10-Q Filing

PLUG POWER INC CIK: 1093691 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001558370-18-004683`
Period End Date	20180331
Filing Date	20180510
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	plug-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 81 Income Statement 34 Cash Flow Statement 56 Stockholders Equity 16 Comprehensive Income 6

Balance Sheet 81 line items

Line Item	Tag	Value	Unit	Period
Property, plant, and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipmentExcludingCapitalLeasedAssets`	$31.59M	USD	Point-in-time
Property, plant, and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipmentExcludingCapitalLeasedAssets`	$32.19M	USD	Point-in-time
Leased property, net of accumulated depreciation	`CapitalLeasesLesseeBalanceSheetAssetsByMajorClassAccumulatedDeprecation`	$11.81M	USD	Point-in-time
Leased property, net of accumulated depreciation	`CapitalLeasesLesseeBalanceSheetAssetsByMajorClassAccumulatedDeprecation`	$13.99M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$24.83M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$46.75M	USD	Point-in-time
Intangible assets, net of accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$1.74M	USD	Point-in-time
Intangible assets, net of accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$1.93M	USD	Point-in-time
Restricted cash	`RestrictedCashAndInvestmentsCurrent`	$13.81M	USD	Point-in-time
Restricted cash	`RestrictedCashAndInvestmentsCurrent`	$13.90M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNet`	$15.33M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNet`	$22.99M	USD	Point-in-time
Inventory	`InventoryNet`	$48.78M	USD	Point-in-time
Inventory	`InventoryNet`	$47.35M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$14.64M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$16.77M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$145.53M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$119.61M	USD	Point-in-time
Common Stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Restricted cash	`RestrictedCashAndInvestmentsNoncurrent`	$28.41M	USD	Point-in-time
Common Stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Restricted cash	`RestrictedCashAndInvestmentsNoncurrent`	$29.33M	USD	Point-in-time
Property, plant, and equipment, net of accumulated depreciation of $32,193 and $31,588, respectively	`PropertyPlantAndEquipmentNetExcludingCapitalLeasedAssets`	$10.84M	USD	Point-in-time
Common Stock, shares authorized	`CommonStockSharesAuthorized`	750.00M	shares	Point-in-time
Property, plant, and equipment, net of accumulated depreciation of $32,193 and $31,588, respectively	`PropertyPlantAndEquipmentNetExcludingCapitalLeasedAssets`	$10.41M	USD	Point-in-time
Common Stock, shares authorized	`CommonStockSharesAuthorized`	750.00M	shares	Point-in-time
Leased property, net of accumulated depreciation of $13,987 and $11,812, respectively	`CapitalLeasesBalanceSheetAssetsByMajorClassNet`	$88.17M	USD	Point-in-time
Common Stock, shares issued	`CommonStockSharesIssued`	229.07M	shares	Point-in-time
Common Stock, shares issued	`CommonStockSharesIssued`	229.19M	shares	Point-in-time
Leased property, net of accumulated depreciation of $13,987 and $11,812, respectively	`CapitalLeasesBalanceSheetAssetsByMajorClassNet`	$87.06M	USD	Point-in-time
Common stock in treasury, shares	`TreasuryStockShares`	587,151.00	shares	Point-in-time
Common stock in treasury, shares	`TreasuryStockShares`	14.99M	shares	Point-in-time
Goodwill	`Goodwill`	$9.45M	USD	Point-in-time
Goodwill	`Goodwill`	$9.71M	USD	Point-in-time
Intangible assets, net of accumulated amortization of $1,925 and $1,735, respectively	`IntangibleAssetsNetExcludingGoodwill`	$3.79M	USD	Point-in-time
Intangible assets, net of accumulated amortization of $1,925 and $1,735, respectively	`IntangibleAssetsNetExcludingGoodwill`	$3.72M	USD	Point-in-time
Other assets	`OtherAssets`	$11.92M	USD	Point-in-time
Other assets	`OtherAssets`	$11.16M	USD	Point-in-time
Total assets	`Assets`	$298.31M	USD	Point-in-time
Total assets	`Assets`	$270.81M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$42.36M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$42.61M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$8.19M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$10.60M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$9.08M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$8.63M	USD	Point-in-time
Finance obligations	`FinancingTransactionFinanceObligationAmountCurrent`	$34.51M	USD	Point-in-time
Finance obligations	`FinancingTransactionFinanceObligationAmountCurrent`	$37.66M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$14.76M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$18.76M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$866.00K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$1.03M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$113.34M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$115.72M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityNoncurrent`	$25.08M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityNoncurrent`	$25.81M	USD	Point-in-time
Common stock warrant liability	`WarrantsAndRightsOutstanding`	$3.13M	USD	Point-in-time
Common stock warrant liability	`WarrantsAndRightsOutstanding`	$4.39M	USD	Point-in-time
Finance obligations	`FinancingTransactionFinanceObligationAmount`	$35.38M	USD	Point-in-time
Finance obligations	`FinancingTransactionFinanceObligationAmount`	$37.07M	USD	Point-in-time
Convertible senior notes, net	`ConvertibleLongTermNotesPayable`	$58.27M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$13.37M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$12.87M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$94.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$19.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$248.10M	USD	Point-in-time
Total liabilities	`Liabilities`	$196.46M	USD	Point-in-time
Common stock, $0.01 par value per share; 750,000,000 shares authorized; Issued (including shares in treasury): 229,192,631 at March 31, 2018 and 229,073,517 at December 31, 2017	`CommonStockValue`	$2.29M	USD	Point-in-time
Common stock, $0.01 par value per share; 750,000,000 shares authorized; Issued (including shares in treasury): 229,192,631 at March 31, 2018 and 229,073,517 at December 31, 2017	`CommonStockValue`	$2.29M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$1.27B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$1.25B	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$2.19M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$2.61M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.18B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.20B	USD	Point-in-time
Less common stock in treasury: 14,985,057 at March 31, 2018 and 587,151 at December 31, 2017	`TreasuryStockValue`	$30.60M	USD	Point-in-time
Less common stock in treasury: 14,985,057 at March 31, 2018 and 587,151 at December 31, 2017	`TreasuryStockValue`	$3.10M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$49.49M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$73.65M	USD	Point-in-time
Total liabilities, redeemable preferred stock, and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$270.81M	USD	Point-in-time
Total liabilities, redeemable preferred stock, and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$298.31M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Gross revenue	`GrossRevenues`	$15.23M	USD	1 Quarter
Gross revenue	`GrossRevenues`	$29.08M	USD	1 Quarter
Provision for common stock warrants	`ProvisionForCommonStockWarrants`	$1.89M	USD	1 Quarter
Net revenue	`Revenues`	$27.20M	USD	1 Quarter
Net revenue	`Revenues`	$15.23M	USD	1 Quarter
Total cost of revenue	`CostOfRevenue`	$31.18M	USD	1 Quarter
Total cost of revenue	`CostOfRevenue`	$19.71M	USD	1 Quarter
Gross loss	`GrossProfit`	$-3.98M	USD	1 Quarter
Gross loss	`GrossProfit`	$-4.48M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$8.65M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$6.00M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$9.14M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$8.31M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$16.96M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$15.14M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-19.62M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-20.94M	USD	1 Quarter
Interest and other expense, net	`NonoperatingIncomeExpense`	$-2.14M	USD	1 Quarter
Interest and other expense, net	`NonoperatingIncomeExpense`	$-3.10M	USD	1 Quarter
Change in fair value of common stock warrant liability	`DerivativeGainLossOnDerivativeNet`	$1.26M	USD	1 Quarter
Change in fair value of common stock warrant liability	`DerivativeGainLossOnDerivativeNet`	$-2.28M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-22.79M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-24.04M	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-2.95M	USD	1 Quarter
Net loss attributable to the Company	`NetIncomeLoss`	$-24.04M	USD	1 Quarter
Net loss attributable to the Company	`NetIncomeLoss`	$-19.84M	USD	1 Quarter
Preferred stock dividends declared	`PreferredStockDividendsIncomeStatementImpact`	$26.00K	USD	1 Quarter
Preferred stock dividends declared	`PreferredStockDividendsIncomeStatementImpact`	$13.00K	USD	1 Quarter
Net loss attributable to common shareholders	`UndistributedEarnings`	$-24.07M	USD	1 Quarter
Net loss attributable to common shareholders	`UndistributedEarnings`	$-19.85M	USD	1 Quarter
Basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.13	USD	1 Quarter
Basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.09	USD	1 Quarter
Weighted average number of common shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	191.19M	shares	1 Quarter
Weighted average number of common shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	226.99M	shares	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net loss attributable to the Company	`NetIncomeLoss`	$-24.04M	USD	1 Quarter
Net loss attributable to the Company	`NetIncomeLoss`	$-19.84M	USD	1 Quarter
Depreciation of property, plant and equipment, and leased property	`DepreciationAndAmortization`	$2.78M	USD	1 Quarter
Depreciation of property, plant and equipment, and leased property	`DepreciationAndAmortization`	$2.00M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$143.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$158.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$2.00M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$2.46M	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$379.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$147.00K	USD	1 Quarter
Provision for common stock warrants	`AmortizationOfWarrantCost`	$-1.89M	USD	1 Quarter
Change in fair value of common stock warrant liability	`DerivativeGainLossOnDerivativeNet`	$1.26M	USD	1 Quarter
Change in fair value of common stock warrant liability	`DerivativeGainLossOnDerivativeNet`	$-2.28M	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-2.95M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$7.66M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-5.02M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-1.43M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$3.79M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-1.38M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-1.57M	USD	1 Quarter
Accounts payable, accrued expenses, and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-8.34M	USD	1 Quarter
Accounts payable, accrued expenses, and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-2.07M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-272.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-1.32M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-23.86M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-24.03M	USD	1 Quarter
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$303.00K	USD	1 Quarter
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.03M	USD	1 Quarter
Purchase for construction of leased property	`PaymentsToAcquireEquipmentOnLease`	$9.34M	USD	1 Quarter
Purchase for construction of leased property	`PaymentsToAcquireEquipmentOnLease`	$3.28M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-9.64M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.30M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$50.00K	USD	1 Quarter
Payments for redemption of preferred stock	`PaymentsForRepurchaseOfPreferredStockAndPreferenceStock`	$3.70M	USD	1 Quarter
Proceeds from issuance of convertible senior notes, net	`ProceedsFromIssuanceOfDebt`	$96.06M	USD	1 Quarter
Purchase of capped call and common stock forward	`PurchaseOfCappedCallAndCommonStockForward`	$43.50M	USD	1 Quarter
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$4.65M	USD	1 Quarter
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$50.00K	USD	1 Quarter
Increase in finance obligations	`IncreaseDecreaseInFinancingTransactionFinanceObligation`	$1.24M	USD	1 Quarter
Increase in finance obligations	`IncreaseDecreaseInFinancingTransactionFinanceObligation`	$2.23M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.52M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$49.20M	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$35.00K	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$46.00K	USD	1 Quarter
Increase (decrease) in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-34.98M	USD	1 Quarter
Increase (decrease) in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$20.91M	USD	1 Quarter
Cash, cash equivalents, and restricted cash beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$88.97M	USD	Point-in-time
Cash, cash equivalents, and restricted cash beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$68.06M	USD	Point-in-time
Cash, cash equivalents, and restricted cash beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$65.65M	USD	Point-in-time
Cash, cash equivalents, and restricted cash beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$100.64M	USD	Point-in-time
Cash, cash equivalents, and restricted cash end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$88.97M	USD	Point-in-time
Cash, cash equivalents, and restricted cash end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$68.06M	USD	Point-in-time
Cash, cash equivalents, and restricted cash end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$65.65M	USD	Point-in-time
Cash, cash equivalents, and restricted cash end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$100.64M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$2.55M	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$1.90M	USD	1 Quarter

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$49.49M	USD	Point-in-time
Balance	`StockholdersEquity`	$73.65M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesIssued`	229.07M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesIssued`	229.19M	shares	Point-in-time
Net loss attributable to the Company	`NetIncomeLoss`	$-24.04M	USD	1 Quarter
Net loss attributable to the Company	`NetIncomeLoss`	$-19.84M	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTax`	$412.00K	USD	1 Quarter
Stock based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$2.00M	USD	1 Quarter
Stock option exercises	`StockIssuedDuringPeriodValueStockOptionsExercised`	$50.00K	USD	1 Quarter
Equity component of convertible senior notes, net of issuance costs and income tax benefit	`AdjustmentsToAdditionalPaidInCapitalEquityComponentOfConvertibleSeniorNotesNetOfIssuanceCostAndTaxes`	$34.83M	USD	1 Quarter
Purchase of capped call	`AdjustmentsToAdditionalPaidInCapitalPurchaseOfCappedCall`	$-16.00M	USD	1 Quarter
Provision for common stock warrants	`EquityProvisionForCommonStockWarrants`	$1.89M	USD	1 Quarter
Balance	`StockholdersEquity`	$49.49M	USD	Point-in-time
Balance	`StockholdersEquity`	$73.65M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesIssued`	229.07M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesIssued`	229.19M	shares	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net loss attributable to the Company	`NetIncomeLoss`	$-24.04M	USD	1 Quarter
Net loss attributable to the Company	`NetIncomeLoss`	$-19.84M	USD	1 Quarter
Other comprehensive income - foreign currency translation adjustment	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$220.00K	USD	1 Quarter
Other comprehensive income - foreign currency translation adjustment	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$412.00K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-23.82M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-19.42M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.