Plug Power — Company Views
Fundamental analysis built on SEC EDGAR XBRL filings. Each view computes standalone-quarter values from YTD differences and attributes the components to their underlying accounting drivers.
Views
P&L Turnaround — Path to EBITDAS
The missing storyline: quarterly gross margin marched from (132)% in Q1 2024 to (0.9)% in Q2 2026, opex halved (with an asterisk), and management targets positive EBITDAS in Q4 2026. Ten quarters of segment margins, opex discipline, and the honest distance-to-breakeven math.
Open → LiveQuarterly Cash Flow (2015–2026)
Interactive chart of CFO, CFI, CFF, CapEx, and FCF, with the ending cash position overlaid. Hover or click any quarter to see the top accounting drivers (impairments, SBC, debt raises, share issuances, working-capital changes).
Open → LiveBalance-sheet Health
Liquidity snapshot at Jun 30, 2026 ($671.5M total cash, $161.9M unrestricted), actual restricted-cash buckets from the Q2 10-Q, debt-maturity ladder through 2033, DSO/DIO/DPO/CCC trends, and a dilution tracker covering share-count history, authorized headroom, and remaining ATM/SEPA capacity.
Open → LiveLiquidity Options & Dependencies
Eleven cash levers mapped across controllability tiers — committed Stream asset sales ($219M incl. earnout, ~$46.5M already received), Plug-controlled ($1.94B ATM+SEPA, untouched in 2026), holder-controlled ($1.44B $7.75 warrants), and the now-terminated DOE loan ($1.66B → $0). Interactive scenario slider computes equity proceeds and dilution at user-selected share prices. Sankey dependency graph shows which levers share the same failure modes.
Open → LiveUS Production & Mfg Footprint
Scattergeo map of the US footprint — three operational liquid-H2 plants (Kingsland GA, Charleston TN, St. Gabriel LA JV), the Rochester electrolyzer gigafactory, the Slingerlands corporate/mfg campus, four additional mfg sites, and the Miamisburg service center. Overlays the two divestitures to Stream US Data Centers — the Genesee NY plant ($142M staged closing) and the never-built Graham TX site ($50M + earnout) — and documents the Aug 4, 2026 DOE-loan termination that closed the green-H2 expansion chapter.
Open → LiveRevenue by Product Line (FY2015–FY2025)
Annual revenue and gross margin broken out by product line — equipment, services, PPAs, fuel, and other. Covers the full 11-year history including the FY2020 warrant-provision shock, the 2023 cryogenic-equipment revenue peak, and the 2024–2025 mix migration toward recurring service/PPA/fuel.
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