PLUG POWER (PLUG) Company Report

Plug Power Inc. successfully closed an offering of $431.25 million aggregate principal amount of 6.75% Convertible Senior Notes due 2033 on November 21, 2025, including the full exercise of the initial purchasers' option.
The offering generated approximately $399.4 million in net proceeds for the company.
Proceeds were primarily used to fully repay $245.7 million of 15.00% secured debentures and repurchase $138.0 million of 7.00% convertible senior notes due 2026.
This financing significantly reduces interest expense, simplifies the capital structure by eliminating a first lien, and fully funds Plug Power's current business plan.
A maximum of 201,518,683 shares of common stock may be issued upon conversion of the notes.

Nov 21, 2025, 9:01 PM

8-K

Plug Power Announces Special Stockholder Meeting to Vote on Share Authorization Increase

PLUG

Proxy Vote Outcomes

New Projects/Investments

Plug Power will hold a Special Meeting of Stockholders on January 15, 2026, to vote on two key proposals.
The primary proposal is to approve an amendment to increase the authorized common stock from 1.5 billion to 3.0 billion shares. This is to ensure resources and flexibility for projected capital requirements, contractual commitments, equity programs, and potential strategic transactions, as less than 0.4% of current authorized shares are available.
Stockholders will also vote on an amendment to conform the Company’s charter to recent Delaware statute amendments, which would allow for a more achievable voting standard for future charter changes.
Plug's Board of Directors recommends a vote FOR both proposals. The record date for the Special Meeting is December 4, 2025, and stockholders are advised to recall any loaned shares to ensure their voting ability due to significant short interest.

Nov 21, 2025, 6:00 PM

Press Release

Plug Power Prices $375 Million Convertible Senior Notes Offering

PLUG

Debt Issuance

Convertible Preferred Issuance

Plug Power Inc. (PLUG) announced the pricing of $375.0 million aggregate principal amount of 6.75% Convertible Senior Notes due 2033 in a private offering.
The offering is expected to generate approximately $347.2 million in net proceeds, or approximately $399.4 million if the initial purchasers exercise their option in full.
Plug Power intends to use approximately $245.6 million of the net proceeds to fully repay its 15.00% secured debentures and approximately $101.6 million to repurchase approximately $138.0 million aggregate principal amount of its 7.00% convertible senior notes due 2026.
The notes will mature on December 1, 2033, and bear interest at 6.75% per year, payable semi-annually.
The initial conversion price is approximately $3.00 per share, representing a 40% conversion premium to the last reported sale price of $2.14 per share on November 18, 2025.

Nov 19, 2025, 4:32 AM

Press Release

Plug Power Announces CEO Transition and Financial Targets at Annual Symposium

PLUG

CEO Change

Guidance Update

New Projects/Investments

Plug Power is hosting its seventh annual Symposium on November 18, 2025, where it is discussing its strategic path forward and recent milestones.
CEO Andy Marsh will transition his role to President and Chief Revenue Officer Jose Luis Crespo in March 2026.
The company announced financial targets, including achieving gross margin neutrality by year-end 2025, EBITDAS positive by exiting 2026, Operating Income positive by exiting 2027, and overall profitability by exiting 2028.
Plug Power's Project Quantum Leap initiative aims to streamline operations, enhance cash efficiency, and focus on high-value markets such as material handling, electrolyzers, and hydrogen plants.

Nov 18, 2025, 12:05 PM

8-K

Plug Power Reports Q3 2025 Results, Announces Strategic Initiatives and CEO Transition

PLUG

Earnings

CEO Change

New Projects/Investments

Plug Power reported $177 million in revenue for Q3 2025, with its GenEco electrolyzer business generating $65 million, representing a 46% sequential increase and 13% year-over-year growth.
The company's operating cash burn improved by more than 50% from the prior quarter, and it remains committed to achieving gross margin positive or neutral by the end of the year and EBITDA positive by mid-2026 or the second half of 2026.
Plug announced a strategic initiative to monetize electricity rights in New York and one other location, expected to generate more than $275 million in liquidity, and has suspended activities under the DOE loan program due to a new global hydrogen supply agreement.
Jose Luis Crespo will become Chief Executive Officer on March 1, succeeding Andy Marsh, who will remain Chairman.
The company delivered its first 10-megawatt electrolyzer for the GALP project in Portugal, with the majority of the remaining 100-megawatt installation anticipated to ship before year-end.

Nov 10, 2025, 9:30 PM

Transcript

Plug Power Reports Q3 2025 Financial Results and Announces CEO Transition

PLUG

Earnings

CEO Change

New Projects/Investments

Plug Power reported Q3 2025 revenue of $177 million, a GAAP net loss per share of ($0.31), and an adjusted net loss per share of ($0.12).
The company ended Q3 2025 with ~$166 million in unrestricted cash and subsequently raised ~$370 million in gross proceeds through the exercise of existing investor warrants. Net cash used in operating activities improved to ~$90 million.
Plug Power reaffirmed its target to achieve EBITDAS-positive status in the second half of 2026 and recorded ~$226 million in charges predominantly associated with non-cash costs for its Project Quantum Leap strategic platform.
Jose Luis Crespo was named incoming Chief Executive Officer, succeeding Andy Marsh.

Nov 10, 2025, 9:01 PM

8-K

Plug Power to Generate Over $275 Million in Liquidity Improvement and Partner on Data Center Development

PLUG

New Projects/Investments

Guidance Update

Plug Power Inc. expects to generate more than $275 million in liquidity improvement through a combination of asset monetization, release of restricted cash, and reduced maintenance expenses.
The company has signed a non-binding Letter of Intent to monetize its electricity rights in New York and one other location.
Plug will collaborate with a U.S. data center developer to explore providing auxiliary and back-up power solutions using its advanced fuel cell technology.
As part of this initiative, Plug will suspend activities related to the Department of Energy loan program and reallocate capital toward higher-return opportunities.

Nov 10, 2025, 12:14 PM

8-K

Hydrogen Energy Storage Market Projected for Significant Growth by 2028

PLUG

New Projects/Investments

Revenue Acceleration/Inflection

The Hydrogen Energy Storage Market is projected to grow from USD 11.4 billion in 2023 to USD 196.8 billion by 2028, at a CAGR of 76.8%.
This growth is driven by the global clean energy transition, rapid adoption of fuel cell vehicles, and the integration of renewable energy sources.
Electric Utilities are expected to hold the largest market share, with the gas storage form dominating and compression technology projected to be the fastest-growing segment.
Stationary power applications are set to outpace transportation in hydrogen use, and the Asia Pacific region is anticipated to be the second largest market between 2023 and 2028.
Plug Power Inc. is identified as one of the key players in the hydrogen energy storage market.

Oct 15, 2025, 1:32 PM

Press Release

Plug Power Inc. Enters Warrant Inducement Agreement

PLUG

Debt Issuance

New Projects/Investments

On October 8, 2025, Plug Power Inc. entered into a Warrant Inducement Agreement with an investor to amend and exercise existing warrants, and to issue new warrants.
The transaction involves the exercise of 185,430,464 existing warrants at $2.00 per share, generating approximately $371.0 million in gross proceeds.
In exchange, the Company will issue Pre-funded Warrants for up to 154,430,464 shares (exercisable at $0.0001 per share) and New Warrants for up to 185,430,464 shares (exercisable at $7.75 per share), both expiring on March 20, 2028.
The full exercise of the New Warrants could provide an additional $1.4 billion in gross proceeds, which, along with the initial proceeds, will be used for working capital and general corporate purposes.
The exercisability of the New Warrants is contingent on the Company increasing its authorized shares of Common Stock, otherwise they will be cash settled after February 28, 2026.

Oct 8, 2025, 12:52 PM

8-K

Plug Power Amends Sales Agreement to Add New Sales Agent

PLUG

Plug Power Inc. entered into Amendment No. 4 to its At Market Issuance Sales Agreement on September 29, 2025.
This amendment adds Yorkville Securities, LLC as an additional sales agent, alongside B. Riley Securities, Inc., for the sale of the Company's common stock.
The Sales Agreement allows the Company to offer and sell shares with an aggregate gross sales price of up to $1.0 billion.
The material terms and conditions of the Sales Agreement otherwise remain unchanged.

Sep 30, 2025, 8:28 PM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for PLUG POWER.

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