value			$ 15.66
Granted, weighted average grant date fair value			2.81	$ 12.57
Vested, weighted average grant date fair value			15.81
Forfeited, weighted average grant date fair value			17.22
Unvested restricted stock, end balance, weighted average grant date fair value	$ 12.35		$ 12.35
Aggregate Intrinsic Value
Unvested restricted stock, beginning balance, aggregate intrinsic value			$ 30,298
Unvested restricted stock, end balance, aggregate intrinsic value	$ 10,903		10,903
Restricted units with performance target
Employee Benefit Plans
Compensation cost	400	$ 400	1,700	$ 400
Unrecognized compensation cost	$ 1,400		$ 1,400
Period for recognition			1 year 9 months 29 days
Outstanding balance	375,000		375,000
Shares
Unvested restricted stock and restricted stock units, end balance (in shares)	375,000		375,000

Employee Benefit Plans - 401(K)

Employee Benefit Plans - 401(K) Saving And Retirement Plan (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Non-Employee Benefit Plan Compensation
Compensation cost	$ 21,271	$ 42,442	$ 54,389	$ 119,491
Non Employee Director
Non-Employee Benefit Plan Compensation
Granted (in shares)	83,085	13,662	210,315	35,444
Compensation cost	$ 100	$ 100	$ 500	$ 300
Savings And Retirement Plan 401 K
401(K) Savings & Retirement Plan
Common stock, shares issued			3,305,494	872,026
Total expense (including issuance of shares)	$ 2,600	$ 3,000	$ 8,900	$ 9,000

Segment and Geographic Area R_3

Segment and Geographic Area Reporting - Geographical (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Segment and Geographic Area Reporting
Number of operating segments \| segment			1
Number of reportable segments \| segment			1
Revenues	$ 173,730	$ 198,711	$ 437,344	$ 669,179
Long-Lived Assets	2,090,250		2,090,250		$ 2,004,688
North America
Segment and Geographic Area Reporting
Revenues	107,798	156,645	326,647	557,644
Long-Lived Assets	1,923,649		1,923,649		1,881,315
Europe
Segment and Geographic Area Reporting
Revenues	50,958	34,097	80,714	86,367
Long-Lived Assets	162,748		162,748		122,489
Asia
Segment and Geographic Area Reporting
Revenues	11,155	3,128	20,334	12,746
Long-Lived Assets	143		143
Other
Segment and Geographic Area Reporting
Revenues	3,819	$ 4,841	9,649	$ 12,422
Long-Lived Assets	$ 3,710		$ 3,710		$ 884

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Related Party Transactions
Related party total revenue	$ 173,730	$ 198,711	$ 437,344	$ 669,179
HyVia
Related Party Transactions
Ownership percentage in joint venture	50%		50%
Related party total revenue	$ 900	3,100	$ 4,700	9,200
Outstanding accounts receivable	$ 1,400		$ 1,400		$ 2,300
SK Plug Hyverse
Related Party Transactions
Ownership percentage in joint venture	49%		49%
Related party total revenue	$ 1,200	$ 0	$ 5,700	$ 1,000
Outstanding accounts receivable	$ 800		$ 800		$ 1,700

Restructuring (Details)

Restructuring (Details) $ in Thousands	3 Months Ended	9 Months Ended
Restructuring (Details) $ in Thousands	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 514	$ 8,154
Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring costs	600	6,900
Restructuring costs, current	100	100
One-time Termination Benefits
Restructuring Cost and Reserve [Line Items]
Restructuring costs	500	1,100
Other Restructuring
Restructuring Cost and Reserve [Line Items]
Restructuring costs	100	1,300
Restructuring costs, current	$ 29	29
Other Specified Restructuring
Restructuring Cost and Reserve [Line Items]
Restructuring costs		$ 200

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands				1 Months Ended	3 Months Ended	9 Months Ended
	Nov. 11, 2024	Nov. 07, 2024	Feb. 23, 2024	Nov. 13, 2024	Sep. 30, 2024	Sep. 30, 2024	Feb. 08, 2025	Feb. 07, 2025	Dec. 31, 2023
At Market Issuance Sales Agreement
Proceeds from Issuance of Common Stock						$ 793,249
Debenture Purchase Agreement
Common stock, par value (in dollars per share)					$ 0.01	$ 0.01			$ 0.01
Interest rate (as a percent)					7%	7%
At Market Issuance Sales Agreement
At Market Issuance Sales Agreement
Common stock reserved for future issuance			$ 1,000,000
Stock issuance cost					$ 500	$ 9,200
Proceeds from Issuance of Common Stock					$ 30,700	$ 611,500
Common stock shares issued					13,045,572	189,411,442
At Market Issuance Sales Agreement \| If market capitalization is less Than $1.0 billion \| R.Bailey
At Market Issuance Sales Agreement
Market capitalization			1,000,000
Maximum commitment advance purchase amount cap			30,000
Maximum commitment advance purchase amount			$ 10,000
Subsequent Event \| Convertible Debenture Purchase Agreement [Member]
Debenture Purchase Agreement
Principal amount	$ 200,000
Payment receveived for debennture	$ 190,000
Common stock, par value (in dollars per share)	$ 0.01
Interest rate (as a percent)	6%
Amount of debt to be amortized	$ 22,500
Subsequent Event \| At Market Issuance Sales Agreement
At Market Issuance Sales Agreement
Maximum commitment advance purchase amount cap								$ 55,000
Maximum commitment advance purchase amount								$ 11,000
Common stock reserved for future issuance		$ 1,000,000
Aggregate gross sales price		375,200
Stock issuance cost				$ 1,200
Proceeds from Issuance of Common Stock		$ 677,200		$ 65,800
Sales price per share				$ 2.16
Common stock shares issued		219,835,221		30,423,779
Subsequent Event \| At Market Issuance Sales Agreement \| If market capitalization is less Than $1.0 billion \| R.Bailey
At Market Issuance Sales Agreement
Market capitalization							$ 1,000,000
Maximum commitment advance purchase amount cap							30,000
Maximum commitment advance purchase amount							$ 10,000