Plug Power (PLUG) 10-K 3 Mar 25 2024 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2024	Feb. 26, 2025	Jun. 28, 2024
Document and Entity Information:
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 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
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	PLUG
Security Exchange Name	NASDAQ
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
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 1,288,916,762
Entity Common Stock, Shares Outstanding		925,178,088
Auditor Name	Deloitte & Touche LLP
Auditor Firm ID	34
Auditor Location	Rochester, NY
Entity Central Index Key	0001093691
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents		$ 205,693	$ 135,033
Restricted cash		198,008	216,552
Accounts receivable, net of allowance of $37,712 as of December 31, 2024 and $8,798 as of December 31, 2023		157,244	243,811
Inventory, net		682,642	961,253
Contract assets		94,052	126,248
Prepaid expenses, tax credits, and other current assets		139,845	104,068
Total current assets		1,477,484	1,786,965
Restricted cash		637,008	817,559
Property, plant, and equipment, net		866,329	1,436,177
Right of use assets related to finance leases, net		51,822	57,281
Right of use assets related to operating leases, net		218,081	399,969
Equipment related to power purchase agreements and fuel delivered to customers, net		144,072	111,261
Contract assets		23,963	29,741
Intangible assets, net		84,660	188,886
Investments in non-consolidated entities and non-marketable equity securities		85,494	63,783
Other assets		13,933	11,116
Total assets	[1]	3,602,846	4,902,738
Current liabilities:
Accounts payable		180,966	257,828
Accrued expenses		103,145	200,544
Deferred revenue and other contract liabilities		144,093	204,139
Operating lease liabilities		71,250	63,691
Finance lease liabilities		12,802	9,441
Finance obligations		83,129	84,031
Current portion of convertible senior notes, net		58,273
Current portion of long-term debt		946	2,716
Contingent consideration, loss accrual for service contracts, and other current liabilities		93,885	142,410
Total current liabilities		748,489	964,800
Deferred revenue and other contract liabilities		58,532	84,163
Operating lease liabilities		242,148	292,002
Finance lease liabilities		22,778	36,133
Finance obligations		264,318	284,363
Convertible senior notes, net ($173,150 measured at fair value as of December 31, 2024 and $0 measured at fair value as of December 31, 2023)		321,060	195,264
Long-term debt		1,932	1,209
Contingent consideration, loss accrual for service contracts, and other liabilities		135,833	146,679
Total liabilities	[1]	1,795,090	2,004,613
Stockholders' equity:
Common stock, $.01 par value per share; 1,500,000,000 shares authorized; Issued (including shares in treasury): 934,126,897 as of December 31, 2024 and 625,305,025 as of December 31, 2023		9,342	6,254
Additional paid-in capital		8,430,537	7,494,685
Accumulated other comprehensive loss		(2,502)	(6,802)
Accumulated deficit		(6,594,445)	(4,489,744)
Less common stock in treasury: 20,230,043 as of December 31, 2024 and 19,169,366 as of December 31, 2023		(108,795)	(106,268)
Total Plug Power Inc. stockholders' equity		1,734,137	2,898,125
Non-controlling interests	[1]	73,619
Total stockholders' equity		1,807,756	2,898,125
Total liabilities and stockholders' equity		$ 3,602,846	$ 4,902,738
[1] (A) Includes balances associated with a consolidated variable interest entity (“VIE”), including amounts reflected in “total assets” that can only be used to settle obligations of the VIE of $148,605 and $0 as of December 31, 2024 and 2023, respectively, as well as liabilities of the VIE reflected within “total liabilities” for which creditors do not have recourse to the general credit of Plug Power Inc. of $1,367 and $0 as of December 31, 2024 and 2023, respectively. Refer to Note 28, “Variable Interest Entities”, for additional information.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands		Dec. 31, 2024	Dec. 31, 2023
Allowance for doubtful accounts receivable		$ 37,712	$ 8,798
Fair value of convertible senior notes		$ 173,150	$ 0
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		934,126,897	625,305,025
Common stock in treasury, shares		20,230,043	19,169,366
Total assets	[1]	$ 3,602,846	$ 4,902,738
Total current liabilities		748,489	964,800
Variable interest entities
Total assets		148,605	0
Total current liabilities		$ 1,367	$ 0
[1] (A) Includes balances associated with a consolidated variable interest entity (“VIE”), including amounts reflected in “total assets” that can only be used to settle obligations of the VIE of $148,605 and $0 as of December 31, 2024 and 2023, respectively, as well as liabilities of the VIE reflected within “total liabilities” for which creditors do not have recourse to the general credit of Plug Power Inc. of $1,367 and $0 as of December 31, 2024 and 2023, respectively. Refer to Note 28, “Variable Interest Entities”, for additional information.

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net revenue:
Net revenue	$ 628,814	$ 891,340	$ 701,440
Cost of revenue:
Provision for loss contracts related to service	48,539	86,346	26,801
Total cost of revenue	1,253,701	1,399,131	895,796
Gross loss	(624,887)	(507,791)	(194,356)
Operating expenses:
Research and development	77,226	113,745	99,579
Selling, general and administrative	376,110	422,469	363,929
Restructuring	8,153
Impairment	949,315	269,494	5,218
Impairment of goodwill		249,500
Change in fair value of contingent consideration	(15,847)	30,024	16,468
Total operating expenses	1,394,957	835,732	485,194
Operating loss	(2,019,844)	(1,343,523)	(679,550)
Interest income	30,717	55,829	37,259
Interest expense	(46,622)	(45,201)	(39,037)
Other expense, net	(19,963)	(131)	(1,135)
Realized loss on investments, net		(12,806)	(1,395)
Change in fair value of equity securities		11,421	(18,159)
Loss on extinguishment of convertible senior notes and debt	(16,278)		(986)
Change in fair value of convertible senior note	(3,424)
Loss on equity method investments	(32,177)	(41,786)	(20,166)
Loss before income taxes	(2,107,591)	(1,376,197)	(723,169)
Income tax benefit/(expense)	2,686	7,364	(839)
Net loss	(2,104,905)	(1,368,833)	(724,008)
Net loss attributable to non-controlling interests	(204)
Net loss attributable to Plug Power Inc.	$ (2,104,701)	$ (1,368,833)	$ (724,008)
Net loss per share attributable to Plug Power Inc.:
Net loss per share, basic (in dollars per share)	$ (2.68)	$ (2.3)	$ (1.25)
Net loss per share, diluted (in dollars per share)	$ (2.68)	$ (2.3)	$ (1.25)
Weighted average number of common stock outstanding, basic (in shares)	785,024,373	595,468,419	579,716,708
Weighted average number of common stock outstanding, diluted (in shares)	785,024,373	595,468,419	579,716,708
Sales of equipment, related infrastructure and other
Net revenue:
Net revenue	$ 390,335	$ 711,433	$ 558,932
Cost of revenue:
Cost of revenue	696,087	765,575	468,057
Services performed on fuel cell systems and related infrastructure
Net revenue:
Net revenue	52,169	39,093	35,280
Cost of revenue:
Cost of revenue	57,766	75,412	59,365
Power purchase agreements
Net revenue:
Net revenue	77,842	63,731	47,183
Cost of revenue:
Cost of revenue	216,947	218,936	144,696
Fuel delivered to customers and related equipment
Net revenue:
Net revenue	97,882	66,246	57,196
Cost of revenue:
Cost of revenue	228,827	246,318	194,255
Other costs of revenue
Net revenue:
Net revenue	10,586	10,837	2,849
Cost of revenue:
Cost of revenue	$ 5,535	$ 6,544	$ 2,622

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Net loss	$ (2,104,905)	$ (1,368,833)	$ (724,008)
Other comprehensive income/(loss):
Foreign currency translation gain/(loss)	4,300	(3,470)	(4,468)
Change in net unrealized gain/(loss) on available-for-sale securities		9,866	(20,004)
Amounts reclassified from accumulated other comprehensive income/(loss):
Other-than-temporary impairment of available-for-sale securities		12,806
Comprehensive loss, net of tax	(2,100,605)	(1,349,631)	(748,480)
Less: comprehensive loss attributable to non-controlling interests	(204)
Total comprehensive loss attributable to Plug Power Inc.	$ (2,100,401)	$ (1,349,631)	$ (748,480)

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY - USD ($) $ in Thousands	Total Plug power Stockholder's Equity	Common Stock	Additional Paid-in-Capital	Accumulated Other Comprehensive Gain/(Loss)	Treasury Stock	Accumulated Deficit	Noncontrolling Interests	Total
Balance at Dec. 31, 2021	$ 4,605,696	$ 5,947	$ 7,070,710	$ (1,532)	$ (72,526)	$ (2,396,903)		$ 4,605,696
Balance (in shares) at Dec. 31, 2021		594,729,610
Treasury Stock, Shares, Beginning Balance at Dec. 31, 2021					17,074,710
Increase (Decrease) in Stockholders' Equity
Net loss	(724,008)					(724,008)		(724,008)
Other comprehensive income (loss)	(24,472)			(24,472)				(24,472)
Treasury stock acquired from employees upon exercise of stock options and vesting of restricted stock and restricted stock unit awards	(23,735)				$ (23,735)			(23,735)
Treasury stock acquired from employees upon exercise of stock options and vesting of restricted stock and restricted stock unit awards (in shares)					1,001,417
Stock-based compensation	179,627	$ 6	179,621					179,627
Stock-based compensation (in shares)		584,545
Stock option exercises and issuance of common stock upon grant/vesting of restricted stock and restricted stock unit awards	2,301	$ 59	2,242					2,301
Stock option exercises and issuance of common stock upon grant/vesting of restricted stock and restricted stock unit awards (in shares)		5,905,883
Exercise of warrants		$ 68	(68)
Exercise of warrants (in shares)		6,793,479
Common stock issued for acquisitions	6,107	$ 4	6,103					6,107
Common stock issued for acquisitions (in shares)		408,268
Provision for common stock warrants	38,698		38,698					38,698
Balance Ending at Dec. 31, 2022	4,060,214	$ 6,084	7,297,306	(26,004)	$ (96,261)	(3,120,911)		4,060,214
Treasury Stock, Shares, Ending Balance at Dec. 31, 2022					18,076,127
Balance (in shares) at Dec. 31, 2022		608,421,785
Increase (Decrease) in Stockholders' Equity
Net loss	(1,368,833)					(1,368,833)		(1,368,833)
Other comprehensive income (loss)	19,202			19,202				19,202
Treasury stock acquired from employees upon exercise of stock options and vesting of restricted stock and restricted stock unit awards	(10,007)				$ (10,007)			(10,007)
Treasury stock acquired from employees upon exercise of stock options and vesting of restricted stock and restricted stock unit awards (in shares)					1,093,239
Stock-based compensation	162,908	$ 15	162,893					162,908
Stock-based compensation (in shares)		1,548,608
Stock option exercises and issuance of common stock upon grant/vesting of restricted stock and restricted stock unit awards	1,613	$ 53	1,560					1,613
Stock option exercises and issuance of common stock upon grant/vesting of restricted stock and restricted stock unit awards (in shares)		5,103,159
Exercise of warrants		$ 93	(93)
Exercise of warrants (in shares)		9,304,431
Earnouts from acquisitions paid in stock	8,000	$ 9	7,991					8,000
Earnouts from acquisitions paid in stock (in shares)		927,042
Provision for common stock warrants	25,028		25,028					25,028
Balance Ending at Dec. 31, 2023	2,898,125	$ 6,254	7,494,685	(6,802)	$ (106,268)	(4,489,744)		$ 2,898,125
Treasury Stock, Shares, Ending Balance at Dec. 31, 2023					19,169,366			19,169,366
Balance (in shares) at Dec. 31, 2023		625,305,025						625,305,025
Increase (Decrease) in Stockholders' Equity
Net loss	(2,104,701)					(2,104,701)	$ (204)	$ (2,104,905)
Other comprehensive income (loss)	4,300			4,300				4,300
Treasury stock acquired from employees upon exercise of stock options and vesting of restricted stock and restricted stock unit awards	(2,527)				$ (2,527)			(2,527)
Treasury stock acquired from employees upon exercise of stock options and vesting of restricted stock and restricted stock unit awards (in shares)					1,060,677
Stock-based compensation	82,203	$ 45	82,158					82,203
Stock-based compensation (in shares)		4,547,148
Public offerings, common stock, net of issuance costs	857,872	$ 2,986	854,886					857,872
Public offerings, common stock, net of issuance costs (in shares)		298,575,378
Stock option exercises and issuance of common stock upon grant/vesting of restricted stock and restricted stock unit awards	154	$ 31	123					154
Stock option exercises and issuance of common stock upon grant/vesting of restricted stock and restricted stock unit awards (in shares)		3,073,718
Earnouts from acquisitions paid in stock	18,241	$ 26	18,215					18,241
Earnouts from acquisitions paid in stock (in shares)		2,625,628
Provision for common stock warrants	33,635		33,635					33,635
Additional paid in capital due to contributions to consolidated VIE	(53,165)		(53,165)				53,165
Contributions by non-controlling interests							20,658	20,658
Balance Ending at Dec. 31, 2024	$ 1,734,137	$ 9,342	$ 8,430,537	$ (2,502)	$ (108,795)	$ (6,594,445)	$ 73,619	$ 1,807,756
Treasury Stock, Shares, Ending Balance at Dec. 31, 2024					20,230,043			20,230,043
Balance (in shares) at Dec. 31, 2024		934,126,897						934,126,897

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating activities
Net loss	$ (2,104,905)	$ (1,368,833)	$ (724,008)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation of long-lived assets	61,115	51,986	30,402
Amortization of intangible assets	23,441	19,097	21,195
Lower of cost or net realizable value inventory adjustments and provision for excess and obsolete inventory	171,980	93,742	1,957
Stock-based compensation	82,203	162,908	179,627
Loss on extinguishment of convertible senior notes and debt	15,666		986
Provision for losses on accounts receivable	28,914	8,407
Amortization of (premium)/discount of debt issuance costs on convertible senior notes and long-term debt	(2,826)	2,213	2,710
Provision for common stock warrants	38,984	11,209	12,683
Deferred income tax (benefit)/expense	(3,155)	(8,534)	170
Impairment	949,315	269,494	5,218
Impairment of goodwill		249,500
(Recovery)/loss on service contracts	(3,039)	56,633	(8,645)
Loss on sale of long-lived assets	2,885		268
Fair value adjustment to contingent consideration	(15,847)	30,024	16,468
Net realized loss on investments		12,806	1,395
(Accretion)/amortization of premium on available-for-sale securities		(6,610)	990
Lease origination costs	(3,508)	(9,600)	(8,815)
Change in fair value for equity securities		(11,421)	18,159
Change in fair value of convertible senior note	3,424
Loss on equity method investments	32,177	41,786	20,166
Change in fair value of derivative financial instruments	1,665
Changes in operating assets and liabilities that provide/(use) cash:
Accounts receivable	57,653	(122,768)	(30,920)
Inventory	129,291	(408,631)	(365,666)
Contract assets	(2,493)	(40,258)	(39,515)
Prepaid expenses and other assets	(31,175)	32,549	(92,521)
Accounts payable, accrued expenses, and other liabilities	(59,464)	21,722	88,458
Payments of contingent consideration	(9,924)	(2,895)
Payments of operating lease liability, net	(5,343)
Deferred revenue and other contract liabilities	(85,677)	58,404	40,615
Net cash used in operating activities	728,643	1,106,570	828,623
Investing activities
Purchases of property, plant and equipment	(287,098)	(665,208)	(436,610)
Proceeds from sales of long-lived assets	500	1,104
Purchases of equipment related to power purchase agreements and equipment related to fuel delivered to customers	(47,150)	(30,918)	(27,263)
Purchases of available-for-sale securities			(838,622)
Proceeds from sales of available-for-sale securities		345,264	475,676
Proceeds from maturities of available-for-sale securities		1,006,161	247,879
Purchases of equity securities			(5,000)
Proceeds from sales of equity securities		144,250
Net cash paid for acquisitions			(56,906)
Cash paid for non-consolidated entities and non-marketable equity securities	(68,616)	(72,601)	(38,524)
Net cash (used in)/provided by investing activities	(402,364)	728,052	(679,370)
Financing activities
Payments of contingent consideration	(19,901)	(10,105)	(2,667)
Proceeds from public and private offerings, net of transaction costs	857,872
Payments of tax withholding on behalf of employees for net stock settlement of stock-based compensation	(2,527)	(10,007)	(23,735)
Proceeds from non-controlling interests	10,163
Proceeds from exercise of stock options	154	1,613	2,301
Proceeds from convertible debentures	190,000
Cash penalty from early settlement of convertible senior notes	612
Principal payment on convertible debentures	(22,500)
Principal payments on long-term debt	(3,526)	(6,010)	(121,389)
Proceeds from finance obligations	60,287	104,251	122,886
Principal repayments of finance obligations	(87,464)	(73,625)	(54,853)
Net cash provided by/(used in) financing activities	983,170	6,117	(77,457)
Effect of exchange rate changes on cash	19,402	(7,799)	2,600
Increase/(decrease) in cash and cash equivalents	70,660	(555,597)	(1,790,639)
(Decrease)/increase in restricted cash	(199,095)	175,397	207,789
Cash, cash equivalents, and restricted cash beginning of period	1,169,144	1,549,344	3,132,194
Cash, cash equivalents, and restricted cash end of period	1,040,709	1,169,144	1,549,344
Supplemental disclosure of cash flow information
Cash paid for interest, net of capitalized interest of $8.3 million, $8.1 million and $13.1 million, respectively	44,962	41,811	35,520
Summary of non-cash activity
Recognition of right of use asset - finance leases	163	8,908	25,650
Recognition of right of use asset - operating leases	21,267	90,795	178,222
Net tangible assets (liabilities) acquired (assumed) in a business combination			5,342
Common stock issued for acquisitions			6,107
Contributions of propert, plant, and equipment from consolidated VIE	10,495
Intangible assets acquired in a business combination			73,952
Net transfers between inventory and long-lived assets	22,161	728	1,619
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	$ 54,948	$ 160,578	$ 62,320

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED STATEMENTS OF CASH FLOWS
Net capitalized interest	$ 8.3	$ 8.1	$ 13.1

Nature of Operations

Nature of Operations	12 Months Ended
	Dec. 31, 2024
Nature of Operations
Nature of Operations	1. Nature of Operations ​ Description of Business ​ Plug is facilitating the paradigm shift to an increasingly electrified world by innovating cutting-edge hydrogen and fuel cell solutions. ​ While we continue to develop commercially viable hydrogen and fuel cell product solutions, we have expanded our offerings to support a variety of commercial operations that can be powered with clean hydrogen. We provide electrolyzers that allow customers — such as refineries, producers of chemicals, steel, fertilizer and commercial refueling stations — to generate hydrogen on-site . ​ Our current product and service portfolio includes: ​ GenDrive ​ GenSure ​ Progen ​ GenFuel ​ GenCare ​ GenKey ​ Electrolyzers ​ Liquefaction Systems ​ Cryogenic Equipment: ngineered equipment including trailers and mobile storage equipment for the distribution of liquified hydrogen, oxygen, argon, nitrogen and other cryogenic gases. ​ Liquid Hydrogen: ​ We provide our products and solutions worldwide through our direct sales force, and by leveraging relationships with original equipment manufacturers (“OEMs”) and their dealer networks. Plug is currently targeting Asia, Australia, Europe, Middle East and North America for expansion in adoption. The European Union (the “EU”) has rolled out ambitious targets for the hydrogen economy, with the United Kingdom also taking steps in this direction, and Plug is seeking to execute on our strategy to become one of the European leaders in the hydrogen economy. This includes a targeted account strategy for material handling, securing strategic partnerships with European OEMs, energy companies, utility leaders and accelerating our electrolyzer business. In addition, our wholly-owned subsidiary, Plug Power LA JV, LLC, created a joint venture with Niloco Hydrogen Holdings LLC, a wholly-owned subsidiary of Olin, named “Hidrogenii” in the third quarter of 2022. The Company has determined Hidrogenii to be a variable interest entity (“VIE”), and the Company is considered to be the VIE’s primary beneficiary. We believe Hidrogenii will support reliability of supply and speed to market for hydrogen throughout North America and set the foundation for broader collaboration between Plug and Olin. The construction of the 15-ton-per-day hydrogen production plant in St. Gabriel, Louisiana progressed as planned in 2024 and is on schedule, as previously announced, for operations in the first quarter of 2025 once the final commissions phase is complete. Hidrogenii is owned 50% by Plug Power LA JV, LLC and 50% by Niloco Hydrogen Holdings LLC. ​ Our wholly-owned subsidiary, Plug Power France, entered into a joint venture with Renault named HyVia in the second quarter of 2021. HyVia was formed to manufacture and sell fuel cell powered electric light commercial vehicles (“FCE-LCVs”) and to supply hydrogen fuel and fueling stations to support the FCE-LCV market, in each case primarily in Europe. HyVia is owned 50% by Plug Power France and 50% by Renault. In December 2024, HyVia entered receivership proceedings after facing challenges in the slow evolution of hydrogen mobility ecosystems in Europe. During 2024, the Company recorded losses for HyVia which resulted in the investments in non-consolidated entities and non-marketable equity securities financial statement line item of the consolidated balance sheets related to HyVia to be $0 as of December 31, 2024. For additional information see Note 4, “Investments”. ​ Our wholly-owned subsidiary, Plug Power España S.L. (“Plug Power Spain”), entered into a joint venture with Acciona, named AccionaPlug S.L., in the fourth quarter of 2021. The joint venture intends to develop clean hydrogen projects in Spain and Portugal. AccionaPlug S.L. has received funding and is owned 50% by Plug Power Spain and 50% by Acciona. ​ Plug Power Inc. entered into a joint venture with SK Innovation named SK Plug Hyverse, which was initially funded in the first quarter of 2022. SK Plug Hyverse seeks to accelerate the use of hydrogen as an alternative energy source in selected Asian markets. This collaboration aims to provide hydrogen fuel cell systems, hydrogen fueling stations, electrolyzers and clean hydrogen to the Korean and other selected Asian markets. The partnership will leverage SK Innovation’s leadership in chemicals, petroleum and energy as well as Plug’s leading hydrogen platform. This joint venture is owned 49% by Plug Power Inc. and 51% by SK Innovation. ​ Plug Power Inc. has also invested in a hydrogen infrastructure and growth equity fund, Clean H2 Infra Fund, a special limited partnership registered in France, since the fourth quarter of 2021. The Clean H2 Infra Fund is focused on clean hydrogen infrastructure through financing projects in the production, storage and distribution of clean hydrogen. As of December 31, 2024 the Company’s ownership percentage in the Clean H2 Infra Fund was approximately 5%. ​ Liquidity and Capital Resources ​ The Company has continued to experience negative cash flows from operations and net losses. The Company incurred net losses of approximately $2.1 billion, $1.4 billion and $724.0 million for the years ended December 31, 2024, 2023 and 2022, respectively. The Company’s working capital was $729.0 million at December 31, 2024, which included unrestricted cash and cash equivalents of $205.7 million and current restricted cash of $198.0 million. ​ The future use of our available liquidity will be based upon the ongoing review of the funding needs of our businesses, the optimal allocation of our resources, and the timing of cash flow generation. To the extent that we desire to access alternative sources of capital, market conditions could adversely impact our ability to do so at that time and at terms favorable to the Company. ​ The Company has an “at-the-market” equity offering program 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 gross sales price of up to $1.0 billion. 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 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 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). On February 23, 2024 and November 7, 2024, the Company and B. Riley amended the at-the-market equity program to increase the aggregate offering price of shares of common stock available for issuance under the program to $1.0 billion. The amended program will terminate upon the earliest of (a) December 31, 2025 with respect to principal transactions and January 17, 2026 with respect to agency transactions, (b) the sale of all shares of common stock under the program or (c) termination of the sales agreement. During the year ended December 31, 2024, the Company issued 219,835,221 shares of its common stock at a weighted-average sales price of $3.08 per share for net proceeds of $666.9 million under the ATM agreement. ​ 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. ​ On November 11, 2024, the Company entered into a Debenture Purchase Agreement (the “Debenture Purchase Agreement”) with YA II PN, Ltd., an investment fund managed by Yorkville Advisors Global, LP (“Yorkville”), pursuant to which the Company issued to Yorkville an unsecured convertible debenture in aggregate principal amount of $200.0 million in exchange for the payment of $190.0 million. For more information, see Note 17, “Convertible Senior Notes”. ​ In addition, on February 10, 2025, the Company entered into a Standby Equity Purchase Agreement with Yorkville (the “SEPA”), pursuant to which the Company has the right, at its option, to sell to Yorkville up to $1.0 billion in the aggregate gross sales of its common stock, subject to certain limitations and conditions set forth therein. The Company has the right, but not the obligation, from time to time at its sole discretion to direct Yorkville to purchase directly from the Company up to $10.0 million shares of its common stock on any trading day. ​ On March 3, 2025, the Company announced their 2025 restructuring plan (the “2025 Restructuring Plan”). The 2025 Restructuring Plan includes initiatives to reduce our workforce, realign the Company’s manufacturing footprint and streamline the organization to enhance operational efficiency and improve overall liquidity. The expected annual savings from the 2025 Restructuring Plan are expected to be significant and will begin to be realized beginning in the second half of 2025. ​ The Company believes that its working capital, cash position and restricted cash to be released over the next 12 months, together with its right to direct B. Riley to purchase shares from the Company under the “at-the-market” equity offering program and its right to direct Yorkville to purchase shares from the Company under the SEPA, will be sufficient to fund its on-going operations for a period of at least 12 months subsequent to the issuance of the accompanying consolidated financial statements.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies ​ Principles of Consolidation ​ The consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. In addition, we include our share of the results of our joint ventures HyVia, AccionaPlug S.L. and SK Plug Hyverse, and our investment in Clean H2 Infra Fund using the equity method based on our economic ownership interest and our ability to exercise significant influence over the operating and financial decisions of HyVia, AccionaPlug S.L., SK Plug Hyverse and Clean H2 Infra Fund. ​ We consolidate all entities we control under either the voting interest model, which generally applies when we hold a majority of the voting interest of an entity, or the variable interest model, which applies to arrangements for which we are the primary beneficiary of a VIE. For consolidated subsidiaries in which our ownership is less than 100%, the outside shareholders’ interests are reflected as non-controlling interest on our consolidated financial statements. We are considered the primary beneficiary of a VIE when we have both the power to direct the activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. We are the primary beneficiary of Hidrogenii and consolidate the joint venture within our single reportable segment. For additional information, refer to Note 28, “Variable Interest Entities”. ​ Use of Estimates ​ The consolidated financial statements of the Company have been prepared in conformity with U.S. generally accepted accounting principles, which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis, we evaluate our estimates and judgments, including but not limited to those related to revenue recognition, valuation of inventories and intangible assets, valuation of long-lived assets, valuation of equity method investments, accrual for service loss contracts, operating and finance leases, allowance for credit losses, unbilled revenue, common stock warrants, stock-based compensation, income taxes, and contingencies. We base our estimates and judgments on historical experience and on various other factors and assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about (1) the carrying values of assets and liabilities and (2) the amount of revenue and expenses realized that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. ​ Revenue Recognition ​ The Company enters into contracts that may contain one or a combination of fuel cell systems and infrastructure, installation, maintenance, spare parts, fuel delivery and other support services. Contracts containing fuel cell systems and related infrastructure may be sold directly to customers or provided to customers under a Power Purchase Agreement (“PPA”). The Company also enters into contracts that contain electrolyzer stacks, systems, maintenance, and other support services. Furthermore, the Company enters into contracts related to the sales of cryogenic equipment, liquefaction systems and engineered equipment. ​ The Company does not include a right of return on its products other than rights related to standard warranty provisions that permit repair or replacement of defective goods. The Company accrues for anticipated standard warranty costs at the same time that revenue is recognized for the related product, or when circumstances indicate that warranty costs will be incurred, as applicable. Any prepaid amounts would only be refunded to the extent services have not been provided or the fuel cell systems or infrastructure have not been delivered . ​ Revenue is measured based on the transaction price specified in a contract with a customer, subject to the allocation of the transaction price to distinct performance obligations as discussed below. The Company recognizes revenue when it satisfies a performance obligation by transferring a product or service to a customer. ​ Promises to the customer are separated into performance obligations and are accounted for separately if they are (1) capable of being distinct and (2) distinct in the context of the contract. The Company considers a performance obligation to be distinct if the customer can benefit from the good or service either on its own or together with other resources readily available to the customer and the Company’s promise to transfer the goods or service to the customer is separately identifiable from other promises in the contract. The Company allocates revenue to each distinct performance obligation based on relative standalone selling prices. ​ Payment terms for sales of fuel cells, infrastructure, and service to customers are typically 30 to 90 days from shipment of the goods. Payment terms on electrolyzer systems are typically based on achievement of milestones over the term of the contract with the customer. Sale/leaseback transactions with financial institutions are invoiced and collected upon transaction closing. Service is prepaid upfront in a majority of the arrangements. The Company does not adjust the transaction price for a significant financing component when the performance obligation is expected to be fulfilled within a year. ​ The Company has issued to each of Amazon.com NV Investment Holdings LLC and Walmart warrants to purchase shares of the Company’s common stock. The Company presents the provision for common stock warrants within each revenue-related line item on the consolidated statements of operations. This presentation reflects the discount that those common stock warrants represent, and therefore revenue is net of these non-cash charges. The provision of common stock warrants is allocated to the relevant revenue-related line items based upon the expected mix of the revenue for each respective contract. See Note 19, “Warrant Transaction Agreements”, for more details. ​ Nature of goods and services ​ The following is a description of principal activities from which the Company generates its revenue. ​ (a) Sales of equipment, related infrastructure and other ​ (i) Sales of fuel cell systems, related infrastructure and equipment ​ Revenue from sales of fuel cell systems, related infrastructure, and equipment represents sales of our GenDrive units, GenSure stationary backup power units, as well as hydrogen fueling infrastructure. ​ The Company uses a variety of information sources in determining standalone selling prices for fuel cells systems and the related infrastructure. For GenDrive fuel cells, given the nascent nature of the Company’s market, the Company considers several inputs, including prices from a limited number of standalone sales as well as the Company’s negotiations with customers. The Company also considers its costs to produce fuel cells as well as comparable list prices in estimating standalone selling prices. The Company uses applicable observable evidence from similar products in the market to determine standalone selling prices for GenSure stationary backup power units and hydrogen fueling infrastructure. The determination of standalone selling prices of the Company’s performance obligations requires significant judgment, including periodic assessment of pricing approaches and available observable evidence in the market. Once relative standalone selling prices are determined, the Company proportionately allocates the transaction price to each performance obligation within the customer arrangement based upon standalone selling price. The allocated transaction price related to fuel cell systems and spare parts is recognized as revenue at a point in time which usually occurs upon delivery (and occasionally at time of shipment). Revenue on hydrogen infrastructure installations is generally recognized at the point at which transfer of control passes to the customer, which usually occurs upon customer acceptance of the hydrogen infrastructure. The Company uses an input method to determine the amount of revenue to recognize during each reporting period when such revenue is recognized over time, based on the costs incurred to satisfy the performance obligation. ​ (ii) ​ Revenue from sales of electrolyzer systems and solutions represents sales of electrolyzer stacks and systems used to generate hydrogen for various applications including mobility, ammonia production, methanol production, power to gas, and other uses. ​ The Company uses a variety of information sources in determining standalone selling prices for electrolyzer systems solutions. Electrolyzer stacks are typically sold on a standalone basis and the standalone selling price is the contractual price with the customer. The Company uses an adjusted market assessment approach to determine the standalone selling price of electrolyzer systems. This includes considering both standalone selling prices of the systems by the Company and available information on competitor pricing on similar products. The determination of standalone selling prices of the Company’s performance obligations requires judgment, including periodic assessment of pricing approaches and available observable evidence in the market. Once relative standalone selling prices are determined, the Company proportionately allocates the transaction price to each performance obligation within the customer arrangement based upon standalone selling price. Revenue on electrolyzer systems and stacks is generally recognized at the point at which transfer of control passes to the customer, which usually occurs upon title transfer at shipment or delivery to the customer location. In certain instances, control of electrolyzer systems transfers to the customer over time, and the related revenue is recognized over time as the performance obligation is satisfied. We recognize revenue over time when contract performance results in the creation of a product for which we do not have an alternative use and the contract includes an enforceable right to payment in an amount that corresponds directly with the value of the performance completed. In these instances, we use an input measure (cost-to-total cost or percentage-of-completion method) of progress to determine the amount of revenue to recognize during each reporting period based on the costs incurred to satisfy the performance obligation. ​ Payments received from customers are recorded within deferred revenue and customer deposits in the consolidated balance sheets until control is transferred. The related cost of such product and installation is also deferred as a component of deferred cost of revenue in the consolidated balance sheets until control is transferred. ​ (iii) ​ Revenue from sales of cryogenic equipment represents sales of liquefaction system and other cryogenic equipment such as trailers and mobile storage equipment for the distribution of liquefied hydrogen, oxygen, argon, nitrogen and other cryogenic gases. ​ The Company uses a variety of information sources in determining standalone selling prices for liquefaction systems and cryogenic equipment. Liquefaction systems are typically sold on a standalone basis and the standalone selling price is the contractual price with the customer. The Company uses an adjusted market assessment approach to determine the standalone selling price of liquefaction systems when sold with other equipment. This includes considering both standalone selling prices of the systems by the Company and available information on competitor pricing on similar products. The determination of standalone selling prices of the Company’s performance obligation requires judgment, including periodic assessment of pricing approaches and available observable evidence in the market. Revenue on liquefaction systems is generally recognized over time. Control transfers to the customer over time, and the related revenue is recognized over time as the performance obligation is satisfied. We recognize revenue over time when contract performance results in the creation of a product for which we do not have an alternative use and the contract includes an enforceable right to payment in an amount that corresponds directly with the value of the performance completed. In these instances, we use an input measure of progress to determine the amount of revenue to recognize during each reporting period based on the costs incurred to satisfy the performance obligation. ​ Revenue on cryogenic equipment is generally recognized at the point at which transfer of control passes to the customer, which usually occurs upon title transfer at shipment or delivery to the customer location. ​ Payments received from customers are recorded within deferred revenue and customer deposits in the consolidated balance sheets until control is transferred. The related costs of such product and installation is also deferred as a component of deferred cost of revenue in the consolidated balance sheets until control is transferred. ​ (b) Services performed on fuel cell systems and related infrastructure ​ Revenue from services performed on fuel cell systems and related infrastructure represents revenue earned on our service and maintenance contracts and sales of spare parts. The Company uses an adjusted market assessment approach to determine standalone selling prices for services. This approach considers market conditions and constraints while maximizing the use of available observable inputs obtained from a limited number of historical standalone service renewal prices and negotiations with customers. The transaction price allocated to services as discussed above is generally recognized as revenue over time on a straight-line basis over the expected service period, as customers simultaneously receive and consume the benefits of routine, recurring maintenance performed throughout the contract period. ​ In substantially all of its transactions, the Company sells extended maintenance contracts that generally provide for a five ten-year Revenue generated from these transactions is recognized as revenue on a straight-line basis over the term of the contract. Costs are recognized as incurred over the term of the contract. When costs are projected to exceed revenues over the life of the extended maintenance contract, an accrual for loss contracts is recorded. Costs are estimated based upon historical experience and consider the estimated impact of the Company’s cost reduction initiatives, if any. The actual results may differ from these estimates. See “Extended Maintenance Contracts” below. ​ Extended maintenance contracts generally do not contain customer renewal options. Upon expiration, customers may either negotiate a contract extension or switch to purchasing spare parts and maintaining the fuel cell systems on their own. ​ (c) Power purchase agreements ​ Revenue from PPAs primarily represents payments received from customers who make monthly payments to access the Company’s GenKey solution. ​ Revenue associated with these agreements is recognized on a straight-line basis over the life of the agreements as the customers simultaneously receive and consume the benefits from the Company’s performance of the services. The customers receive services ratably over the contract term. ​ In conjunction with entering into a PPA with a customer, the Company may enter into a separate transaction with third-party financial institutions in which the Company receives proceeds from the sale/leaseback transactions of the equipment and the sale of future service revenue. The proceeds from the financial institution are allocated between the sale of equipment and the sale of future service revenue based on the relative standalone selling prices of equipment and service. The proceeds allocated to the sale of future services are recognized as finance obligations. The proceeds allocated to the sale of the equipment are evaluated to determine if the transaction meets the criteria for sale/leaseback accounting. To meet the sale/leaseback criteria, control of the equipment must transfer to the financial institution, which requires among other criteria the leaseback to meet the criteria for an operating lease and the Company must not have a right to repurchase the equipment (unless specific criteria are met). These transactions typically meet the criteria for sale/leaseback accounting and accordingly, the Company recognizes revenue on the sale of the equipment and separately recognizes the leaseback obligations. There were no such transactions during the year ended December 31, 2024. ​ The Company recognizes an operating lease liability for the equipment leaseback obligation based on the present value of the future payments to the financial institutions that are attributed to the equipment leaseback. The discount rate used to determine the lease liability is the Company’s incremental borrowing rate. The Company also records a right of use asset which is amortized over the term of the leaseback. Rental expense is recognized on a straight-line basis over the life of the leaseback and is included as a cost of power purchase agreements revenue on the consolidated statements of operations. ​ Certain of the Company’s transactions with financial institutions do not meet the criteria for sale/leaseback accounting and accordingly, no equipment sale is recognized. All proceeds from these transactions are accounted for as finance obligations. The right of use assets related to these transactions are classified as equipment related to the PPAs and fuel delivered to the customers, net in the consolidated balance sheets. The Company uses its transaction-date incremental borrowing rate as the interest rate for its finance obligations that arise from these transactions. No additional adjustments to the incremental borrowing rate have been deemed necessary for the finance obligations that have resulted from the failed sale/leaseback transactions. ​ In determining whether the sales of fuel cells and other equipment to financial institutions meet the requirements for revenue recognition under sale/leaseback accounting, the Company, as lessee, determines the classification of the lease. The Company estimates certain key inputs to the associated calculations such as: 1) discount rate used to determine the present value of future lease payments, 2) fair value of the fuel cells and equipment, and 3) useful life of the underlying asset(s): ​ ● Accounting Standards Codification (“ASC”) 842, Leases (“ASC 842”) requires a lessee to discount its future lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. Generally, the Company cannot determine the interest rate implicit in its leases because it does not have access to the lessor’s estimated residual value or the amount of the lessor’s deferred initial direct costs. Therefore, the Company generally uses its incremental borrowing rate to estimate the discount rate for each lease. Adjustments that considered the Company’s actual borrowing rate, inclusive of securitization, as well as borrowing rates for companies of similar credit quality were applied in the determination of the incremental borrowing rate. ​ ● In order for the lease to be classified as an operating lease, the present value of the future lease payments cannot exceed 90% of the fair value of the leased assets. The Company estimates the fair value of the lease assets using the sales prices. ​ ● In order for a lease to be classified as an operating lease, the lease term cannot exceed 75% (major part) of the estimated useful life of the leased asset. The average estimated useful life of the fuel cells is 10 years , and the average estimated useful life of the hydrogen infrastructure is 20 years . These estimated useful lives are compared to the term of each lease to determine the appropriate lease classification. ​ (d) Fuel delivered to customers and related equipment ​ Revenue associated with fuel delivered to customers represents the sale of hydrogen to customers that has been purchased by the Company from a third party or generated at our hydrogen production plants. Depending on the terms of the contract, revenue is recognized either upon delivery or upon consumption. The stand-alone selling price is not estimated because it is sold separately and therefore directly observable. ​ The Company produces hydrogen fuel onsite or purchases hydrogen fuel from suppliers and sells it to its customers. Revenue and cost of revenue related to this fuel is included in the respective fuel delivered to customers and related equipment lines on the consolidated statements of operations. ​ (e) Other revenue ​ Other revenue includes payments received for technical services that include engineering services, program management services, procurement services and operations, testing and validation services with HyVia. The scope of these services includes mutually agreed upon services as were requested from time to time by HyVia. Other revenue also includes sales of electrolyzer engineering and design services. The scope of these services includes establishing and defining project technical requirements, standards and guidelines as well as assistance in scoping and scheduling of large-scale electrolyzer solutions. ​ Income Taxes ​ Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets if it is more likely than not that such assets will not be realized. ​ The Company accounts for uncertain tax positions in accordance with FASB ASC No. 740-10-25, Income Taxes-Overall-Recognition ​ Foreign Currency Translation ​ Foreign currency translation adjustments arising from conversion of the Company’s foreign subsidiary’s financial statements to U.S. dollars for reporting purposes are included in accumulated other comprehensive loss on the consolidated balance sheets. Transaction gains and losses resulting from the effect of exchange rate changes on transactions denominated in currencies other than the functional currency of the Company’s operations give rise to realized foreign currency transaction gains and losses and are included in other expense, net in the consolidated statements of operations. ​ Research and Development ​ Activities that qualify as research and development under ASC 730, Research and Development ​ Stock-based Compensation ​ The Company maintains employee stock-based compensation plans, which are described more fully in Note 21, “Employee Benefit Plans”. Stock-based compensation represents the cost related to stock-based awards granted to employees and directors. The Company measures stock-based compensation cost at grant-date, based on the fair value of the award, and recognizes the cost as expense on a straight-line basis over the option’s requisite service period. Forfeitures are recognized as they occur. ​ The Company estimates the fair value of stock-based awards using a Black-Scholes valuation model. Stock-based compensation expense is recorded in cost of revenue associated with sales of fuel cell systems, related infrastructure and equipment, cost of revenue for services performed on fuel cell systems and related infrastructure, research and development expense and selling, general and administrative expenses in the consolidated statements of operations based on the employees’ respective function. ​ The Company has also issued market condition stock options awards that include a market condition. The grant date fair value of market condition stock options awards is estimated using a Monte Carlo simulation model and the cost is recognized using the accelerated attribution method. ​ The Company records deferred tax assets for awards that result in deductions on the Company’s income tax returns, based upon the amount of compensation cost recognized and the Company’s statutory tax rate. Differences between the deferred tax assets recognized for financial reporting purposes and the actual tax deduction reported on the Company’s income tax return are recorded in the income statement. ​ Tax Credits ​ 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 10-year ​ As of December 31, 2024 the Company determined that it qualifies for the Section 48 Investment Tax Credit (“ITC”) for Qualified Fuel Cell Properties of Energy Storage Technologies related to its hydrogen storage and liquefaction assets at its Georgia hydrogen plant. A base rate credit of 6% is available to qualified energy storage property in the year that it is placed in-service, with availability of increased credit rates if the property qualifies. The Company determined that it qualified for a rate credit of 30%. As the ITC is considered a transferable tax credit, the Company is accounting for it as a grant related to assets. Therefore, the ITC is recognized as a reduction to the Georgia hydrogen production plant’s cost-basis, recognized within the “property, plant, and equipment, net” financial statement line item of the consolidated balance sheets, which will reduce future depreciation over the next 30 years. For more information, see Note 27, “Government Assistance”. ​ Cash and Cash Equivalents ​ For purposes of the consolidated statements of cash flows, the Company considers all highly-liquid debt instruments with original maturities of three months or less to be cash equivalents. Due to their short-term nature, the carrying amounts reported in the consolidated balance sheets approximate the fair value of cash and cash equivalents. The Company’s cash and cash equivalents are deposited with financial institutions located in the U.S. and may at times exceed insured limits. ​ Restricted Cash ​ Restricted cash consists primarily of cash that serves as support for leasing arrangements. Any cash that is legally restricted from use is classified as restricted cash. If the purpose of restricted cash relates to acquiring a long-term asset, liquidating a long-term liability, or is otherwise unavailable for a period longer than one year from the balance sheet date, the restricted cash is included in other long-term assets. Otherwise, restricted cash is included in other current assets in the consolidated balance sheets. ​ Available-for-sale Securities ​ Available-for-sale securities is comprised of U.S. Treasury securities, certificates of deposit and corporate bonds, with original maturities greater than three months. Any credit related losses are recognized as a credit loss allowance on the balance sheet with a corresponding adjustment to the statement of operations. Realized gains and losses are due to the sale and maturity of securities classified as available-for-sale and includes the loss from accumulated other comprehensive loss reclassifications for previously unrealized losses on available-for-sale debt securities. ​ As of December 31, 2024 and 2023, the Company has no investments classified as available-for-sale. ​ Accounts Receivable ​ Accounts receivable are stated at the amount billed or billable to customers and are ordinarily due between 30 and 120 days after the issuance of the invoice. Receivables are reserved or written off based on individual credit evaluation and specific circumstances of the customer. The allowance for expected credit losses for current accounts receivable is based primarily on past collections experience relative to the length of time receivables are past due; however, when available evidence reasonably supports an assumption that counterparty credit risk over the expected payment period will differ from current and historical payment collections, a forecasting adjustment will be reflected in the allowance for expected credit losses. The allowance for credit losses and related receivable are reduced when the amount is deemed uncollectible. ​ Inventory ​ Inventories are valued at the lower of cost, determined on a first-in, first-out basis, and net realizable value. All inventory, including spare parts inventory held at service locations, is not relieved until the customer has received the product, at which time the customer obtains control of the goods. We maintain inventory levels adequate for our short-term needs within the next twelve months based upon present levels of production. An allowance for potential non-saleable inventory due to damaged, excess stock or obsolescence is based upon a detailed review of inventory, past history, and expected usage. The Company's estimate of the reserves utilizes certain inputs and involves judgment. The Company evaluates excess and obsolescence and lower of cost or net realizable value inventory reserves on a quarterly basis and, as necessary, reserves inventory based upon a variety of factors, including historical usage, forecasted usage and sales, product obsolescence, anticipated selling price, and anticipated cost to complete to determine product margin and other factors. We review all contracts related to product lines with projected negative margins that are arranged to be sold at a loss in the future as the basis for a lower of cost or net realizable value adjustment. ​ Property, Plant and Equipment ​ Property, plant and equipment are originally recorded at cost or, if acquired as part of a business combination, at fair value. Maintenance and repairs are expensed as costs are incurred. Depreciation on plant and equipment is calculated on the straight-line method over the estimated useful lives of the assets. Gains and losses resulting from the sale of property and equipment are recorded in current operations. Included within machinery and equipment is certain equipment related to our hydrogen plants. The Company records depreciation and amortization over the following estimated useful lives: ​ Building and leasehold improvements 10 Machinery and equipment ​ 2 Software ​ 1 – 5 years Hydrogen production plants ​ 30 years ​ Equipment Related to PPAs and Fuel Delivered to Customers ​ Equipment related to PPAs and fuel delivered to customers primarily consists of the assets deployed related to PPAs and sites where we deliver fuel to customers as well as equipment related to failed sale/leaseback transactions. Equipment is depreciated over its useful life. Depreciation expense is recorded on a straight-line basis and is included in cost of revenue for PPAs or cost of fuel delivered to customers, respectively, in the consolidated statements of operations. ​ Investments in Non-consolidated Entities and Non-marketable Equity Securities ​ The Company accounts for its investments in non-consolidated entities, such as HyVia, AccionaPlug S.L., SK Plug Hyverse and Clean H2 Infra Fund, as equity method investments. ​ Included in “Investments in non-consolidated entities and non-marketable equity securities” on the consolidated balance sheets are equity investments without readily determinable fair values (“non-marketable equity securities”). Non-marketable equity securities that do not qualify for equity method accounting are measured at cost, less any impairment and adjusted for changes resulting from observable price changes in orderly transactions for the identical or similar investments of the same issuer. ​ The Company sells goods and services to re

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2024
Acquisitions
Acquisitions	3. Acquisitions ​ Alloy Custom Products, LLC and WesMor Cryogenics, LLC ​ On December 5, 2022, the Company acquired two subsidiaries of Cryogenic Industrial Solutions, LLC, Alloy Custom Products, LLC, and WesMor Cryogenics, LLC (collectively, “CIS”). The CIS acquisition will allow the Company to increase its production capabilities for stainless steel and aluminum cryogenic transport truck-mounted cryogenic pressure vessels, cryogenic transport trailers, and other mobile storage containers. ​ The acquisition of CIS contributed $46.5 million, $47.7 million and $3.7 million to total consolidated revenue for the years ended December 31, 2024, 2023 and 2022, respectively. The Company determined that the net income from the CIS acquisition for the years ended December 31, 2024, 2023 and 2022 was immaterial. ​ The CIS acquisition was not considered material to our consolidated results of operations or financial position and, therefore, pro forma financial information is not presented. ​ Joule Processing LLC ​ On January 14, 2022, the Company acquired Joule Processing LLC (“Joule”), an engineered modular equipment, process design and procurement company founded in 2009. ​ The acquisition of Joule contributed $9.5 million, $85.2 million and $36.5 million to total consolidated revenue for the years ended December 31, 2024, 2023 and 2022, respectively. The Company determined that the net income from the Joule acquisition for the years ended December 31, 2024, 2023 and 2022 was immaterial. ​ The acquisition of Joule would have contributed $36.8 million and $3.6 million to total consolidated revenue and net income for the year ended December 31, 2022, respectively, had the acquisition occurred on January 1, 2021. The following table reflects the unaudited consolidated pro forma results of operations for the year ended December 31, 2022 assuming that the Joule acquisition had occurred on January 1, 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, 2022 ​ (unaudited) Revenue ​ $ 701,742 Net loss ​ $ (723,934) ​

Investments

Investments	12 Months Ended
	Dec. 31, 2024
Investments
Investments	4. Investments ​ Available-for-sale and Equity Securities ​ As of December 31, 2024 and 2023, the Company has no investments classified as available-for-sale or equity securities. The Company received proceeds from the sales and maturities of its remaining available-for-sale securities totaling $1.4 billion during the year ended December 31, 2023. The Company received proceeds from the sales of its remaining equity securities totaling $144.3 million during the year ended December 31, 2023. ​ We regularly review whether available-for-sale securities are other-than-temporarily impaired (“OTTI”). Available-for-sale securities with unrealized losses are considered OTTI if the Company intends to sell the security or if the Company will be required to sell the security prior to any anticipated recovery. If the Company determines that a security is OTTI under these circumstances, the impairment recognized in earnings is measured as the difference between the amortized cost and the current fair value. The Company recorded an other-than-temporary impairment of $10.8 million during the year ended December 31, 2023 for available-for-sale debt securities in an unrealized loss position due to a change in the Company’s ability and intent to retain these investments for a period of time sufficient to allow for any anticipated recovery in the fair value. The other-than-temporary impairment charge was realized when the Company sold its remaining available-for-sale securities and equity securities during the fourth quarter of 2023. No such OTTI charge was recorded for the years ended December 31, 2024 and 2022. ​ Investments in Non-consolidated Entities and Non-marketable Equity Securities ​ Non-marketable Equity Securities ​ Our investment in non-marketable equity securities was $2.6 million and $5.6 million as of December 31, 2024 and 2023, respectively. ​ Equity Method Investments ​ As of December 31, 2024 and 2023, the Company accounted for the following investments in the investee’s common stock under the equity method, which are included in the investments in non-consolidated entities and non-marketable equity securities on the consolidated balance sheets (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2024 ​ As of December 31, 2023 ​ Formation Common Stock Carrying Common Stock Carrying Investee ​ Date ​ Ownership % ​ Value ​ Ownership % ​ Value HyVia ​ Q2 2021 ​ 50% ​ $ - ​ 50% ​ $ (2,068) AccionaPlug ​ Q4 2021 ​ 50% ​ ​ 4,276 ​ 50% ​ ​ 3,198 Clean H2 Infra Fund ​ Q4 2021 ​ 5% ​ ​ 29,111 ​ 5% ​ ​ 13,357 SK Plug Hyverse ​ Q1 2022 ​ 49% ​ ​ 49,488 ​ 49% ​ ​ 41,609 ​ ​ ​ ​ ​ ​ $ 82,875 ​ ​ ​ $ 56,096 ​ On December 10, 2024, HyVia announced that it entered into receivership proceedings opened by judgment of the Commercial Court of Versailles. This was the direct consequence of the slow emergence of hydrogen mobility ecosystems locally, coupled with significant development costs of hydrogen innovation and an insufficient regulatory environment. An observation period of six (6) months has been opened during which takeover or backing by new investors may be considered and a judicial trustee was appointed to carry out this process. Following expiry of the January 31, 2025 delay, with no offer of potential buyers having been received, HyVia has entered into a judicial liquidation proceeding opened by judgment of the Economic Activities Court of Versailles dated February 18, 2025 (judgment publication being still pending). As of December 31, 2023, the Company’s investment in HyVia was negative due to historical losses. As of December 31, 2023, the Company was committed to fund its share of losses of the joint venture and, therefore, continued to record losses as incurred. The negative equity investment was recorded on the consolidated balance sheets to the contingent consideration, loss accrual for service contracts, and other liabilities financial statement line item. During 2024, the Company recorded losses for HyVia which resulted in the investments in non-consolidated entities and non-marketable equity securities financial statement line item of the consolidated balance sheets related to HyVia to be $0 as of December 31, 2024. ​ During the year ended December 31, 2024, the Company contributed approximately $32.3 million, $2.9 million, $16.0 million and $17.4 million, respectively, to HyVia, AccionaPlug S.L., SK Plug Hyverse and Clean H2 Infra Fund. ​ The Company’s capital commitments related to its equity method investments as of December 31, 2024 was $4.6 million, all of which is expected to be paid during 2025.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2024
Fair Value Measurements
Fair Value Measurements	5. Fair Value Measurements ​ The Company records the fair value of assets and liabilities in accordance with ASC 820. ASC 820 defines fair value as the price received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. ​ 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 for the year ended December 31, 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 S.L., SK Plug Hyverse and Clean H2 Infra Fund. ​ The following table summarizes the carrying amount and estimated fair value of the Company’s financial instruments at December 31, 2024 and 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2024 ​ ​ Carrying ​ Fair ​ Fair Value Measurements ​ Amount Value Level 1 Level 2 Level 3 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6.00% Convertible Debenture ​ ​ 173,150 ​ $ 173,150 ​ $ — ​ $ — ​ $ 173,150 Contingent consideration ​ $ 60,746 ​ $ 60,746 ​ $ — ​ $ — ​ $ 60,746 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 the 6.00% Convertible Debenture, as described in Note 17, “Convertible Senior Notes”, and contingent consideration. ​ 6.00% Convertible Debenture ​ The fair value of the 6.00% Convertible Debenture as of December 31, 2024 is comprised of a single financial liability in which the Company elected the fair value option under ASC 825, Financial Instruments (“ASC 825”), with changes in fair value recorded in gain/loss from changes in fair value of 6.00% Convertible Debenture in the consolidated statements of operations. The Company elected the fair value option due its multiple conversions features required to be presented at fair value. The Company has also elected to present interest expense separately from the changes in fair value of the 6.00% Convertible Debenture measured at fair value through earnings. Total changes in the fair value of the liability that resulted from a change in the instrument-specific credit risk will be separately recorded in other comprehensive income. There was no change in the instrument-specific credit risk during the year ended December 31, 2024. ​ The company estimated and recorded the fair value of the 6.00% Convertible Debenture upon its issuance date of November 12, 2024 at its cash value because it was negotiated at arm’s length. The fair value of the 6.00% Convertible Debenture as of December 31, 2024 was based on a Monte Carlo Simulation of stock price of the company on a daily basis and a discounted cash flow model that incorporates the amortization schedule, contingent on the daily simulated stock price. The valuation utilized significant Level 3 unobservable inputs, including implied yield, volatility, and risky discount rate. Other significant assumptions include risk-free rate, the Company’s common stock price, maturity date and the various conversion features and prices per the agreement. Significant judgment is required in selecting the significant inputs and assumptions. Actual assumptions may differ from our current estimates and such differences could materially impact fair value of the convertible note. ​ Refer to Note 17, “Convertible Senior Notes”, for the change in the carrying amount of the 6.00% Convertible Debenture for the year ended December 31, 2024. ​ Contingent consideration ​ The fair value of contingent consideration as of December 31, 2024 is related to the Joule Processing LLC (“Joule”) acquisition in 2022 and the Frames Holding B.V. (“Frames”) acquisition in 2021. The fair value of contingent consideration as of December 31, 2023 is related to the Joule acquisition in 2022, the Frames acquisition in 2021 and the Giner ELX, Inc. (“Giner”) and United Hydrogen Group Inc. (“UHG”) acquisitions in 2020. ​ In connection with the Joule acquisition, the Company initially recorded on its consolidated balance sheets a liability of $41.7 million representing the fair value of contingent consideration payable. The fair value of this contingent consideration was $48.2 million and $75.5 million as of 31, 2024 and 2023, respectively. The decrease compared to the year ended December 31, 2023 was primarily due to decrease of $14.3 million recorded in change in fair value of contingent consideration in the consolidated statements of operations during the year ended December 31, 2024. In addition, payments were made that reduced the fair value of the liability by $13.0 million during the year ended 31, 2024. ​ In connection with the Frames acquisition, the Company recorded on its consolidated balance sheets a liability of $29.1 million representing the fair value of contingent consideration payable. The fair value of this contingent consideration was $12.5 million and $31.8 million as of December 31, 2024 and 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 $15.8 million. In addition, a decrease of $1.9 million was recorded in change in fair value of contingent consideration in the consolidated statements of operations for the year ended December 31, 2024. Finally, the fair value of the liability decreased by $1.6 million due to foreign currency translation gains. ​ In connection with the 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 consolidated statements of operations during the year ended 31, 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 consolidated statements of operations during the year ended 31, 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 (the “Giner Warrant Shares”) of the Company’s common stock issuable upon exercise of the warrants. The exercise price of the Giner Warrant Shares was $3.3008 per share. The warrants had not been exercised as of December 31, 2024. ​ In the consolidated balance sheets, contingent consideration is recorded in the contingent consideration, loss accrual for service contracts, and other liabilities financial statement line item, and was comprised of the following unobservable inputs for the year ended December 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial Instrument Fair Value Valuation Technique Unobservable Input Range (weighted average) Contingent consideration ​ $ 60,746 ​ Scenario-based method ​ Credit spread ​ 11.83% ​ ​ ​ ​ ​ ​ ​ Discount rate ​ 15.91% - 16.00% ​ ​ ​ 60,746 ​ ​ ​ ​ ​ ​ ​ In the consolidated balance sheets, contingent consideration is recorded in the contingent consideration, loss accrual for service contracts, and other liabilities financial statement line item, and was comprised of the following unobservable inputs for the year ended December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial Instrument Fair Value Valuation Technique Unobservable Input Range (weighted average) Contingent consideration ​ $ 126,216 ​ Scenario-based method ​ Credit spread ​ 13.61% ​ ​ ​ ​ ​ ​ ​ Discount rate ​ 17.71% - 19.06% ​ ​ ​ 126,216 ​ ​ ​ ​ ​ ​ ​ The change in the carrying amount of contingent consideration for the year ended December 31, 2024 was as follows (in thousands): ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, 2024 Beginning balance as of December 31, 2023 ​ $ 126,216 Cash payments ​ ​ (29,825) Payment settled in common stock and warrants ​ ​ (18,241) Change in fair value of contingent consideration ​ ​ (15,847) Foreign currency translation adjustment ​ (1,557) Ending balance as of December 31, 2024 ​ $ 60,746 ​ Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis ​ In addition to assets and liabilities that are recorded at fair value on a recurring basis, impairment indicators may subject long-lived assets and finite-lived intangible assets to non-recurring fair value measurements. During the fourth quarter of 2024, property, plant and equipment, net, intangible assets, net and right of use assets related to operating leases, net were written down to their estimated fair values. A decrease in demand of the global hydrogen market deteriorated cash flow projections which indicated that the carrying values of the long-lived assets may not be recoverable. The inputs to these models are considered to be Level 3 significant unobservable inputs. ​ The Level 3 significant unobservable inputs that were used in the valuation of the long-lived assets as of October 1, 2024 were: ​ ​ ​ ​ ​ ​ ​ ​ Financial Instrument Valuation Technique Unobservable Input Range (weighted average) Property, plant and equipment, net ​ Cost approach ​ Residual value ​ 0.0% - 12.0% Intangibles assets, net ​ Relief from royalty method ​ Royalty rate ​ 0.1% - 2.0% ​ ​ ​ ​ Discount rate ​ 15.0% - 20.5% ​ ​ ​ ​ Obsolescence factor ​ 6.7% - 20.0% ​ ​ Multi-period excess earnings method ​ Discount rate ​ 15.0% - 16.0% Right of use assets related to operating leases, net ​ Income approach (DCF method) ​ Discount rate ​ 5.4% - 11.1% ​ Refer to Note 8, “Impairment”, for further information.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2024
Earnings Per Share
Earnings Per Share	6. Earnings Per Share ​ Basic earnings per common stock are computed by dividing net loss by the weighted average number of common stock outstanding during the reporting period. In periods when we have net income, the shares of our common stock subject to the convertible notes outstanding during the period will be included in our diluted earnings per share under the if-converted method. Since the Company is in a net loss position, all common stock equivalents would be considered anti-dilutive and are therefore not included in the determination of diluted earnings per share. Accordingly, basic and diluted loss per share are the same. ​ The following table provides the components of the calculations of basic and diluted earnings per share (in thousands, except share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2024 2023 2022 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss attributable to Plug Power Inc. ​ $ (2,104,701) ​ $ (1,368,833) ​ $ (724,008) Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common stock outstanding ​ 785,024,373 ​ 595,468,419 ​ 579,716,708 ​ The potentially dilutive securities are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2024 2023 2022 Stock options outstanding (1) ​ 38,690,148 39,261,362 27,598,269 Restricted stock and restricted stock units outstanding (2) ​ 6,750,372 6,732,884 6,276,376 Common stock warrants (3) ​ 82,022,634 ​ 78,561,263 ​ 88,774,725 Convertible Senior Notes (4) ​ 105,868,502 39,170,766 39,170,766 Number of dilutive potential shares of common stock ​ 233,331,656 163,726,275 161,820,136 (1) During the years ended December 31, 2024, 2023, and 2022, the Company granted options for 15,180,435 , 13,254,689 and 4,761,724 shares of common stock, respectively. ​ (2) During the years ended December 31, 2024, 2023, and 2022, the Company granted 4,052,391 , 4,131,193 and 4,289,682 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 as described in Note 5, “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 December 31, 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, subject to certain vesting events, as described in Note 19, “Warrant Transaction Agreements”. The warrant had not been exercised as of December 31, 2024, 2023 and 2022, respectively. ​ In April 2017, the Company issued a warrant to acquire up to 55,286,696 of the Company’s common stock as part of a transaction agreement with Amazon, subject to certain vesting events, as described in Note 19, “Warrant Transaction Agreements”. The warrant was exercised with respect to 34,917,912, 34,917,912 and 24,704,450 shares of the Company’s common stock as of December 31, 2024, 2023 and 2022, respectively. ​ In July 2017, the Company issued a warrant to acquire up to 55,286,696 of the Company’s common stock as part of a transaction agreement with Walmart, subject to certain vesting events, as described in Note 19, “Warrant Transaction Agreements”. The warrant had been exercised with respect to 13,094,217 shares of the Company’s common stock as of December 31, 2024, 2023 and 2022. ​ (4) On November 11, 2024, the Company entered into the Debenture Purchase Agreement under which the Company agreed to sell and issue to the Investor the 6.00% Convertible Debenture as described in Note 17, “Convertible Senior Notes”. There were no conversions of the 6.00% Convertible Debenture during the year ended December 31 , 2024. ​ 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 as described in Note 17, “Convertible Senior Notes”. There were no conversions of the 7.00% Convertible Senior Notes during the year ended December 31 ​ In May 2020, the Company issued $212.5 million in aggregate principal amount of the 3.75% Convertible Senior Notes as described in Note 17, “Convertible Senior Notes”. There were no conversions of the 3.75% Convertible Senior Notes during the years ended December 31, 2024, 2023 and 2022.

Inventory

Inventory	12 Months Ended
	Dec. 31, 2024
Inventory
Inventory	7. Inventory ​ Inventory as of December 31, 2024 and 2023, consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2024 ​ 2023 Raw materials and supplies - production locations ​ $ 385,455 ​ $ 564,818 Raw materials and supplies - customer locations ​ ​ 28,983 ​ ​ 20,751 Work-in-process ​ 129,824 ​ 149,574 Finished goods ​ 138,380 ​ 226,110 Inventory ​ $ 682,642 ​ $ 961,253 ​ Inventory is primarily comprised of raw materials, work-in-process, and finished goods. The decrease in inventory is primarily due to consumption and reduced raw material purchases. In addition, the Company has recorded reductions to inventory which comprised of excess and obsolete items and related lower of cost or net realizable value adjustments of $158.9 million and $85.2 million as of December 31, 2024 and 2023, respectively.

Impairment

Impairment	12 Months Ended
	Dec. 31, 2024
Impairment
Impairment	8. Impairment ​ During the fourth quarter of 2024, the Company recognized that sales and margin projections were likely not to be met for 2024. Additionally, during the fourth quarter of 2024, the Company performed strategic planning, analyzing its various product lines, and it was determined at that time to update the future sales projections and related cash flow projections for certain of those product lines. As a result, there was a reduction in the cash flow projections during the fourth quarter of 2024 to several of the Company’s asset groups indicating that the carrying values of their long-lived assets (including property, plant, and equipment, equipment related to power purchase agreements and fuel delivered to customers, and right of use assets related to operating leases) and finite-lived intangible assets may not be recoverable. ​ Asset groups are the unit of account for a long-lived asset or assets to be held and used which represent the lowest level for which identifiable cash flows are largely independent of other groups of assets and liabilities. The decrease in cash flow projections for several asset groups was largely attributed to several factors, including the Company failing to meet 2024 sales and margin projections as well as decreased future cash flow projections across certain product lines including stationary, liquefiers and fuel cells for mobility projects related to HyVia. On December 10, 2024, HyVia announced that it entered into legal recovery proceedings recorded by the Commercial Court of Versailles. Additionally, the Company paused certain hydrogen production plant projects during the fourth quarter of 2024. This pause, as well as the decrease in cash flow projections, was primarily due to weakening demand in the global hydrogen market. As a result, the Company tested the recoverability of its long-lived assets and finite-lived intangibles by comparing the carrying values against undiscounted future cash flow projections and determined that an impairment existed. ​ During the fourth quarter of 2024, a significant amount of property, plant, and equipment were written down to their estimated fair values. The fair value for revenue generating assets was determined using a market approach utilizing prices for similar assets in active markets. The fair value for property, plant, and equipment was determined using a market approach, where available, and where not available, a cost approach. The fair value for equipment related to power purchase agreements and fuel delivered to customers was determined using a discounted cash flow income approach considering estimated market rent. The fair value for right of use assets related to operating leases was determined using a discounted cash flow income approach considering estimated market rent. The fair values for finite-lived intangible assets were determined using the income approach. ​ The Company recognized impairment charges of $949.3 million during the year ended December 31, 2024 compared to $269.5 million during the year ended December 31, 2023. The increase in impairment was primarily due to impairment charges of $902.2 million resulting from the ASC 360 impairment analysis performed during the fourth quarter of 2024. Of the $902.2 million, $675.5 million was related to property, plant and equipment, $1.6 million was related to equipment related to power purchase agreements and fuel delivered to customers, $145.4 million was related to right of use assets related to operating leases, and $79.7 million was related to finite-lived intangible assets. Additionally, during the fourth quarter of 2024 the Company recorded a $38.3 million impairment charge related to contract assets and other current assets in which the Company determined it would be unable to collect the consideration from a customer contract, impairment charges of $0.3 million related to property, plant and equipment as well as other impairment charges of $0.1 million. Other impairment charges recorded during the year ended December 31, 2024 was $8.4 million, of which $3.0 million related to non-marketable equity securities and $5.4 million related to property, plant and equipment. ​ The impairment charge of $269.5 million for the year ended December 31, 2023 was primarily related to the impairment of goodwill of $249.5 million as well as $2.4 million related to contract assets, $9.7 million related to other current assets, $3.1 million related to property, plant and equipment, $4.6 million was related to right of use assets related to operating leases and $0.2 million related to equipment related to power purchase agreements and fuel delivered to customers. ​ To the extent there are further changes in market conditions or the performance of the Company’s long-lived assets, there is a possibility that the Company could incur additional impairment charges in the future.

Property, Plant and Equipment

Property, Plant and Equipment	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment
Property, Plant and Equipment	9. Property, Plant and Equipment ​ Property, plant and equipment at December 31, 2024 and 2023 consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ 2024 2023 Land ​ $ 5,597 ​ $ 6,049 Construction in progress ​ ​ 502,936 ​ ​ 1,109,896 Hydrogen production plants and related equipment ​ ​ 343,094 ​ ​ 77,107 Leasehold improvements ​ ​ 15,633 ​ ​ 95,229 Software, machinery, and equipment ​ 40,861 ​ 229,352 Property, plant, and equipment ​ 908,121 ​ 1,517,633 Less: accumulated depreciation ​ (41,792) ​ (81,456) Property, plant, and equipment, net ​ $ 866,329 ​ $ 1,436,177 ​ The decrease in the Company’s property, plant and equipment balance was primarily due to impairment, depreciation and the Company’s bifurcation of the ITC credit in the amount of $31.3 million. The Company recorded impairment charge ​ 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. For the years ended December 31, 2024 and 2023, we capitalized $8.3 million and $8.2 million of interest. ​ Depreciation expense related to property, plant and equipment was $42.8 million, $33.3 million and $19.0 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Equipment Related to Power Purc

Equipment Related to Power Purchase Agreements and Fuel Delivered to Customers, Net	12 Months Ended
	Dec. 31, 2024
Equipment Related to Power Purchase Agreements and Fuel Delivered to Customers, net
Equipment Related to Power Purchase Agreements and Fuel Delivered to Customers, net	10. Equipment Related to Power Purchase Agreements and Fuel Delivered to Customers, Net ​ Equipment related to power purchase agreements and fuel delivered to customers, net, as of December 31, 2024 and 2023 consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2024 ​ 2023 Equipment related to power purchase agreements and fuel delivered to customers ​ $ 179,602 ​ $ 139,651 Less: accumulated depreciation ​ ​ (35,530) ​ ​ (28,390) Equipment related to power purchase agreements and fuel delivered to customers, net ​ $ 144,072 ​ $ 111,261 ​ As of December 31, 2024 and 2023, the Company had deployed assets at customer sites that had associated PPAs. These PPAs expire over the next one to ten years. PPAs contain termination clauses with associated penalties, the amount of which cause the likelihood of cancellation to be remote. ​ Depreciation expense is $9.3 million, $8.0 million and $6.9 million for the years ended December 31, 2024, 2023 and 2022, respectively. ​ The Company recorded an impairment charge of $1.6 million, $0.2 million and $1.5 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Intangible Assets and Goodwill

Intangible Assets and Goodwill	12 Months Ended
	Dec. 31, 2024
Intangible Assets and Goodwill
Intangible Assets and Goodwill	11. Intangible Assets and Goodwill ​ The gross carrying amount and accumulated amortization of the Company’s acquired identifiable intangible assets as of December 31, 2024 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ Gross Carrying ​ Accumulated ​ ​ ​ ​ Amortization Period Amount Amortization Total Acquired technology 14 years $ 34,872 ​ $ (7,805) ​ $ 27,067 Dry stack electrolyzer technology ​ 10 years ​ ​ 11,351 ​ ​ (383) ​ ​ 10,968 Customer relationships, trade name, and other ​ 15 years ​ 56,989 ​ ​ (10,364) ​ ​ 46,625 ​ ​ ​ ​ $ 103,212 ​ $ (18,552) ​ $ 84,660 ​ 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 during the year ended December 31, 2024 was primarily due to an impairment charge of $79.7 million. The Company recorded an impairment charge of $20 thousand and $0 for the years ended December 31, 2023 and 2022, respectively. ​ Amortization expense for acquired identifiable intangible assets for the years ended December 31, 2024, 2023 and 2022 was $23.4 million, $19.1 million and $21.2 million, respectively. Of the total amortization expense for the year ended December 31, 2024, $7.2 million was due to accelerated amortization which resulted from the Company’s annual impairment analysis. ​ Estimated amortization expense for subsequent years is as follows (in thousands): ​ ​ ​ ​ ​ 2025 ​ $ 8,008 2026 ​ ​ 7,945 2027 ​ ​ 7,945 2028 ​ ​ 7,608 2029 ​ ​ 7,495 2030 and thereafter ​ ​ 45,659 Total ​ $ 84,660 ​ As of December 31, 2024 and 2023, the Company has no goodwill.

Accrued Expenses

Accrued Expenses	12 Months Ended
	Dec. 31, 2024
Accrued Expenses
Accrued Expenses	12. Accrued Expenses ​ Accrued expenses at December 31, 2024 and 2023 consisted of (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2024 ​ 2023 Accrued payroll and compensation related costs ​ $ 14,771 ​ $ 32,584 Accrual for capital expenditures ​ ​ 20,040 ​ ​ 83,781 Accrued accounts payable ​ ​ 39,808 ​ ​ 64,767 Accrued sales and other taxes ​ ​ 24,182 ​ ​ 17,207 Accrued interest ​ ​ 2,540 ​ ​ 562 Accrued other ​ ​ 1,804 ​ ​ 1,643 Total ​ $ 103,145 ​ $ 200,544 ​ The decrease in accrued expenses for the year ended December 31, 2024 compared to the year ended December 31, 2023 was primarily due to a decrease in spend related to capital expenditures.

Extended Maintenance Contracts

Extended Maintenance Contracts and Warranty Reserve	12 Months Ended
	Dec. 31, 2024
Extended Maintenance Contracts and Warranty Reserve.
Extended Maintenance Contracts and Warranty Reserve	13. Extended Maintenance Contracts and Warranty Reserve ​ Loss Accrual ​ 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 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ Year ended ​ December 31, 2024 December 31, 2023 Beginning balance ​ $ 137,853 ​ $ 81,066 Provision for loss accrual ​ ​ 45,226 ​ ​ 85,375 Releases to service cost of sales ​ ​ (51,578) ​ ​ (29,713) Increase to loss accrual related to customer warrants ​ ​ 3,313 ​ ​ 971 Foreign currency translation adjustment ​ ​ (458) ​ ​ 154 Ending balance ​ $ 134,356 ​ $ 137,853 ​ ​ The Company decreased the provision for loss accrual primarily due to improved pricing structure and reduction of new GenDrive deployments in 2024, partially offset by an increase in the provision related to stationary systems. ​ Product Warranty Reserve ​ On a quarterly basis, we evaluate our product warranty reserve. The Company applies a failure rate based on product type on a contract-by-contract basis to determine its product warranty reserve liability. The following table shows the roll forward of product warranty reserve (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ Year ended ​ December 31, 2024 December 31, 2023 Beginning balance ​ $ 8,044 ​ $ 2,954 Additional provision due to new issuances ​ ​ 8,864 ​ ​ 7,599 Adjustments to existing warranty provisions ​ ​ (4,801) ​ ​ (2,509) Releases due to cash receipts ​ ​ — ​ ​ — Ending balance ​ $ 12,107 ​ $ 8,044 ​ The product warranty reserve balance increased during the year ended December 31, 2024 primarily due to an increase in electrolyzer systems for which revenue was recognized.

Operating and Finance Lease Lia

Operating and Finance Lease Liabilities	12 Months Ended
	Dec. 31, 2024
Operating and Finance Lease Liabilities
Operating and Finance Lease Liabilities	14. Operating and Finance Lease Liabilities ​ As of December 31, 2024, the Company had operating leases, as lessee, primarily associated with sale/leaseback transactions that are partially secured by restricted cash, security deposits and pledged escrows (see also Note 1, “Nature of Operations”) as summarized below. These leases expire over the next one ​ Leases contain termination clauses with associated penalties, the amount of which cause the likelihood of cancellation to be remote. At the end of the lease term, the leased assets may be returned to the lessor by the Company, the Company may negotiate with the lessor to purchase the assets at fair market value, or the Company may negotiate with the lessor to renew the lease at market rental rates. No residual value guarantees are contained in the leases. No financial covenants are contained within the lease, however there are customary operational covenants such as assurance the Company properly maintains the leased assets and carries appropriate insurance, etc. The leases include credit support in the form of either cash, collateral or letters of credit. See Note 23, “Commitments and Contingencies”, for a description of cash held as security associated with the leases. ​ The Company has finance leases associated with its property and equipment in Latham, New York and at fueling customer locations. ​ Future minimum lease payments under operating and finance leases (with initial or remaining lease terms in excess of one year) as of December 31, 2024 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance Total ​ ​ Operating Lease ​ Lease ​ Lease ​ Liability Liability Liabilities 2025 ​ $ 100,882 ​ $ 14,786 ​ $ 115,668 2026 ​ ​ 88,834 ​ 11,926 ​ ​ 100,760 2027 ​ ​ 74,819 ​ 8,250 ​ ​ 83,069 2028 ​ ​ 52,459 ​ 1,940 ​ ​ 54,399 2029 ​ ​ 28,877 ​ ​ 400 ​ ​ 29,277 2030 and thereafter ​ ​ 128,374 ​ ​ 2,898 ​ ​ 131,272 Total future minimum payments ​ ​ 474,245 ​ 40,200 ​ ​ 514,445 Less imputed interest ​ ​ (160,847) ​ ​ (4,620) ​ ​ (165,467) Total ​ $ 313,398 ​ $ 35,580 ​ $ 348,978 ​ Rental expense for all operating leases was $98.1 million, $95.0 million, and $67.6 million for the years ended December 31, 2024, 2023 and 2022, respectively. ​ As of December 31, 2024 and 2023, security deposits associated with sale/leaseback transactions were $7.4 million and $7.4 million, respectively, and were included in other assets in the consolidated balance sheets. ​ Other information related to the operating leases are presented in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended Year ended Year ended ​ ​ December 31, 2024 December 31, 2023 December 31, 2022 ​ Cash payments - operating cash flows (in thousands) ​ $ 99,934 ​ $ 91,637 ​ $ 63,214 ​ Weighted average remaining lease term (years) ​ ​ 7.06 ​ ​ 5.76 ​ ​ 6.52 ​ Weighted average discount rate ​ ​ 11.1 % ​ 11.3 % ​ 11.2 % ​ Finance lease costs include amortization of the right of use assets (i.e., depreciation expense) and interest on lease liabilities (i.e., interest expense in the consolidated statements of operations), and were $7.2 million, $7.5 million and $6.2 million for the years ended December 31, 2024, 2023 and 2022, respectively. ​ As of December 31, 2024 and 2023, the right of use assets associated with finance leases, net was $51.8 million and $57.3 million, respectively. The accumulated depreciation for these right of use assets was $12.9 million and $9.0 million at December 31, 2024 and 2023, respectively. ​ Other information related to the finance leases are presented in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended Year ended Year ended ​ ​ December 31, 2024 December 31, 2023 December 31, 2022 ​ Cash payments - operating cash flows (in thousands) ​ $ 2,740 ​ $ 3,059 ​ $ 2,447 ​ Cash payments - financing cash flows (in thousands) ​ $ 9,341 ​ $ 8,638 ​ $ 6,586 ​ Weighted average remaining lease term (years) ​ ​ 3.09 ​ ​ 3.87 ​ ​ 3.92 ​ Weighted average discount rate ​ ​ 6.8 % ​ 6.8 % ​ 6.7 % ​ The Company had outstanding obligations to Wells Fargo under several Master Lease Agreements totaling $132.2 million and $171.3 million for the years ended December 31, 2024 and 2023, respectively. These outstanding obligations are included in the operating lease liabilities and finance obligations financial statement line items

Finance Obligations

Finance Obligations	12 Months Ended
	Dec. 31, 2024
Finance Obligations
Finance Obligations	15. Finance Obligations ​ 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 December 31, 2024 was $276.7 million, $77.5 million and $199.2 million of which was classified as short-term and long-term, respectively, on the accompanying consolidated balance sheets. The outstanding balance of this obligation as of December 31, 2023 was $350.8 million, $74.0 million and $276.8 million of which was classified as short-term and long-term, respectively, on the accompanying consolidated balance sheets. The amount is amortized using the effective interest method. Interest expense recorded related to finance obligations for the years ended December 31, 2024, 2023 and 2022 was $36.7 million, $39.6 million and $29.7 million, respectively. ​ During the year ended December 31, 2024, the Company entered into failed sale/leaseback transactions that were accounted for as financing obligations, resulting in $60.3 million of additional finance obligations. No gain or loss was recorded as a result of these transactions. The outstanding balance of the Company’s finance obligations related to sale/leaseback transactions as of December 31, 2024 was $70.7 million, $5.6 million and $65.1 million of which was classified as short-term and long-term, respectively on the accompanying consolidated balance sheets with a residual value of $37.7 million. The outstanding balance of the Company’s finance obligations related to sale/leaseback transactions as of December 31, 2023 was $17.6 million, $10.0 million and $7.6 million of which was classified as short-term and long-term, respectively on the accompanying consolidated balance sheets with no residual value. ​ Future minimum payments under finance obligations notes above as of December 31, 2024 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ Sale of Future ​ Sale/Leaseback ​ Finance ​ Revenue - Debt Financings Obligations 2025 ​ $ 104,547 ​ $ 18,525 ​ $ 123,072 2026 ​ ​ 87,824 ​ ​ 14,698 ​ ​ 102,522 2027 ​ ​ 71,253 ​ ​ 14,698 ​ ​ 85,951 2028 ​ ​ 51,188 ​ ​ 14,484 ​ ​ 65,672 2029 ​ ​ 24,082 ​ ​ 12,153 ​ ​ 36,235 2030 and thereafter ​ ​ 1,421 ​ ​ 11,742 ​ ​ 13,163 Total future minimum payments ​ ​ 340,315 ​ ​ 86,300 ​ ​ 426,615 Less imputed interest ​ ​ (63,606) ​ ​ (53,297) ​ ​ (116,903) Total ​ $ 276,709 ​ $ 33,003 ​ $ 309,712 ​ Other information related to the above finance obligations are presented in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ Year ended ​ Year ended ​ ​ December 31, 2024 December 31, 2023 December 31, 2022 ​ Cash payments (in thousands) ​ $ 117,988 ​ $ 96,781 ​ $ 72,377 ​ Weighted average remaining term (years) ​ ​ 4.10 ​ ​ 4.49 ​ ​ 4.84 ​ Weighted average discount rate ​ ​ 12.3 % ​ 11.3 % ​ 11.1 % ​ ​

Long-Term Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 2024
Long-Term Debt.
Long-Term Debt	16. 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 ASC 842, Leases December ​ In June 2020, the Company acquired debt as part of the acquisition of UHG. The outstanding carrying value of the debt was $1.2 million and $3.9 million as of December 31, 2024 and 2023, respectively. As of December 31, 2024, the outstanding principal on the debt was $2.1 million and the unamortized debt discount was $0.9 million, of which $0.4 million and $0.5 million was classified as short-term and long-term, respectively, bearing varying interest rates ranging from 7.3% to 7.6%. The debt is scheduled to mature in 2026. As of December 31, 2024, the principal balance was due at each of the following dates (in thousands): ​ ​ ​ ​ ​ December 31, 2025 ​ 1,200 December 31, 2026 ​ ​ 900 Total outstanding principal ​ $ 2,100 ​ In March 2019, the Company entered into a loan and security agreement, as amended, with Generate Lending, LLC, providing for a secured term loan facility in the amount of $100 million (the “Term Loan Facility”). In December 2022, the Company fully repaid the outstanding balance of the Term Loan Facility, which resulted in a recording of a loss on the extinguishment of debt of $1.0 million on the consolidated statements of operations.

Convertible Senior Notes

Convertible Senior Notes	12 Months Ended
	Dec. 31, 2024
Convertible Senior Notes
Convertible Senior Notes	17. Convertible Senior Notes ​ 6.00% Convertible Debenture ​ On November 11, 2024, the Company entered into the Debenture Purchase Agreement pursuant to which the Company issued to Yorkville the 6.00% Convertible Debenture in exchange for the payment of $190.0 million. The 6.00% Convertible Debenture was issued in a private placement in reliance upon an exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). The 6.00% Convertible Debenture ranks pari passu in right of payment with all other outstanding and future senior indebtedness of the Company. The 6.00% 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 6.00% Convertible Debenture (the “Maturity Date”) or earlier redemption date. The interest rate will increase to a rate of 16.0% per annum upon the occurrence and during the continuance of an event of default under the 6.00% Convertible Debenture. The 6.00% Convertible Debenture provides that Yorkville may convert all or any portion of the principal amount of the 6.00% Convertible Debenture, together with any accrued and unpaid interest thereon, at an initial conversion price of $2.90 (the “Fixed Price”), representing a conversion premium of 146% to the last reported sale price of the Company’s common stock on November 11, 2024. In certain circumstances, Yorkville will be permitted to convert up to $22.5 million aggregate principal amount of the 6.00% Convertible Debenture plus accrued and unpaid interest thereon, each calendar month beginning with December 2024, at a conversion price equal to the lower of the (1) Fixed Price and (2) 97.25% of the lowest daily volume-weighted average price for the Company’s common stock during the three trading days immediately preceding the applicable conversion date (the “Market Price”); provided that such Market Price is not less than $0.3941 (the “Floor Price”). The Fixed Price is subject to adjustment in certain circumstances including if the Company issues shares of common stock at price per share that is less than the Fixed Price or certain convertible securities with a conversion price that is less than the Fixed Price (the “Dilutive Price”), in which case the Fixed Price would be adjusted to equal the Dilutive Price, subject to certain exceptions. Yorkville is not permitted to convert the 6.00% Convertible Debenture to the extent that the shares of common stock deliverable upon conversion thereof would exceed 19.99% of the Company’s outstanding shares immediately prior to executing the Debenture Purchase Agreement (the “Exchange Cap”) without prior stockholder approval. If (1) the volume-weighted average price of the Company’s common stock is below the Floor Price for a specified period of time, (2) the Company has issued more than 99% of the shares of common stock available under the Exchange Cap or (3) a registration default has occurred with respect to the resale registration statement registering the shares of Common Stock potentially underlying the 6.00% Convertible Debenture, then Yorkville may require the Company to redeem or convert, at the Company’s discretion, $22.5 million of the principal amount of the 6.00% Convertible Debenture, a premium thereon equal to 2.75% of such principal amount and accrued interest thereon on a monthly basis, unless and until such event is cured in accordance with the provisions of the 6.00% Convertible Debenture. The Company has the right to redeem the 6.00% Convertible Debenture if the volume-weighted average price of the Company’s common stock is less than the Fixed Price at a redemption price equal to 102.75% of the principal amount redeemed plus accrued and unpaid interest thereon. The Company also has the right to redeem the 6.00% Convertible Debenture if the volume-weighted average price of the Company’s common stock is equal to or greater than the product of 1.3793 and the Fixed Price at a redemption price equal to 102.75% of the principal ​ The change in the carrying amount of the 6.00% Convertible Debenture for the year ended December 31, 2024 was as follows (in thousands): ​ ​ ​ ​ ​ ​ December 31, 2024 Principal received at issuance ​ $ 190,000 Payments of principal settled in cash ​ ​ (22,500) Payments or principal settled in common stock ​ ​ — Loss on debt extinguishment ​ ​ 1,613 Change in fair value of the convertible senior note ​ ​ 3,424 Amortization of discount ​ ​ 613 Ending balance as of December 31, 2024 ​ $ 173,150 ​ The following table summarizes the total interest expense and effective interest rate related to the 6.00% Convertible Debenture for the year ended December 31, 2024 (in thousands, except for the effective interest rate): ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, 2024 ​ Interest expense ​ $ 1,596 ​ Amortization of discount ​ ​ 613 ​ Total ​ $ 2,209 ​ Effective interest rate ​ ​ 8.7 % ​ 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. 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 consolidated statements 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 the Company’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 year ended December ​ The 7.00% Convertible Senior Notes consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ December 31, 2024 Principal amounts: ​ ​ ​ Principal ​ $ 140,396 Unamortized debt premium, net of offering costs (1) ​ ​ 7,514 Net carrying amount ​ $ 147,910 (1) Included in the 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 year ended December 31, 2024 (in thousands, except for the effective interest rate): ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, 2024 ​ Interest expense ​ $ 7,687 ​ Amortization of premium ​ ​ (4,085) ​ Total ​ $ 3,602 ​ Effective interest rate ​ ​ 3.0 % ​ The estimated fair value of the 7.00% Convertible Senior Notes as of December 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. ​ The 3.75% Convertible Senior Notes bear interest at a rate of 3.75% per year, payable semi-annually in arrears on June 1 and December 1 of each year, beginning on December 1, 2020. The notes will mature on June 1, 2025, unless earlier converted, redeemed or repurchased in accordance with their terms. ​ The 3.75% Convertible Senior Notes are senior, unsecured obligations of the Company and rank senior in right of payment to any of the Company’s indebtedness that is expressly subordinated in right of payment to the notes, equal in right of payment to any of the Company’s existing and future liabilities that are not so subordinated, effectively junior in right of payment to any of the Company’s secured indebtedness to the extent of the value of the collateral securing such indebtedness, and structurally subordinated to all indebtedness and other liabilities, including trade payables, of its current or future subsidiaries. ​ Holders of the 3.75% Convertible Senior Notes may convert their notes at their option at any time prior to the close of the business day immediately preceding December 1, 2024 in the following circumstances: ​ 1) during any calendar quarter commencing after March 31, 2021, if the last reported sale price of the Company’s common stock exceeds 130% of the conversion price for each of at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter; ​ 2) during the five business days after any five consecutive trading day period (such five consecutive trading day period, the measurement period) in which the trading price per $1,000 principal amount of the 3.75% Convertible Senior Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate on each such trading day; ​ 3) if the Company calls any or all of the 3.75% Convertible Senior Notes for redemption, any such notes that have been called for redemption may be converted at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; or ​ 4) upon the occurrence of specified corporate events, as described in the indenture governing the 3.75% Convertible Senior Notes. ​ On or after December 1, 2024, the holders of the 3.75% Convertible Senior Notes may convert all or any portion of their notes at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date regardless of the foregoing conditions. There were no conversions of the 3.75% Convertible Senior Notes during the years ended December ​ The initial conversion rate for the 3.75% Convertible Senior Notes is 198.6196 shares of the Company’s common stock per $1,000 principal amount of notes, which is equivalent to an initial conversion price of approximately $5.03 per share of the Company’s common stock, subject to adjustment upon the occurrence of specified events. Upon conversion, the Company will pay or deliver, as applicable, cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election. During the years ended December 31, 2023 and 2022, there were no conversions. During the year ended December 31, 2021, $15.2 million of the 3.75% Convertible Senior Notes were converted and the Company issued approximately 3.0 million shares of common stock in conjunction with these conversions. ​ In addition, following certain corporate events or following issuance of a notice of redemption, the Company will increase the conversion rate for a holder who elects to convert its notes in connection with such a corporate event or convert its notes called for redemption during the related redemption period in certain circumstances. ​ The 3.75% Convertible Senior Notes will be redeemable, in whole or in part, at the Company’s option at any time, and from time to time, on or after June 5, 2023 and before the 41 st maturity date, at a cash redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, but only if the last reported sale price per share of the Company’s common stock exceeds 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive), including at least one three ​ If the Company undergoes a “fundamental change” (as defined in the Indenture), holders may require the Company to repurchase their notes for cash all or any portion of their notes at a fundamental change repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest, to, but excluding, the fundamental change repurchase date. ​ The Company accounts for the 3.75% Convertible Senior Notes as a liability. We incurred transaction costs related to the issuance of the 3.75% Convertible Senior Notes of approximately $7.0 million, consisting of initial purchasers’ discount of approximately $6.4 million and other issuance costs of $0.6 million which were recorded as debt issuance cost (presented as contra debt in the consolidated balance sheets) and are being amortized to interest expense over the term of the 3.75% Convertible Senior Notes. The 3.75% Convertible Senior Notes consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 December 31, 2023 Principal amounts: ​ ​ ​ ​ ​ ​ Principal ​ $ 58,462 ​ $ 197,278 Unamortized debt issuance costs (1) ​ ​ (189) ​ ​ (2,014) Net carrying amount ​ $ 58,273 ​ $ 195,264 (1) Included in the consolidated balance sheets within the 3.75% Convertible Senior Notes, net and amortized over the remaining life of the notes using the effective interest rate method. ​ The following table summarizes the total interest expense and effective interest rate related to the 3.75% Convertible Senior Notes for the year ended December 31, 2024 (in thousands, except for effective interest rate): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, 2024 December 31, 2023 December 31, 2022 ​ Interest expense ​ $ 3,335 ​ $ 7,546 ​ $ 7,398 ​ Amortization of debt issuance costs ​ ​ 642 ​ ​ 1,345 ​ ​ 1,286 ​ Total ​ $ 3,977 ​ $ 8,891 ​ $ 8,684 ​ Effective interest rate ​ ​ 4.5 % ​ 4.6 % ​ 4.5 % ​ The estimated fair value of the 3.75% Convertible Senior Notes as of December 31, 2024 and 2023 was approximately $44.9 million and $213.2 million, respectively. The fair value estimation was primarily based on a quoted price in an active market. ​ Capped Call ​ In conjunction with the pricing of the 3.75% Convertible Senior Notes, the Company entered into privately negotiated capped call transactions (the “3.75% Notes Capped Call”) with certain counterparties at a price of $16.2 million. The 3.75% Notes Capped Call covers, subject to anti-dilution adjustments, the aggregate number of shares of the Company’s common stock that underlie the initial 3.75% Convertible Senior Notes and The net cost incurred in connection with the 3.75% Notes Capped Call has been recorded as a reduction to additional paid-in capital in the consolidated balance sheets at the time the transactions were entered into. The book value of the 3.75% Notes Capped Call is not remeasured.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2024
Stockholders' Equity
Stockholders' Equity	18. Stockholders’ Equity ​ Preferred Stock ​ The Company has authorized 5,000,000 shares of preferred stock, par value $0.01 per share, consisting of 170,000 shares of previously designated Series A Junior Participating Cumulative Preferred Stock and 4,830,000 shares of undesignated preferred stock. The Company’s amended and restated certificate of incorporation, as amended, provides that shares of preferred stock may be issued from time to time in one or more series. The Company’s Board of Directors is authorized to fix the voting rights, if any, designations, powers, preferences, qualifications, limitations, and restrictions thereof, applicable to the shares of each series. As of December 31, 2024 and 2023, there were no shares of Series A Junior Participating Cumulative Preferred Stock issued and outstanding. ​ Common Stock and Warrants ​ The Company has one class of common stock, par value $.01 per share. Each share of the Company’s common stock is entitled to one vote on all matters submitted to stockholders. ​ On January 17, 2024, the Company entered into the Original ATM Agreement with B. Riley, pursuant to which the Company may, from time to time, offer and sell through or to B. Riley, as sales agent or principal, shares of the Company’s common stock, having an aggregate gross sales price of up to $1.0 billion. As of February 23, 2024, the Company had $697.9 million remained authorized for issuance under the Original ATM Agreement. On February 23, 2024, the Company amended the Original 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. As of November 7, 2024, the Company had $624.8 million remained authorized for issuance under the ATM Agreement. On November 7, 2024, the Company amended the ATM Agreement to increase the amount of shares of the Company’s common stock available for sale under the Amended ATM Agreement to $1.0 billion. During the year ended December 31, 2024, the Company sold 219,835,221 shares of common stock at a weighted-average sales price of $3.08 per share for gross proceeds of $677.2 million with related issuance costs of $10.4 million. ​ 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. ​ On August 24, 2022, the Company and Amazon.com, Inc. (“Amazon”) entered into a Transaction Agreement (the “2022 Transaction Agreement”), under which the Company concurrently issued to Amazon.com NV Investment Holdings LLC, a wholly owned subsidiary of Amazon, a warrant (the “Amazon Warrant”) to acquire up to 16,000,000 shares of the Company’s common stock (the “Amazon Warrant Shares”), subject to certain vesting events described below. The Company and Amazon entered into the 2022 Transaction Agreement in connection with a concurrent commercial arrangement under which Amazon agreed to purchase hydrogen fuel from the Company through August 24, 2029. As of December 31, 2024, 3,000,000 of the Amazon Warrant Shares issued pursuant to the 2022 Transaction Agreement had vested. ​ During 2017, warrants to purchase up to 110,573,392 shares of common stock were issued in connection with transaction agreements with Amazon and Walmart, as discussed in Note 19, “Warrant Transaction Agreements”. ​ Accumulated Other Comprehensive Income/(Loss) ​ Accumulated other comprehensive income/(loss) is comprised of unrealized gains and losses on available-for-sale securities and foreign currency translation gains and losses. Amounts reclassified from accumulated other comprehensive income/(loss) was $0, $12.8 million and $0 for the years ended December 31, 2024, 2023 and 2022, respectively. The amount reclassified during the year ended December 31, 2023 was due to realized loss on available-for-sale securities. ​ Net current-period other comprehensive income for the year ended December 31, 2024 increased due to foreign currency translation gains of $4.3 million. Net current-period other comprehensive income for the year ended December 31, 2023 increased due to unrealized gains on available-for-sale securities of $9.9 million, partially offset by foreign currency translation losses of $3.5 million. Net current-period other comprehensive loss for the year ended December 31, 2022 increased due to unrealized losses on available-for-sale securities of $20.0 million and foreign currency translation losses of $4.5 million. ​ Non-controlling Interest ​ Our consolidated financial statements include the accounts of majority-owned subsidiaries consolidated under the variable interest model. Non-controlling interest represent the portion of equity not attributable to Plug Power Inc. and are reported as a separate component of equity on our consolidated balance sheets. Net loss and comprehensive income/(loss) for majority-owned subsidiaries are attributed to Plug Power Inc. and to non-controlling interest holders on our consolidated statements of operations and consolidated statements of comprehensive income/(loss) based on respective ownership percentages. Refer to Note 28, “Variable Interest Entities”, for further information.

Warrant Transaction Agreements

Warrant Transaction Agreements	12 Months Ended
	Dec. 31, 2024
Warrant Transaction Agreements
Warrant Transaction Agreements	19. 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 term of the 2022 Amazon Warrant based on payments made to the Company directly by Amazon or its affiliates, or indirectly through third parties, with 15,000,000 of the 2022 Amazon Warrant Shares fully vesting if Amazon-related payments of $2.1 billion are made in the aggregate. The exercise price for the first 9,000,000 2022 Amazon Warrant Shares is $22.9841 per share and the fair value on the grant date was $20.36. The exercise price for the remaining 7,000,000 2022 Amazon Warrant Shares will be an amount per share equal to 90% of the 30-day volume weighted average share price of the Company’s common stock as of the final vesting event that results in full vesting of the first 9,000,000 2022 Amazon Warrant Shares. The 2022 Amazon Warrant is exercisable through August 24, 2029. ​ Upon the consummation of certain change of control transactions (as defined in the 2022 Amazon Warrant) prior to the vesting of at least 60% of the aggregate 2022 Amazon Warrant Shares, the 2022 Amazon Warrant will automatically vest and become exercisable with respect to an additional number of 2022 Amazon Warrant Shares such that 60% of the aggregate 2022 Amazon Warrant Shares shall have vested. If a change of control transaction is consummated after the vesting of at least 60% of the aggregate 2022 Amazon Warrant Shares, then no acceleration of vesting will occur with respect to any of the unvested 2022 Amazon Warrant Shares as a result of the transaction. The exercise price and the 2022 Amazon Warrant Shares issuable upon exercise of the 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 December 31, 2024, the balance of the contract asset related to tranche 1 was $16.5 million which is recorded in contract assets in the Company’s consolidated balance sheets. During the second quarter of 2023, all 1,000,000 of the Amazon Warrant Shares associated with tranche 2 vested. The warrant fair value associated with the vested shares of tranche 2 was $20.4 million and was determined on the grant date of August 24, 2022. As of December 31, 2024, the balance of the contract asset related to tranche 2 was $16.5 million. Tranche 3 will vest over the next $1.0 billion of collections from Amazon and its affiliates. The grant date fair value of tranche 3 will also be amortized ratably as a reduction to revenue based on the Company’s estimate of revenue over the term of the agreement. As of December 31, 2024, the balance of the contract asset related to tranche 3 was $0.2 million. Because the exercise price has yet to be determined, if probable of vesting, 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 December 31, 2024 and 2023, 3,000,000 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 years ended December 31, 2024, 2023 and 2022 was $19.0 million, $4.9 million and $5.2 million, respectively. ​ Amazon Transaction Agreement in 2017 ​ On April 4, 2017, the Company and Amazon entered into a Transaction Agreement (the “2017 Amazon Transaction Agreement”), pursuant to which the Company agreed to issue to Amazon.com NV Investment Holdings LLC, a warrant (the “2017 Amazon Warrant”) to acquire up to 55,286,696 shares (the “2017 Amazon Warrant Shares”) of the Company’s common stock, subject to certain vesting events. The Company and Amazon entered into the 2017 Amazon Transaction Agreement in connection with existing commercial agreements between the Company and Amazon with respect to the deployment of the Company’s GenKey fuel cell technology at Amazon distribution centers. The vesting of the 2017 Amazon Warrant Shares was conditioned upon payments made by Amazon or its affiliates (directly or indirectly through third parties) pursuant to the existing commercial agreements. On December 31, 2020, the Company waived the remaining vesting conditions under the 2017 Amazon Warrant, which resulted in the immediate vesting of all the third tranche of the 2017 Amazon Warrant Shares. ​ As of December 31, 2024 and 2023, all 55,286,696 of the 2017 Amazon Warrant Shares had vested and the 2017 Amazon Warrant was exercised with respect to 34,917,912 shares of the Company’s common stock. The total amount of provision for common stock warrants recorded as a reduction of revenue for the 2017 Amazon Warrant during the years ended December 31, 2024, 2023 and 2022 was $0.4 million, $0.4 million and $0.4 million, respectively. ​ Walmart Transaction Agreement ​ On July 20, 2017, the Company and Walmart entered into a Transaction Agreement (the “Walmart Transaction Agreement”), pursuant to which the Company agreed to issue to Walmart a warrant (the “Walmart Warrant”) to acquire up to 55,286,696 shares of the Company’s common stock, subject to certain vesting events (the “Walmart Warrant Shares”). The Company and Walmart entered into the Walmart Transaction Agreement in connection with existing commercial agreements between the Company and Walmart with respect to the deployment of the Company’s GenKey fuel cell technology across various Walmart distribution centers. The existing commercial agreements contemplate, but do not guarantee, future purchase orders for the Company’s fuel cell technology. The vesting of the warrant shares 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 majority of the Walmart Warrant Shares will vest based on Walmart’s payment of up to $600.0 million to the Company in connection with Walmart’s purchase of goods and services from the Company. The first tranche of 5,819,652 Walmart Warrant Shares vested upon the execution of the Walmart Warrant and was fully exercised as of December 31, 2020. Accordingly, $10.9 million, the fair value of the first tranche of Walmart Warrant Shares, was recorded as a provision for common stock warrants and presented as a reduction to revenue on the consolidated statements of operations during 2017. All future provision for common stock warrants is measured based on the fair value of the awards and recorded as a charge against revenue. The second tranche of 29,098,260 Walmart Warrant Shares vested in four installments of 7,274,565 Walmart Warrant Shares each time Walmart or its affiliates, directly or indirectly through third parties, made an aggregate of $50.0 million in payments for goods and services to the Company, up to payments totaling $200.0 million in the aggregate. ​ The exercise price for the first and second tranches of Walmart Warrant Shares was $2.1231 per share. After Walmart has made payments to the Company totaling $200.0 million, the third tranche of 20,368,784 Walmart Warrant Shares will vest in eight installments of 2,546,098 Walmart Warrant Shares each time Walmart or its affiliates, directly or indirectly through third parties, make an aggregate of $50.0 million in payments for goods and services to the Company, up to payments totaling $400.0 million in the aggregate. The exercise price of the third tranche of the Walmart Warrant Shares is $6.28 per share, which was determined pursuant to the terms of the Walmart Warrant as an amount equal to 90% of the 30-day volume weighted average share price of the Company’s common stock as of October 30, 2023, the final vesting date of the second tranche of the Walmart Warrant Shares. The Walmart Warrant is exercisable through July 20, 2027. The Walmart Warrant provides for net share settlement that, if elected by the holder, will reduce the number of shares issued upon exercise to reflect net settlement of the exercise price. The Walmart Warrant provides for certain adjustments that may be made to the exercise price and the number of shares of common stock issuable upon exercise due to customary anti-dilution provisions based on future events. The Walmart Warrant is classified as an equity instrument. As of December 31, 2024, the balance of the contract asset related to the Walmart Warrant was $2.6 million. ​ As of December 31, 2024 and 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. The total amount of provision for common stock warrants recorded as a reduction of revenue for the Walmart Warrant during the years ended December 31, 2024, 2023 and 2022 was $19.6 million, $5.9 million, and $7.1 million, respectively.

Revenue

Revenue	12 Months Ended
	Dec. 31, 2024
Revenue
Revenue	20. Revenue ​ Disaggregation of revenue ​ The following table provides information about disaggregation of revenue (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Major products/services lines ​ Year ended December 31, ​ 2024 2023 2022 Sales of fuel cell systems ​ $ 52,110 ​ $ 181,168 ​ $ 207,691 Sales of hydrogen infrastructure ​ ​ 69,122 ​ ​ 183,606 ​ ​ 141,528 Sales of electrolyzers ​ ​ 135,504 ​ ​ 82,611 ​ ​ 28,463 Sales of engineered equipment ​ ​ 22,092 ​ ​ 32,361 ​ ​ 93,489 Services performed on fuel cell systems and related infrastructure ​ ​ 52,169 ​ ​ 39,093 ​ ​ 35,280 Power purchase agreements ​ ​ 77,842 ​ ​ 63,731 ​ ​ 47,183 Fuel delivered to customers and related equipment ​ ​ 97,882 ​ ​ 66,246 ​ ​ 57,196 Sales of cryogenic equipment and liquefiers ​ ​ 111,507 ​ ​ 231,687 ​ ​ 87,761 Other ​ ​ 10,586 ​ ​ 10,837 ​ ​ 2,849 Net revenue ​ $ 628,814 ​ $ 891,340 ​ $ 701,440 ​ Contract balances ​ The following table provides information about accounts receivables, contract assets, and deferred revenue and contract liabilities (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ 2024 2023 Accounts receivable ​ $ 157,244 ​ $ 243,811 Contract assets ​ ​ 118,015 ​ ​ 155,989 Deferred revenue and contract liabilities ​ ​ 202,625 ​ ​ 288,302 ​ Contract assets relate to contracts for which revenue is recognized on a straight-line basis, however billings escalate over the life of a contract. Contract assets also include amounts recognized as revenue in advance of billings to customers, which are dependent upon the satisfaction of another performance obligation. These amounts are included in contract assets on the consolidated balance 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 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 ​ Year ended ​ December 31, 2024 December 31, 2023 Transferred to receivables from contract assets recognized at the beginning of the period ​ $ (27,513) ​ $ (94,860) Change in contract assets related to warrants ​ ​ (4,909) ​ ​ 14,260 Impairment ​ ​ (35,118) ​ ​ (2,375) Revenue recognized and not billed as of the end of the period ​ ​ 29,566 ​ ​ 134,677 Net change in contract assets ​ $ (37,974) ​ $ 51,702 ​ ​ ​ ​ ​ ​ ​ ​ Deferred revenue and contract liabilities ​ Year ended ​ December 31, 2024 December 31, 2023 Increases due to customer billings, net of amounts recognized as revenue during the period ​ $ 74,702 ​ $ 151,965 Change in contract liabilities related to warrants ​ ​ 440 ​ ​ 440 Revenue recognized that was included in the contract liability balance as of the beginning of the period ​ ​ (160,819) ​ ​ (94,001) Net change in deferred revenue and contract liabilities ​ $ (85,677) ​ $ 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 ​ December 31, 2024 period (years) Sales of fuel cell systems ​ $ 34,555 ​ ​ 1 - 2 Sales of hydrogen installations and other infrastructure ​ ​ 19,425 ​ ​ 1 Sales of electrolyzers ​ ​ 225,329 ​ ​ 1 - 2 Sales of engineered equipment ​ ​ 2,332 ​ ​ 1 Services performed on fuel cell systems and related infrastructure ​ ​ 122,900 ​ ​ 5 - 10 Power purchase agreements ​ ​ 356,815 ​ ​ 5 - 10 Fuel delivered to customers and related equipment ​ ​ 69,152 ​ ​ 5 - 10 Sales of cryogenic equipment and other ​ ​ 60,136 ​ ​ 1 Total estimated future revenue ​ $ 890,644 ​ ​ ​ ​

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2024
Employee Benefit Plans
Employee Benefit Plans	21. Employee Benefit Plans ​ 2011 and 2021 Stock Option and Incentive Plan ​ On May 12, 2011, the Company’s stockholders approved the 2011 Stock Option and Incentive Plan (the “2011 Plan”). The 2011 Plan provided for the issuance of up to a maximum number of shares of common stock equal to the sum of (i) 1,000,000, plus (ii) the number of shares of common stock underlying any grants pursuant to the 2011 Plan or the Plug Power Inc. 1999 Stock Option and Incentive Plan that are forfeited, canceled, repurchased or are terminated (other than by exercise). The shares were issued pursuant to stock options, stock appreciation rights, restricted stock awards and certain other equity-based awards granted to employees, directors and consultants of the Company. No further grants may be made under the 2011 Plan after May 12, 2021. In July 2021, the 2021 Stock Option Incentive Plan (the “2021 Plan”) was approved by the Company’s stockholders. The 2021 Plan provides for the issuance of up to a maximum number of shares of common stock equal to the sum of (i) 22,500,000 shares, plus the 473,491 shares remaining under the 2011 Plan as of the effective date of that the 2021 Plan, plus (iii) shares underlying any awards under the 2021 Plan and the 2011 Plan that are forfeited, canceled, cash-settled or otherwise terminated, other than by exercise. In June 2023, the Company’s stockholders approved an increase in the number of shares of the Company’s common stock authorized for issuance under the 2021 Plan to 51,400,000. Stock-based compensation costs recognized, excluding the Company’s matching contributions of $11.0 million, $12.1 million and $9.2 million, respectively, to the Plug Power Inc. 401(k) Savings & Retirement Plan and quarterly Board compensation, were approximately $70.3 million, $150.0 million and $169.8 million for the years ended December 31, 2024, 2023 and 2022, respectively, in connection with the 2011 and 2021 Plans. ​ The components and classification of stock-based compensation expense, excluding the Company’s matching contributions to the Plug Power Inc. 401(k) Savings & Retirement Plan and quarterly Board compensation, were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ December 31, 2024 December 31, 2023 December 31, 2022 Cost of sales ​ $ 7,252 ​ $ 11,079 ​ $ 7,259 Research and development ​ ​ 8,406 ​ ​ 9,532 ​ ​ 6,369 Selling, general and administrative ​ ​ 54,683 ​ ​ 129,387 ​ ​ 156,127 ​ ​ $ 70,341 ​ $ 149,998 ​ $ 169,755 ​ Option Awards ​ The Company issues options that become exercisable based on time and/or market conditions and are classified as equity awards. ​ Service Stock Options Awards ​ To date, service-based stock option awards (“Service Stock Options”) granted under the 2011 and 2021 Plans have vesting provisions ranging from one ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ December 31, 2024 December 31, 2023 December 31, 2022 Expected term of options (years) ​ 1 5 ​ 5 ​ 5 Risk free interest rate ​ 3.48% - 4.63% ​ 3.40% - 4.69% ​ 1.26% - 4.34% Volatility ​ 85.00% - 97.82% ​ 80.02% - 92.55% ​ 73.38% - 85.97% ​ There was no expected dividend yield for the Service Stock Options granted. ​ The estimated stock price volatility is derived from the Company’s actual historic stock prices over the expected term, which represents the Company’s best estimate of expected volatility. ​ The following table reflects the Service Stock Option activity for the year ended December 31, 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 ​ 12,227,935 ​ ​ 2.25 ​ ​ — ​ ​ — Exercised ​ (77,500) ​ ​ 13.40 ​ ​ — ​ ​ — Forfeited ​ (3,362,649) ​ ​ 15.35 ​ ​ — ​ ​ — Options outstanding as of December 31, 2024 ​ 26,124,148 ​ $ 6.62 ​ ​ 7.74 ​ $ 735 Options exercisable as of December 31, 2024 ​ 9,965,432 ​ ​ 10.99 ​ ​ 5.90 ​ ​ 166 Options unvested as of December 31, 2024 ​ 16,158,716 ​ $ 3.92 ​ ​ 8.88 ​ $ 569 ​ The weighted average grant-date fair value of the Service Stock Options granted during the years ended December 31, 2024, 2023 and 2022 was $1.63, $4.88, and $13.39 per share, respectively. The total intrinsic fair value of Service Stock Options exercised during the years ended December 31, 2024, 2023 and 2022 was approximately $0.1 million, $5.3 million and $15.1 million. The total fair value of Service Stock Options that vested during the years ended December 31, 2024, 2023 and 2022 was $26.0 million, $33.1 million and $22.6 million, respectively. ​ Compensation cost associated with Service Stock Options represented approximately $21.8 million, $31.5 million, and $27.5 million of the total share-based payment expense recorded for the years ended December 31, 2024, 2023 and 2022, respectively. Additionally, as of December 31, 2024 there was approximately $35.5 million of unrecognized compensation cost related to Service Stock Options to be recognized over a weighted average remaining period of 1.94 years. ​ Market Condition Stock Option Awards ​ The Company grants market condition stock options awards under the 2021 plan to the Chief Executive Officer and certain other executive officers. These market condition stock options awards are subject to both market conditions, tied to the achievement of stock price hurdles, and time-based vesting; therefore, a Monte Carlo Simulation was utilized to determine the grant-date fair value with the associated expense recognized over the requisite service period. Up to one 30 three-year ​ The Company granted 2,452,500 and 500,000 market condition stock options awards on April 26, 2024 and July 31, 2024, respectively. Options that meet the market conditions will vest 1 ​ Failure to achieve any of the stock price hurdles applicable to a market condition stock options awards during the three-year seven ​ Key inputs and assumptions used to estimate the fair value of market condition stock options awards include the grant price of the awards, the expected option term, VWAP hurdle rates, volatility of the Company’s stock, an appropriate risk-free rate, and the Company’s dividend yield. Estimates of fair value are not intended to predict actual future events or the value ultimately realized by employees who receive equity awards, and subsequent events are not indicative of the reasonableness of the original estimates of fair value made by the Company. ​ The following table presents key assumptions used to estimate the fair value of the market condition stock options awards granted in 2024, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ Year Ended ​ Year Ended ​ December 31, 2024 ​ December 31, 2023 December 31, 2022 Remaining VWAP performance period (years) ​ 3 ​ ​ 3 ​ 3 Risk-free interest rate ​ 4.01% - 4.57% ​ ​ 3.60% ​ 3.10% Expected volatility ​ 85.00% - 90.00% ​ ​ 75.00% ​ 75.00% Closing stock price on grant date ​ $2.41 - $2.47 ​ ​ $7.87 ​ $26.38 ​ The following table reflects the market condition stock options awards activity for the year ended December 31, 2024. Solely for the purposes of this table, the number of shares is based on participants earning the maximum number of shares underlying the market condition stock options awards (i.e., 200% of the target number of shares). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ 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 ​ ​ 26.92 ​ 4.73 ​ ​ — 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 December 31, 2024 ​ 12,566,000 ​ $ 12.83 ​ 5.07 ​ $ — Options exercisable as of December 31, 2024 ​ 5,372,667 ​ ​ 22.46 ​ 4.11 ​ ​ — Options unvested as of December 31, 2024 ​ 7,193,333 ​ $ 5.63 ​ 5.78 ​ $ — ​ The weighted average grant-date fair value of market condition stock options awards granted during the years ended December 31, 2024, 2023 and 2022 was $0.49, $4.32 and $9.73, respectively. There were no market condition stock options awards exercised during the years ended December 31, 2024, 2023 and 2022. The total fair value of the market condition stock options awards that vested during the years ended December 31, 2024, 2023 and 2022 was $25.5 million, $20.8 million and $20.8 million, respectively. ​ Compensation cost associated with market condition stock options awards represented approximately $12.9 million, $64.0 million and $95.7 million of the total share-based payment expense recorded for the years ended December 31, 2024, 2023 and 2022, respectively. Compensation costs associated with these awards are recognized as the requisite service period is rendered, regardless of when, if ever, the market condition is satisfied. Compensation cost for the year ended December 31, 2024 includes reversals due to forfeitures of unvested market condition stock options of during the first quarter of 2024. Forfeitures represent the expense related to awards for which the requisite service period was not met. The compensation expense reversals were offset by compensation costs of $25.1 million during the year ended December 31, 2024. As of December 31, 2024, there was approximately $5.9 million of unrecognized compensation cost related to market condition stock options awards to be recognized over a weighted average remaining period of 1.52 years. ​ As of December 31, 2024, there were 2,513,333 unvested shares underlying market condition stock options awards for which the employee requisite service period has not been rendered but are expected to vest. The aggregate intrinsic value of these unvested market condition stock options awards was $0 as of December 31, 2024. The weighted average remaining contractual term of these unvested market condition stock options awards was 5.38 years as of December 31, 2024. ​ Restricted Stock and Restricted Stock Unit Awards ​ Restricted stock and restricted stock unit awards generally vest in equal installments over a period of one ​ The following table reflects the restricted stock and restricted stock unit activity during the year ended December 31, 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 ​ 4,052,391 ​ ​ 2.21 ​ ​ — Vested ​ (2,746,700) ​ ​ 15.43 ​ ​ — Forfeited ​ (1,288,203) ​ ​ 16.89 ​ ​ — Unvested restricted stock as of December 31, 2024 ​ 6,750,372 ​ $ 7.44 ​ $ 14,378 ​ The weighted average grant-date fair value of the restricted stock and restricted stock unit awards granted during the years ended December 31, 2024, 2023 and 2022, was $2.21, $11.55, and $20.28, respectively. The total fair value of restricted stock and restricted stock unit awards that vested during the years ended December 31, 2024, 2023 and 2022 was $42.4 million, $58.2 million, and $36.7 million, respectively. ​ The Company recorded expense associated with its restricted stock and restricted stock unit awards of approximately $35.6 million, $54.5 million, and $46.5 million during the years ended December 31, 2024, 2023 and 2022, respectively. Additionally, as of December 31, 2024 there was approximately $38.7 million of unrecognized compensation cost related to restricted stock and restricted stock unit awards to be recognized over a weighted average remaining period of 1.55 years. ​ Included in the total unvested restricted common stock and restricted stock units as of December 31, 2024, there were 375,000 restricted common stock units outstanding with a performance target. The Company recorded expense associated with the restricted common stock units with a performance target of $2.0 million during the year ended December 31, 2024. Additionally, as of December 31, 2024 there was $1.1 million of unrecognized compensation cost related to the restricted common stock units outstanding with a performance target to be recognized over the weighted average period of 1.58 years. ​ 401(k) Savings & Retirement Plan ​ The Company offers a 401(k) Savings & Retirement Plan to eligible employees meeting certain age and service requirements. This plan permits participants to contribute 100% of their salary, up to the maximum allowable by the Internal Revenue Service regulations. Participants are immediately vested in their voluntary contributions plus actual earnings or less actual losses thereon. Participants are vested in the Company’s matching contribution based on years of service completed. Participants are fully vested upon completion of three years of service. During 2018, the Company began funding its matching contribution in a combination of cash and common stock. The Company issued 4,314,747, 1,473,662, and 442,056 shares of common stock pursuant to the Plug Power Inc. 401(k) Savings & Retirement Plan during the years ended December 31, 2024, 2023 and 2022, respectively. ​ The Company’s expense for this plan was approximately $11.0 million, $12.1 million, and $9.2 million for the years ended December 31, 2024, 2023 and 2022, respectively. ​ Non-Employee Director Compensation ​ Each non-employee director is paid an annual retainer for his or her service, in the form of either cash or stock compensation. This annual retainer is paid in four quarterly installments. The Company granted 295,090, 59,323, and 21,886 shares of common stock to non-employee directors as compensation during the years ended December 31, 2024, 2023 and 2022, respectively. All common stock issued related to this annual retainer that is paid quarterly, is fully vested at the time of issuance and is valued at fair value on the date of issuance. The Company’s share-based compensation expense in connection with non-employee director quarterly compensation was approximately $725 thousand, $452 thousand and $390 thousand for the years ended December 31, 2024, 2023 and 2022, respectively.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Taxes
Income Taxes	22. Income Taxes ​ The components of loss before income taxes and the income tax (expense) benefit for the years ended December 31, 2024, 2023, and 2022, by jurisdiction, are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ 2022 ​ U.S. Foreign Total U.S. Foreign Total U.S. Foreign Total Loss before income taxes $ (1,956,615) ​ $ (150,976) $ (2,107,591) $ (1,211,796) $ (164,401) $ (1,376,197) $ (697,342) $ (25,827) $ (723,169) Income tax benefit/(expense) ​ ​ — ​ ​ 2,686 ​ ​ 2,686 ​ ​ 29 ​ ​ 7,335 ​ ​ 7,364 ​ ​ 868 ​ ​ (1,707) ​ ​ (839) Net loss $ (1,956,615) $ (148,290) $ (2,104,905) $ (1,211,767) $ (157,066) $ (1,368,833) $ (696,474) $ (27,534) $ (724,008) ​ The significant components of current and deferred income tax expense (benefit) for the years ended December 31, 2024, 2023, and 2022, by jurisdiction, are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ 2022 ​ U.S. Foreign Total U.S. Foreign ​ Total U.S. Foreign Total Current income tax expense ​ $ — ​ $ 469 ​ $ 469 ​ $ — ​ $ 1,170 ​ $ 1,170 ​ $ — ​ $ 668 ​ $ 668 Deferred tax (benefit)/expense ​ ​ (206,649) ​ ​ (8,381) ​ ​ (215,030) ​ ​ (100,754) ​ ​ (2,618) ​ ​ (103,372) ​ ​ (42,705) ​ ​ 6,968 ​ ​ (35,737) Net operating loss carryforward generated ​ ​ (194,386) ​ ​ (8,452) ​ ​ (202,838) ​ ​ (146,174) ​ ​ (17,653) ​ ​ (163,827) ​ ​ (92,030) ​ ​ 4,332 ​ ​ (87,698) Valuation allowance increase/(decrease) ​ ​ 401,035 ​ ​ 13,678 ​ ​ 414,713 ​ ​ 246,899 ​ ​ 11,766 ​ ​ 258,665 ​ ​ 133,867 ​ ​ (10,261) ​ ​ 123,606 (Benefit)/expense for income taxes ​ $ — ​ ​ (2,686) ​ $ (2,686) ​ $ (29) ​ $ (7,335) ​ $ (7,364) ​ $ (868) ​ $ 1,707 ​ $ 839 ​ The Company’s effective income tax rate differed from the federal statutory rate as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 2022 U.S. Federal statutory tax rate ​ (21.0) % (21.0) % (21.0) % Section 162M Disallowance ​ 0.2 % 0.7 % 1.9 % Equity Compensation ​ 0.5 % 0.4 % (0.7) % Provision to return and deferred tax asset adjustments ​ 0.8 % (2.1) % 4.6 % Change in U.S. Federal/Foreign statutory tax rate ​ (0.1) % (0.1) % 0.0 % Other, net ​ 0.4 % 0.6 % 0.6 % Impairment of goodwill ​ 0.0 % 3.3 % 0.0 % Change in valuation allowance ​ 19.1 % 17.7 % 14.8 % ​ ​ (0.1) % (0.5) % 0.1 % ​ Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of certain assets and liabilities for financial reporting and the amounts used for income tax purposes. The Company has recorded a net deferred tax asset and liability in other non-current assets and liabilities as of December 31, 2024 and 2023 of approximately $19 thousand and $3.2 million, respectively. Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2024 and 2023 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ Foreign ​ Total ​ 2024 2023 2024 2023 2024 2023 Deferred revenue ​ ​ 22,951 ​ ​ 39,241 ​ ​ 134 ​ ​ 142 ​ ​ 23,085 ​ ​ 39,383 Interest expense ​ ​ 29,390 ​ ​ 28,126 ​ ​ — ​ ​ — ​ ​ 29,390 ​ ​ 28,126 Other reserves and accruals ​ ​ 69,834 ​ ​ 57,265 ​ ​ 318 ​ ​ 337 ​ ​ 70,152 ​ ​ 57,602 Tax credit carryforwards ​ ​ 24,752 ​ ​ 20,794 ​ ​ — ​ ​ — ​ ​ 24,752 ​ ​ 20,794 Amortization of stock-based compensation ​ ​ 42,008 ​ ​ 44,023 ​ ​ — ​ ​ — ​ ​ 42,008 ​ ​ 44,023 Non-compensatory warrants ​ ​ 6,187 ​ ​ 2,950 ​ ​ — ​ ​ — ​ ​ 6,187 ​ ​ 2,950 Capitalized research & development expenditures ​ ​ 67,018 ​ ​ 82,374 ​ ​ — ​ ​ — ​ ​ 67,018 ​ ​ 82,374 Right of use liability (operating leases) ​ ​ 71,033 ​ ​ 41,960 ​ ​ — ​ ​ — ​ ​ 71,033 ​ ​ 41,960 Capital loss carryforwards ​ ​ 2,649 ​ ​ 1,763 ​ ​ — ​ ​ — ​ ​ 2,649 ​ ​ 1,763 Property, plant and equipment and right of use assets ​ ​ 163,518 ​ ​ — ​ ​ — ​ ​ — ​ ​ 163,518 ​ ​ — Net operating loss carryforwards ​ ​ 638,350 ​ ​ 443,964 ​ ​ 33,825 ​ ​ 25,373 ​ ​ 672,175 ​ ​ 469,337 Total deferred tax asset ​ ​ 1,137,690 ​ ​ 762,460 ​ ​ 34,277 ​ ​ 25,852 ​ ​ 1,171,967 ​ ​ 788,312 Valuation allowance ​ ​ (1,077,225) ​ ​ (676,190) ​ ​ (33,627) ​ ​ (19,949) ​ ​ (1,110,852) ​ ​ (696,139) Net deferred tax assets ​ $ 60,465 ​ $ 86,270 ​ $ 650 ​ $ 5,903 ​ $ 61,115 ​ $ 92,173 Intangible assets ​ ​ (11,940) ​ ​ (27,749) ​ ​ (631) ​ ​ (9,088) ​ ​ (12,571) ​ ​ (36,837) Convertible debt ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Right of use asset (operating leases) ​ ​ (48,525) ​ ​ (50,632) ​ ​ — ​ ​ — ​ ​ (48,525) ​ ​ (50,632) Property, plant and equipment and right of use assets ​ ​ — ​ ​ (7,889) ​ ​ — ​ ​ — ​ ​ — ​ ​ (7,889) Deferred tax liability ​ $ (60,465) ​ $ (86,270) ​ $ (631) ​ $ (9,088) ​ $ (61,096) ​ $ (95,358) Net ​ $ — ​ $ — ​ $ 19 ​ $ (3,185) ​ $ 19 ​ $ (3,185) ​ The Company has recorded a valuation allowance, as a result of uncertainties related to the realization of its net deferred tax asset, at December 31, 2024 and 2023 of approximately $1.1 billion and $696.1 million, respectively. A reconciliation of the current year change in valuation allowance is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Foreign Total Increase in valuation allowance for current year increase in net operating losses ​ $ 221,635 ​ ​ 15,193 ​ $ 236,828 Increase in valuation allowance for current year net increase in deferred tax assets other than net operating losses ​ ​ 179,400 ​ ​ — ​ ​ 179,400 Increase in valuation allowance due to change in tax rates ​ ​ — ​ ​ (1,515) ​ ​ (1,515) Net increase in valuation allowance ​ $ 401,035 ​ $ 13,678 ​ $ 414,713 ​ The Company has not changed its overall conclusion with respect to the need for a valuation allowance against its net deferred tax assets in the U.S., which remain fully reserved. Except for a few service entities mainly in Europe, all deferred tax assets are offset by a full valuation allowance because it is more likely than not that the tax benefits of the net operating loss carryforwards and other deferred tax assets will not be realized. As of December 31, 2024, the Company’s Netherlands subsidiary established a full valuation allowance on its deferred tax assets that will not be realized. ​ Under Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”), the use of loss carryforwards may be limited if a change in ownership of a company occurs. If it is determined that due to transactions involving the Company’s shares owned by its 5 percent or greater stockholders a change of ownership has occurred under the provisions of Section 382 of the Code, the Company’s federal and state NOL carryforwards could be subject to significant Section 382 limitations. ​ The Company’s deferred tax assets include $3.0 billion of U.S. net operating loss carryforwards. The NOL carryforwards available at December 31, 2024, include $2.9 billion of NOL that was generated in 2018 through 2024, that do not expire. The remainder, if unused, will expire at various dates from 2033 through 2037. Based on analysis of stock transactions, an ownership change as defined under Section 382 of the Code occurred in 2013, which imposes a $13.5 million limit on the utilization of pre-change losses that can be used to offset taxable income in future years. The pre-change NOL carryforwards will expire, if unused, at various dates from 2025 through 2033. The Company continuously analyzes stock transactions and has determined that no ownership changes have occurred since 2013 that would further limit the utilization of NOLs. Therefore, NOLs of $3.0 billion incurred in post-change years are not subject to limitation. ​ Approximately $24.7 million of research credit carryforwards generated after the most recent IRC Section 382 ownership change are included in the Company’s deferred tax assets. Due to limitations under IRC Section 382, research credit carryforwards existing prior to the most recent IRC Section 382 ownership change will not be used and are not reflected in the Company’s gross deferred tax asset at December 31, 2024. The remaining credit carryforwards will expire during the periods 2033 through 2042. ​ At December 31, 2024, the Company has unused Canadian net operating loss carryforwards of approximately $3.5 million. The net operating loss carryforwards if unused will expire at various dates between 2041 through 2044. At December 31, 2024, the Company has no remaining Scientific Research and Experimental Development (“SR&ED”) expenditures or ITC credit carryforwards. ​ At December 31, 2024, the Company has unused French net operating loss carryforwards of approximately $96.3 million. The net operating loss may carry forward indefinitely or until the Company changes its activity. ​ At December 31, 2024, the Company has unused Netherlands net operating loss carryforwards of approximately $41.4 million. The net operating loss may carry forward indefinitely or until the Company changes its activity. ​ As of December 31, 2024, the Company has no un-repatriated foreign earnings or unrecognized tax benefits. ​ The Inflation Reduction Act of 2022 (“IRA”) was signed into law on August 16, 2022. Key provisions under the IRA include a 15% corporate alternative minimum tax imposed on certain large corporations and the extension and expansion of clean energy tax incentives. The 15% corporate alternative minimum tax is not expected to affect the Company in the near future. The Company is in the process of evaluating the impact of the clean energy tax incentives on its businesses and is awaiting U.S. Department of the Treasury and Internal Revenue Service guidance. ​ The Company files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. In the normal course of business, the Company is subject to examination by taxing authorities. Open tax years in the U.S. range from 2021 and forward. Open tax years in the foreign jurisdictions range from 2014 and forward. However, upon examination in subsequent years, if net operating losses carryforwards and tax credit carryforwards are utilized, the US and foreign jurisdictions can reduce net operating loss carryforwards and tax credit carryforwards utilized in the year being examined if they do not agree with the carryforward amount. As of December 31, 2024, the Company’s French subsidiary was under audit for income tax years 2022 and 2023. The Company is not under audit in the U.S. or any other non-U.S. taxing jurisdictions. ​ The Tax Cuts and Jobs Act of 2017 requires taxpayers to capitalize and amortize research and development costs pursuant to Internal Revenue Code (“IRC”) Section 174. The requirement was effective for the Company beginning after December 31, 2021. As of December 31, 2024, we recorded a deferred tax asset of approximately $44.8 million due to Section 174 capitalization. We note that the Company is currently in a full valuation allowance as it relates to the U.S. taxing jurisdiction as a result there is no impact to cash taxes payable. ​ 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 December 31, 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.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies
Commitments and Contingencies	23. Commitments and Contingencies ​ Restricted Cash ​ In connection with certain of the noted sale/leaseback agreements, cash of $476.2 million and $573.5 million, respectively, was required to be restricted as security as of December 31, 2024 and 2023, which will be released over the lease term. As of December 31, 2024 and 2023, the Company also had certain letters of credit backed by security deposits totaling $276.4 million and $370.7 million, respectively, of which $242.7 million and $340.0 million are security for the above noted sale/leaseback agreements, respectively, and $33.7 million and $30.7 million are customs related letters of credit, respectively. ​ As of December 31, 2024 and 2023, the Company had $73.7 million and $76.8 million, respectively, held in escrow related to the construction of certain hydrogen production plants. ​ The Company also had $1.2 million of consideration held by our paying agent in connection with the Joule acquisition reported as restricted cash as of December 31, 2024 and 2023, with a corresponding accrued liability on the Company’s consolidated balance sheets. The Company also had $0.1 million and $0.2 million of consideration held by our paying agent in connection with the CIS acquisition reported as restricted cash as of December 31, 2024 and 2023, respectively, with a corresponding accrued liability on the Company’s consolidated balance sheets. Additionally, the Company had $7.4 million and $11.7 million in restricted cash as collateral resulting from the Frames acquisition as of December 31, 2024 and 2023, respectively. ​ 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 December 31, 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 Conway, Jr., and Keith Schmid, and against our current or former directors George C. McNamee, Gary K. Willis, Maureen O. Helmer, Johannes M. Roth, Gregory L. Kenausis, Lucas Schneider, and Jonathan Silver. The Company is named as nominal defendant. Primarily based on allegations in the 2021 Securities Action, the plaintiffs assert claims against the individual defendants for alleged breaches of fiduciary duty, disgorgement, and unjust enrichment based on alleged transactions in the Company’s securities while allegedly in possession of material non-public information concerning (i) the Company’s financial accounting prior to the announcement that the Company would need to restate certain financial statements and (ii) the potential amendment and termination of a warrant agreement between the Company and a significant customer. On May 10, 2024, the Company, as nominal defendant, and all of the individual defendants filed a motion to dismiss (a) for failure to make a pre-suit demand or to adequately allege demand futility and (b) by the individual defendants, for failure to state a claim. Oral argument on the motion was held on November 4, 2024. 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. 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. of trade secrets under the Texas Uniform Trade Secrets Act, and breach of contract. The Parties entered into a settlement agreement that resolves this suit, and intent to file a stipulation of dismissal with prejudice by March 31, 2025. 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, accounts receivable and marketable securities. Cash and restricted cash are maintained in accounts with financial institutions which, at times, may exceed the Federal depository insurance coverage of $250 thousand. The Company has not experienced losses on these accounts and management believes, based upon the quality of the financial institutions, that the credit risk with regard to these deposits is not significant. The Company’s available-for-sale securities consists primarily of investments in U.S. Treasury securities and short-term high credit quality corporate debt securities. Equity securities are comprised of fixed income and equity market index mutual funds. As of December 31, 2024 and 2023, the Company has no cash equivalents, available-for-sale securities or equity securities. ​ Concentrations of credit risk with respect to receivables exist due to the limited number of select customers with whom the Company has initial commercial sales arrangements. To mitigate credit risk, the Company performs appropriate evaluation of a prospective customer’s financial condition. ​ As of December 31, 2024, one customer individually exceeded 10% of total consolidated accounts receivable with a balance of $38.5 million, or 24.5%, of the Company’s consolidated accounts receivable. As of December 31, 2023, one customer individually exceeded 10% of total consolidated accounts receivable with a balance of $52.4 million, or 21.5%, of the Company’s consolidated accounts receivable. ​ For purposes of assigning a customer to a sale/leaseback transaction completed with a financial institution, the Company considers the end user of the assets to be the ultimate customer. For the year ended December 31, 2024, two customers individually exceeded 10% of total consolidated revenues. One customer accounted for $104.6 million, or 16.6%, and one customer accounted for $90.9 million, or 14.4%, of total consolidated revenues. For the year ended December 31, 2023, two customers individually exceeded 10% of total consolidated revenues. One customer accounted for $209.0 million, or 23.4%, and one customer accounted for $97.0 million, or 10.9%, of total consolidated revenues. For the year ended December 31, 2022, three customers individually exceeded 10% of total consolidated revenues. One customer accounted for $176.6 million, or 25.2%, one customer accounted for $94.0 million, or 13.4%, and one customer accounted for $88.4 million, or 12.6%, of total consolidated revenues. ​ Guarantee ​ On May 30, 2023, our joint venture, HyVia, entered into a government grant agreement with Bpifrance. As part of the agreement, our wholly-owned subsidiary, Plug Power France, was required to issue a guarantee to Bpifrance in the amount of €20.0 million through the end of January 2027. Plug Power France is liable to the extent of the guarantee for sums due to Bpifrance from HyVia under the agreement based on the difference between the total amount paid by Bpifrance and the final amount certified by HyVia and Bpifrance. As part of the agreement, there are certain milestones that HyVia is required to meet, and the nonperformance of these milestones or termination of this agreement could result in this guarantee being called upon. As of December 31, 2024, no payments related to this guarantee have been made. The Company and Plug Power France recorded a liability of $2.0 million related to this guarantee based on the Company’s estimate of the guarantee being called upon. ​ Unconditional Purchase Obligations ​ The Company has entered into certain off–balance sheet commitments that require the future purchase of goods or services (“unconditional purchase obligations”). The Company’s unconditional purchase obligations primarily consist of supplier arrangements, take or pay contracts and service agreements. For certain vendors, the Company’s unconditional obligation to purchase a minimum quantity of raw materials at an agreed upon price is fixed and determinable; while certain other raw material costs will vary due to product forecasting and future economic conditions. ​ Future payments under non-cancelable unconditional purchase obligations with a remaining term in excess of one year as of December ​ ​ ​ ​ ​ 2025 $ 40,914 2026 ​ ​ 50,782 2027 ​ ​ 64,852 2028 ​ ​ — 2029 ​ ​ — 2030 and thereafter ​ ​ — Total ​ ​ 156,548 ​

Segment and Geographic Area Rep

Segment and Geographic Area Reporting	12 Months Ended
	Dec. 31, 2024
Segment and Geographic Area Reporting
Segment and Geographic Area Reporting	24. 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 segment ​ The information regularly provided to the CODM used to assess performance and allocate resources is the same as the Company’s consolidated financial statements. The measure of segment profit or loss used by the CODM in assessing segment performance and how to allocate resources is consolidated net loss which is presented in the consolidated statements of operations. The CODM uses net loss in strategic planning, for example, decision making of whether to allocate resources towards strengthening sales channels, investing in research and development, focusing on cost-down initiatives, and/or analyzing company overhead in respect to specific products and service lines. Net loss is also used to monitor budget versus actual results and is considered in assessments related to company-wide incentive compensation. The significant segment expenses included within the segment measure of profit or loss are total costs of revenue, research and development expense, selling, general and administrative expense, and impairment expense. Other segment items are comprised of restructuring, change in fair value of contingent consideration, interest income, interest expense, other expense, net, realized loss on investments, net, change in fair value of equity securities, loss on extinguishment of convertible senior notes and debt, change in fair value of convertible senior note, loss on equity method investments, income tax benefit and net loss attributable to non-controlling interest, which are presented in the consolidated statements of operations. The CODM is not regularly provided a measure of segment assets. ​ The following table presents reported segment revenue, significant segment expenses, other segment items and segment measure of profit/(loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ December 31, 2024 December 31, 2023 December 31, 2022 Total net revenue ​ $ 628,814 ​ $ 891,340 ​ $ 701,440 Cost of revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ Sales of equipment, related infrastructure and other ​ $ (696,087) ​ $ (765,575) ​ $ (468,057) Services performed on fuel cell systems and related infrastructure ​ ​ (57,766) ​ ​ (75,412) ​ ​ (59,365) Provision for loss contracts related to service ​ ​ (48,539) ​ ​ (86,346) ​ ​ (26,801) Power purchase agreements ​ ​ (216,947) ​ ​ (218,936) ​ ​ (144,696) Fuel delivered to customers and related equipment ​ ​ (228,827) ​ ​ (246,318) ​ ​ (194,255) Other costs of revenue ​ ​ (5,535) ​ ​ (6,544) ​ ​ (2,622) Operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ Research and development ​ $ (77,226) ​ $ (113,745) ​ $ (99,579) Selling, general and administrative ​ ​ (376,110) ​ ​ (422,469) ​ ​ (363,929) Impairment ​ ​ (949,315) ​ ​ (269,494) ​ ​ (5,218) Other segment items, net (1) ​ $ (77,163) ​ $ (55,334) ​ $ (60,926) Consolidated net loss attributable to Plug Power Inc. ​ $ (2,104,701) ​ $ (1,368,833) ​ $ (724,008) (1) Included in other segment items, net are restructuring, change in fair value of contingent consideration, interest income, interest expense, other expense, net, realized loss on investments, net, change in fair value of equity securities, loss on extinguishment of convertible senior notes and debt, change in fair value of convertible senior note, loss on equity method investments, income tax benefit and net loss attributable to non-controlling interest ​ The revenue and long-lived assets based on geographic location are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ Long-Lived Assets ​ ​ Year ended ​ As of ​ December 31, 2024 December 31, 2023 December 31, 2022 December 31, 2024 December 31, 2023 United States ​ $ 428,215 ​ $ 741,498 ​ $ 545,942 ​ $ 1,208,096 ​ $ 1,881,042 Other foreign countries ​ ​ 200,599 ​ ​ 149,842 ​ ​ 155,498 ​ ​ 72,208 ​ ​ 123,646 Total ​ $ 628,814 ​ $ 891,340 ​ $ 701,440 ​ $ 1,280,304 ​ $ 2,004,688 ​

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2024
Related Party Transactions
Related Party Transactions	25. Related Party Transactions ​ HyVia ​ As disclosed in Note 4, “Investments”, on December 10, 2024 HyVia, announced that it entered into receivership proceedings opened by judgment of the Commercial Court of Versailles. HyVia was our 50/50 joint venture that manufactured and sold fuel cell powered electric light commercial vehicles (“FCE-LCVs”) and supplied hydrogen fuel and fueling stations to support the FCE-LCV market, in each case primarily in Europe. For the years ended December 31, 2024, 2023 and 2022, we recognized related party revenue of $5.0 million, $13.9 million and $5.2 million, respectively. As of December 31, 2024 and 2023, we had related party outstanding accounts receivable of $0 and $2.3 million, respectively. ​ 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 years ended December

Restructuring

Restructuring	12 Months Ended
	Dec. 31, 2024
Restructuring
Restructuring	26. 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 encompassed a broad range of measures, including operational consolidation, strategic workforce adjustments, and various other cost-saving actions (the “2024 Restructuring Plan”). These measures were aimed at increasing efficiency, improving scalability, and maintaining our leadership position in the renewable energy industry. We began executing the 2024 Restructuring Plan in February 2024 and it was effectively completed during the fourth quarter of 2024. ​ 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 (“ASC 420”) whereas involuntary termination benefits that are part of an ongoing written or substantive plan are accounted for in accordance with ASC 712, Nonretirement Postemployment Benefits (“ASC 712”). We accrue a liability for termination benefits under ASC 420 in the period in which the plan is communicated to the employees and the plan is not expected to change significantly. For ongoing benefit arrangements, inclusive of statutory requirements, we accrue a liability for termination benefits under ASC 712 when the existing situation or set of circumstances indicates that an obligation has been incurred, it is probable the benefits will be paid, and the amount can be reasonably estimated. The restructuring charges that have been incurred but not yet paid are recorded in accrued expenses and other current liabilities in our consolidated balance sheets, as they are expected to be paid within the next twelve months. ​ During the year ended December 31, 2024, we incurred $8.2 million in restructuring costs recorded as severance expenses of $6.9 million and other restructuring costs of $1.3 million in the restructuring financial statement line item in the consolidated statements of operations. Severance expense recorded during the year ended December 31, 2024 in accordance with ASC 420 was a result of the separation of full-time employees associated with the 2024 Restructuring Plan. As of December 31, 2024, $0.1 million of accrued severance-related costs were included in accrued expenses in our consolidated balance sheets and are expected to be paid during 2025. For the year ended December 31, 2024, other restructuring costs were represented by (1) $0.2 million of legal and professional services costs, and (2) $1.1 million of other one-time employee termination benefits. As of December 31, 2024, $28 thousand of accrued other restructuring costs were included in accrued expenses in our consolidated balance sheets and are expected to be paid during 2025.

Government Assistance

Government Assistance	12 Months Ended
	Dec. 31, 2024
Government Assistance
Government Assistance	27. Government Assistance ​ Government assistance represents benefits provided by federal, state, or local governments that are not subject to the scope of ASC 740. We recognize a grant when we have reasonable assurance that we will comply with the grant’s conditions and that the grant will be received. Government assistance whose primary condition is the purchase, construction, or acquisition of a long-lived asset are considered asset-based assistance and are recognized as a reduction to such asset’s cost-basis, which reduces future depreciation. Other government assistance not related to long-lived assets are considered income-based assistance, which are recognized as a reduction to the research and development expense financial statement line item in the consolidated statements of operations in the amounts of $1.8 million and $0 as of December 31, 2024 and 2023, respectively. ​ In August 2022, former President Biden signed the Inflation Reduction Act of 2022 (“IRA”) into law. The IRA contains numerous credits and incentives that are relevant to the Company including: (i) a new Section 45V Credit for Production of Clean Hydrogen, which provides a PTC of up to $3 per kg of qualified clean hydrogen over a 10-year credit period for the production of qualified clean hydrogen at a qualified facility in the United States; (ii) an extension and amendment of the Section 48 ITC for Qualified Fuel Cell Properties, including fuel cell technology; (iii) a new Section 48 Investment Tax Credit for Energy Storage Technologies, which expands the applicability of the investment tax credit to include standalone energy storage projects, among other things; and (iv) a new Section 48E Clean Electricity Investment Tax Credit, which provides a tax credit for investment in facilities that generate clean electricity, among other provisions. ​ Section 45V Credit for Production of Clean Hydrogen ​ Beginning in the second quarter of 2024, the Company determined that it qualifies for the clean hydrogen PTC under Section 45V of the Internal Revenue Code 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 period beginning on the date the qualified clean hydrogen production facility was originally placed in service. The Company has chosen elective pay, also referred to as direct pay, for the 2024 taxable year. This election makes the PTC refundable, as the Company can receive the full value of the credit from the Internal Revenue Service. This election will apply to the 2024 taxable year and the four ​ As the PTC is a refundable credit (i.e., a credit with a direct-pay option available), the PTC is outside the scope of ASC 740. Therefore, 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. Under a government grant model, once it is reasonably assured that the entity will comply with the conditions of the grant, the grant money should be recognized on a systematic basis over the period in which the entity recognizes the related expenses or losses for which the grant money is intended to compensate. The Company recognizes grants once it is probable that both of the following conditions will be met: (1) the Company is eligible to receive the grant and (2) the Company is able to comply with the relevant conditions of the grant. ​ With respect to the PTC, based on our current production, the Company expects to qualify for the full $3 per kg credit. For the year ended December 31, 2024 the Company recognized PTC of $4.0 million as a reduction to the fuel delivered to customers and related equipment costs of revenue financial statement line item in the consolidated statements of operations and $4.5 million as an increase to the other assets ​ Section 48 Credit for Qualified Fuel Cell Properties of Energy Storage Technologies ​ As of December 31, 2024 the Company determined that it qualifies for the Section 48 ITC for Qualified Fuel Cell Properties of Energy Storage Technologies related to its hydrogen storage and liquefaction assets at its Georgia hydrogen plant. A base rate credit of 6% is available to qualified energy storage property in the year that it is placed in-service, with availability of increased credit rates if the property qualifies. The Company determined that it qualified for a rate credit of 30%. As the ITC is considered a transferable tax credit, the Company is accounting for it as a grant related to assets. Therefore, the ITC is recognized as a reduction to the Georgia hydrogen production plant’s cost-basis, recognized within the “property, plant, and equipment, net” financial statement line item of the consolidated balance sheets, which will reduce future depreciation over the next 30 years. The amount of the ITC, which is recognized in the prepaid expenses, tax credits, and other current assets financial statement line item of the consolidated balance sheets as of December 31, 2024, was $31.3 million.

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2024
Variable Interest Entities
Variable Interest Entities	28. Variable Interest Entities ​ Hidrogenii ​ Our wholly-owned subsidiary, Plug Power LA JV, LLC, created a joint venture with Niloco Hydrogen Holdings LLC, a wholly-owned subsidiary of Olin, named “Hidrogenii” in the third quarter of 2022. We believe Hidrogenii will support reliability of supply and speed to market for hydrogen throughout North America and set the foundation for broader collaboration between Plug and Olin. Hidrogenii began the construction of a 15-ton-per-day hydrogen plant in St. Gabriel, Louisiana. Hidrogenii is owned 50% by Plug Power LA JV, LLC and 50% by Niloco Hydrogen Holdings LLC. ​ The Company has determined Hidrogenii to be a VIE, and the Company is considered to be the VIE’s primary beneficiary, as we determined we have both the power to direct the activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. On an ongoing basis, we are contractually obligated to certain operational capital funding. We consolidate the joint venture’s results within our single consolidated reportable segment. Hidrogenii has similar risks to those described in Item 1A, “Risk Factors”, in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. ​ The table below summarizes balances associated with Hidrogenii as reflected on our consolidated balance sheets as of December 31, 2024 (in thousands). The VIE’s assets can be used to settle only the VIE’s obligations and the creditors related to the VIE’s liabilities have no recourse against the general credit of the Company. ​ ​ ​ ​ ​ ​ December 31, 2024 Assets ​ ​ Cash and cash equivalents $ 667 Prepaid expenses, tax credits and other current assets ​ 242 Total current assets ​ 909 Property, plant, and equipment, net ​ 147,696 Other assets ​ — Total non-current assets ​ 147,696 Total assets ​ 148,605 Liabilities ​ ​ Accounts payable $ 1,340 Accrued expenses ​ 27 Total liabilities ​ 1,367 Equity ​ ​ Equity $ 147,238 Total equity ​ 147,238 Total liabilities and equity $ 148,605 ​

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2024
Subsequent Events
Subsequent Events	29. Subsequent Events ​ 2025 Restructuring Plan ​ On March 3, 2025, the Company announced the 2025 Restructuring Plan. The 2025 Restructuring Plan includes initiatives to reduce our workforce, realign the Company’s manufacturing footprint and streamline the organization to enhance operational efficiency and improve overall liquidity. The expected annual savings from the 2025 Restructuring Plan are expected to be significant and will begin to be realized beginning in the second half of 2025. ​ Standby Equity Purchase Agreement ​ On February 10, 2025, Plug Power Inc. (the “Company”) entered into that certain Standby Equity Purchase Agreement (the “Purchase Agreement”) with YA II PN, LTD, an investment fund managed by Yorkville Advisors Global, LP. (the “Investor”), pursuant to which the Company has the right to sell to the Investor up to $1 billion in the aggregate gross sales price (the “Commitment Amount”) of its common stock, par value $0.01 per share (the “Common Stock”), subject to certain limitations and conditions set forth in the Purchase Agreement. The Company is under no obligation to sell any of its Common Stock to the Investor under the Purchase Agreement. Upon the satisfaction of the conditions to the Investor’s purchase obligation set forth in the Purchase Agreement, including having an effective registration statement and a prospectus supplement registering the resale of the Common Stock issuable under the Purchase Agreement on file with the Securities and Exchange Commission, the Company will have the right, but not the obligation, from time to time at its discretion (until the Purchase Agreement is terminated) to direct the Investor to purchase a specified number of shares of Common Stock (in each case, an “Advance”), up to $10.0 million per day, by delivering written notice to the Investor. The Common Stock purchased pursuant to an Advance delivered by the Company will be purchased at a price equal to 95% of the daily volume weighted average price of the Common Stock. ​ ​ ​ As consideration for the Investor’s commitment to purchase the Common Stock pursuant to the Purchase Agreement, the Company paid the Investor a commitment fee in the amount of $1,000,000. ​ The net proceeds under the Purchase Agreement to the Company will depend on the frequency and prices at which the Company sells its Common Stock to the Investor. The Company expects that any proceeds received from such sales to the Investor will be used for working capital and general corporate purposes. ​ ITC Sale ​ On January 24, 2025, the Company transferred its ITC via sale to a third party for $31.3 million in cash. ​ Finalized DOE Loan Guarantee ​ As previously announced, on May 14, 2024, the U.S. Department of Energy (the “DOE”) issued a conditional commitment letter to Plug Power Inc. (the “Company”) and Plug Power Energy Loan Borrower LLC (the “Borrower”), a wholly owned indirect subsidiary of the Company, for a loan guarantee of up to $1.66 billion through the DOE’s Loan Programs Office (the “DOE Loan Program”) to finance the development, construction, and ownership of up to six green hydrogen production facilities (each a “Facility” and, together, the “Facilities”). ​ On January 16, 2025, (i) the Borrower, the DOE, acting by and through the Secretary of Energy, and the Federal Financing Bank (the “FFB”) entered into a Note Purchase Agreement (the “FFB Note Purchase Agreement”) in respect of which, among other things, the DOE provided a guarantee of (x) the Borrower’s obligations to repay term loan borrowings and capitalized interest (such loans and capitalized interest, collectively, the “Guaranteed Loan”) provided by the FFB to the Borrower and evidenced by an initial future advance promissory note (the “FFB Promissory Note”) and (y) the Borrower’s other obligations owing to FFB in respect of the Guaranteed Loan and (ii) in connection and concurrently therewith, the Borrower and Plug Power Limestone, LLC (the “Limestone Project Company”), a wholly owned indirect subsidiary of the Company, entered into a Loan Guarantee Agreement (the “DOE Loan Guarantee Agreement”) with the DOE. ​ 6.00% Convertible Debenture Conversions ​ As disclosed in Note 17, “Convertible Senior Notes”, the Investor will be permitted to convert up to $22.5 million aggregate principal amount of the 6.00% Convertible Debenture each calendar month beginning in December 2024. The Investor has converted $22.5 million in both January and February 2025, which the Company paid in cash to the Investor. Additionally, under the terms of the Debenture Purchase Agreement, the Investor converted $30.0 million of the 6.00% Convertible Debenture during January 2025, resulting in the Company issuing 10,440,906 shares of common stock to the Investor.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (2,104,701)	$ (1,368,833)	$ (724,008)

Insider Trading Arrangements

Insider Trading Arrangements - Gregory L. Kenausis [Member]	3 Months Ended
	Dec. 31, 2024 shares
Existing Stock Trading Plan [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On December 4, 2024 Gregory Kenausis , a member of our Board of Directors , terminated an existing stock trading plan established pursuant to Rule 10b5-1 of the Exchange Act (the “Prior Plan”), which was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c), and was originally adopted on September 7, 2023 to provide for the sale of up to 80,000 shares of the Company’s common stock in the aggregate until the earlier of February 7, 2025 or the date all shares were sold thereunder.
Name	Gregory Kenausis
Title	member of our Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	Sep. 07, 2023
Rule 10b5-1 Arrangement Terminated	true
Termination Date	Dec. 04, 2024
Expiration Date	Feb. 07, 2025
Aggregate Available	80,000
New Stock Trading Plan [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	on December 4, 2024 , following the termination of the Prior Plan, Mr. Kenausis adopted a new stock trading plan established pursuant to Rule 10b5-1 of the Exchange Act (the “New Plan”), which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c), and which provides for the sale of up to 120,000 shares of the Company’s common stock on the later of (i) March 5, 2025 or (ii) the earlier of : (a) the third business day following the disclosure of the Company’s financial results in a Form 10-Q or Form 10-K for the completed fiscal quarter in which this New Plan is adopted; or (b) April 4, 2025. The New Plan was adopted during an open insider trading window.
Name	Mr. Kenausis
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	Dec. 04, 2024
Expiration Date	Mar. 05, 2025
Aggregate Available	120,000

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Cybersecurity Risk Management ​ We face a number of cybersecurity risks in connection with our business and recognize the growing threat within the general marketplace and our industry. In the ordinary course of our business, we use, store, and process data, including data of our employees, partners, collaborators, and vendors. Cybersecurity threats and incidents include attempts to gain unauthorized access to our systems and networks, or our partners, collaborators, vendors, or other third parties with whom we do business, to disrupt operations, corrupt data or steal confidential or personal information and other cybersecurity breaches. We consider cybersecurity risk a serious threat to our business. To help the Company identify, assess, and mitigate risks to this data and our systems, we have implemented a cybersecurity risk management program that is informed by recognized industry standards and frameworks and incorporates elements of the same. ​ Our cybersecurity risk management program includes a number of components, including information security program assessments and continuous monitoring of critical risks from cybersecurity threats using automated tools. We periodically engage third parties to conduct risk assessments on our systems, including penetration testing and other vulnerability analyses. In 2024, Plug continued to fortify its comprehensive cybersecurity and risk controls. We maintain an insider threat program designed to identify, assess, and address potential risks from within our Company and evaluate potential risks consistent with industry practices, customer requirements, and applicable law, including privacy and other considerations. We mandated an annual cybersecurity awareness training module, enhanced our Information Technology Infrastructure Library (ITIL) based discipline of change and incident management, and overhauled our monthly patching/vulnerability management rigor. Additionally, Plug continued leveraging top-tier third party support for external and perimeter examination: completing exhaustive Penetration Testing and Vulnerability Scans (performed by OrbitalFire), establishing a robust Network Operations Center (NOC), and leveraging industry-leading endpoint monitoring and detection services (CrowdStrike). Additionally, we have implemented an employee education program whereby employees are able to attend cybersecurity awareness training during the onboarding process.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our cybersecurity risk management program includes a number of components, including information security program assessments and continuous monitoring of critical risks from cybersecurity threats using automated tools. We periodically engage third parties to conduct risk assessments on our systems, including penetration testing and other vulnerability analyses. In 2024, Plug continued to fortify its comprehensive cybersecurity and risk controls. We maintain an insider threat program designed to identify, assess, and address potential risks from within our Company and evaluate potential risks consistent with industry practices, customer requirements, and applicable law, including privacy and other considerations. We mandated an annual cybersecurity awareness training module, enhanced our Information Technology Infrastructure Library (ITIL) based discipline of change and incident management, and overhauled our monthly patching/vulnerability management rigor. Additionally, Plug continued leveraging top-tier third party support for external and perimeter examination: completing exhaustive Penetration Testing and Vulnerability Scans (performed by OrbitalFire), establishing a robust Network Operations Center (NOC), and leveraging industry-leading endpoint monitoring and detection services (CrowdStrike). Additionally, we have implemented an employee education program whereby employees are able to attend cybersecurity awareness training during the onboarding process.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our governance framework includes oversight by the Audit Committee of the Board of Directors. The Audit Committee meets quarterly with the CFO regarding the cybersecurity risk management program, including as relates to critical cybersecurity risks and cybersecurity initiatives and strategies. Additionally, on an annual basis, the VP of IT reports the current state of cybersecurity risk management to the full Board of Directors. The Board of Directors, as a whole and through its committees, has responsibility for the oversight of risk management.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Audit Committee of the Board of Directors
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee meets quarterly with the CFO regarding the cybersecurity risk management program, including as relates to critical cybersecurity risks and cybersecurity initiatives and strategies. Additionally, on an annual basis, the VP of IT reports the current state of cybersecurity risk management to the full Board of Directors.
Cybersecurity Risk Role of Management [Text Block]	The Vice President of Information Technology (“VP of IT”) oversees the daily operations of our cybersecurity risk management program and plays a central role in assessing and managing critical risks from cybersecurity threats with the support of additional IT professionals. The VP of IT role is currently held by an individual who has approximately twenty years of experience in information security management, application portfolio management, and IT governance, risk, and compliance. The VP of IT periodically reports on the cybersecurity program to the Chief Financial Officer (“CFO”).
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Vice President of Information Technology
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The VP of IT role is currently held by an individual who has approximately twenty years of experience in information security management, application portfolio management, and IT governance, risk, and compliance.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The VP of IT periodically reports on the cybersecurity program to the Chief Financial Officer (“CFO”).
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Summary of Significant Accounting Policies
Principles of Consolidation	Principles of Consolidation ​ The consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. In addition, we include our share of the results of our joint ventures HyVia, AccionaPlug S.L. and SK Plug Hyverse, and our investment in Clean H2 Infra Fund using the equity method based on our economic ownership interest and our ability to exercise significant influence over the operating and financial decisions of HyVia, AccionaPlug S.L., SK Plug Hyverse and Clean H2 Infra Fund. ​ We consolidate all entities we control under either the voting interest model, which generally applies when we hold a majority of the voting interest of an entity, or the variable interest model, which applies to arrangements for which we are the primary beneficiary of a VIE. For consolidated subsidiaries in which our ownership is less than 100%, the outside shareholders’ interests are reflected as non-controlling interest on our consolidated financial statements. We are considered the primary beneficiary of a VIE when we have both the power to direct the activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. We are the primary beneficiary of Hidrogenii and consolidate the joint venture within our single reportable segment. For additional information, refer to Note 28, “Variable Interest Entities”.
Use of Estimates	Use of Estimates ​ The consolidated financial statements of the Company have been prepared in conformity with U.S. generally accepted accounting principles, which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis, we evaluate our estimates and judgments, including but not limited to those related to revenue recognition, valuation of inventories and intangible assets, valuation of long-lived assets, valuation of equity method investments, accrual for service loss contracts, operating and finance leases, allowance for credit losses, unbilled revenue, common stock warrants, stock-based compensation, income taxes, and contingencies. We base our estimates and judgments on historical experience and on various other factors and assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about (1) the carrying values of assets and liabilities and (2) the amount of revenue and expenses realized that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.
Revenue Recognition	Revenue Recognition ​ The Company enters into contracts that may contain one or a combination of fuel cell systems and infrastructure, installation, maintenance, spare parts, fuel delivery and other support services. Contracts containing fuel cell systems and related infrastructure may be sold directly to customers or provided to customers under a Power Purchase Agreement (“PPA”). The Company also enters into contracts that contain electrolyzer stacks, systems, maintenance, and other support services. Furthermore, the Company enters into contracts related to the sales of cryogenic equipment, liquefaction systems and engineered equipment. ​ The Company does not include a right of return on its products other than rights related to standard warranty provisions that permit repair or replacement of defective goods. The Company accrues for anticipated standard warranty costs at the same time that revenue is recognized for the related product, or when circumstances indicate that warranty costs will be incurred, as applicable. Any prepaid amounts would only be refunded to the extent services have not been provided or the fuel cell systems or infrastructure have not been delivered . ​ Revenue is measured based on the transaction price specified in a contract with a customer, subject to the allocation of the transaction price to distinct performance obligations as discussed below. The Company recognizes revenue when it satisfies a performance obligation by transferring a product or service to a customer. ​ Promises to the customer are separated into performance obligations and are accounted for separately if they are (1) capable of being distinct and (2) distinct in the context of the contract. The Company considers a performance obligation to be distinct if the customer can benefit from the good or service either on its own or together with other resources readily available to the customer and the Company’s promise to transfer the goods or service to the customer is separately identifiable from other promises in the contract. The Company allocates revenue to each distinct performance obligation based on relative standalone selling prices. ​ Payment terms for sales of fuel cells, infrastructure, and service to customers are typically 30 to 90 days from shipment of the goods. Payment terms on electrolyzer systems are typically based on achievement of milestones over the term of the contract with the customer. Sale/leaseback transactions with financial institutions are invoiced and collected upon transaction closing. Service is prepaid upfront in a majority of the arrangements. The Company does not adjust the transaction price for a significant financing component when the performance obligation is expected to be fulfilled within a year. ​ The Company has issued to each of Amazon.com NV Investment Holdings LLC and Walmart warrants to purchase shares of the Company’s common stock. The Company presents the provision for common stock warrants within each revenue-related line item on the consolidated statements of operations. This presentation reflects the discount that those common stock warrants represent, and therefore revenue is net of these non-cash charges. The provision of common stock warrants is allocated to the relevant revenue-related line items based upon the expected mix of the revenue for each respective contract. See Note 19, “Warrant Transaction Agreements”, for more details. ​ Nature of goods and services ​ The following is a description of principal activities from which the Company generates its revenue. ​ (a) Sales of equipment, related infrastructure and other ​ (i) Sales of fuel cell systems, related infrastructure and equipment ​ Revenue from sales of fuel cell systems, related infrastructure, and equipment represents sales of our GenDrive units, GenSure stationary backup power units, as well as hydrogen fueling infrastructure. ​ The Company uses a variety of information sources in determining standalone selling prices for fuel cells systems and the related infrastructure. For GenDrive fuel cells, given the nascent nature of the Company’s market, the Company considers several inputs, including prices from a limited number of standalone sales as well as the Company’s negotiations with customers. The Company also considers its costs to produce fuel cells as well as comparable list prices in estimating standalone selling prices. The Company uses applicable observable evidence from similar products in the market to determine standalone selling prices for GenSure stationary backup power units and hydrogen fueling infrastructure. The determination of standalone selling prices of the Company’s performance obligations requires significant judgment, including periodic assessment of pricing approaches and available observable evidence in the market. Once relative standalone selling prices are determined, the Company proportionately allocates the transaction price to each performance obligation within the customer arrangement based upon standalone selling price. The allocated transaction price related to fuel cell systems and spare parts is recognized as revenue at a point in time which usually occurs upon delivery (and occasionally at time of shipment). Revenue on hydrogen infrastructure installations is generally recognized at the point at which transfer of control passes to the customer, which usually occurs upon customer acceptance of the hydrogen infrastructure. The Company uses an input method to determine the amount of revenue to recognize during each reporting period when such revenue is recognized over time, based on the costs incurred to satisfy the performance obligation. ​ (ii) ​ Revenue from sales of electrolyzer systems and solutions represents sales of electrolyzer stacks and systems used to generate hydrogen for various applications including mobility, ammonia production, methanol production, power to gas, and other uses. ​ The Company uses a variety of information sources in determining standalone selling prices for electrolyzer systems solutions. Electrolyzer stacks are typically sold on a standalone basis and the standalone selling price is the contractual price with the customer. The Company uses an adjusted market assessment approach to determine the standalone selling price of electrolyzer systems. This includes considering both standalone selling prices of the systems by the Company and available information on competitor pricing on similar products. The determination of standalone selling prices of the Company’s performance obligations requires judgment, including periodic assessment of pricing approaches and available observable evidence in the market. Once relative standalone selling prices are determined, the Company proportionately allocates the transaction price to each performance obligation within the customer arrangement based upon standalone selling price. Revenue on electrolyzer systems and stacks is generally recognized at the point at which transfer of control passes to the customer, which usually occurs upon title transfer at shipment or delivery to the customer location. In certain instances, control of electrolyzer systems transfers to the customer over time, and the related revenue is recognized over time as the performance obligation is satisfied. We recognize revenue over time when contract performance results in the creation of a product for which we do not have an alternative use and the contract includes an enforceable right to payment in an amount that corresponds directly with the value of the performance completed. In these instances, we use an input measure (cost-to-total cost or percentage-of-completion method) of progress to determine the amount of revenue to recognize during each reporting period based on the costs incurred to satisfy the performance obligation. ​ Payments received from customers are recorded within deferred revenue and customer deposits in the consolidated balance sheets until control is transferred. The related cost of such product and installation is also deferred as a component of deferred cost of revenue in the consolidated balance sheets until control is transferred. ​ (iii) ​ Revenue from sales of cryogenic equipment represents sales of liquefaction system and other cryogenic equipment such as trailers and mobile storage equipment for the distribution of liquefied hydrogen, oxygen, argon, nitrogen and other cryogenic gases. ​ The Company uses a variety of information sources in determining standalone selling prices for liquefaction systems and cryogenic equipment. Liquefaction systems are typically sold on a standalone basis and the standalone selling price is the contractual price with the customer. The Company uses an adjusted market assessment approach to determine the standalone selling price of liquefaction systems when sold with other equipment. This includes considering both standalone selling prices of the systems by the Company and available information on competitor pricing on similar products. The determination of standalone selling prices of the Company’s performance obligation requires judgment, including periodic assessment of pricing approaches and available observable evidence in the market. Revenue on liquefaction systems is generally recognized over time. Control transfers to the customer over time, and the related revenue is recognized over time as the performance obligation is satisfied. We recognize revenue over time when contract performance results in the creation of a product for which we do not have an alternative use and the contract includes an enforceable right to payment in an amount that corresponds directly with the value of the performance completed. In these instances, we use an input measure of progress to determine the amount of revenue to recognize during each reporting period based on the costs incurred to satisfy the performance obligation. ​ Revenue on cryogenic equipment is generally recognized at the point at which transfer of control passes to the customer, which usually occurs upon title transfer at shipment or delivery to the customer location. ​ Payments received from customers are recorded within deferred revenue and customer deposits in the consolidated balance sheets until control is transferred. The related costs of such product and installation is also deferred as a component of deferred cost of revenue in the consolidated balance sheets until control is transferred. ​ (b) Services performed on fuel cell systems and related infrastructure ​ Revenue from services performed on fuel cell systems and related infrastructure represents revenue earned on our service and maintenance contracts and sales of spare parts. The Company uses an adjusted market assessment approach to determine standalone selling prices for services. This approach considers market conditions and constraints while maximizing the use of available observable inputs obtained from a limited number of historical standalone service renewal prices and negotiations with customers. The transaction price allocated to services as discussed above is generally recognized as revenue over time on a straight-line basis over the expected service period, as customers simultaneously receive and consume the benefits of routine, recurring maintenance performed throughout the contract period. ​ In substantially all of its transactions, the Company sells extended maintenance contracts that generally provide for a five ten-year Revenue generated from these transactions is recognized as revenue on a straight-line basis over the term of the contract. Costs are recognized as incurred over the term of the contract. When costs are projected to exceed revenues over the life of the extended maintenance contract, an accrual for loss contracts is recorded. Costs are estimated based upon historical experience and consider the estimated impact of the Company’s cost reduction initiatives, if any. The actual results may differ from these estimates. See “Extended Maintenance Contracts” below. ​ Extended maintenance contracts generally do not contain customer renewal options. Upon expiration, customers may either negotiate a contract extension or switch to purchasing spare parts and maintaining the fuel cell systems on their own. ​ (c) Power purchase agreements ​ Revenue from PPAs primarily represents payments received from customers who make monthly payments to access the Company’s GenKey solution. ​ Revenue associated with these agreements is recognized on a straight-line basis over the life of the agreements as the customers simultaneously receive and consume the benefits from the Company’s performance of the services. The customers receive services ratably over the contract term. ​ In conjunction with entering into a PPA with a customer, the Company may enter into a separate transaction with third-party financial institutions in which the Company receives proceeds from the sale/leaseback transactions of the equipment and the sale of future service revenue. The proceeds from the financial institution are allocated between the sale of equipment and the sale of future service revenue based on the relative standalone selling prices of equipment and service. The proceeds allocated to the sale of future services are recognized as finance obligations. The proceeds allocated to the sale of the equipment are evaluated to determine if the transaction meets the criteria for sale/leaseback accounting. To meet the sale/leaseback criteria, control of the equipment must transfer to the financial institution, which requires among other criteria the leaseback to meet the criteria for an operating lease and the Company must not have a right to repurchase the equipment (unless specific criteria are met). These transactions typically meet the criteria for sale/leaseback accounting and accordingly, the Company recognizes revenue on the sale of the equipment and separately recognizes the leaseback obligations. There were no such transactions during the year ended December 31, 2024. ​ The Company recognizes an operating lease liability for the equipment leaseback obligation based on the present value of the future payments to the financial institutions that are attributed to the equipment leaseback. The discount rate used to determine the lease liability is the Company’s incremental borrowing rate. The Company also records a right of use asset which is amortized over the term of the leaseback. Rental expense is recognized on a straight-line basis over the life of the leaseback and is included as a cost of power purchase agreements revenue on the consolidated statements of operations. ​ Certain of the Company’s transactions with financial institutions do not meet the criteria for sale/leaseback accounting and accordingly, no equipment sale is recognized. All proceeds from these transactions are accounted for as finance obligations. The right of use assets related to these transactions are classified as equipment related to the PPAs and fuel delivered to the customers, net in the consolidated balance sheets. The Company uses its transaction-date incremental borrowing rate as the interest rate for its finance obligations that arise from these transactions. No additional adjustments to the incremental borrowing rate have been deemed necessary for the finance obligations that have resulted from the failed sale/leaseback transactions. ​ In determining whether the sales of fuel cells and other equipment to financial institutions meet the requirements for revenue recognition under sale/leaseback accounting, the Company, as lessee, determines the classification of the lease. The Company estimates certain key inputs to the associated calculations such as: 1) discount rate used to determine the present value of future lease payments, 2) fair value of the fuel cells and equipment, and 3) useful life of the underlying asset(s): ​ ● Accounting Standards Codification (“ASC”) 842, Leases (“ASC 842”) requires a lessee to discount its future lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. Generally, the Company cannot determine the interest rate implicit in its leases because it does not have access to the lessor’s estimated residual value or the amount of the lessor’s deferred initial direct costs. Therefore, the Company generally uses its incremental borrowing rate to estimate the discount rate for each lease. Adjustments that considered the Company’s actual borrowing rate, inclusive of securitization, as well as borrowing rates for companies of similar credit quality were applied in the determination of the incremental borrowing rate. ​ ● In order for the lease to be classified as an operating lease, the present value of the future lease payments cannot exceed 90% of the fair value of the leased assets. The Company estimates the fair value of the lease assets using the sales prices. ​ ● In order for a lease to be classified as an operating lease, the lease term cannot exceed 75% (major part) of the estimated useful life of the leased asset. The average estimated useful life of the fuel cells is 10 years , and the average estimated useful life of the hydrogen infrastructure is 20 years . These estimated useful lives are compared to the term of each lease to determine the appropriate lease classification. ​ (d) Fuel delivered to customers and related equipment ​ Revenue associated with fuel delivered to customers represents the sale of hydrogen to customers that has been purchased by the Company from a third party or generated at our hydrogen production plants. Depending on the terms of the contract, revenue is recognized either upon delivery or upon consumption. The stand-alone selling price is not estimated because it is sold separately and therefore directly observable. ​ The Company produces hydrogen fuel onsite or purchases hydrogen fuel from suppliers and sells it to its customers. Revenue and cost of revenue related to this fuel is included in the respective fuel delivered to customers and related equipment lines on the consolidated statements of operations. ​ (e) Other revenue ​ Other revenue includes payments received for technical services that include engineering services, program management services, procurement services and operations, testing and validation services with HyVia. The scope of these services includes mutually agreed upon services as were requested from time to time by HyVia. Other revenue also includes sales of electrolyzer engineering and design services. The scope of these services includes establishing and defining project technical requirements, standards and guidelines as well as assistance in scoping and scheduling of large-scale electrolyzer solutions.
Income Taxes	Income Taxes ​ Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets if it is more likely than not that such assets will not be realized. ​ The Company accounts for uncertain tax positions in accordance with FASB ASC No. 740-10-25, Income Taxes-Overall-Recognition
Foreign Currency Translation	Foreign Currency Translation ​ Foreign currency translation adjustments arising from conversion of the Company’s foreign subsidiary’s financial statements to U.S. dollars for reporting purposes are included in accumulated other comprehensive loss on the consolidated balance sheets. Transaction gains and losses resulting from the effect of exchange rate changes on transactions denominated in currencies other than the functional currency of the Company’s operations give rise to realized foreign currency transaction gains and losses and are included in other expense, net in the consolidated statements of operations. ​
Research and Development	Research and Development ​ Activities that qualify as research and development under ASC 730, Research and Development
Stock-based Compensation	​ Stock-based Compensation ​ The Company maintains employee stock-based compensation plans, which are described more fully in Note 21, “Employee Benefit Plans”. Stock-based compensation represents the cost related to stock-based awards granted to employees and directors. The Company measures stock-based compensation cost at grant-date, based on the fair value of the award, and recognizes the cost as expense on a straight-line basis over the option’s requisite service period. Forfeitures are recognized as they occur. ​ The Company estimates the fair value of stock-based awards using a Black-Scholes valuation model. Stock-based compensation expense is recorded in cost of revenue associated with sales of fuel cell systems, related infrastructure and equipment, cost of revenue for services performed on fuel cell systems and related infrastructure, research and development expense and selling, general and administrative expenses in the consolidated statements of operations based on the employees’ respective function. ​ The Company has also issued market condition stock options awards that include a market condition. The grant date fair value of market condition stock options awards is estimated using a Monte Carlo simulation model and the cost is recognized using the accelerated attribution method. ​ The Company records deferred tax assets for awards that result in deductions on the Company’s income tax returns, based upon the amount of compensation cost recognized and the Company’s statutory tax rate. Differences between the deferred tax assets recognized for financial reporting purposes and the actual tax deduction reported on the Company’s income tax return are recorded in the income statement.
Tax Credits	Tax Credits ​ 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 10-year ​ As of December 31, 2024 the Company determined that it qualifies for the Section 48 Investment Tax Credit (“ITC”) for Qualified Fuel Cell Properties of Energy Storage Technologies related to its hydrogen storage and liquefaction assets at its Georgia hydrogen plant. A base rate credit of 6% is available to qualified energy storage property in the year that it is placed in-service, with availability of increased credit rates if the property qualifies. The Company determined that it qualified for a rate credit of 30%. As the ITC is considered a transferable tax credit, the Company is accounting for it as a grant related to assets. Therefore, the ITC is recognized as a reduction to the Georgia hydrogen production plant’s cost-basis, recognized within the “property, plant, and equipment, net” financial statement line item of the consolidated balance sheets, which will reduce future depreciation over the next 30 years. For more information, see Note 27, “Government Assistance”.
Cash and Cash Equivalents	Cash and Cash Equivalents ​ For purposes of the consolidated statements of cash flows, the Company considers all highly-liquid debt instruments with original maturities of three months or less to be cash equivalents. Due to their short-term nature, the carrying amounts reported in the consolidated balance sheets approximate the fair value of cash and cash equivalents. The Company’s cash and cash equivalents are deposited with financial institutions located in the U.S. and may at times exceed insured limits.
Restricted Cash	Restricted Cash ​ Restricted cash consists primarily of cash that serves as support for leasing arrangements. Any cash that is legally restricted from use is classified as restricted cash. If the purpose of restricted cash relates to acquiring a long-term asset, liquidating a long-term liability, or is otherwise unavailable for a period longer than one year from the balance sheet date, the restricted cash is included in other long-term assets. Otherwise, restricted cash is included in other current assets in the consolidated balance sheets. ​
Available-for-sale Securities	Available-for-sale Securities ​ Available-for-sale securities is comprised of U.S. Treasury securities, certificates of deposit and corporate bonds, with original maturities greater than three months. Any credit related losses are recognized as a credit loss allowance on the balance sheet with a corresponding adjustment to the statement of operations. Realized gains and losses are due to the sale and maturity of securities classified as available-for-sale and includes the loss from accumulated other comprehensive loss reclassifications for previously unrealized losses on available-for-sale debt securities. ​ As of December 31, 2024 and 2023, the Company has no investments classified as available-for-sale.
Accounts Receivable	Accounts Receivable ​ Accounts receivable are stated at the amount billed or billable to customers and are ordinarily due between 30 and 120 days after the issuance of the invoice. Receivables are reserved or written off based on individual credit evaluation and specific circumstances of the customer. The allowance for expected credit losses for current accounts receivable is based primarily on past collections experience relative to the length of time receivables are past due; however, when available evidence reasonably supports an assumption that counterparty credit risk over the expected payment period will differ from current and historical payment collections, a forecasting adjustment will be reflected in the allowance for expected credit losses. The allowance for credit losses and related receivable are reduced when the amount is deemed uncollectible.
Inventory	Inventory ​ Inventories are valued at the lower of cost, determined on a first-in, first-out basis, and net realizable value. All inventory, including spare parts inventory held at service locations, is not relieved until the customer has received the product, at which time the customer obtains control of the goods. We maintain inventory levels adequate for our short-term needs within the next twelve months based upon present levels of production. An allowance for potential non-saleable inventory due to damaged, excess stock or obsolescence is based upon a detailed review of inventory, past history, and expected usage. The Company's estimate of the reserves utilizes certain inputs and involves judgment. The Company evaluates excess and obsolescence and lower of cost or net realizable value inventory reserves on a quarterly basis and, as necessary, reserves inventory based upon a variety of factors, including historical usage, forecasted usage and sales, product obsolescence, anticipated selling price, and anticipated cost to complete to determine product margin and other factors. We review all contracts related to product lines with projected negative margins that are arranged to be sold at a loss in the future as the basis for a lower of cost or net realizable value adjustment. ​
Property, Plant and Equipment	Property, Plant and Equipment ​ Property, plant and equipment are originally recorded at cost or, if acquired as part of a business combination, at fair value. Maintenance and repairs are expensed as costs are incurred. Depreciation on plant and equipment is calculated on the straight-line method over the estimated useful lives of the assets. Gains and losses resulting from the sale of property and equipment are recorded in current operations. Included within machinery and equipment is certain equipment related to our hydrogen plants. The Company records depreciation and amortization over the following estimated useful lives: ​ Building and leasehold improvements 10 Machinery and equipment ​ 2 Software ​ 1 – 5 years Hydrogen production plants ​ 30 years
Equipment Related to PPAs and Fuel Delivered to Customers	Equipment Related to PPAs and Fuel Delivered to Customers ​ Equipment related to PPAs and fuel delivered to customers primarily consists of the assets deployed related to PPAs and sites where we deliver fuel to customers as well as equipment related to failed sale/leaseback transactions. Equipment is depreciated over its useful life. Depreciation expense is recorded on a straight-line basis and is included in cost of revenue for PPAs or cost of fuel delivered to customers, respectively, in the consolidated statements of operations.
Investments in Non-consolidated Entities and Non-marketable Equity Securities	Investments in Non-consolidated Entities and Non-marketable Equity Securities ​ The Company accounts for its investments in non-consolidated entities, such as HyVia, AccionaPlug S.L., SK Plug Hyverse and Clean H2 Infra Fund, as equity method investments. ​ Included in “Investments in non-consolidated entities and non-marketable equity securities” on the consolidated balance sheets are equity investments without readily determinable fair values (“non-marketable equity securities”). Non-marketable equity securities that do not qualify for equity method accounting are measured at cost, less any impairment and adjusted for changes resulting from observable price changes in orderly transactions for the identical or similar investments of the same issuer. ​ The Company sells goods and services to related parties, including its equity method investees. Transactions involving services do not result in assets remaining on the books of the investee, and therefore no profit elimination is recorded in accordance with ASC Subtopic 323-10-35, Equity Method and Joint Ventures – Subsequent Measurement
Leases	Leases ​ The Company is a lessee in noncancelable (1) operating leases, primarily related to sale/leaseback transactions with financial institutions for deployment of the Company’s products at certain customer sites, and (2) finance leases. The Company accounts for leases in accordance with ASC 842, as amended. ​ The Company determines if an arrangement is or contains a lease at contract inception. The Company recognizes a right of use asset and a lease liability at the lease commencement date. For operating leases, the lease liability is initially measured at the present value of the unpaid lease payments at the lease commencement date. For finance leases, the lease liability is initially measured in the same manner and date as for operating leases and is subsequently measured at amortized cost using the effective interest method. ​ Key estimates and judgments include how the Company determines (1) the discount rate it uses to discount the unpaid lease payments to present value, (2) the lease term, and (3) the lease payments. ​ ● ASC 842 requires a lessee to discount its future lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. Generally, the Company cannot determine the interest rate implicit in its lease because it does not have access to the lessor’s estimated residual value or the amount of the lessor’s deferred initial direct costs. Therefore, the Company generally uses its incremental borrowing rate to estimate the discount rate for each lease. The Company’s incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. Adjustments that considered the Company’s actual borrowing rate, inclusive of securitization, as well as borrowing rates for companies of similar credit quality, were applied in the determination of the incremental borrowing rate. ​ ● The lease term for all of the Company’s leases includes the noncancelable period of the lease, plus any additional periods covered by either a Company option to extend (or not to terminate) the lease that the Company is reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor. ​ ● Lease payments included in the measurement of the lease liability comprise fixed payments, and for certain finance leases, the exercise price of a Company option to purchase the underlying asset if the Company is reasonably certain at lease commencement to exercise the option. ​ The right of use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. For operating leases, the right of use asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term. ​ For finance leases, the right of use asset is subsequently amortized using the straight-line method from the lease commencement date to the earlier of the end of the useful life of the underlying asset or the end of the lease term unless the lease transfers ownership of the underlying asset to the Company or the Company is reasonably certain to exercise an option to purchase the underlying asset. In those cases, the right of use asset is amortized over the useful life of the underlying asset. Amortization of the right of use asset is recognized and presented separately from interest expense on the lease liability. ​ Right of use assets for operating and finance leases are periodically reviewed for impairment losses. The Company uses the long-lived assets impairment guidance in ASC Subtopic 360-10, Property, Plant and Equipment — Overall ​ The Company monitors for events or changes in circumstances that require a reassessment of its leases. When a reassessment results in the remeasurement of a lease liability, a corresponding adjustment is made to the carrying amount of the corresponding right of use asset. ​ Operating and finance lease right of use assets are presented separately on the Company’s consolidated balance sheets. The current portions of operating and finance lease liabilities are also presented separately within current liabilities and the long-term portions are presented separately within noncurrent liabilities on the consolidated balance sheets. ​ The Company has elected not to recognize right of use assets and lease liabilities for short-term leases that have a lease term of 12 months or less. The Company recognizes the lease payments associated with its short-term leases as an expense on a straight-line basis over the lease term.
Intangible Assets	Intangible Assets ​ Intangible assets consist of acquired technology, customer relationships, trade name and other finite intangibles and are amortized using a straight-line method over their useful lives. Additionally, the intangible assets are reviewed for impairment when certain triggering events occur.
Goodwill	Goodwill ​ Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. As of December 31, 2024 and 2023, the Company has no goodwill.
Impairment	Impairment ​ Impairment: Goodwill ​ The Company fully impaired its goodwill during the year ended December 31, 2023. The Company’s stock price declined below book value during the fourth quarter of 2023. Management believes the decline of the stock price was due primarily to missed projections and reduced liquidity. ​ Impairment: Property, Equipment, Leasehold Improvements, and Finite-lived Intangible Assets ​ Long-lived assets, such as property, equipment, leasehold improvements, and finite-lived intangible assets, are reviewed for impairment whenever events and circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. In making these determinations, the Company uses certain assumptions, including, but not limited to: (i) estimated fair value of the assets; and (ii) estimated, undiscounted future cash flows expected to be generated by these assets, which are based on additional assumptions such as asset utilization, length of service, the asset will be used in the Company’s operations, and (iii) estimated residual values. Fair value is determined using various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. ​ Impairment: PPA Executory Contract Considerations ​ We evaluate PPA assets on a quarterly basis to identify events or changes in circumstances (“triggering events”) that indicate the carrying value of certain assets may not be recoverable. PPA assets that we evaluate include right of use lease assets, equipment deployed to our PPAs, and assets related primarily to our fuel delivery business. ​ Upon the occurrence of a triggering event, PPA assets are evaluated on a per-site basis to determine if the carrying amounts are recoverable. The determination of recoverability is made based upon the estimated undiscounted future net cash flows of assets grouped at the lowest level for which there are identifiable cash flows independent of the cash flows of other groups. For operating assets, the Company has generally determined that the lowest level of identifiable cash flows is based on the customer sites. The assets related primarily to our fuel delivery business are considered to be their own asset group. The cash flows are estimated based on the remaining useful life of the primary asset within the asset group. ​ For assets related to our PPA agreements, we consider all underlying cash inflows related to our contract revenues and cash outflows relating to the costs incurred to service the PPAs. Our cash flow estimates used in the recoverability test, are based upon, among other things, historical results adjusted to reflect our best estimate of future cash flows and operating performance. Development of future cash flows also requires us to make assumptions and to apply judgment, including timing of future expected cash flows, future cost savings initiatives, and determining recovery values. Changes to our key assumptions related to future performance and other economic and market factors could adversely affect the outcome of our recoverability tests and cause more asset groups to be tested for impairment. ​ If the estimated undiscounted future net cash flows for a given asset group are less than the carrying amount of the related asset group, an impairment loss is determined by comparing the estimated fair value with the carrying amount of the asset group. The impairment loss is then allocated to the assets in the asset group based on the asset’s relative carrying amounts. However, assets are not impaired below their then estimated fair values. Fair value is generally determined through various valuation techniques, including discounted cash flow models, quoted market values and third-party independent appraisals, as well as year-over-year trends in pricing of our new equipment and overall evaluation of our industry and market, as considered necessary. The Company considers these indicators with certain of its own internal indices and metrics in determining fair value in light of the nascent state of the Company’s market and industry. The estimate of fair value represents our best estimates of these factors and is subject to variability. Changes to our key assumptions related to future performance and other economic and market factors could adversely affect our impairment evaluation. ​ Impairment: ROU Assets ​ The Company evaluates ROU assets in accordance with ASC 360, Property, Plant, and Equipment ​ If the estimated undiscounted future net cash flows for a given asset group are less than the carrying amount of the related asset group, an impairment loss is determined by comparing the estimated fair value with the carrying amount of the ROU. Assets are not impaired below their then estimated fair values. To determine fair value the Company determined a fair value of a lease using a market rent. Market rent assumptions included useful life and discount rate. The estimate of fair value represents our best estimates of these factors and is subject to variability. Changes to the key assumptions related to future performance and other economic and market factors could adversely affect our impairment evaluation. ​ Impairment: Contract Assets ​ The Company assesses contract assets for impairment when there is a significant change in facts and circumstances of the underlying contract in accordance with ASC 606, Revenue from Contracts with Customers Receivables ​ Impairment: Investments in Non-consolidated Entities and Non-marketable Equity Securities ​ For the Company’s investments in non-consolidated entities and non-marketable equity securities, the Company evaluates on a quarterly basis whether any indicators of impairment exist in accordance with ASC 321, Investments — Equity Securities Investments — Equity Method and Joint Ventures
Common Stock Warrant Accounting	Common Stock Warrant Accounting ​ The Company accounts for common stock warrants as either derivative liabilities or as equity instruments depending on the specific terms of the respective warrant agreements. Common stock warrants that meet certain applicable requirements of ASC Subtopic 815-40, Derivatives and Hedging – Contracts in Entity’s Own Equity ​ Common stock warrants accounted for as equity instruments represent the warrants issued to Amazon and Walmart as discussed in Note 19, “Warrant Transaction Agreements”. The Company adopted FASB ASU 2019-08, Compensation – Stock Compensation Revenue from Contracts with Customers ​ In order to calculate warrant charges, the Company used the Black-Scholes pricing model, which required key inputs including volatility and risk-free interest rate and certain unobservable inputs for which there is little or no market data, requiring the Company to develop its own assumptions. The Company estimated the fair value of unvested warrants, considered to be probable of vesting, at the time. Based on that estimated fair value, the Company determined warrant charges, which are recorded as a reduction of revenue in the consolidated statements of operations.
Extended Maintenance Contracts	Extended Maintenance Contracts ​ On a quarterly basis, we evaluate any potential losses related to our extended maintenance contracts for fuel cell systems and related infrastructure that has been sold. We measure loss accruals at the customer contract level. The expected revenues and expenses for these contracts include all applicable expected costs of providing services over the remaining term of the contracts and the related unearned net revenue. A loss is recognized if the sum of expected costs of providing services under the contract exceeds related unearned net revenue and is recorded as a provision for loss contracts related to service in the consolidated statements of operations. As we continue to work to improve quality and reliability, unanticipated additional quality issues or warranty claims may arise and additional material charges may be incurred in the future. These quality issues could also adversely affect our contract loss accrual. The Company has undertaken and will undertake several other initiatives to extend the life and improve the reliability of its equipment. As a result of these initiatives and our additional expectation that the increase in certain costs will abate, the Company believes that its contract loss accrual is sufficient. However, if elevated service costs persist, the Company will adjust its estimated future service costs and increase its contract loss accrual estimate.
Product Warranty Reserve	Product Warranty Reserve ​ In conjunction with certain product sales, we provide warranties that cover factors such as non-conformance to specifications and defects in material and design. Generally, sales of equipment and related infrastructure are accompanied by a one
Fair Value Measurements	Fair Value Measurements ​ The Company records the fair value of assets and liabilities in accordance with ASC 820, Fair Value Measurement ​ In addition to defining fair value, ASC 820 expands the disclosure requirements around fair value and establishes a fair value hierarchy for valuation inputs. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of the three levels, which is determined by the lowest level input that is significant to the fair value measurement in its entirety. ​ These levels are: ​ ● Level 1 — quoted prices (unadjusted) in active markets for identical assets or liabilities. ● Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. ● Level 3 — unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability at fair value.
Convertible Senior Notes	Convertible Senior Notes ​ 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 17, “Convertible Senior Notes”. 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”), also described in Note 17, “Convertible Senior Notes”. The Company accounts for its 7.00% Convertible Senior Notes and its 3.75% Convertible Senior Notes as liabilities measured at amortized cost. The Company uses the effective interest rate method to amortize the debt issuance costs to interest expense over the respective term of the 7.00% Convertible Senior Notes and the 3.75% Convertible Senior Notes. ​ On November 11, 2024, the Company entered into the Debenture Purchase Agreement with Yorkville pursuant to which the Company issued to Yorkville an unsecured convertible debenture in aggregate principal amount of $200.0 million (the “6.00% Convertible Debenture”) in exchange for the payment of $190.0 million, as described in Note 17, “Convertible Senior Notes”. The company elected to measure its 6.00% Convertible Debenture at fair value in accordance with the fair value option. Each period the fair value of the notes will be remeasured and resulting gains/losses from change in fair value will be recognized within the consolidated statements of operations, except for any changes in instrument-specific credit risk which will be separately presented in other comprehensive income. Refer to Note 5, “Fair Value Measurements”, for further information. The Company has elected as an accounting policy to present interest expense separately from the changes in fair value of the 6.00% Convertible Debenture.
Subsequent Events	Subsequent Events ​ The Company evaluates subsequent events at the date of the balance sheet as well as conditions that arise after the balance sheet date but before the consolidated financial statements are issued. The effects of conditions that existed at the balance sheet date are recognized in the consolidated financial statements. Events and conditions arising after the balance sheet date but before the consolidated financial statements are issued are evaluated to determine if disclosure is required to keep the consolidated financial statements from being misleading. To the extent such events and conditions exist, if any, disclosures are made regarding the nature of events and the estimated financial effects for those events and conditions. See Note 29, “Subsequent Events”. ​
Recent Accounting Pronouncements	Recent Accounting Pronouncements ​ Recently Adopted Accounting Pronouncements ​ In November 2023, ASU 2023-07, Improvements to Reportable Segment Disclosures ​ Recently Issued and Not Yet Adopted Accounting Pronouncements ​ In November 2024, ASU 2024-04, Debt with Conversion and Other Options ​ In November 2024, ASU 2024-03, Disaggregation of Income Statement Expenses ​ In December 2023, ASU 2023-09, Improvements to Income Tax Disclosures ​ Climate Disclosures ​ In March 2024, the SEC issued Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2024
Summary of Significant Accounting Policies
Schedule of property plant and equipment useful lives	​ Building and leasehold improvements 10 Machinery and equipment ​ 2 Software ​ 1 – 5 years Hydrogen production plants ​ 30 years

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2024
Joule Processing LLC [Member]
Schedule of unaudited pro forma financial information	​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, 2022 ​ (unaudited) Revenue ​ $ 701,742 Net loss ​ $ (723,934) ​

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2024
Investments
Summary of investments under the equity method	As of December 31, 2024 and 2023, the Company accounted for the following investments in the investee’s common stock under the equity method, which are included in the investments in non-consolidated entities and non-marketable equity securities on the consolidated balance sheets (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2024 ​ As of December 31, 2023 ​ Formation Common Stock Carrying Common Stock Carrying Investee ​ Date ​ Ownership % ​ Value ​ Ownership % ​ Value HyVia ​ Q2 2021 ​ 50% ​ $ - ​ 50% ​ $ (2,068) AccionaPlug ​ Q4 2021 ​ 50% ​ ​ 4,276 ​ 50% ​ ​ 3,198 Clean H2 Infra Fund ​ Q4 2021 ​ 5% ​ ​ 29,111 ​ 5% ​ ​ 13,357 SK Plug Hyverse ​ Q1 2022 ​ 49% ​ ​ 49,488 ​ 49% ​ ​ 41,609 ​ ​ ​ ​ ​ ​ $ 82,875 ​ ​ ​ $ 56,096

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2024
Schedule of assets and liabilities measured at fair value on a recurring basis	The following table summarizes the carrying amount and estimated fair value of the Company’s financial instruments at December 31, 2024 and 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2024 ​ ​ Carrying ​ Fair ​ Fair Value Measurements ​ Amount Value Level 1 Level 2 Level 3 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6.00% Convertible Debenture ​ ​ 173,150 ​ $ 173,150 ​ $ — ​ $ — ​ $ 173,150 Contingent consideration ​ $ 60,746 ​ $ 60,746 ​ $ — ​ $ — ​ $ 60,746 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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
Non-Recurring
Schedule of assets and liabilities measured at fair value on a recurring basis that have unobservable inputs	​ ​ ​ ​ ​ ​ ​ ​ Financial Instrument Valuation Technique Unobservable Input Range (weighted average) Property, plant and equipment, net ​ Cost approach ​ Residual value ​ 0.0% - 12.0% Intangibles assets, net ​ Relief from royalty method ​ Royalty rate ​ 0.1% - 2.0% ​ ​ ​ ​ Discount rate ​ 15.0% - 20.5% ​ ​ ​ ​ Obsolescence factor ​ 6.7% - 20.0% ​ ​ Multi-period excess earnings method ​ Discount rate ​ 15.0% - 16.0% Right of use assets related to operating leases, net ​ Income approach (DCF method) ​ Discount rate ​ 5.4% - 11.1%
Contingent consideration
Schedule of assets and liabilities measured at fair value on a recurring basis that have unobservable inputs	In the consolidated balance sheets, contingent consideration is recorded in the contingent consideration, loss accrual for service contracts, and other liabilities financial statement line item, and was comprised of the following unobservable inputs for the year ended December 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial Instrument Fair Value Valuation Technique Unobservable Input Range (weighted average) Contingent consideration ​ $ 60,746 ​ Scenario-based method ​ Credit spread ​ 11.83% ​ ​ ​ ​ ​ ​ ​ Discount rate ​ 15.91% - 16.00% ​ ​ ​ 60,746 ​ ​ ​ ​ ​ ​ ​ In the consolidated balance sheets, contingent consideration is recorded in the contingent consideration, loss accrual for service contracts, and other liabilities financial statement line item, and was comprised of the following unobservable inputs for the year ended December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial Instrument Fair Value Valuation Technique Unobservable Input Range (weighted average) Contingent consideration ​ $ 126,216 ​ Scenario-based method ​ Credit spread ​ 13.61% ​ ​ ​ ​ ​ ​ ​ Discount rate ​ 17.71% - 19.06% ​ ​ ​ 126,216 ​ ​ ​ ​ ​ ​
Schedule of change in the carrying amount of contingent consideration	The change in the carrying amount of contingent consideration for the year ended December 31, 2024 was as follows (in thousands): ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, 2024 Beginning balance as of December 31, 2023 ​ $ 126,216 Cash payments ​ ​ (29,825) Payment settled in common stock and warrants ​ ​ (18,241) Change in fair value of contingent consideration ​ ​ (15,847) Foreign currency translation adjustment ​ (1,557) Ending balance as of December 31, 2024 ​ $ 60,746

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2024
Earnings Per Share
Schedule of components of the calculations of basic and diluted earnings per share:	The following table provides the components of the calculations of basic and diluted earnings per share (in thousands, except share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2024 2023 2022 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss attributable to Plug Power Inc. ​ $ (2,104,701) ​ $ (1,368,833) ​ $ (724,008) Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common stock outstanding ​ 785,024,373 ​ 595,468,419 ​ 579,716,708 ​
Schedule of potential dilutive common shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2024 2023 2022 Stock options outstanding (1) ​ 38,690,148 39,261,362 27,598,269 Restricted stock and restricted stock units outstanding (2) ​ 6,750,372 6,732,884 6,276,376 Common stock warrants (3) ​ 82,022,634 ​ 78,561,263 ​ 88,774,725 Convertible Senior Notes (4) ​ 105,868,502 39,170,766 39,170,766 Number of dilutive potential shares of common stock ​ 233,331,656 163,726,275 161,820,136 (1) During the years ended December 31, 2024, 2023, and 2022, the Company granted options for 15,180,435 , 13,254,689 and 4,761,724 shares of common stock, respectively. ​ (2) During the years ended December 31, 2024, 2023, and 2022, the Company granted 4,052,391 , 4,131,193 and 4,289,682 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 as described in Note 5, “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 December 31, 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, subject to certain vesting events, as described in Note 19, “Warrant Transaction Agreements”. The warrant had not been exercised as of December 31, 2024, 2023 and 2022, respectively. ​ In April 2017, the Company issued a warrant to acquire up to 55,286,696 of the Company’s common stock as part of a transaction agreement with Amazon, subject to certain vesting events, as described in Note 19, “Warrant Transaction Agreements”. The warrant was exercised with respect to 34,917,912, 34,917,912 and 24,704,450 shares of the Company’s common stock as of December 31, 2024, 2023 and 2022, respectively. ​ In July 2017, the Company issued a warrant to acquire up to 55,286,696 of the Company’s common stock as part of a transaction agreement with Walmart, subject to certain vesting events, as described in Note 19, “Warrant Transaction Agreements”. The warrant had been exercised with respect to 13,094,217 shares of the Company’s common stock as of December 31, 2024, 2023 and 2022. ​ (4) On November 11, 2024, the Company entered into the Debenture Purchase Agreement under which the Company agreed to sell and issue to the Investor the 6.00% Convertible Debenture as described in Note 17, “Convertible Senior Notes”. There were no conversions of the 6.00% Convertible Debenture during the year ended December 31 , 2024. ​ 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 as described in Note 17, “Convertible Senior Notes”. There were no conversions of the 7.00% Convertible Senior Notes during the year ended December 31 ​ In May 2020, the Company issued $212.5 million in aggregate principal amount of the 3.75% Convertible Senior Notes as described in Note 17, “Convertible Senior Notes”. There were no conversions of the 3.75% Convertible Senior Notes during the years ended December 31, 2024, 2023 and 2022.

Inventory (Tables)

Inventory (Tables)	12 Months Ended
	Dec. 31, 2024
Inventory
Schedule of inventory	Inventory as of December 31, 2024 and 2023, consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2024 ​ 2023 Raw materials and supplies - production locations ​ $ 385,455 ​ $ 564,818 Raw materials and supplies - customer locations ​ ​ 28,983 ​ ​ 20,751 Work-in-process ​ 129,824 ​ 149,574 Finished goods ​ 138,380 ​ 226,110 Inventory ​ $ 682,642 ​ $ 961,253

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment
Schedule of Property plant and equipment	Property, plant and equipment at December 31, 2024 and 2023 consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ 2024 2023 Land ​ $ 5,597 ​ $ 6,049 Construction in progress ​ ​ 502,936 ​ ​ 1,109,896 Hydrogen production plants and related equipment ​ ​ 343,094 ​ ​ 77,107 Leasehold improvements ​ ​ 15,633 ​ ​ 95,229 Software, machinery, and equipment ​ 40,861 ​ 229,352 Property, plant, and equipment ​ 908,121 ​ 1,517,633 Less: accumulated depreciation ​ (41,792) ​ (81,456) Property, plant, and equipment, net ​ $ 866,329 ​ $ 1,436,177

Equipment Related to Power Pu_2

Equipment Related to Power Purchase Agreements and Fuel Delivered to Customers, Net (Tables)	12 Months Ended
	Dec. 31, 2024
Equipment Related to Power Purchase Agreements and Fuel Delivered to Customers, net
Schedule of equipment related to power purchase agreements and fuel delivered to customers, net	Equipment related to power purchase agreements and fuel delivered to customers, net, as of December 31, 2024 and 2023 consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2024 ​ 2023 Equipment related to power purchase agreements and fuel delivered to customers ​ $ 179,602 ​ $ 139,651 Less: accumulated depreciation ​ ​ (35,530) ​ ​ (28,390) Equipment related to power purchase agreements and fuel delivered to customers, net ​ $ 144,072 ​ $ 111,261

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	12 Months Ended
	Dec. 31, 2024
Intangible Assets and Goodwill
Schedule of intangible assets	The gross carrying amount and accumulated amortization of the Company’s acquired identifiable intangible assets as of December 31, 2024 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ Gross Carrying ​ Accumulated ​ ​ ​ ​ Amortization Period Amount Amortization Total Acquired technology 14 years $ 34,872 ​ $ (7,805) ​ $ 27,067 Dry stack electrolyzer technology ​ 10 years ​ ​ 11,351 ​ ​ (383) ​ ​ 10,968 Customer relationships, trade name, and other ​ 15 years ​ 56,989 ​ ​ (10,364) ​ ​ 46,625 ​ ​ ​ ​ $ 103,212 ​ $ (18,552) ​ $ 84,660 ​ 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	​ ​ ​ ​ ​ 2025 ​ $ 8,008 2026 ​ ​ 7,945 2027 ​ ​ 7,945 2028 ​ ​ 7,608 2029 ​ ​ 7,495 2030 and thereafter ​ ​ 45,659 Total ​ $ 84,660

Accrued Expenses (Tables)

Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2024
Accrued Expenses
Schedule of accrued expenses	Accrued expenses at December 31, 2024 and 2023 consisted of (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2024 ​ 2023 Accrued payroll and compensation related costs ​ $ 14,771 ​ $ 32,584 Accrual for capital expenditures ​ ​ 20,040 ​ ​ 83,781 Accrued accounts payable ​ ​ 39,808 ​ ​ 64,767 Accrued sales and other taxes ​ ​ 24,182 ​ ​ 17,207 Accrued interest ​ ​ 2,540 ​ ​ 562 Accrued other ​ ​ 1,804 ​ ​ 1,643 Total ​ $ 103,145 ​ $ 200,544

Extended Maintenance Contract_2

Extended Maintenance Contracts and Warranty Reserve (Tables)	12 Months Ended
	Dec. 31, 2024
Extended Maintenance Contracts and Warranty Reserve
Schedule of accrual for loss contracts	The following table shows the roll forward of balances in the accrual for loss contracts (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ Year ended ​ December 31, 2024 December 31, 2023 Beginning balance ​ $ 137,853 ​ $ 81,066 Provision for loss accrual ​ ​ 45,226 ​ ​ 85,375 Releases to service cost of sales ​ ​ (51,578) ​ ​ (29,713) Increase to loss accrual related to customer warrants ​ ​ 3,313 ​ ​ 971 Foreign currency translation adjustment ​ ​ (458) ​ ​ 154 Ending balance ​ $ 134,356 ​ $ 137,853
Schedule of product warranty reserve	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ Year ended ​ December 31, 2024 December 31, 2023 Beginning balance ​ $ 8,044 ​ $ 2,954 Additional provision due to new issuances ​ ​ 8,864 ​ ​ 7,599 Adjustments to existing warranty provisions ​ ​ (4,801) ​ ​ (2,509) Releases due to cash receipts ​ ​ — ​ ​ — Ending balance ​ $ 12,107 ​ $ 8,044

Operating and Finance Lease L_2

Operating and Finance Lease Liabilities (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2024 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance Total ​ ​ Operating Lease ​ Lease ​ Lease ​ Liability Liability Liabilities 2025 ​ $ 100,882 ​ $ 14,786 ​ $ 115,668 2026 ​ ​ 88,834 ​ 11,926 ​ ​ 100,760 2027 ​ ​ 74,819 ​ 8,250 ​ ​ 83,069 2028 ​ ​ 52,459 ​ 1,940 ​ ​ 54,399 2029 ​ ​ 28,877 ​ ​ 400 ​ ​ 29,277 2030 and thereafter ​ ​ 128,374 ​ ​ 2,898 ​ ​ 131,272 Total future minimum payments ​ ​ 474,245 ​ 40,200 ​ ​ 514,445 Less imputed interest ​ ​ (160,847) ​ ​ (4,620) ​ ​ (165,467) Total ​ $ 313,398 ​ $ 35,580 ​ $ 348,978 ​
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 December 31, 2024 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance Total ​ ​ Operating Lease ​ Lease ​ Lease ​ Liability Liability Liabilities 2025 ​ $ 100,882 ​ $ 14,786 ​ $ 115,668 2026 ​ ​ 88,834 ​ 11,926 ​ ​ 100,760 2027 ​ ​ 74,819 ​ 8,250 ​ ​ 83,069 2028 ​ ​ 52,459 ​ 1,940 ​ ​ 54,399 2029 ​ ​ 28,877 ​ ​ 400 ​ ​ 29,277 2030 and thereafter ​ ​ 128,374 ​ ​ 2,898 ​ ​ 131,272 Total future minimum payments ​ ​ 474,245 ​ 40,200 ​ ​ 514,445 Less imputed interest ​ ​ (160,847) ​ ​ (4,620) ​ ​ (165,467) Total ​ $ 313,398 ​ $ 35,580 ​ $ 348,978
Schedule of operating leases other information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended Year ended Year ended ​ ​ December 31, 2024 December 31, 2023 December 31, 2022 ​ Cash payments - operating cash flows (in thousands) ​ $ 99,934 ​ $ 91,637 ​ $ 63,214 ​ Weighted average remaining lease term (years) ​ ​ 7.06 ​ ​ 5.76 ​ ​ 6.52 ​ Weighted average discount rate ​ ​ 11.1 % ​ 11.3 % ​ 11.2 % ​
Schedule of finance leases other information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended Year ended Year ended ​ ​ December 31, 2024 December 31, 2023 December 31, 2022 ​ Cash payments - operating cash flows (in thousands) ​ $ 2,740 ​ $ 3,059 ​ $ 2,447 ​ Cash payments - financing cash flows (in thousands) ​ $ 9,341 ​ $ 8,638 ​ $ 6,586 ​ Weighted average remaining lease term (years) ​ ​ 3.09 ​ ​ 3.87 ​ ​ 3.92 ​ Weighted average discount rate ​ ​ 6.8 % ​ 6.8 % ​ 6.7 %

Finance Obligation (Tables)

Finance Obligation (Tables)	12 Months Ended
	Dec. 31, 2024
Finance Obligations
Schedule of future minimum payments under finance obligations	Future minimum payments under finance obligations notes above as of December 31, 2024 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ Sale of Future ​ Sale/Leaseback ​ Finance ​ Revenue - Debt Financings Obligations 2025 ​ $ 104,547 ​ $ 18,525 ​ $ 123,072 2026 ​ ​ 87,824 ​ ​ 14,698 ​ ​ 102,522 2027 ​ ​ 71,253 ​ ​ 14,698 ​ ​ 85,951 2028 ​ ​ 51,188 ​ ​ 14,484 ​ ​ 65,672 2029 ​ ​ 24,082 ​ ​ 12,153 ​ ​ 36,235 2030 and thereafter ​ ​ 1,421 ​ ​ 11,742 ​ ​ 13,163 Total future minimum payments ​ ​ 340,315 ​ ​ 86,300 ​ ​ 426,615 Less imputed interest ​ ​ (63,606) ​ ​ (53,297) ​ ​ (116,903) Total ​ $ 276,709 ​ $ 33,003 ​ $ 309,712
Schedule of finance obligation other information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ Year ended ​ Year ended ​ ​ December 31, 2024 December 31, 2023 December 31, 2022 ​ Cash payments (in thousands) ​ $ 117,988 ​ $ 96,781 ​ $ 72,377 ​ Weighted average remaining term (years) ​ ​ 4.10 ​ ​ 4.49 ​ ​ 4.84 ​ Weighted average discount rate ​ ​ 12.3 % ​ 11.3 % ​ 11.1 %

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2024
Long-Term Debt.
Schedule of long term debt	​ ​ ​ ​ ​ December 31, 2025 ​ 1,200 December 31, 2026 ​ ​ 900 Total outstanding principal ​ $ 2,100

Convertible Senior Notes (Table

Convertible Senior Notes (Tables)	12 Months Ended
	Dec. 31, 2024
6.0% Convertible Debenture
Convertible Senior Notes
Schedule of change in carrying amount of convertible debt	The change in the carrying amount of the 6.00% Convertible Debenture for the year ended December 31, 2024 was as follows (in thousands): ​ ​ ​ ​ ​ ​ December 31, 2024 Principal received at issuance ​ $ 190,000 Payments of principal settled in cash ​ ​ (22,500) Payments or principal settled in common stock ​ ​ — Loss on debt extinguishment ​ ​ 1,613 Change in fair value of the convertible senior note ​ ​ 3,424 Amortization of discount ​ ​ 613 Ending balance as of December 31, 2024 ​ $ 173,150
Schedule of debt	The following table summarizes the total interest expense and effective interest rate related to the 6.00% Convertible Debenture for the year ended December 31, 2024 (in thousands, except for the effective interest rate): ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, 2024 ​ Interest expense ​ $ 1,596 ​ Amortization of discount ​ ​ 613 ​ Total ​ $ 2,209 ​ Effective interest rate ​ ​ 8.7 %
7.0% Convertible Senior Notes
Convertible Senior Notes
Schedule of Convertible Senior Notes	The 7.00% Convertible Senior Notes consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ December 31, 2024 Principal amounts: ​ ​ ​ Principal ​ $ 140,396 Unamortized debt premium, net of offering costs (1) ​ ​ 7,514 Net carrying amount ​ $ 147,910 (1) Included in the 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 year ended December 31, 2024 (in thousands, except for the effective interest rate): ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, 2024 ​ Interest expense ​ $ 7,687 ​ Amortization of premium ​ ​ (4,085) ​ Total ​ $ 3,602 ​ Effective interest rate ​ ​ 3.0 %
3.75% Convertible Senior Notes
Convertible Senior Notes
Schedule of Convertible Senior Notes	The 3.75% Convertible Senior Notes consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 December 31, 2023 Principal amounts: ​ ​ ​ ​ ​ ​ Principal ​ $ 58,462 ​ $ 197,278 Unamortized debt issuance costs (1) ​ ​ (189) ​ ​ (2,014) Net carrying amount ​ $ 58,273 ​ $ 195,264 (1) Included in the consolidated balance sheets within the 3.75% Convertible Senior Notes, net and amortized over the remaining life of the notes using the effective interest rate method. ​
Schedule of debt	The following table summarizes the total interest expense and effective interest rate related to the 3.75% Convertible Senior Notes for the year ended December 31, 2024 (in thousands, except for effective interest rate): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, 2024 December 31, 2023 December 31, 2022 ​ Interest expense ​ $ 3,335 ​ $ 7,546 ​ $ 7,398 ​ Amortization of debt issuance costs ​ ​ 642 ​ ​ 1,345 ​ ​ 1,286 ​ Total ​ $ 3,977 ​ $ 8,891 ​ $ 8,684 ​ Effective interest rate ​ ​ 4.5 % ​ 4.6 % ​ 4.5 % ​

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2024
Revenue
Schedule of disaggregation of revenue	The following table provides information about disaggregation of revenue (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Major products/services lines ​ Year ended December 31, ​ 2024 2023 2022 Sales of fuel cell systems ​ $ 52,110 ​ $ 181,168 ​ $ 207,691 Sales of hydrogen infrastructure ​ ​ 69,122 ​ ​ 183,606 ​ ​ 141,528 Sales of electrolyzers ​ ​ 135,504 ​ ​ 82,611 ​ ​ 28,463 Sales of engineered equipment ​ ​ 22,092 ​ ​ 32,361 ​ ​ 93,489 Services performed on fuel cell systems and related infrastructure ​ ​ 52,169 ​ ​ 39,093 ​ ​ 35,280 Power purchase agreements ​ ​ 77,842 ​ ​ 63,731 ​ ​ 47,183 Fuel delivered to customers and related equipment ​ ​ 97,882 ​ ​ 66,246 ​ ​ 57,196 Sales of cryogenic equipment and liquefiers ​ ​ 111,507 ​ ​ 231,687 ​ ​ 87,761 Other ​ ​ 10,586 ​ ​ 10,837 ​ ​ 2,849 Net revenue ​ $ 628,814 ​ $ 891,340 ​ $ 701,440
Schedule of receivables, contract assets and deferred revenue and contract liabilities from contracts with customers	The following table provides information about accounts receivables, contract assets, and deferred revenue and contract liabilities (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ 2024 2023 Accounts receivable ​ $ 157,244 ​ $ 243,811 Contract assets ​ ​ 118,015 ​ ​ 155,989 Deferred revenue and contract liabilities ​ ​ 202,625 ​ ​ 288,302
Schedule of changes in contract assets and the deferred revenue and 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 ​ Year ended ​ December 31, 2024 December 31, 2023 Transferred to receivables from contract assets recognized at the beginning of the period ​ $ (27,513) ​ $ (94,860) Change in contract assets related to warrants ​ ​ (4,909) ​ ​ 14,260 Impairment ​ ​ (35,118) ​ ​ (2,375) Revenue recognized and not billed as of the end of the period ​ ​ 29,566 ​ ​ 134,677 Net change in contract assets ​ $ (37,974) ​ $ 51,702 ​ ​ ​ ​ ​ ​ ​ ​ Deferred revenue and contract liabilities ​ Year ended ​ December 31, 2024 December 31, 2023 Increases due to customer billings, net of amounts recognized as revenue during the period ​ $ 74,702 ​ $ 151,965 Change in contract liabilities related to warrants ​ ​ 440 ​ ​ 440 Revenue recognized that was included in the contract liability balance as of the beginning of the period ​ ​ (160,819) ​ ​ (94,001) Net change in deferred revenue and contract liabilities ​ $ (85,677) ​ $ 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 ​ December 31, 2024 period (years) Sales of fuel cell systems ​ $ 34,555 ​ ​ 1 - 2 Sales of hydrogen installations and other infrastructure ​ ​ 19,425 ​ ​ 1 Sales of electrolyzers ​ ​ 225,329 ​ ​ 1 - 2 Sales of engineered equipment ​ ​ 2,332 ​ ​ 1 Services performed on fuel cell systems and related infrastructure ​ ​ 122,900 ​ ​ 5 - 10 Power purchase agreements ​ ​ 356,815 ​ ​ 5 - 10 Fuel delivered to customers and related equipment ​ ​ 69,152 ​ ​ 5 - 10 Sales of cryogenic equipment and other ​ ​ 60,136 ​ ​ 1 Total estimated future revenue ​ $ 890,644 ​ ​ ​ ​

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	12 Months Ended
	Dec. 31, 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ December 31, 2024 December 31, 2023 December 31, 2022 Cost of sales ​ $ 7,252 ​ $ 11,079 ​ $ 7,259 Research and development ​ ​ 8,406 ​ ​ 9,532 ​ ​ 6,369 Selling, general and administrative ​ ​ 54,683 ​ ​ 129,387 ​ ​ 156,127 ​ ​ $ 70,341 ​ $ 149,998 ​ $ 169,755
Nonvested Restricted Stock Shares Activity	The following table reflects the restricted stock and restricted stock unit activity during the year ended December 31, 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 ​ 4,052,391 ​ ​ 2.21 ​ ​ — Vested ​ (2,746,700) ​ ​ 15.43 ​ ​ — Forfeited ​ (1,288,203) ​ ​ 16.89 ​ ​ — Unvested restricted stock as of December 31, 2024 ​ 6,750,372 ​ $ 7.44 ​ $ 14,378
Service Stock Options Awards
Assumptions made for the purpose of estimating fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ December 31, 2024 December 31, 2023 December 31, 2022 Expected term of options (years) ​ 1 5 ​ 5 ​ 5 Risk free interest rate ​ 3.48% - 4.63% ​ 3.40% - 4.69% ​ 1.26% - 4.34% Volatility ​ 85.00% - 97.82% ​ 80.02% - 92.55% ​ 73.38% - 85.97%
Schedule of Share-based Compensation, Stock Options, Activity	The following table reflects the Service Stock Option activity for the year ended December 31, 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 ​ 12,227,935 ​ ​ 2.25 ​ ​ — ​ ​ — Exercised ​ (77,500) ​ ​ 13.40 ​ ​ — ​ ​ — Forfeited ​ (3,362,649) ​ ​ 15.35 ​ ​ — ​ ​ — Options outstanding as of December 31, 2024 ​ 26,124,148 ​ $ 6.62 ​ ​ 7.74 ​ $ 735 Options exercisable as of December 31, 2024 ​ 9,965,432 ​ ​ 10.99 ​ ​ 5.90 ​ ​ 166 Options unvested as of December 31, 2024 ​ 16,158,716 ​ $ 3.92 ​ ​ 8.88 ​ $ 569
Market Condition Stock Option Awards
Assumptions made for the purpose of estimating fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ Year Ended ​ Year Ended ​ December 31, 2024 ​ December 31, 2023 December 31, 2022 Remaining VWAP performance period (years) ​ 3 ​ ​ 3 ​ 3 Risk-free interest rate ​ 4.01% - 4.57% ​ ​ 3.60% ​ 3.10% Expected volatility ​ 85.00% - 90.00% ​ ​ 75.00% ​ 75.00% Closing stock price on grant date ​ $2.41 - $2.47 ​ ​ $7.87 ​ $26.38
Schedule of Share-based Compensation, Stock Options, Activity	The following table reflects the market condition stock options awards activity for the year ended December 31, 2024. Solely for the purposes of this table, the number of shares is based on participants earning the maximum number of shares underlying the market condition stock options awards (i.e., 200% of the target number of shares). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ 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 ​ ​ 26.92 ​ 4.73 ​ ​ — 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 December 31, 2024 ​ 12,566,000 ​ $ 12.83 ​ 5.07 ​ $ — Options exercisable as of December 31, 2024 ​ 5,372,667 ​ ​ 22.46 ​ 4.11 ​ ​ — Options unvested as of December 31, 2024 ​ 7,193,333 ​ $ 5.63 ​ 5.78 ​ $ —

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Taxes
Schedule Components of loss before income taxes and the provision for income taxes	The components of loss before income taxes and the income tax (expense) benefit for the years ended December 31, 2024, 2023, and 2022, by jurisdiction, are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ 2022 ​ U.S. Foreign Total U.S. Foreign Total U.S. Foreign Total Loss before income taxes $ (1,956,615) ​ $ (150,976) $ (2,107,591) $ (1,211,796) $ (164,401) $ (1,376,197) $ (697,342) $ (25,827) $ (723,169) Income tax benefit/(expense) ​ ​ — ​ ​ 2,686 ​ ​ 2,686 ​ ​ 29 ​ ​ 7,335 ​ ​ 7,364 ​ ​ 868 ​ ​ (1,707) ​ ​ (839) Net loss $ (1,956,615) $ (148,290) $ (2,104,905) $ (1,211,767) $ (157,066) $ (1,368,833) $ (696,474) $ (27,534) $ (724,008)
Schedule of Significant Components of Deferred Income Tax Expense (Benefit)	The significant components of current and deferred income tax expense (benefit) for the years ended December 31, 2024, 2023, and 2022, by jurisdiction, are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ 2022 ​ U.S. Foreign Total U.S. Foreign ​ Total U.S. Foreign Total Current income tax expense ​ $ — ​ $ 469 ​ $ 469 ​ $ — ​ $ 1,170 ​ $ 1,170 ​ $ — ​ $ 668 ​ $ 668 Deferred tax (benefit)/expense ​ ​ (206,649) ​ ​ (8,381) ​ ​ (215,030) ​ ​ (100,754) ​ ​ (2,618) ​ ​ (103,372) ​ ​ (42,705) ​ ​ 6,968 ​ ​ (35,737) Net operating loss carryforward generated ​ ​ (194,386) ​ ​ (8,452) ​ ​ (202,838) ​ ​ (146,174) ​ ​ (17,653) ​ ​ (163,827) ​ ​ (92,030) ​ ​ 4,332 ​ ​ (87,698) Valuation allowance increase/(decrease) ​ ​ 401,035 ​ ​ 13,678 ​ ​ 414,713 ​ ​ 246,899 ​ ​ 11,766 ​ ​ 258,665 ​ ​ 133,867 ​ ​ (10,261) ​ ​ 123,606 (Benefit)/expense for income taxes ​ $ — ​ ​ (2,686) ​ $ (2,686) ​ $ (29) ​ $ (7,335) ​ $ (7,364) ​ $ (868) ​ $ 1,707 ​ $ 839
Schedule of Effective Income Tax Rate Reconciliation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 2022 U.S. Federal statutory tax rate ​ (21.0) % (21.0) % (21.0) % Section 162M Disallowance ​ 0.2 % 0.7 % 1.9 % Equity Compensation ​ 0.5 % 0.4 % (0.7) % Provision to return and deferred tax asset adjustments ​ 0.8 % (2.1) % 4.6 % Change in U.S. Federal/Foreign statutory tax rate ​ (0.1) % (0.1) % 0.0 % Other, net ​ 0.4 % 0.6 % 0.6 % Impairment of goodwill ​ 0.0 % 3.3 % 0.0 % Change in valuation allowance ​ 19.1 % 17.7 % 14.8 % ​ ​ (0.1) % (0.5) % 0.1 %
Schedule of Deferred Tax Assets and Liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ Foreign ​ Total ​ 2024 2023 2024 2023 2024 2023 Deferred revenue ​ ​ 22,951 ​ ​ 39,241 ​ ​ 134 ​ ​ 142 ​ ​ 23,085 ​ ​ 39,383 Interest expense ​ ​ 29,390 ​ ​ 28,126 ​ ​ — ​ ​ — ​ ​ 29,390 ​ ​ 28,126 Other reserves and accruals ​ ​ 69,834 ​ ​ 57,265 ​ ​ 318 ​ ​ 337 ​ ​ 70,152 ​ ​ 57,602 Tax credit carryforwards ​ ​ 24,752 ​ ​ 20,794 ​ ​ — ​ ​ — ​ ​ 24,752 ​ ​ 20,794 Amortization of stock-based compensation ​ ​ 42,008 ​ ​ 44,023 ​ ​ — ​ ​ — ​ ​ 42,008 ​ ​ 44,023 Non-compensatory warrants ​ ​ 6,187 ​ ​ 2,950 ​ ​ — ​ ​ — ​ ​ 6,187 ​ ​ 2,950 Capitalized research & development expenditures ​ ​ 67,018 ​ ​ 82,374 ​ ​ — ​ ​ — ​ ​ 67,018 ​ ​ 82,374 Right of use liability (operating leases) ​ ​ 71,033 ​ ​ 41,960 ​ ​ — ​ ​ — ​ ​ 71,033 ​ ​ 41,960 Capital loss carryforwards ​ ​ 2,649 ​ ​ 1,763 ​ ​ — ​ ​ — ​ ​ 2,649 ​ ​ 1,763 Property, plant and equipment and right of use assets ​ ​ 163,518 ​ ​ — ​ ​ — ​ ​ — ​ ​ 163,518 ​ ​ — Net operating loss carryforwards ​ ​ 638,350 ​ ​ 443,964 ​ ​ 33,825 ​ ​ 25,373 ​ ​ 672,175 ​ ​ 469,337 Total deferred tax asset ​ ​ 1,137,690 ​ ​ 762,460 ​ ​ 34,277 ​ ​ 25,852 ​ ​ 1,171,967 ​ ​ 788,312 Valuation allowance ​ ​ (1,077,225) ​ ​ (676,190) ​ ​ (33,627) ​ ​ (19,949) ​ ​ (1,110,852) ​ ​ (696,139) Net deferred tax assets ​ $ 60,465 ​ $ 86,270 ​ $ 650 ​ $ 5,903 ​ $ 61,115 ​ $ 92,173 Intangible assets ​ ​ (11,940) ​ ​ (27,749) ​ ​ (631) ​ ​ (9,088) ​ ​ (12,571) ​ ​ (36,837) Convertible debt ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Right of use asset (operating leases) ​ ​ (48,525) ​ ​ (50,632) ​ ​ — ​ ​ — ​ ​ (48,525) ​ ​ (50,632) Property, plant and equipment and right of use assets ​ ​ — ​ ​ (7,889) ​ ​ — ​ ​ — ​ ​ — ​ ​ (7,889) Deferred tax liability ​ $ (60,465) ​ $ (86,270) ​ $ (631) ​ $ (9,088) ​ $ (61,096) ​ $ (95,358) Net ​ $ — ​ $ — ​ $ 19 ​ $ (3,185) ​ $ 19 ​ $ (3,185)
Schedule of Valuation Allowance	A reconciliation of the current year change in valuation allowance is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Foreign Total Increase in valuation allowance for current year increase in net operating losses ​ $ 221,635 ​ ​ 15,193 ​ $ 236,828 Increase in valuation allowance for current year net increase in deferred tax assets other than net operating losses ​ ​ 179,400 ​ ​ — ​ ​ 179,400 Increase in valuation allowance due to change in tax rates ​ ​ — ​ ​ (1,515) ​ ​ (1,515) Net increase in valuation allowance ​ $ 401,035 ​ $ 13,678 ​ $ 414,713

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 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 December ​ ​ ​ ​ ​ 2025 $ 40,914 2026 ​ ​ 50,782 2027 ​ ​ 64,852 2028 ​ ​ — 2029 ​ ​ — 2030 and thereafter ​ ​ — Total ​ ​ 156,548 ​

Segment and Geographic Area R_2

Segment and Geographic Area Reporting (Tables)	12 Months Ended
	Dec. 31, 2024
Segment and Geographic Area Reporting
Schedule of reported segment revenue, significant segment expenses, other segment items and segment measure of profit/(loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ December 31, 2024 December 31, 2023 December 31, 2022 Total net revenue ​ $ 628,814 ​ $ 891,340 ​ $ 701,440 Cost of revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ Sales of equipment, related infrastructure and other ​ $ (696,087) ​ $ (765,575) ​ $ (468,057) Services performed on fuel cell systems and related infrastructure ​ ​ (57,766) ​ ​ (75,412) ​ ​ (59,365) Provision for loss contracts related to service ​ ​ (48,539) ​ ​ (86,346) ​ ​ (26,801) Power purchase agreements ​ ​ (216,947) ​ ​ (218,936) ​ ​ (144,696) Fuel delivered to customers and related equipment ​ ​ (228,827) ​ ​ (246,318) ​ ​ (194,255) Other costs of revenue ​ ​ (5,535) ​ ​ (6,544) ​ ​ (2,622) Operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ Research and development ​ $ (77,226) ​ $ (113,745) ​ $ (99,579) Selling, general and administrative ​ ​ (376,110) ​ ​ (422,469) ​ ​ (363,929) Impairment ​ ​ (949,315) ​ ​ (269,494) ​ ​ (5,218) Other segment items, net (1) ​ $ (77,163) ​ $ (55,334) ​ $ (60,926) Consolidated net loss attributable to Plug Power Inc. ​ $ (2,104,701) ​ $ (1,368,833) ​ $ (724,008) (1) Included in other segment items, net are restructuring, change in fair value of contingent consideration, interest income, interest expense, other expense, net, realized loss on investments, net, change in fair value of equity securities, loss on extinguishment of convertible senior notes and debt, change in fair value of convertible senior note, loss on equity method investments, income tax benefit and net loss attributable to non-controlling interest
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 ​ Long-Lived Assets ​ ​ Year ended ​ As of ​ December 31, 2024 December 31, 2023 December 31, 2022 December 31, 2024 December 31, 2023 United States ​ $ 428,215 ​ $ 741,498 ​ $ 545,942 ​ $ 1,208,096 ​ $ 1,881,042 Other foreign countries ​ ​ 200,599 ​ ​ 149,842 ​ ​ 155,498 ​ ​ 72,208 ​ ​ 123,646 Total ​ $ 628,814 ​ $ 891,340 ​ $ 701,440 ​ $ 1,280,304 ​ $ 2,004,688 ​

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2024
Variable Interest Entities
Summary of VIE assets can be used to settle only the VIE's obligations and the creditors related to the below VIE liabilities have no recourse against the general credit of Plug Power	The table below summarizes balances associated with Hidrogenii as reflected on our consolidated balance sheets as of December 31, 2024 (in thousands). ​ ​ ​ ​ ​ ​ December 31, 2024 Assets ​ ​ Cash and cash equivalents $ 667 Prepaid expenses, tax credits and other current assets ​ 242 Total current assets ​ 909 Property, plant, and equipment, net ​ 147,696 Other assets ​ — Total non-current assets ​ 147,696 Total assets ​ 148,605 Liabilities ​ ​ Accounts payable $ 1,340 Accrued expenses ​ 27 Total liabilities ​ 1,367 Equity ​ ​ Equity $ 147,238 Total equity ​ 147,238 Total liabilities and equity $ 148,605 ​

Nature of Operations - Descript

Nature of Operations - Description Of Business (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) T	Dec. 31, 2023 USD ($)
Description of Business
Carrying Value	$ 82,875	$ 56,096
Plug Power LA JV LLC
Description of Business
Ownership interest percentage	50%
Clean H2 Infra Fund
Description of Business
Ownership interest percentage	5%	5%
Carrying Value	$ 29,111	$ 13,357
Niloco Hydrogen Holdings LLC
Description of Business
Ownership interest percentage	50%
HyVia
Description of Business
Ownership interest percentage	50%	50%
Carrying Value	$ 0	$ (2,068)
Joint Venture with S K
Description of Business
Ownership percentage in joint venture	49%
Hidrogenii
Description of Business
Construction capacity per day | T	15
Plug Power France | HyVia
Description of Business
Ownership percentage in joint venture	50%
Renault | HyVia
Description of Business
Ownership percentage in joint venture	50%
Carrying Value	$ 0
Plug Power Spain
Description of Business
Ownership percentage in joint venture	50%
Acciona
Description of Business
Ownership percentage in joint venture	50%
SK Innovation | Joint Venture with S K
Description of Business
Ownership percentage in joint venture	51%

Nature of Operations - Liquidit

Nature of Operations - Liquidity, Capital Resources and Going Concern (Details) - USD ($) $ / shares in Units, $ in Thousands					12 Months Ended
	Nov. 11, 2024	Nov. 07, 2024	Jul. 22, 2024	Feb. 23, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Feb. 10, 2025	Jan. 17, 2024
Liquidity and Capital Resources
Net Income (Loss)					$ (2,104,701)	$ (1,368,833)	$ (724,008)
Working Capital					729,000
Unrestricted cash					205,700
Restricted cash					198,000
Proceeds from issuance of common stock					857,872
Principal received at issuance					190,000
Convertible Debenture Purchase Agreement
Liquidity and Capital Resources
Principal amount	$ 200,000
Principal received at issuance	$ 190,000				190,000
At Market Issuance Sales Agreement
Liquidity and Capital Resources
Remaining authorized for issuance		$ 624,800		$ 697,900
Common stock reserved for future issuance		$ 1,000,000		1,000,000	$ 1,000,000
Number of shares of common stock sold					219,835,221
Proceeds from issuance of common stock					$ 677,200
Net proceeds from issue of common stock					$ 666,900
Sales price per share					$ 3.08
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
Standby Equity Purchase Agreement | Subsequent Event
Liquidity and Capital Resources
Maximum commitment advance purchase amount								$ 10,000
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 gross sales price									$ 1,000,000
Maximum | Standby Equity Purchase Agreement | Subsequent Event
Liquidity and Capital Resources
Aggregate gross sales price								$ 1,000,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Tax Credit (Details)	12 Months Ended
	Dec. 31, 2024
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
Reduction in depreciation, period	30 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Other information (Details) - USD ($)

1 Months Ended

3 Months Ended

12 Months Ended

Nov. 11, 2024

Mar. 20, 2024

Dec. 31, 2024

May 31, 2020

Dec. 31, 2024

Dec. 31, 2024

Dec. 31, 2023

Mar. 31, 2024

Mar. 21, 2024

Mar. 12, 2024

Dec. 31, 2021

May 29, 2020

May 18, 2020

Summary of Significant Accounting Policies

Contract asset impairment charge

$ 38,300,000

$ 2,400,000

Operating lease maximum allowed extension percentage

75%

Fair Value

$ 0

0

$ 0

0

Equity securities

0

0

$ 0

0

Minimum number of days after an invoice is issued when accounts receivable is considered due

30 days

Maximum number of days after an invoice is issued when accounts receivable is considered due

120 days

Allowance for doubtful accounts receivable

37,712,000

37,712,000

$ 37,712,000

8,798,000

Impairment

902,200,000

949,300,000

269,500,000

Principal received at issuance

190,000,000

Property, Plant and Equipment

Goodwill

0

0

0

0

3.75% Convertible Senior Notes

Summary of Significant Accounting Policies

Principal amount

$ 58,462,000

$ 212,500,000

$ 58,462,000

$ 58,462,000

$ 197,278,000

$ 58,500,000

$ 12,500,000

$ 200,000,000

Conversion of debt

$ 138,800,000

$ 138,800,000

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%

7.0% Convertible Senior Notes

Summary of Significant Accounting Policies

Principal amount

$ 140,400,000

$ 140,396,000

$ 140,400,000

$ 140,396,000

$ 140,396,000

$ 140,400,000

$ 140,400,000

Interest rate (as a percent)

7%

7%

7%

7%

7%

7%

7%

6.0% Convertible Debenture

Summary of Significant Accounting Policies

Principal received at issuance

$ 190,000,000

$ 190,000,000

Interest rate (as a percent)

6%

6%

6%

6%

Convertible Debenture Purchase Agreement

Summary of Significant Accounting Policies

Principal amount

$ 200,000,000

Principal received at issuance

190,000,000

$ 190,000,000

Fuel

Property, Plant and Equipment

Estimated useful life

10 years

10 years

10 years

Hydrogen infrastructure

Property, Plant and Equipment

Estimated useful life

20 years

20 years

20 years

Minimum [Member]

Summary of Significant Accounting Policies

Payment terms for fuel cells and its services

30 days

Extension period

5 years

Warranty term

1 year

1 year

1 year

Maximum [Member]

Summary of Significant Accounting Policies

Payment terms for fuel cells and its services

90 days

Extension period

10 years

Warranty term

2 years

2 years

2 years

Maximum [Member] | 6.0% Convertible Debenture

Summary of Significant Accounting Policies

Conversion of debt

$ 22,500,000

$ 22,500,000

Building and leasehold improvements | Minimum [Member]

Property, Plant and Equipment

Estimated useful life

10 years

10 years

10 years

Building and leasehold improvements | Maximum [Member]

Property, Plant and Equipment

Estimated useful life

30 years

30 years

30 years

Machinery and equipment | Minimum [Member]

Property, Plant and Equipment

Estimated useful life

2 years

2 years

2 years

Machinery and equipment | Maximum [Member]

Property, Plant and Equipment

Estimated useful life

30 years

30 years

30 years

Software | Minimum [Member]

Property, Plant and Equipment

Estimated useful life

1 year

1 year

1 year

Software | Maximum [Member]

Property, Plant and Equipment

Estimated useful life

5 years

5 years

5 years

Hydrogen Production Plants [Member]

Property, Plant and Equipment

Estimated useful life

30 years

30 years

30 years

Acquisitions - Narratives (Deta

Acquisitions - Narratives (Details) $ in Millions		12 Months Ended
	Dec. 05, 2022 subsidiary	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Alloy Custom Products, LLC and WesMor Cryogenics, LLC | Cyrogenic Industrial Solutions, LLC, Alloy Custom Products, LLC and WesMor Cryogenics, LLC
Number of subsidiaries | subsidiary	2
Revenue		$ 46.5	$ 47.7	$ 3.7
Joule Processing LLC
Revenue		$ 9.5	$ 85.2	36.5
Joule Processing LLC | Pro Forma [Member]
Revenue				36.8
Net income				$ 3.6

Acquisitions - Unaudited Pro Fo

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

Investments - Available-for-sal

Investments - Available-for-sale securities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2024
Investments
Fair Value	$ 0	$ 0
Proceeds from sales and maturities of available-for-sale securities	1,400,000,000
Proceeds from sales of equity securities	$ 144,250,000

Investments - Available-for-s_2

Investments - Available-for-sale securities, Unrealized Loss (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Fair Value of Investments with Unrealized Losses	$ 0	$ 10.8	$ 0
Investment in non-marketable equity securities	$ 2.6	$ 5.6

Investments - Equity Method Inv

Investments - Equity Method Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 82,875	$ 56,096
Capital commitment to be made in remainder of 2025	$ 4,600
HyVia
Schedule of Equity Method Investments [Line Items]
Common Stock Ownership %	50%	50%
Carrying Value	$ 0	$ (2,068)
Payments to acquire equity method investments	$ 32,300
AccionaPlug
Schedule of Equity Method Investments [Line Items]
Common Stock Ownership %	50%	50%
Carrying Value	$ 4,276	$ 3,198
Payments to acquire equity method investments	$ 2,900
Clean H2 Infra Fund
Schedule of Equity Method Investments [Line Items]
Common Stock Ownership %	5%	5%
Carrying Value	$ 29,111	$ 13,357
Payments to acquire equity method investments	$ 17,400
SK Plug Hyverse
Schedule of Equity Method Investments [Line Items]
Common Stock Ownership %	49%	49%
Carrying Value	$ 49,488	$ 41,609
Payments to acquire equity method investments	$ 16,000

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 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 ($) $ / shares in Units, $ in Thousands		3 Months Ended	12 Months Ended
	May 24, 2024	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jan. 14, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value
Change in fair value of contingent consideration			$ (15,847)	$ 30,024	$ 16,468
Earnouts from acquisitions paid in common stock and warrants			$ 18,241	8,000
6.00% Convertible Debenture
Fair Value
Interest rate (as a percent)			6%
Contingent consideration
Fair Value
Payments and settlements			$ 29,825
Foreign currency translation adjustment			(1,557)
Earnouts from acquisitions paid in common stock and warrants			18,241
Recurring basis | Level 3
Fair Value
Contingent consideration			60,746	126,216
Recurring basis | Level 3 | 6.00% Convertible Debenture
Fair Value
Liabilities, Fair value			173,150
Recurring basis | Level 3 | Contingent consideration
Fair Value
Liabilities, Fair value				126,216
Contingent consideration			60,746	126,216
Giner ELX, Inc
Fair Value
Maximum number of shares authorized to resale	3,461,371
Exercise price of warrants (in dollars per share)	$ 3.3008
Joule Processing LLC
Fair Value
Contingent consideration						$ 41,700
Carrying value | Recurring basis | 6.00% Convertible Debenture
Fair Value
Liabilities, Fair value			173,150
Carrying value | Recurring basis | Contingent consideration
Fair Value
Liabilities, Fair value				126,216
Contingent consideration			60,746
Fair Value | Recurring basis | 6.00% Convertible Debenture
Fair Value
Liabilities, Fair value			173,150
Fair Value | Recurring basis | Contingent consideration
Fair Value
Liabilities, Fair value				126,216
Contingent consideration			60,746
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)	200
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)	(100)
Payments and settlements		$ 1,000
Fair Value | Frames Holding B.V. | Contingent consideration
Fair Value
Liabilities, Fair value			12,500	31,800
Contingent consideration							$ 29,100
Change in fair value of contingent consideration			(1,900)
Payments and settlements			15,800
Foreign currency translation adjustment			1,600
Fair Value | Joule Processing LLC
Fair Value
Payments and settlements			13,000
Fair Value | Joule Processing LLC | Contingent consideration
Fair Value
Liabilities, Fair value			48,200	$ 75,500
Change in fair value of contingent consideration			$ (14,300)

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	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration	$ 60,746	$ 126,216
Contingent consideration
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration	$ 60,746	$ 126,216
Business Combination, Contingent Consideration, Liability, Valuation Technique [Extensible Enumeration]	plug:ValuationTechniqueScenarioBasedMethodMember	plug:ValuationTechniqueScenarioBasedMethodMember
Credit spread | Contingent consideration
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent Consideration, measurement input	0.1183	13.61
Discount rate | Minimum | Contingent consideration
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent Consideration, measurement input	0.1591	0.1771
Discount rate | Maximum | Contingent consideration
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent Consideration, measurement input	0.16	0.1906

Fair Value Measurements - Level

Fair Value Measurements - Level 3 Instruments Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 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)
Payment settled in common stock and warrants	$ (18,241)	$ (8,000)
Contingent consideration
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	126,216
Cash payments	(29,825)
Payment settled in common stock and warrants	(18,241)
Change in fair value of contingent consideration	$ (15,847)
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability
Foreign currency translation adjustment	$ (1,557)
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Liability, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax
Balance at the end of the period	$ 60,746	$ 126,216

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value on Non-Recurring Basis (Details) - Non-Recurring	Dec. 31, 2024	Oct. 01, 2024
Cost Approach | Minimum [Member] | Residual Value
Fair Value Measurements
Property, plant and equipment, net	0%
Cost Approach | Maximum [Member] | Residual Value
Fair Value Measurements
Property, plant and equipment, net	12%
Relief From Royalty | Minimum [Member] | Royalty Rate
Fair Value Measurements
Intangibles assets, net		0.10%
Relief From Royalty | Minimum [Member] | Discount rate
Fair Value Measurements
Intangibles assets, net		15%
Relief From Royalty | Minimum [Member] | Obolescence Factor
Fair Value Measurements
Intangibles assets, net		6.70%
Relief From Royalty | Maximum [Member] | Royalty Rate
Fair Value Measurements
Intangibles assets, net		2%
Relief From Royalty | Maximum [Member] | Discount rate
Fair Value Measurements
Intangibles assets, net		20.50%
Relief From Royalty | Maximum [Member] | Obolescence Factor
Fair Value Measurements
Intangibles assets, net		20%
Multi-period Excess Earnings Method | Minimum [Member]
Fair Value Measurements
Intangibles assets, net		15%
Multi-period Excess Earnings Method | Maximum [Member]
Fair Value Measurements
Intangibles assets, net		16%
Income Approach (DCF Method) | Minimum [Member]
Fair Value Measurements
Right of use assets related to operating leases, net		5.40%
Income Approach (DCF Method) | Maximum [Member]
Fair Value Measurements
Right of use assets related to operating leases, net		11.10%

Earnings Per Share - Basic and

Earnings Per Share - Basic and Diluted Components (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net loss attributable to Plug Power Inc.	$ (2,104,701)	$ (1,368,833)	$ (724,008)
Denominator:
Weighted average number of common stock outstanding, basic (in shares)	785,024,373	595,468,419	579,716,708
Weighted average number of common stock outstanding, diluted (in shares)	785,024,373	595,468,419	579,716,708

Earnings Per Share - Dilutive P

Earnings Per Share - Dilutive Potential Common Shares (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	Mar. 12, 2024	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Nov. 11, 2024	May 31, 2024	Mar. 21, 2024	Mar. 20, 2024	Aug. 31, 2022	Aug. 24, 2022	May 31, 2020	May 29, 2020	May 18, 2020	Jul. 31, 2017	Apr. 30, 2017	Apr. 04, 2017
Earnings Per Share
Number of dilutive potential shares of common stock			233,331,656	163,726,275	161,820,136
6.00% Convertible Debenture
Earnings Per Share
Interest rate (as a percent)							6%
Conversion of notes through common stock issuance (in shares)			0
3.75% Convertible Senior Notes
Earnings Per Share
Exchanged aggregate principal amount	$ 138,800	$ 138,800
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%
Principal amount			$ 58,462	$ 197,278					$ 58,500				$ 212,500	$ 12,500	$ 200,000
Conversion of notes through common stock issuance (in shares)			0	0	0	3,000,000
7.0% Convertible Senior Notes
Earnings Per Share
Interest rate (as a percent)	7%	7%	7%							7%			7%
Principal amount	$ 140,400	$ 140,400	$ 140,396							$ 140,400			$ 140,400
Conversion of notes through common stock issuance (in shares)			0
2022 Amazon transaction agreement
Earnings Per Share
Shares of common stock that can be purchased from warrants issued (in shares)											16,000,000	16,000,000
Number of warrants exercised to date			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	55,286,696
Number of warrants exercised to date			34,917,912	34,917,912	24,704,450
Warrants issued with the Walmart Stores, Inc transaction agreement
Earnings Per Share
Shares of common stock that can be purchased from warrants issued (in shares)																55,286,696
Number of warrants exercised to date			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
Employee Stock Option
Earnings Per Share
Number of dilutive potential shares of common stock			38,690,148	39,261,362	27,598,269
Options granted			15,180,435	13,254,689	4,761,724
Restricted stock and restricted stock units outstanding
Earnings Per Share
Number of dilutive potential shares of common stock			6,750,372	6,732,884	6,276,376
Number of restricted shares granted during period			4,052,391	4,131,193	4,289,682
Common stock warrants
Earnings Per Share
Number of dilutive potential shares of common stock			82,022,634	78,561,263	88,774,725
Shares of common stock that can be purchased from warrants issued (in shares)								3,461,371
Convertible Senior Notes
Earnings Per Share
Number of dilutive potential shares of common stock			105,868,502	39,170,766	39,170,766

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Inventory
Raw materials and supplies - production locations	$ 385,455	$ 564,818
Raw materials and supplies - customer locations	28,983	20,751
Work-in-process	129,824	149,574
Finished goods	138,380	226,110
Inventory	682,642	961,253
Excess and obsolete inventory	$ 158,900	$ 85,200

Impairment (Details)

Impairment (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Impairment
Impairment charges	$ 902,200	$ 949,300	$ 269,500
Impairment of long-lived assets	675,500	681,200	3,100
Impairment of finite lived intangible assets	79,700	79,700	20	$ 0
Contract asset impairment charge	38,300		2,400
Related party contract impairment		300
Other impairment charges	100	8,400
Non-marketable equity securities		3,000
Other Property plant and equipment		$ 5,400
Goodwill impairment charge			249,500
Other current assets			9,700
Impairment related to power purchase agreements and fuel delivered	1,600		200
Impairment, right of use assets related to operating leases	$ 145,400		$ 4,600

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2024 USD ($) Plant	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Property, plant and equipment
Property, plant, and equipment	$ 908,121	$ 908,121	$ 1,517,633
Less: accumulated depreciation	(41,792)	(41,792)	(81,456)
Property, plant, and equipment, net	866,329	866,329	1,436,177
Impairment charges	675,500	$ 681,200	$ 3,100
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]		Impairment Of Other Current Assets And Long-Lived Asset	Impairment Of Other Current Assets And Long-Lived Asset	Impairment Of Other Current Assets And Long-Lived Asset
Number of hydrogen production plant | Plant		3
Capitalized interest		$ 8,300	$ 8,200
Depreciation expense		42,800	33,300	$ 19,000
ITC credit		31,300
Land
Property, plant and equipment
Property, plant, and equipment	5,597	5,597	6,049
Construction in progress
Property, plant and equipment
Property, plant, and equipment	502,936	502,936	1,109,896
Hydrogen production plants
Property, plant and equipment
Property, plant, and equipment	343,094	343,094	77,107
Leasehold improvements
Property, plant and equipment
Property, plant, and equipment	15,633	15,633	95,229
Software, machinery, and equipment
Property, plant and equipment
Property, plant, and equipment	$ 40,861	$ 40,861	$ 229,352

Equipment Related to Power Pu_3

Equipment Related to Power Purchase Agreements and Fuel Delivered to Customers, Net - Components (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Equipment Related to Power Purchase Agreements and Fuel Delivered to Customers, net
Equipment related to power purchase agreements and fuel delivered to customers	$ 179,602	$ 139,651
Less: accumulated depreciation	(35,530)	(28,390)
Equipment related to power purchase agreements and fuel delivered to customers, net	$ 144,072	$ 111,261

Equipment Related to Power Pu_4

Equipment Related to Power Purchase Agreements and Fuel Delivered to Customers, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Lessor, Lease, Description [Line Items]
Depreciation expense	$ 9.3	$ 8	$ 6.9
Impairment charges of equipment related to Power purchase agreements	$ 1.6	$ 0.2	$ 1.5
Minimum
Lessor, Lease, Description [Line Items]
Lease term	1 year	1 year
Maximum
Lessor, Lease, Description [Line Items]
Lease term	10 years	10 years

Intangible Assets and Goodwil_2

Intangible Assets and Goodwill - Gross Carrying Amount (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Gross carrying amount and accumulated amortization of acquired identifiable intangible assets
Gross Carrying Amount	$ 103,212	$ 236,041
Accumulated Amortization	(18,552)	(47,155)
Total	84,660	188,886
Goodwill	$ 0	0
Impairment of goodwill		$ 249,500
Acquired technology
Gross carrying amount and accumulated amortization of acquired identifiable intangible assets
Weighted Average Amortization Period	14 years	14 years
Gross Carrying Amount	$ 34,872	$ 103,060
Accumulated Amortization	(7,805)	(20,204)
Total	$ 27,067	$ 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	$ 11,351	$ 29,000
Accumulated Amortization	(383)	(5,317)
Total	$ 10,968	$ 23,683
Customer relationships, trade name, and other
Gross carrying amount and accumulated amortization of acquired identifiable intangible assets
Weighted Average Amortization Period	15 years	13 years
Gross Carrying Amount	$ 56,989	$ 103,981
Accumulated Amortization	(10,364)	(21,634)
Total	$ 46,625	$ 82,347

Intangible Assets and Goodwil_3

Intangible Assets and Goodwill - Estimated Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Intangible Assets and Goodwill
Impairment of finite lived intangible assets	$ 79,700	$ 79,700	$ 20	$ 0
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]		Impairment Of Other Current Assets And Long-Lived Asset	Impairment Of Other Current Assets And Long-Lived Asset	Impairment Of Other Current Assets And Long-Lived Asset
Amortization of intangible assets		$ 23,400	$ 19,100	$ 21,200
Accelerated amortization expense		7,200
Estimated amortization expense
2025	8,008	8,008
2026	7,945	7,945
2027	7,945	7,945
2028	7,608	7,608
2029	7,495	7,495
2030 and thereafter	45,659	45,659
Total	$ 84,660	$ 84,660	$ 188,886

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accrued Expenses
Accrued payroll and compensation related costs	$ 14,771	$ 32,584
Accrual for capital expenditures	20,040	83,781
Accrued accounts payable	39,808	64,767
Accrued sales and other taxes	24,182	17,207
Accrued interest	2,540	562
Accrued other	1,804	1,643
Total	$ 103,145	$ 200,544

Extended Maintenance Contract_3

Extended Maintenance Contracts and Warranty Reserve (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Accrual for loss contracts
Beginning balance	$ 137,853	$ 81,066
Provision for loss accrual	45,226	85,375
Releases to service cost of sales	(51,578)	(29,713)
Increase to loss accrual related to customer warrants	3,313	971
Foreign currency translation adjustment	(458)	154
Ending balance	$ 134,356	$ 137,853

Extended Maintenance Contract_4

Extended Maintenance Contracts and Warranty Reserve - Product Warranty Reserve (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Product Warranty Reserve
Beginning balance	$ 8,044	$ 2,954
Additional provision due to new issuances	8,864	7,599
Adjustments to existing warranty provisions	(4,801)	(2,509)
Ending balance	$ 12,107	$ 8,044

Operating and Finance Lease L_3

Operating and Finance Lease Liabilities - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Lessee, Lease, Description
Rental expense for all operating lease	$ 98.1	$ 95	$ 67.6
Prepaid rent and security deposit	7.4	7.4
Finance lease, right-of-use asset, amortization and interest expense	7.2	7.5	$ 6.2
Right of use assets, finance lease	51.8	57.3
Accumulated amortization of right-of-use asset from finance lease	12.9	9
Master Lease Agreement
Lessee, Lease, Description
Outstanding obligations lease agreements	$ 132.2	$ 171.3
Minimum
Lessee, Lease, Description
Lease Term - as Lessee	1 year
Maximum
Lessee, Lease, Description
Lease Term - as Lessee	6 years

Operating and Finance Lease L_4

Operating and Finance Lease Liabilities - Future minimum lease payments under operating and finance leases (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Future minimum lease payments under operating lease
2025	$ 100,882
2026	88,834
2027	74,819
2028	52,459
2029	28,877
2030 and thereafter	128,374
Total future minimum payments	474,245
Less imputed interest	(160,847)
Total operating lease liabilities	313,398
Future minimum lease payments under finance leases
2025	14,786
2026	11,926
2027	8,250
2028	1,940
2029	400
2030 and thereafter	2,898
Total future minimum payments	40,200
Less imputed interest	(4,620)
Total finance lease liabilities	35,580
Future minimum lease payments under operating and finance leases
2025	115,668
2026	100,760
2027	83,069
2028	54,399
2029	29,277
2030 and thereafter	131,272
Total future minimum payments	514,445
Less imputed interest	(165,467)
Total	$ 348,978

Operating and Finance Lease L_5

Operating and Finance Lease Liabilities - Other information related to the operating leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other information of operating leases
Cash payments - operating cash flows (in thousands)	$ 99,934	$ 91,637	$ 63,214
Weighted average remaining lease term (years)	7 years 21 days	5 years 9 months 3 days	6 years 6 months 7 days
Weighted average discount rate (as a percent)	11.10%	11.30%	11.20%

Operating and Finance Lease L_6

Operating and Finance Lease Liabilities - Other information related to the finance leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other information
Cash payments - operating cash flows (in thousands)	$ 2,740	$ 3,059	$ 2,447
Cash payments - financing cash flows (in thousands)	$ 9,341	$ 8,638	$ 6,586
Weighted average remaining lease term (in years)	3 years 1 month 2 days	3 years 10 months 13 days	3 years 11 months 1 day
Weighted average discount rate (as a percent)	6.80%	6.80%	6.70%

Finance Obligations - Narrative

Finance Obligations - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Finance Obligations
Current portion of finance obligation in sale-leaseback transaction	$ 83,129	$ 84,031
Noncurrent portion of finance obligation in sale-leaseback transaction	264,318	284,363
Gain or loss on sale leaseback transactions	0
Sale of Future Revenue - Debt
Finance Obligations
Finance obligation under sale-leaseback transaction	276,700	350,800
Current portion of finance obligation in sale-leaseback transaction	77,500	74,000
Noncurrent portion of finance obligation in sale-leaseback transaction	199,200	276,800
Interest on lease liabilities, finance lease	36,700	39,600	$ 29,700
Sale/Leaseback Financings
Finance Obligations
Finance obligation under sale-leaseback transaction	70,700	17,600
Current portion of finance obligation in sale-leaseback transaction	5,600	10,000
Noncurrent portion of finance obligation in sale-leaseback transaction	65,100	$ 7,600
Finance obligation, residual value	37,700
failed sale/leaseback transactions
Finance Obligations
Additions finance obligations	$ 60,300

Finance Obligations - Future mi

Finance Obligations - Future minimum payments under finance obligations (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Future minimum payments under finance obligations
2025	$ 123,072
2026	102,522
2027	85,951
2028	65,672
2029	36,235
2030 and thereafter	13,163
Total future minimum payments	426,615
Less imputed interest	(116,903)
Total	309,712
Sale of Future Revenue - Debt
Future minimum payments under finance obligations
2025	104,547
2026	87,824
2027	71,253
2028	51,188
2029	24,082
2030 and thereafter	1,421
Total future minimum payments	340,315
Less imputed interest	(63,606)
Total	276,709
Sale/Leaseback Financings
Future minimum payments under finance obligations
2025	18,525
2026	14,698
2027	14,698
2028	14,484
2029	12,153
2030 and thereafter	11,742
Total future minimum payments	86,300
Less imputed interest	(53,297)
Total	$ 33,003

Finance Obligations - Other inf

Finance Obligations - Other information related to finance obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Finance Obligations
Cash payments (in thousands)	$ 117,988	$ 96,781	$ 72,377
Weighted average remaining term (in years)	4 years 1 month 6 days	4 years 5 months 26 days	4 years 10 months 2 days
Weighted average discount rate (as a percent)	12.30%	11.30%	11.10%

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2024	Dec. 31, 2022	Jun. 30, 2024	Dec. 31, 2023	Mar. 31, 2019
Long-Term Debt
Outstanding carrying value of debt acquired		$ 1,200			$ 3,900
Carrying amount of debt		2,100
Unamortized debt discount		900
Unammortized debt discount, short-term		400
Unammortized debt discount, long-term		500
Loss on extinguishment of debt		(16,278)	$ (986)
Short-term debt		200
Loan payable for allowance for tenant work
Long-Term Debt
Secured term loan amount				$ 2,000
Outstanding balance		1,700
Long-term debt		$ 1,500
Minimum
Long-Term Debt
Effective interest rate (as a percent)		7.30%
Maximum
Long-Term Debt
Effective interest rate (as a percent)		7.60%
Secured term loan facility | Loan and security agreement
Long-Term Debt
Secured term loan amount						$ 100,000
Loss on extinguishment of debt	$ (1,000)

Long-Term Debt - Principal Bala

Long-Term Debt - Principal Balance Due (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Principal payments of long term debt
December 31, 2025	$ 1,200
December 31, 2026	900
Total outstanding principal	$ 2,100

Convertible Senior Notes - Narr

Convertible Senior Notes - Narratives (Details)				1 Months Ended		3 Months Ended	12 Months Ended
	Mar. 20, 2024 USD ($) D $ / shares shares	Mar. 12, 2024 USD ($)	May 18, 2020 USD ($) D $ / shares	Mar. 31, 2024 USD ($)	May 31, 2020 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares	Mar. 21, 2024 USD ($)	May 29, 2020 USD ($)
Convertible Senior Notes
Loss on extinguishment of debt							$ (16,278,000)		$ (986,000)
Fair value of convertible senior notes							173,150,000	$ 0
7.0% Convertible Senior Notes
Convertible Senior Notes
Amount of debt converted							0
Principal amount	$ 140,400,000	$ 140,400,000		$ 140,400,000	$ 140,400,000	$ 140,400,000	$ 140,396,000
Interest rate (as a percent)	7%	7%		7%	7%	7%	7%
Conversion of notes through common stock issuance (in shares) | shares							0
Premium (as a percent)	20%
Maturity principal amount	$ 1,000
Conversion rates for the notes (in shares)	235.4049
Conversion price, per share | $ / shares	$ 4.25
Fair value of convertible senior notes							$ 112,500,000
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
Principal amount			$ 200,000,000		$ 212,500,000		$ 58,462,000	$ 197,278,000			$ 58,500,000	$ 12,500,000
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%
Conversion of debt	$ 138,800,000				$ 138,800,000
Conversion of notes through common stock issuance (in shares) | shares							0	0	0	3,000,000
Conversion of convertible senior notes to common stock										$ 15,200,000
Maturity principal amount			$ 1,000
Conversion rates for the notes (in shares)			198.6196
Conversion price, per share | $ / shares			$ 5.03
Trading days | D			20
Consecutive trading days | D			30
Conversion price (as a percent)			130%
Number of consecutive trading days			5 days
Number of business days			5 days
Principal amount (as a percent)			98%
Percentage of principal amount to be redeemed			100%
Transaction costs for issuance			$ 7,000,000
Initial purchasers' discount			6,400,000
Other issuance costs			$ 600,000
Loss on extinguishment of debt						$ 14,000,000
Fair value of convertible senior notes							$ 44,900,000	$ 213,200,000
3.75% Convertible Senior Notes | Minimum
Convertible Senior Notes
Redemption notice days			1 day
3.75% Convertible Senior Notes | Maximum
Convertible Senior Notes
Redemption notice days			3 days

Convertible Senior Notes - Conv

Convertible Senior Notes - Convertible Debenture (Details) $ / shares in Units, $ in Thousands		1 Months Ended	12 Months Ended
	Nov. 11, 2024 USD ($) D $ / shares	Dec. 31, 2024 USD ($)	Dec. 31, 2024 USD ($)
Convertible Senior Notes
Principal received at issuance			$ 190,000
Minimum
Convertible Senior Notes
Threshold percentage of shares issued under the exchange cap	99%
6.0% Convertible Debenture
Convertible Senior Notes
Interest rate (as a percent)	6%	6%	6%
Principal received at issuance	$ 190,000		$ 190,000
Interest rate upon occurrence of event of default, percentage	16%
Conversion price | $ / shares	$ 2.9
Premium (as a percent)	146%
Lowest daily volume-weighted average price for the common stock, percent	97.25%
Threshold trading days for computation of weighted average price of common stock | D	3
Floor Price | $ / shares	$ 0.3941
Requirement of stockholder approval for conversion, percentage	19.99%
Amortization of principal amount upon occurrence of triggering event	$ 22,500
Premium percentage on principal for amortization	2.75%
Volume-weighted average price, threshold multiplier	1.3793
Redemption price, percentage	102.75%
6.0% Convertible Debenture | If the volume-weighted average price of the Common Stock is less than the Fixed Price
Convertible Senior Notes
Redemption price, percentage	102.75%
6.0% Convertible Debenture | If the volume-weighted average price of the Common Stock is equal to or greater than the product of 1.3793 and the Fixed Price
Convertible Senior Notes
Redemption price, percentage	102.75%
6.0% Convertible Debenture | Upon occurrence of specified circumstances
Convertible Senior Notes
Redemption price, percentage	105%
6.0% Convertible Debenture | Maximum
Convertible Senior Notes
Original debt amount, converted	$ 22,500	$ 22,500

Convertible Senior Notes - Chan

Convertible Senior Notes - Changes in carrying amount (Details) - USD ($) $ in Thousands		12 Months Ended
	Nov. 11, 2024	Dec. 31, 2024	Dec. 31, 2022
Convertible Senior Notes
Principal received at issuance		$ 190,000
Payments of principal settled in cash		(22,500)
Loss on extinguishment of debt		(16,278)	$ (986)
6.0% Convertible Debenture
Convertible Senior Notes
Principal received at issuance	$ 190,000	190,000
Payments of principal settled in cash		(22,500)
Loss on extinguishment of debt		1,613
Change in fair value of the convertible note		3,424
Amortization of discount		613
Ending balance as of December 31, 2024		$ 173,150

Convertible Senior Notes - Expe

Convertible Senior Notes - Expenses and Interest (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
6.0% Convertible Debenture
Convertible Senior Notes
Interest expense	$ 1,596
Amortization of discount (premium)	613
Interest and Debt Expense, Total	$ 2,209
Effective interest rate (as a percent)	8.70%
3.75% Convertible Senior Notes
Convertible Senior Notes
Interest expense	$ 3,335	$ 7,546	$ 7,398
Amortization of debt issuance costs	642	1,345	1,286
Interest and Debt Expense, Total	$ 3,977	$ 8,891	$ 8,684
Effective interest rate (as a percent)	4.50%	4.60%	4.50%
7.0% Convertible Senior Notes
Convertible Senior Notes
Interest expense	$ 7,687
Amortization of discount (premium)	(4,085)
Interest and Debt Expense, Total	$ 3,602
Effective interest rate (as a percent)	3%

Convertible Senior Notes - Comp

Convertible Senior Notes - Components (Details) - USD ($) $ in Thousands	Dec. 31, 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
Net carrying amount	$ 321,060					$ 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	(189)					(2,014)
Net carrying amount	58,273					$ 195,264
7.0% Convertible Senior Notes
Convertible Senior Notes
Principal amount	140,396	$ 140,400		$ 140,400	$ 140,400		$ 140,400
Unamortized debt premium, net of offering costs	7,514
Net carrying amount	$ 147,910

Convertible Senior Notes - Co_2

Convertible Senior Notes - Conversion (Details) - USD ($) $ in Thousands		12 Months Ended
	May 18, 2020	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Mar. 21, 2024	May 31, 2020	May 29, 2020
Convertible Senior Notes
Net proceeds		$ 60,287	$ 104,251	$ 122,886
3.75% Convertible Senior Notes
Convertible Senior Notes
Principal amount	$ 200,000	$ 58,462	$ 197,278		$ 58,500	$ 212,500	$ 12,500
Less initial purchasers' discount	(6,400)
Less other issuance costs	$ (600)

Convertible Senior Notes - Capp

Convertible Senior Notes - Capped Call (Details) - 3.75% Convertible Senior Notes - USD ($) $ / shares in Units, $ in Millions	May 18, 2020	Dec. 31, 2024	Mar. 31, 2024	Mar. 21, 2024	Mar. 20, 2024	Mar. 12, 2024	Dec. 31, 2023	Dec. 31, 2021	May 31, 2020	May 29, 2020
Capped Call
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%
Capped Call
Capped Call
Capped call options amount	$ 16.2
Cap price	$ 6.756
Premium (as a percent)	60%
Closing stock price on grant date	$ 4.11

Stockholders' Equity - Preferre

Stockholders' Equity - Preferred Stock, Common Stock and Warrants (Details) $ / shares in Units, $ in Thousands				12 Months Ended
	Nov. 07, 2024 USD ($)	Jul. 22, 2024 USD ($) $ / shares shares	Feb. 23, 2024 USD ($)	Dec. 31, 2024 USD ($) Vote $ / shares shares	Dec. 31, 2017 shares	Jan. 17, 2024 USD ($)	Dec. 31, 2023 $ / shares shares	Aug. 31, 2022 shares	Aug. 24, 2022 shares
Stockholders' equity
Preferred stock, Shares authorized				5,000,000
Preferred stock, par value | $ / shares				$ 0.01
Net proceeds from shares of common stock sold | $				$ 857,872
Common stock, par value (in dollars per share) | $ / shares				$ 0.01			$ 0.01
Number of votes per share | Vote				1
At Market Issuance Sales Agreement
Stockholders' equity
Net proceeds from shares of common stock sold | $				$ 677,200
Common stock shares issued				219,835,221
Per share price of shares of common stock | $ / shares				$ 3.08
Remaining authorized for issuance | $	$ 624,800		$ 697,900
Common stock reserved for future issuance | $	$ 1,000,000		$ 1,000,000	$ 1,000,000
Stock issuance cost | $				$ 10,400
Per share price of shares of common stock | $ / shares				$ 3.08
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 | $ / shares		$ 2.54
2022 Amazon transaction agreement
Stockholders' equity
Shares of common stock that can be purchased from warrants issued (in shares)								16,000,000	16,000,000
Class of Warrant or Right Issued				3,000,000
Maximum | At Market Issuance Sales Agreement
Stockholders' equity
Aggregate gross sales price | $						$ 1,000,000
Maximum | Warrant Issued With Amazon And Walmart Stores Inc Transaction Agreement In 2017
Stockholders' equity
Class of Warrant or Right Issued					110,573,392
Maximum | 2022 Amazon transaction agreement
Stockholders' equity
Shares of common stock that can be purchased from warrants issued (in shares)									16,000,000
Series A Junior Participating Cumulative Preferred Stock
Stockholders' equity
Preferred stock, Shares authorized				170,000
Preferred Stock, Shares issued				0			0
Preferred Stock, Shares outstanding				0			0
Undesignated preferred stock
Stockholders' equity
Preferred stock, Shares authorized				4,830,000

Stockholders' Equity - Accumula

Stockholders' Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accumulated other comprehensive income(loss)
Amounts reclassified from accumulated other comprehensive income(loss)	$ 0	$ 12.8	$ 0
Unrealized Gains and Losses on Available-For-Sale Securities
Accumulated other comprehensive income(loss)
Net current-period other comprehensive income		9.9	(20)
Foreign Currency Items
Accumulated other comprehensive income(loss)
Net current-period other comprehensive income	$ 4.3	$ (3.5)	$ (4.5)

Warrant Transaction Agreements

Warrant Transaction Agreements - Amazon.com, Inc. Transaction Agreement (Details) $ / shares in Units, $ in Millions		12 Months Ended
	Aug. 24, 2022 USD ($) D $ / shares shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($)	Jun. 30, 2023 shares	Aug. 31, 2022 shares	Apr. 30, 2017 shares	Apr. 04, 2017 shares
2017 Amazon Transaction Agreement
Class of Warrant or Right [Line Items]
Shares of common stock that can be purchased from warrants issued (in shares)							55,286,696	55,286,696
Warrant shares vested (in shares)		55,286,696	55,286,696
2017 Amazon Transaction Agreement | Amazon
Class of Warrant or Right [Line Items]
Number of warrants exercised (in shares)		34,917,912	34,917,912
Provision for common stock warrants | $		$ 0.4	$ 0.4	$ 0.4
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)	16,000,000					16,000,000
Number of warrants exercised (in shares)		0	0
Warrant shares vested (in shares)		3,000,000	2,000,000
Provision for common stock warrants | $		$ 19	$ 4.9	$ 5.2
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)	16,000,000
2022 Amazon transaction agreement | Warrants Tranches One Through Three
Class of Warrant or Right [Line Items]
Warrant shares vested (in shares)	9,000,000
Exercise price of warrants (in dollars per share) | $ / shares	$ 22.9841
Fair value of warrants per share | $ / shares	$ 20.36
2022 Amazon transaction agreement | Tranche one
Class of Warrant or Right [Line Items]
Warrant shares vested (in shares)	1,000,000
Warrant charge capitalized | $	$ 20.4
Contract asset | $		16.5
2022 Amazon transaction agreement | Tranche two
Class of Warrant or Right [Line Items]
Warrant shares vested (in shares)					1,000,000
Warrant charge capitalized | $	20.4
Contract asset | $		16.5
2022 Amazon transaction agreement | Tranche three
Class of Warrant or Right [Line Items]
Cash payments to be received under agreement | $	$ 1,000
Contract asset | $		$ 0.2
2022 Amazon transaction agreement | Tranche four
Class of Warrant or Right [Line Items]
Warrant shares vested (in shares)	7,000,000
Warrant percentage weighted average share price	90%
Threshold trading days | D	30
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)	15,000,000

Warrant Transaction Agreement_2

Warrant Transaction Agreements - Walmart Stores, Inc. Transaction Agreement (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Jul. 20, 2017 USD ($) installment D $ / shares shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($)	Dec. 31, 2020 shares	Jul. 31, 2017 shares
Warrant Transaction Agreements
Provision compared for common stock warrants		$ 33,635	$ 25,028	$ 38,698
Warrants issued with the Walmart Stores, Inc transaction agreement
Warrant Transaction Agreements
Shares of common stock that can be purchased from warrants issued (in shares) | shares						55,286,696
Warrant shares vested (in shares) | shares		40,010,108	34,917,912
Contract asset		$ 2,600
Provision compared for common stock warrants		$ 19,600	$ 5,900	$ 7,100
Warrants issued with the Walmart Stores, Inc transaction agreement | Tranche one
Warrant Transaction Agreements
Reduction in revenue	$ 10,900
Warrant shares vested (in shares) | shares					5,819,652
Warrants issued with the Walmart Stores, Inc transaction agreement | Tranche two
Warrant Transaction Agreements
Cash payments to be received under agreement	$ 50,000
Warrant shares vested (in shares) | shares	29,098,260
Number of installments | installment	4
Number of shares per installment | shares	7,274,565
Warrants issued with the Walmart Stores, Inc transaction agreement | Warrants Tranches one And two
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) | 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 | shares	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) | 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) | shares	55,286,696
Cash payments to be received under agreement	$ 600,000
Maximum | Warrants issued with the Walmart Stores, Inc transaction agreement | Tranche two
Warrant Transaction Agreements
Cash payments to be received under agreement	$ 200,000

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue
Net revenue	$ 628,814	$ 891,340	$ 701,440
Sales of fuel cell systems
Revenue
Net revenue	52,110	181,168	207,691
Sales of hydrogen infrastructure
Revenue
Net revenue	69,122	183,606	141,528
Sales of electrolyzers
Revenue
Net revenue	135,504	82,611	28,463
Sales of engineered equipment
Revenue
Net revenue	22,092	32,361	93,489
Services performed on fuel cell systems and related infrastructure
Revenue
Net revenue	52,169	39,093	35,280
Power purchase agreements
Revenue
Net revenue	77,842	63,731	47,183
Fuel delivered to customers and related equipment
Revenue
Net revenue	97,882	66,246	57,196
Sales of cryogenic equipment and liquefiers
Revenue
Net revenue	111,507	231,687	87,761
Other costs of revenue
Revenue
Net revenue	$ 10,586	$ 10,837	$ 2,849

Revenue - Contract balances (De

Revenue - Contract balances (Details) - Sales of fuel cell systems - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of revenue
Accounts receivable	$ 157,244	$ 243,811
Contract assets	118,015	155,989
Deferred revenue and contract liabilities	$ 202,625	$ 288,302

Revenue - Changes in contract a

Revenue - Changes in contract assets and contract liabilities (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Contract assets
Impairment	$ (38,300)		$ (2,400)
Net change in contract assets		$ 2,493	40,258	$ 39,515
Contract liabilities
Increases due to customer billings, net of amounts recognized as revenue during the period		74,702	151,965
Change in contract liabilities related to warrants		440	440
Revenue recognized that was included in the contract liability balance as of the beginning of the period		(160,819)	(94,001)
Net change in deferred revenue and contract liabilities		(85,677)	58,404
Sales of fuel cell systems
Contract assets
Transferred to receivables from contract assets recognized at the beginning of the period		(27,513)	(94,860)
Change in contract assets related to warrants		(4,909)	14,260
Impairment		(35,118)	(2,375)
Revenue recognized and not billed as of the end of the period		29,566	134,677
Net change in contract assets		$ (37,974)	$ 51,702

Revenue - Estimated future reve

Revenue - Estimated future revenue (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Revenue
Total estimated future revenue	$ 890,644
Sales of fuel cell systems
Revenue
Total estimated future revenue	$ 34,555
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	$ 19,425
Sales of electrolyzers
Revenue
Total estimated future revenue	$ 225,329
Sales of engineered equipment
Revenue
Duration of estimated revenue expected to be recognized in future (in years)	1 year
Total estimated future revenue	$ 2,332
Services performed on fuel cell systems and related infrastructure
Revenue
Total estimated future revenue	122,900
Power purchase agreements
Revenue
Total estimated future revenue	356,815
Fuel delivered to customers and related equipment
Revenue
Total estimated future revenue	$ 69,152
Sales of cryogenic equipment and other
Revenue
Duration of estimated revenue expected to be recognized in future (in years)	1 year
Total estimated future revenue	$ 60,136
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

Employee Benefit Plans - Narrat

Employee Benefit Plans - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	May 12, 2011	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2023	Jul. 31, 2021
Stock Incentive Plan 2011 And 2021
Employee Benefit Plans
Company's matching contributions		$ 11,000	$ 12,100	$ 9,200
Compensation cost		70,341	149,998	169,755
2011 Plan | Employee Stock Option [Member]
Employee Benefit Plans
Maximum number of common stock shares available for issuance	1,000,000
Granted (in shares)	0
Number of options available for issuance (in shares)						473,491
2021 Plan | Employee Stock Option [Member]
Employee Benefit Plans
Maximum number of common stock shares available for issuance					51,400,000	22,500,000
Cost of sales | Stock Incentive Plan 2011 And 2021
Employee Benefit Plans
Compensation cost		7,252	11,079	7,259
Research and development | Stock Incentive Plan 2011 And 2021
Employee Benefit Plans
Compensation cost		8,406	9,532	6,369
Selling, general and administrative | Stock Incentive Plan 2011 And 2021
Employee Benefit Plans
Compensation cost		$ 54,683	$ 129,387	$ 156,127

Employee Benefit Plans - Stock

Employee Benefit Plans - Stock Activity, Weighted Average Exercise Price (Details) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Jul. 31, 2024	Apr. 26, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
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)			12,227,935	6,849,689	3,261,724
Exercised (in shares)			(77,500)
Forfeited (in shares)			(3,362,649)
Options outstanding, end balance (in shares)			26,124,148	17,336,362
Options exercisable, ending balance (in shares)			9,965,432	8,288,944
Options unvested, ending balance (in shares)			16,158,716	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			2.25
Exercised, weighted-average exercise price			13.4
Forfeited, weighted-average exercise price			15.35
Options outstanding, ending balance, weighted-average exercise price			6.62	$ 11.37
Options exercisable, ending balance, weighted-average exercise price			10.99	11.84
Options unvested, ending balance, weighted-average exercise price			$ 3.92	$ 10.94
Stock option activity additional disclosures
Options outstanding, weighted-average remaining contractual term			7 years 8 months 26 days	7 years 10 months 9 days
Options exercisable, weighted-average remaining contractual term			5 years 10 months 24 days	6 years 2 months 4 days
Options unvested, weighted-average remaining contractual term			8 years 10 months 17 days	9 years 4 months 20 days
Options outstanding, aggregate intrinsic value			$ 735	$ 11,391
Options exercisable, aggregate intrinsic value			166	7,250
Options unvested, aggregate intrinsic value			$ 569	$ 4,141
Expiration period			10 years
Weighted-average grant date fair value of options granted (per share)			$ 1.63	$ 4.88	$ 13.39
Fair value of stock options that vested during the period			$ 26,000	$ 33,100	$ 22,600
Expected term of options (years)				5 years	5 years
Risk Free interest rate, minimum (as a percent)			3.48%	3.40%	1.26%
Risk Free interest rate, maximum (as a percent)			4.63%	4.69%	4.34%
Volatility, minimum (as a percent)			85%	80.02%	73.38%
Volatility, maximum (as a percent)			97.82%	92.55%	85.97%
Dividend Yield			0%
Unrecognized compensation cost			$ 35,500
Period for recognition			1 year 11 months 8 days
Intrinsic fair value of options exercised			$ 100	$ 5,300	$ 15,100
Compensation cost			$ 21,800	$ 31,500	$ 27,500
Service Stock Options Awards | Minimum
Stock option activity additional disclosures
Vesting period			1 year
Expected term of options (years)			1 year
Service Stock Options Awards | Maximum
Stock option activity additional disclosures
Vesting period			3 years
Expected term of options (years)			5 years
Service Stock Options Awards | Management
Stock option activity additional disclosures
Vesting period			1 year
Service Stock Options Awards | Employee
Stock option activity additional disclosures
Vesting period			3 years
Expiration period			10 years
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	0
Forfeited (in shares)			(12,311,500)
Expired (in shares)	500,000	2,452,500
Options outstanding, end balance (in shares)			12,566,000	21,925,000
Options exercisable, ending balance (in shares)			5,372,667	2,782,000
Options unvested, ending balance (in shares)			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			26.92
Options unvested, beginning balance, weighted-average exercise price			20.5
Granted, weighted-average exercise price			2.42
Forfeited, weighted-average exercise price			25.45
Options outstanding, ending balance, weighted-average exercise price			12.83	$ 21.32
Options exercisable, ending balance, weighted-average exercise price			22.46	26.92
Options unvested, ending balance, weighted-average exercise price			$ 5.63	$ 20.5
Stock option activity additional disclosures
Options outstanding, weighted-average remaining contractual term			5 years 25 days	5 years 3 months 7 days
Options exercisable, weighted-average remaining contractual term			4 years 1 month 9 days	4 years 8 months 23 days
Options unvested, weighted-average remaining contractual term			5 years 9 months 10 days	5 years 4 months 6 days
Vesting period			3 years
Weighted-average grant date fair value of options granted (per share)			$ 0.49	$ 4.32	$ 9.73
Fair value of stock options that vested during the period			$ 25,500	$ 20,800	$ 20,800
Remaining VWAP performance period (years)			3 years	3 years	3 years
Risk Free interest rate, minimum (as a percent)			4.01%
Risk Free interest rate, maximum (as a percent)			4.57%
Risk-free interest rate (as a percent):				3.60%	3.10%
Volatility, minimum (as a percent)			85%
Volatility, maximum (as a percent)			90%
Expected volatility (as a percent)				75%	75%
Closing stock price on grant date				$ 7.87	$ 26.38
Option expected to vest (in shares)			2,513,333
Unvested stock options expected to vest period for calculation of weighted- average exercise price			5 years 4 months 17 days
Compensation expense reversals compensation cost			$ 25,100
Unrecognized compensation cost			5,900
Aggregate intrinsic value of unvested performance stock options			$ 0
Period for recognition			1 year 6 months 7 days
Compensation cost			$ 12,900	$ 64,000	$ 95,700
Percentage of performance stock options			33%
Threshold number of specified trading days			30 days
Options exercisable (as a percent)			200%
Market Condition Stock Option Awards | Minimum
Stock option activity additional disclosures
Vesting period			7 years
Closing stock price on grant date			$ 2.41
Market Condition Stock Option Awards | Maximum
Stock option activity additional disclosures
Vesting period			10 years
Closing stock price on grant date			$ 2.47
Market Condition Stock Option Awards | Share-Based Payment Arrangement, Tranche one
Stock option activity additional disclosures
Volume weighted average price			$ 7.5

Employee Benefit Plans - Restri

Employee Benefit Plans - Restricted Common Stock and Restricted Stock Unit Awards (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restricted stock and restricted stock units outstanding
Employee Benefit Plans
Compensation cost	$ 35,600	$ 54,500	$ 46,500
Unrecognized compensation cost	$ 38,700
Period for recognition	1 year 6 months 18 days
Fair value of restricted stock units vested	$ 42,400	$ 58,200	$ 36,700
Shares
Unvested restricted stock and restricted stock units, beginning balance (in shares)	6,732,884
Granted (in shares)	4,052,391
Vested (in shares)	(2,746,700)
Forfeited (in shares)	(1,288,203)
Unvested restricted stock and restricted stock units, end balance (in shares)	6,750,372	6,732,884
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	2.21	$ 11.55	$ 20.28
Vested, weighted average grant date fair value	15.43
Forfeited, weighted average grant date fair value	16.89
Unvested restricted stock, end balance, weighted average grant date fair value	$ 7.44	$ 15.66
Aggregate Intrinsic Value
Unvested restricted stock, beginning balance, aggregate intrinsic value	$ 30,298
Unvested restricted stock, end balance, aggregate intrinsic value	$ 14,378	$ 30,298
Restricted stock and restricted stock units outstanding | Minimum
Employee Benefit Plans
Vesting period	1 year
Restricted stock and restricted stock units outstanding | Maximum
Employee Benefit Plans
Vesting period	3 years
Restricted units with performance target
Employee Benefit Plans
Compensation cost	$ 2,000
Unrecognized compensation cost	$ 1,100
Period for recognition	1 year 6 months 29 days
Shares
Unvested restricted stock and restricted stock units, end balance (in shares)	375,000

Employee Benefit Plans - 401(K)

Employee Benefit Plans - 401(K) Saving And Retirement Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Non Employee Director
Non-Employee Benefit Plan Compensation
Granted (in shares)	295,090	59,323	21,886
Compensation cost	$ 725	$ 452	$ 390
Savings And Retirement Plan 401 K
401(K) Savings & Retirement Plan
Percent of salary employee is permitted to contribute	100%
Vesting period	3 years
Common stock, shares issued	4,314,747	1,473,662	442,056
Total expense (including issuance of shares)	$ 11,000	$ 12,100	$ 9,200

Income Taxes - Components of In

Income Taxes - Components of Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Components of loss before income taxes and income tax (expense) benefit
Loss before income taxes	$ (2,107,591)	$ (1,376,197)	$ (723,169)
Income tax benefit/(expense)	2,686	7,364	(839)
Net loss	(2,104,905)	(1,368,833)	(724,008)
Significant components of current and deferred income tax expense (benefit)
Current income tax (benefit) expense	469	1,170	668
Deferred tax (benefit)/expense	(215,030)	(103,372)	(35,737)
Net operating loss carryforward generated	(202,838)	(163,827)	(87,698)
Valuation allowance increase/(decrease)	414,713	258,665	123,606
(Benefit)/expense for income taxes	(2,686)	(7,364)	839
U.S.
Components of loss before income taxes and income tax (expense) benefit
Loss before income taxes	(1,956,615)	(1,211,796)	(697,342)
Income tax benefit/(expense)		29	868
Net loss	(1,956,615)	(1,211,767)	(696,474)
Significant components of current and deferred income tax expense (benefit)
Deferred tax (benefit)/expense	(206,649)	(100,754)	(42,705)
Net operating loss carryforward generated	(194,386)	(146,174)	(92,030)
Valuation allowance increase/(decrease)	401,035	246,899	133,867
(Benefit)/expense for income taxes		(29)	(868)
Foreign
Components of loss before income taxes and income tax (expense) benefit
Loss before income taxes	(150,976)	(164,401)	(25,827)
Income tax benefit/(expense)	2,686	7,335	(1,707)
Net loss	(148,290)	(157,066)	(27,534)
Significant components of current and deferred income tax expense (benefit)
Current income tax (benefit) expense	469	1,170	668
Deferred tax (benefit)/expense	(8,381)	(2,618)	6,968
Net operating loss carryforward generated	(8,452)	(17,653)	4,332
Valuation allowance increase/(decrease)	13,678	11,766	(10,261)
(Benefit)/expense for income taxes	$ (2,686)	$ (7,335)	$ 1,707

Income Taxes - Effective Income

Income Taxes - Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Effective income tax rate reconciliation
U.S. Federal statutory tax rate	(21.00%)	(21.00%)	(21.00%)
Section 162M Disallowance	0.20%	0.70%	1.90%
Equity Compensation	0.50%	0.40%	(0.70%)
Provision to return and deferred tax asset adjustments	0.80%	(2.10%)	4.60%
Change in U.S. Federal/Foreign statutory tax rate	(0.10%)	(0.10%)	0%
Other, net	0.40%	0.60%	0.60%
Impairment of goodwill	0%	3.30%	0%
Change in valuation allowance	19.10%	17.70%	14.80%
Total effective income tax rate	(0.10%)	(0.50%)	0.10%

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Significant components of the Company's deferred tax assets and liabilities
Deferred revenue	$ 23,085	$ 39,383
Interest expense	29,390	28,126
Other reserves and accruals	70,152	57,602
Tax credit carryforwards	24,752	20,794
Amortization of stock-based compensation	42,008	44,023
Non-compensatory warrants	6,187	2,950
Capitalized research & development expenditures	67,018	82,374
Right of use liability (operating leases)	71,033	41,960
Capital loss carryforwards	2,649	1,763
Property, plant and equipment and right of use assets	163,518
Net operating loss carryforwards	672,175	469,337
Total deferred tax asset	1,171,967	788,312
Valuation allowance	(1,110,852)	(696,139)
Net deferred tax assets	61,115	92,173
Intangible assets	(12,571)	(36,837)
Right of use asset (operating leases)	(48,525)	(50,632)
Property, plant and equipment and right of use assets		(7,889)
Deferred tax liability	(61,096)	(95,358)
Net	19	3,185
U.S.
Significant components of the Company's deferred tax assets and liabilities
Deferred revenue	22,951	39,241
Interest expense	29,390	28,126
Other reserves and accruals	69,834	57,265
Tax credit carryforwards	24,752	20,794
Amortization of stock-based compensation	42,008	44,023
Non-compensatory warrants	6,187	2,950
Capitalized research & development expenditures	67,018	82,374
Right of use liability (operating leases)	71,033	41,960
Capital loss carryforwards	2,649	1,763
Property, plant and equipment and right of use assets	163,518
Net operating loss carryforwards	638,350	443,964
Total deferred tax asset	1,137,690	762,460
Valuation allowance	(1,077,225)	(676,190)
Net deferred tax assets	60,465	86,270
Intangible assets	(11,940)	(27,749)
Right of use asset (operating leases)	(48,525)	(50,632)
Property, plant and equipment and right of use assets		(7,889)
Deferred tax liability	(60,465)	(86,270)
Foreign
Significant components of the Company's deferred tax assets and liabilities
Deferred revenue	134	142
Other reserves and accruals	318	337
Net operating loss carryforwards	33,825	25,373
Total deferred tax asset	34,277	25,852
Valuation allowance	(33,627)	(19,949)
Net deferred tax assets	650	5,903
Intangible assets	(631)	(9,088)
Deferred tax liability	(631)	(9,088)
Net	$ 19	$ 3,185

Income Taxes - Change In Valuat

Income Taxes - Change In Valuation Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Change in valuation allowance
Increase in valuation allowance for current year increase in net operating losses	$ 236,828
Increase in valuation allowance for current year net increase in deferred tax assets other than net operating losses	179,400
Increase in valuation allowance due to change in tax rates	(1,515)
Net increase in valuation allowance	414,713	$ 258,665	$ 123,606
U.S.
Change in valuation allowance
Increase in valuation allowance for current year increase in net operating losses	221,635
Increase in valuation allowance for current year net increase in deferred tax assets other than net operating losses	179,400
Net increase in valuation allowance	401,035	246,899	133,867
Foreign
Change in valuation allowance
Increase in valuation allowance for current year increase in net operating losses	15,193
Increase in valuation allowance due to change in tax rates	(1,515)
Net increase in valuation allowance	$ 13,678	$ 11,766	$ (10,261)

Income Taxes - Unrecognized Tax

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income taxes
Deferred tax assets, U.S. net operating loss carryforwards	$ 3,000,000
Pre-change net operating losses that can be used in future years	13,500
Net operating losses post-change years are not subject to limitation	3,000,000
Amount of net operating loss carryforwards that will expire due to IRC Section 382 limitations	24,700
Net operating loss carryforwards	672,175	$ 469,337
Un-repatriated foreign earnings	0
Restated adjustment
Income taxes
Deferred tax assets, U.S. net operating loss carryforwards	2,900,000
Foreign
Income taxes
Net operating loss carryforwards	33,825	$ 25,373
Foreign | French
Income taxes
Unused net operating loss carryforwards	96,300
Foreign | Canada
Income taxes
Net operating loss carryforwards	3,500
Foreign | Netherlands
Income taxes
Unused net operating loss carryforwards	$ 41,400

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Income Taxes
Deferred tax liability in other non-current liabilities	$ 19	$ 3,200
DTAs recorded	1,171,967	$ 788,312
Deferred tax asset	$ 44,800

Commitments and Contingencies -

Commitments and Contingencies - Restricted cash, Litigation, Concentrations of Credit Risk (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) customer	Dec. 31, 2023 USD ($) customer	Dec. 31, 2022 USD ($) customer
Customer Concentration
Restricted cash	$ 476,200,000	$ 573,500,000
Escrow deposit	73,700,000	76,800,000
Security deposit	276,400,000	370,700,000
Accrual related to legal matters	600,000
Federal depository insurance coverage	250,000
Revenue	628,814,000	891,340,000	$ 701,440,000
Debt securities, Available for sale	0	0
Equity securities	0	0
Sale/Leaseback Financings
Customer Concentration
Security deposit	242,700,000	340,000,000
Customs Related Transactions [Member]
Customer Concentration
Security deposit	33,700,000	30,700,000
Collateral Related to Acquisitions | Joule Processing LLC
Customer Concentration
Restricted cash	1,200,000	1,200,000
Collateral Related to Acquisitions | Cyrogenic Industrial Solutions, LLC, Alloy Custom Products, LLC and WesMor Cryogenics, LLC [Member]
Customer Concentration
Restricted cash	100,000	200,000
Collateral Related to Acquisitions | Frames Holding B.V.
Customer Concentration
Restricted cash	$ 7,400,000	$ 11,700,000
Accounts receivable | Customer concentration
Customer Concentration
Number of customers | customer	1	1
Accounts receivable | Customer concentration | One customer
Customer Concentration
Revenue	$ 38,500,000	$ 52,400,000
Concentration risk (as a percent)	24.50%	21.50%
Revenues | Customer concentration
Customer Concentration
Number of customers | customer	2	2	3
Revenues | Customer concentration | One customer
Customer Concentration
Number of customers | customer	1	1	1
Revenue	$ 104,600,000	$ 209,000,000	$ 176,600,000
Concentration risk (as a percent)	16.60%	23.40%	25.20%
Revenues | Customer concentration | Two customers
Customer Concentration
Number of customers | customer	1	1	1
Revenue	$ 90,900,000	$ 97,000,000	$ 94,000,000
Concentration risk (as a percent)	14.40%	10.90%	13.40%
Revenues | Customer concentration | Three customers
Customer Concentration
Number of customers | customer			1
Revenue			$ 88,400,000
Concentration risk (as a percent)			12.60%

Commitments and Contingencies_2

Commitments and Contingencies - Guarantee, Purchase Obligations (Details) € in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)	May 30, 2023 EUR (€)
Guarantee
Amount of guarantee	$ 2,000,000	€ 20
Payments related to guarantee	0
Guarantor Obligations, Current Carrying Value	2,000,000	€ 20
Recorded Unconditional Purchase Obligation, Fiscal Year Maturity Schedule [Abstract]
2025	40,914,000
2026	50,782,000
2027	64,852,000
Total	$ 156,548,000

Segment and Geographic Area R_3

Segment and Geographic Area Reporting - Segment (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment and Geographic Area Reporting
Revenue		$ 628,814	$ 891,340	$ 701,440
Operating expenses:
Research and development		(77,226)	(113,745)	(99,579)
Selling, general and administrative		(376,110)	(422,469)	(363,929)
Impairment	$ (902,200)	(949,300)	(269,500)
Net loss attributable to Plug Power Inc.		(2,104,701)	(1,368,833)	(724,008)
Sales of equipment, related infrastructure and other
Cost of revenue:
Cost of revenue		(696,087)	(765,575)	(468,057)
Services performed on fuel cell systems and related infrastructure
Cost of revenue:
Cost of revenue		(57,766)	(75,412)	(59,365)
Power purchase agreements
Cost of revenue:
Cost of revenue		(216,947)	(218,936)	(144,696)
Fuel delivered to customers and related equipment
Cost of revenue:
Cost of revenue		(228,827)	(246,318)	(194,255)
Other costs of revenue
Cost of revenue:
Cost of revenue		(5,535)	(6,544)	(2,622)
Single Reportable Segment
Segment and Geographic Area Reporting
Revenue		628,814	891,340	701,440
Cost of revenue:
Provision for loss contracts related to service		(48,539)	(86,346)	(26,801)
Operating expenses:
Research and development		(77,226)	(113,745)	(99,579)
Selling, general and administrative		(376,110)	(422,469)	(363,929)
Impairment		(949,315)	(269,494)	(5,218)
Other segment items, net		(77,163)	(55,334)	(60,926)
Net loss attributable to Plug Power Inc.		$ (2,104,701)	$ (1,368,833)	$ (724,008)
Segment reporting, other segment item, composition, description		Included in other segment items, net are restructuring, change in fair value of contingent consideration, interest income, interest expense, other expense, net, realized loss on investments, net, change in fair value of equity securities, loss on extinguishment of convertible senior notes and debt, change in fair value of convertible senior note, loss on equity method investments, income tax benefit and net loss attributable to non-controlling interest	Included in other segment items, net are restructuring, change in fair value of contingent consideration, interest income, interest expense, other expense, net, realized loss on investments, net, change in fair value of equity securities, loss on extinguishment of convertible senior notes and debt, change in fair value of convertible senior note, loss on equity method investments, income tax benefit and net loss attributable to non-controlling interest	Included in other segment items, net are restructuring, change in fair value of contingent consideration, interest income, interest expense, other expense, net, realized loss on investments, net, change in fair value of equity securities, loss on extinguishment of convertible senior notes and debt, change in fair value of convertible senior note, loss on equity method investments, income tax benefit and net loss attributable to non-controlling interest
Single Reportable Segment | Sales of equipment, related infrastructure and other
Cost of revenue:
Cost of revenue		$ (696,087)	$ (765,575)	$ (468,057)
Single Reportable Segment | Services performed on fuel cell systems and related infrastructure
Cost of revenue:
Cost of revenue		(57,766)	(75,412)	(59,365)
Single Reportable Segment | Power purchase agreements
Cost of revenue:
Cost of revenue		(216,947)	(218,936)	(144,696)
Single Reportable Segment | Fuel delivered to customers and related equipment
Cost of revenue:
Cost of revenue		(228,827)	(246,318)	(194,255)
Single Reportable Segment | Other costs of revenue
Cost of revenue:
Cost of revenue		$ (5,535)	$ (6,544)	$ (2,622)

Segment and Geographic Area R_4

Segment and Geographic Area Reporting - Geographical (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Segment and Geographic Area Reporting
Number of operating segments | segment	1
Number of reportable segments | segment	1
Revenues	$ 628,814	$ 891,340	$ 701,440
Long-Lived Assets	1,280,304	2,004,688
United States
Segment and Geographic Area Reporting
Revenues	428,215	741,498	545,942
Long-Lived Assets	1,208,096	1,881,042
Other foreign countries
Segment and Geographic Area Reporting
Revenues	200,599	149,842	$ 155,498
Long-Lived Assets	$ 72,208	$ 123,646

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Related Party Transactions
Related party total revenue	$ 628,814	$ 891,340	$ 701,440
HyVia
Related Party Transactions
Ownership percentage in joint venture	50%
Related party total revenue	$ 5,000	13,900	5,200
Outstanding accounts receivable	$ 0	2,300
SK Plug Hyverse
Related Party Transactions
Ownership percentage in joint venture	49%
Related party total revenue	$ 6,400	2,300	$ 0
Outstanding accounts receivable	$ 3,500	$ 1,700

Restructuring (Details)

Restructuring (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 8,153
Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring costs	6,900
Restructuring costs, current	100
One-time Termination Benefits
Restructuring Cost and Reserve [Line Items]
Restructuring costs	1,100
Other Restructuring
Restructuring Cost and Reserve [Line Items]
Restructuring costs	1,300
Restructuring costs, current	28
Other Specified Restructuring
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 200

Government Assistance (Details)

Government Assistance (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Government Assistance
Government Assistance, Operating Expense, Decrease (Increase), Statement of Income or Comprehensive Income [Extensible Enumeration]	Research and development	Research and development
Production tax credit, initial term	4 years
Production tax credit, remaining term	5 years
Production tax credit, amount	$ 4
Reduction in depreciation, period	30 years
Investment tax credit	$ 4.5
Government Assistance, Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Assets
Qualified Fuel Cell Properties of Energy Storage Technologies
Government Assistance
Reduction in depreciation, period	30 years
Investment tax credit	$ 31.3
Income based assistance
Government Assistance
Decrease in operating expense	$ 1.8	$ 0

Variable Interest Entities (Det

Variable Interest Entities (Details) - Hidrogenii	12 Months Ended
	Dec. 31, 2024
Plug Power LA JV LLC
Variable Interest Entities
Percentage of ownership interest	50%
Niloco Hydrogen Holdings LLC
Variable Interest Entities
Percentage of ownership interest	50%

Variable Interest Entities - As

Variable Interest Entities - Assets and liabilities (Details) - USD ($) $ in Thousands		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents		$ 205,693	$ 135,033
Prepaid expenses, tax credits and other current assets		139,845	104,068
Total current assets		1,477,484	1,786,965
Property, plant, and equipment, net		866,329	1,436,177
Total assets	[1]	3,602,846	4,902,738
Liabilities
Accounts payable		180,966	257,828
Accrued expenses		103,145	200,544
Total current liabilities		748,489	964,800
Equity
Equity		1,807,756	2,898,125	$ 4,060,214	$ 4,605,696
Total stockholders' equity		1,807,756	2,898,125	$ 4,060,214	$ 4,605,696
Total liabilities and stockholders' equity		3,602,846	4,902,738
Variable interest entities
Assets
Cash and cash equivalents		667
Prepaid expenses, tax credits and other current assets		242
Total current assets		909
Property, plant, and equipment, net		147,696
Total non-current assets		147,696
Total assets		148,605	0
Liabilities
Accounts payable		1,340
Accrued expenses		27
Total current liabilities		1,367	$ 0
Equity
Equity		147,238
Total stockholders' equity		147,238
Total liabilities and stockholders' equity		$ 148,605
[1] (A) Includes balances associated with a consolidated variable interest entity (“VIE”), including amounts reflected in “total assets” that can only be used to settle obligations of the VIE of $148,605 and $0 as of December 31, 2024 and 2023, respectively, as well as liabilities of the VIE reflected within “total liabilities” for which creditors do not have recourse to the general credit of Plug Power Inc. of $1,367 and $0 as of December 31, 2024 and 2023, respectively. Refer to Note 28, “Variable Interest Entities”, for additional information.

Subsequent Events (Details)

Subsequent Events (Details)					1 Months Ended		2 Months Ended
	Feb. 10, 2025 USD ($) $ / shares	Jan. 24, 2025 USD ($)	Nov. 11, 2024 USD ($)	May 14, 2024 USD ($) facility	Jan. 31, 2025 USD ($) shares	Dec. 31, 2024 USD ($) $ / shares	Feb. 28, 2025 USD ($)	Dec. 31, 2023 $ / shares
Subsequent Events
Common stock, par value (in dollars per share) | $ / shares						$ 0.01		$ 0.01
Loan guarantee				$ 1,660,000,000
Number of hydrogen production facilities | facility				6
6.0% Convertible Debenture
Subsequent Events
Interest rate (as a percent)			6%			6%
6.0% Convertible Debenture | Maximum
Subsequent Events
Conversion of debt			$ 22,500,000			$ 22,500,000
Subsequent Event
Subsequent Events
Cash proceeds from sale of ITC		$ 31,300,000
Subsequent Event | 6.0% Convertible Debenture
Subsequent Events
Conversion of debt							$ 22,500,000
Subsequent Event | Convertible Debenture Purchase Agreement
Subsequent Events
Conversion of debt					$ 30,000,000
Interest rate (as a percent)					6%
Conversion of notes through common stock issuance (in shares) | shares					10,440,906
Subsequent Event | Standby Equity Purchase Agreement
Subsequent Events
Aggregate gross sales price	$ 1,000,000,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.01
Value of common stock that can be purchased per day	$ 10,000,000
Purchase price, as a percentage of the daily volume weighted average price of common stock	95%
Investor's commitment fee	$ 1,000,000