10-Q Filing

PLUG POWER INC CIK: 1093691 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001558370-20-005975`
Period End Date	20200331
Filing Date	20200508
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	plug-20200331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 Income Statement 29 Cash Flow Statement 60 Stockholders Equity 26 Comprehensive Income 6

Balance Sheet 78 line items

Line Item	Tag	Value	Unit	Period
Accumulated depreciation of property, plant, and equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$17.42M	USD	Point-in-time
Accumulated depreciation of property, plant, and equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$18.29M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$74.34M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$139.50M	USD	Point-in-time
Restricted cash	`RestrictedCashAndInvestmentsCurrent`	$56.80M	USD	Point-in-time
Restricted cash	`RestrictedCashAndInvestmentsCurrent`	$54.81M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNet`	$24.44M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNet`	$25.45M	USD	Point-in-time
Inventory	`InventoryNet`	$72.39M	USD	Point-in-time
Inventory	`InventoryNet`	$92.97M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$28.50M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$21.19M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	750.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$313.34M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$277.05M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	750.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	322.22M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	318.64M	shares	Point-in-time
Restricted cash	`RestrictedCashAndInvestmentsNoncurrent`	$176.07M	USD	Point-in-time
Restricted cash	`RestrictedCashAndInvestmentsNoncurrent`	$175.19M	USD	Point-in-time
Common stock in treasury, shares	`TreasuryStockShares`	15.26M	shares	Point-in-time
Common stock in treasury, shares	`TreasuryStockShares`	15.26M	shares	Point-in-time
Property, plant, and equipment, net of accumulated depreciation of $18,292 and $17,417, respectively	`PropertyPlantAndEquipmentNetExcludingCapitalLeasedAssets`	$14.96M	USD	Point-in-time
Property, plant, and equipment, net of accumulated depreciation of $18,292 and $17,417, respectively	`PropertyPlantAndEquipmentNetExcludingCapitalLeasedAssets`	$16.59M	USD	Point-in-time
Leased property, net	`FinanceLeaseRightOfUseAsset`	$244.74M	USD	Point-in-time
Leased property, net	`FinanceLeaseRightOfUseAsset`	$252.80M	USD	Point-in-time
Goodwill	`Goodwill`	$8.84M	USD	Point-in-time
Goodwill	`Goodwill`	$8.67M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$5.54M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$5.30M	USD	Point-in-time
Other assets	`OtherAssets`	$8.57M	USD	Point-in-time
Other assets	`OtherAssets`	$12.06M	USD	Point-in-time
Total assets	`Assets`	$771.18M	USD	Point-in-time
Total assets	`Assets`	$748.54M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$35.50M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$40.38M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$14.21M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$14.27M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$11.56M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$11.69M	USD	Point-in-time
Finance obligations	`FinancingTransactionFinanceObligationAmountCurrent`	$49.51M	USD	Point-in-time
Finance obligations	`FinancingTransactionFinanceObligationAmountCurrent`	$52.05M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$27.82M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$26.46M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$10.42M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$8.54M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$150.79M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$151.62M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityNoncurrent`	$23.37M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityNoncurrent`	$22.91M	USD	Point-in-time
Finance obligations	`FinancingTransactionFinanceObligationAmount`	$272.17M	USD	Point-in-time
Finance obligations	`FinancingTransactionFinanceObligationAmount`	$265.23M	USD	Point-in-time
Convertible senior notes, net	`ConvertibleLongTermNotesPayable`	$110.25M	USD	Point-in-time
Convertible senior notes, net	`ConvertibleLongTermNotesPayable`	$112.88M	USD	Point-in-time
Long-term debt	`LongTermDebtNonCurrentExcludingConvertibleNotes`	$79.12M	USD	Point-in-time
Long-term debt	`LongTermDebtNonCurrentExcludingConvertibleNotes`	$85.71M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$13.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$13.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$638.72M	USD	Point-in-time
Total liabilities	`Liabilities`	$635.36M	USD	Point-in-time
Common stock, $0.01 par value per share; 750,000,000 shares authorized; Issued (including shares in treasury): 322,220,469 at March 31, 2020 and 318,637,560 at December 31, 2019	`CommonStockValue`	$3.19M	USD	Point-in-time
Common stock, $0.01 par value per share; 750,000,000 shares authorized; Issued (including shares in treasury): 322,220,469 at March 31, 2020 and 318,637,560 at December 31, 2019	`CommonStockValue`	$3.22M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$1.51B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$1.52B	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$1.40M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$1.16M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.38B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.35B	USD	Point-in-time
Less common stock in treasury: 15,261,007 at March 31, 2020 and 15,259,045 at December 31, 2019	`TreasuryStockValue`	$31.22M	USD	Point-in-time
Less common stock in treasury: 15,261,007 at March 31, 2020 and 15,259,045 at December 31, 2019	`TreasuryStockValue`	$31.22M	USD	Point-in-time
Total stockholders ' equity	`StockholdersEquity`	$109.12M	USD	Point-in-time
Total stockholders ' equity	`StockholdersEquity`	$-1.18M	USD	Point-in-time
Total stockholders ' equity	`StockholdersEquity`	$2.71M	USD	Point-in-time
Total stockholders ' equity	`StockholdersEquity`	$134.68M	USD	Point-in-time
Total liabilities, redeemable preferred stock, and stockholders ' equity	`LiabilitiesAndStockholdersEquity`	$771.18M	USD	Point-in-time
Total liabilities, redeemable preferred stock, and stockholders ' equity	`LiabilitiesAndStockholdersEquity`	$748.54M	USD	Point-in-time

Income Statement 29 line items

Line Item	Tag	Value	Unit	Period
Net revenue	`Revenues`	$40.81M	USD	1 Quarter
Net revenue	`Revenues`	$21.58M	USD	1 Quarter
Total cost of revenue	`CostOfGoodsAndServicesSold`	$45.28M	USD	1 Quarter
Total cost of revenue	`CostOfGoodsAndServicesSold`	$25.36M	USD	1 Quarter
Gross loss	`GrossProfit`	$-4.47M	USD	1 Quarter
Gross loss	`GrossProfit`	$-3.78M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$10.41M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$7.37M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$9.32M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$11.01M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$21.43M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$16.70M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-25.90M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-20.48M	USD	1 Quarter
Interest and other expense, net	`NonoperatingIncomeExpense`	$-11.58M	USD	1 Quarter
Interest and other expense, net	`NonoperatingIncomeExpense`	$-8.35M	USD	1 Quarter
Change in fair value of common stock warrant liability	`DerivativeGainLossOnDerivativeNet`	$-2.13M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-30.95M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-37.48M	USD	1 Quarter
Net loss attributable to the Company	`NetIncomeLoss`	$-30.95M	USD	1 Quarter
Net loss attributable to the Company	`NetIncomeLoss`	$-37.48M	USD	1 Quarter
Preferred stock dividends declared and accretion of discount	`PreferredStockDividendsIncomeStatementImpact`	$52.00K	USD	1 Quarter
Preferred stock dividends declared and accretion of discount	`PreferredStockDividendsIncomeStatementImpact`	$13.00K	USD	1 Quarter
Net loss attributable to common stockholders	`UndistributedEarnings`	$-37.49M	USD	1 Quarter
Net loss attributable to common stockholders	`UndistributedEarnings`	$-31.00M	USD	1 Quarter
Basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.14	USD	1 Quarter
Basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.12	USD	1 Quarter
Weighted average number of common stock outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	220.61M	shares	1 Quarter
Weighted average number of common stock outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	305.19M	shares	1 Quarter

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net loss attributable to the Company	`NetIncomeLoss`	$-30.95M	USD	1 Quarter
Net loss attributable to the Company	`NetIncomeLoss`	$-37.48M	USD	1 Quarter
Depreciation of property, plant and equipment, and leased property	`Depreciation`	$2.78M	USD	1 Quarter
Depreciation of property, plant and equipment, and leased property	`Depreciation`	$2.85M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$175.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$175.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$2.50M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$3.04M	USD	1 Quarter
Provision for bad debts and other assets	`ProvisionForDoubtfulAccounts`	$307.00K	USD	1 Quarter
Amortization of debt issuance costs and discount on convertible senior notes	`AmortizationOfFinancingCosts`	$2.47M	USD	1 Quarter
Amortization of debt issuance costs and discount on convertible senior notes	`AmortizationOfFinancingCosts`	$2.72M	USD	1 Quarter
Provision for common stock warrants	`AmortizationOfWarrantCost`	$-2.57M	USD	1 Quarter
Provision for common stock warrants	`AmortizationOfWarrantCost`	$-1.19M	USD	1 Quarter
Change in fair value of common stock warrant liability	`DerivativeGainLossOnDerivativeNet`	$-2.13M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.01M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-4.98M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$17.56M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$20.58M	USD	1 Quarter
Prepaid expenses, and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$10.79M	USD	1 Quarter
Prepaid expenses, and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-1.02M	USD	1 Quarter
Accounts payable, accrued expenses, and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-2.93M	USD	1 Quarter
Accounts payable, accrued expenses, and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-2.78M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInCustomerLiability`	$-2.50M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInCustomerLiability`	$-591.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-36.26M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-60.02M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.51M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.47M	USD	1 Quarter
Purchases for construction of leased property	`PaymentsToAcquireEquipmentOnLease`	$806.00K	USD	1 Quarter
Purchases for construction of leased property	`PaymentsToAcquireEquipmentOnLease`	$3.85M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-6.36M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.27M	USD	1 Quarter
Proceeds from issuance of preferred stock, net of transaction costs	`ProceedsFromIssuanceOfPreferredStockAndPreferenceStock`	$-3.00K	USD	1 Quarter
Proceeds from public offerings, net of transaction costs	`ProceedsFromIssuanceOfCommonStock`	$23.50M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsPaymentsFromStockOptionsExercised`	$81.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsPaymentsFromStockOptionsExercised`	$6.10M	USD	1 Quarter
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$17.15M	USD	1 Quarter
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$5.32M	USD	1 Quarter
Proceeds from long-term debt	`ProceedsFromLongTermLinesOfCredit`	$84.76M	USD	1 Quarter
Repayments of finance obligations	`RepaymentsOfDebt`	$53.53M	USD	1 Quarter
Repayments of finance obligations	`RepaymentsOfDebt`	$5.73M	USD	1 Quarter
Increase in finance obligations	`ProceedsFromIssuanceOfDebt`	$9.02M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$4.08M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$37.65M	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$-35.00K	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.00K	USD	1 Quarter
Decrease in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-62.29M	USD	1 Quarter
Decrease in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-922.00K	USD	1 Quarter
Cash, cash equivalents, and restricted cash beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$307.21M	USD	Point-in-time
Cash, cash equivalents, and restricted cash beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$110.15M	USD	Point-in-time
Cash, cash equivalents, and restricted cash beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$109.23M	USD	Point-in-time
Cash, cash equivalents, and restricted cash beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$369.50M	USD	Point-in-time
Cash, cash equivalents, and restricted cash end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$307.21M	USD	Point-in-time
Cash, cash equivalents, and restricted cash end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$110.15M	USD	Point-in-time
Cash, cash equivalents, and restricted cash end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$109.23M	USD	Point-in-time
Cash, cash equivalents, and restricted cash end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$369.50M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$5.16M	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$4.86M	USD	1 Quarter
Recognition of right of use asset	`RecognitionOfRightOfUseAsset`	$6.19M	USD	1 Quarter
Conversion of preferred stock to common stock	`ConversionOfStockAmountConverted1`	$441.00K	USD	1 Quarter

Stockholders Equity 26 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$109.12M	USD	Point-in-time
Balance	`StockholdersEquity`	$-1.18M	USD	Point-in-time
Balance	`StockholdersEquity`	$2.71M	USD	Point-in-time
Balance	`StockholdersEquity`	$134.68M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesIssued`	322.22M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesIssued`	318.64M	shares	Point-in-time
Net loss attributable to the Company	`NetIncomeLoss`	$-30.95M	USD	1 Quarter
Net loss attributable to the Company	`NetIncomeLoss`	$-37.48M	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTax`	$-210.00K	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTax`	$-236.00K	USD	1 Quarter
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$2.50M	USD	1 Quarter
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$3.04M	USD	1 Quarter
Issuance of common stock, net	`StockIssuedDuringPeriodValueNewIssues`	$23.50M	USD	1 Quarter
Issuance of common stock, net (in shares)	`StockIssuedDuringPeriodSharesNewIssues`	10.00M	shares	Point-in-time
Stock option exercises	`StockIssuedDuringPeriodValueStockOptionsExercised`	$81.00K	USD	1 Quarter
Stock option exercises	`StockIssuedDuringPeriodValueStockOptionsExercised`	$6.10M	USD	1 Quarter
Provision for common stock warrants	`EquityProvisionForCommonStockWarrants`	$1.19M	USD	1 Quarter
Provision for common stock warrants	`EquityProvisionForCommonStockWarrants`	$2.57M	USD	1 Quarter
Accretion of discount, preferred stock	`PreferredStockAccretionOfRedemptionDiscount`	$28.00K	USD	1 Quarter
Conversion of preferred stock	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$469.00K	USD	1 Quarter
Balance	`StockholdersEquity`	$109.12M	USD	Point-in-time
Balance	`StockholdersEquity`	$-1.18M	USD	Point-in-time
Balance	`StockholdersEquity`	$2.71M	USD	Point-in-time
Balance	`StockholdersEquity`	$134.68M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesIssued`	322.22M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesIssued`	318.64M	shares	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net loss attributable to the Company	`NetIncomeLoss`	$-30.95M	USD	1 Quarter
Net loss attributable to the Company	`NetIncomeLoss`	$-37.48M	USD	1 Quarter
Other comprehensive loss - foreign currency translation adjustment	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-236.00K	USD	1 Quarter
Other comprehensive loss - foreign currency translation adjustment	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-210.00K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-31.16M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-37.72M	USD	1 Quarter

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