Balance sheet

Plug Power (PLUG) — Balance-sheet Health

Snapshot as of June 30, 2026 from the Q2 2026 10-Q (filed August 10, 2026); historical series from FY2025 10-K (filed March 2, 2026) and prior 10-Ks via SEC EDGAR XBRL. All figures in US$ unless noted. Restricted-cash sub-buckets are now actual Q2 10-Q disclosures; the by-year maturity ladder remains partly FY2025-based because the 2026 10-Qs dropped the maturity tables. Panels in order: liquidity snapshot, dilution tracker, post-balance-sheet events, debt-maturity ladder, working-capital turns.

Liquidity Snapshot — June 30, 2026

Cash, restricted cash, and working capital

Unrestricted cash

$161.9M

−$206.6M vs FY25

Restricted cash

$509.6M

−$115.8M vs FY25

Total cash position

$671.5M

−$322.5M vs FY25

Working capital

$652.5M

−$147.2M vs FY25

Current ratio

2.32x

vs 2.31x FY25

Debt-to-equity

2.76x

vs 1.63x FY25 — FV losses on converts/warrants eroded equity

Cash composition (restricted-cash detail)

Total cash position — FY2021 to Q2 2026

Restricted-cash detail — now actual, no longer estimated. The Q2 10-Q (Note 17) discloses the buckets directly: $279.2M sale/leaseback collateral (from $352.3M at FY25 end — releasing as leases run off), $150.4M letters of credit / bank guarantees (of which $117.2M back sale/leaseback LCs and $33.2M customs), a $62.0M Texas-plant power-usage escrow, and an $18.0M Georgia-plant power-supply escrow. Restricted cash released a net $115.8M in H1 2026 — an important non-dilutive cash source that partially offsets the operating burn.

Dilution Tracker

Share count history, authorized headroom, and equity-raise capacity

Shares issued — year-end history

Authorized headroom & equity program capacity

Shares outstanding (Jun 30, 2026)

1,396.9M

1,397.9M issued less 1.0M treasury

Authorized shares

3,000.0M

Increased from 1,500M on Feb 12, 2026

ATM remaining capacity

$944.1M

of $1.0B program; 2025 used $55.9M, H1 2026 nil

SEPA (Yorkville) capacity

$1,000.0M

Unused as of Jun 30, 2026; expires Feb 10, 2027

$7.75 Warrants outstanding

185.4M shares

Strike $7.75, expires Mar 20, 2028

FY2025 share issuances

+460.1M

49% of beginning-of-year count

Structural overhang — but the dilution machine is paused. FY2025 share count grew 49% (934M to 1,394M) via the March 2025 registered offering, the October 2025 warrant inducement ($354.7M net), and the ATM ($55.9M at $1.62 average). The contrast in 2026 is notable: zero ATM and zero SEPA issuance through H1, share count up just 3.7M (equity comp), and the burn funded instead from cash, restricted-cash release, and asset sales. The overhang has not gone away — ATM $944M + SEPA $1.0B + 185M $7.75 warrants remain, atop a 3.0B authorization — but H1 2026 is the first half-year since 2023 in which existing holders were not diluted for cash.

Post-Balance-Sheet Liquidity Events

Events since the Jun 30, 2026 balance-sheet date, plus the 2026 milestones that got Plug here

Aug 10, 2026

Q2 2026 results — gross margin ~breakeven, guidance raised. Revenue $178.3M (+9% sequential), GAAP gross margin (0.9)% vs (30.7)% a year earlier, opex $62.4M (~50% lower YoY, flattered by a $39.7M impaired-asset recovery), adjusted EPS ($0.07) vs ($0.18). Net cash usage ~$61M, down ~58% sequentially. FY26 revenue-growth guidance raised to 15–16% (from 13–15% on the Q1 call); Q4 2026 EBITDAS-positive target reiterated.

Aug 7, 2026

Graham TX high-voltage closing — $40M received. Stream US Data Centers paid $40.0M (non-refundable, credited against the price) for the high-voltage infrastructure at the Graham, TX site; a further $10M sits in deposit escrow. Full sale: $50M base plus earnout up to $26.5M, outside date Mar 31, 2027.

Aug 4, 2026

DOE loan guarantee terminated. DOE exercised its right to terminate the $1.66B loan guarantee because the first advance had not occurred by the longstop date; termination is automatic after a 10-business-day notice period. Closes the chapter opened by the Nov 2025 suspension ($13.2M fees already charged off in FY25).

Jul 9–13, 2026

NY Gateway restructured to a staged closing. The Genesee County sale to Stream (originally single-close, targeted June 2026) was amended: price fixed at $142.0M, outside date Mar 31, 2027, ~$6.5M deposit plus interest released to Plug immediately, an additional $10M due at the interim real-property closing. Together with Graham TX, expected to generate ~$80M of near-term liquidity within a $275M asset-monetization target (~$52M collected program-to-date).

Q2 2026

St. Gabriel ITC sale closed — $39.2M gross. Investment tax credit on the LA JV liquefier sold for $39.2M ($36.1M net of fees, in CFI). The Hidrogenii JV then distributed $16.5M to each member — Olin's share left via financing activities, so consolidated net proceeds to Plug were ~$20M.

Feb 12–28, 2026

Authorization doubled; $7.75 warrants exercisable. Stockholders raised authorized common stock from 1.5B to 3.0B shares (Feb 12). The 185.4M $7.75 warrants entered their exercise window Feb 28 (through Mar 20, 2028); no exercises through Q2 2026, but mark-to-market on the liability reached $136.3M at Jun 30 (from $52.3M at FY25 end) as the stock rose to $2.71.

Ongoing

Equity programs idle. ATM ($944.1M remaining through Aug 15, 2027) and SEPA ($1.0B unused, expires Feb 10, 2027) provide contingent equity capacity. Neither has been used in 2026 — the 10-Q's 12-month liquidity conclusion nonetheless leans on them as available levers.

Debt & Obligation Maturity Ladder

Principal and lease payments by year — FY25 10-K schedules adjusted for H1 2026 repayments (2026 10-Qs no longer disclose maturity tables)

6.75% Conv. Sr. Notes due 2033

$431.3M

Principal; carried at fair value $578.0M at Jun 30, 2026 (+$145M H1 FV loss as the stock rose)

7.00% Conv. Sr. Notes due 2026

$2.4M residual repaid in cash H1 2026 — 2026 convert maturity fully cleared

Finance obligations (sale/leaseback)

$213.9M

$57.7M within 12 months (FY25: $268.0M / $76.2M)

Operating lease liability

$214.7M

PV at Jun 30, 2026 (FY25: $265.1M)

$7.75 Warrant liability

$136.3M

+$83.9M FV step-up in H1 2026; no exercises

Long-term debt

$1.5M

$0.3M within 12 months (FY25: $1.9M / $0.6M)

Capital structure simplification — 2026 maturities now cleared. In November 2025, Plug issued $431.3M of 6.75% Convertible Senior Notes due 2033, repaid the 15.00% Yorkville Secured Debenture (eliminating a first lien), and repurchased most of the 7.00% 2026 notes; the $2.4M residual was repaid in H1 2026. No convertible principal now matures before 2033. Remaining near-term cash calls are operational: sale/leaseback finance obligations ($57.7M current) and operating-lease payments. Note the 2033 notes are fair-value accounted — the carrying value ($578.0M) moves with the stock and the H1 $145M FV loss is non-cash; principal owed remains $431.3M.

Methodology note. The 2026 10-Qs stopped disclosing by-year maturity tables, so lease bars remain the FY25 10-K undiscounted schedules (the 2026 column therefore overstates what is left to pay this year by roughly the H1 payments already made). Finance obligations show the Jun 30 current portion ($57.7M) in 2026 with the $156.2M long-term balance spread evenly across 2027–2029. Convertible-note bars show principal at stated maturity.

Working-Capital Turns

Days-based efficiency metrics, FY2022–FY2025 (chart includes Q1'26 and Q2'26 TTM)

Metric	FY2022	FY2023	FY2024	FY2025	Δ 25 vs 24

Interpretation. The cash conversion cycle tightened from 237 days in FY2024 to 204 in FY2025 and 199 at Q1'26 TTM, then drifted back to 206 at Q2'26 TTM: DSO re-widened from 53 to 62 days as receivables rebuilt with the sequential revenue ramp (AR $125.9M at Jun 30 vs ~$106.6M at Mar 31). DIO is stuck at ~200 days — inventory of $493.4M against ~$880M TTM COGS remains the largest trapped-cash pool and the main working-capital lever left.