Plug Power (PLUG) — Balance-sheet Health
Snapshot as of March 31, 2026 from the Q1 2026 press release (May 11, 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. Debt maturity ladder and restricted-cash sub-buckets remain FY2025 disclosures pending the Q1 10-Q. Panels in order: liquidity snapshot, dilution tracker, post-balance-sheet events, debt-maturity ladder, working-capital turns.
Liquidity Snapshot — March 31, 2026
Cash, restricted cash, and working capitalUnrestricted cash
$223.2M
−$145.3M vs FY25
Restricted cash
$578.8M
−$46.6M vs FY25
Total cash position
$802.0M
−$192.0M vs FY25
Working capital
$734.1M
−$65.6M vs FY25
Current ratio
2.36x
vs 2.31x FY25
Debt-to-equity
2.06x
vs 1.63x FY25
Cash composition (restricted-cash detail)
Total cash position — FY2021 to FY2025
Restricted-cash detail. The Q1 2026 balance sheet discloses restricted cash of $578.8M ($183.7M current + $395.1M long-term) but does not restate the three sub-buckets disclosed at FY25 year-end ($352.3M
sale/leaseback
collateral, $193.1M LC/bank guarantees, $80.0M construction escrow). The donut above ratios those FY25 buckets proportionally down to the $578.8M total as a placeholder; the Q1 10-Q will disclose the precise mix. Management notes restricted cash is expected to release ~$50M per quarter over the next few years.
Dilution Tracker
Share count history, authorized headroom, and equity-raise capacityShares issued — year-end history
Authorized headroom & equity program capacity
Shares outstanding (Mar 31, 2026)
1,394.7M
1,395.6M 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, Q1 2026 nil
SEPA (Yorkville) capacity
$1,000.0M
Unused as of Mar 31, 2026
$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. FY2025 share count grew 49% (934M to 1,394M) via three channels: the March 2025 registered offering (pre-funded warrants exercised Q2), the October 2025 warrant inducement (New Pre-Funded Warrants exercised Q4 for $354.7M net), and the ATM program ($55.9M at $1.62 average). The Feb 2026 doubling of authorized shares from 1.5B to 3.0B explicitly creates runway for further equity issuance. Combined un-drawn capacity (ATM $944M + SEPA $1.0B + 185M $7.75 warrants) represents substantial additional dilution potential.
Post-Balance-Sheet Liquidity Events
Subsequent events from FY2025 10-K Note 29 and active programsMay 11, 2026
Q1 2026 results — 22% revenue growth, gross margin (13%). Revenue $163.5M (+22% YoY), GAAP gross margin improved 42 pts to (13)%, adjusted EPS ($0.08) vs ($0.17). Q1 cash usage $150M operating + $8M investing offset by $192M draw on combined cash. Management reaffirmed Q4 2026 EBITDAS-positive target and disclosed expected ~$275M in hydrogen-asset monetization proceeds.
May 2026 (target)
St. Gabriel ITC sale — $39.2M. Expected sale of an investment tax credit tied to the St. Gabriel, LA JV hydrogen liquefier, targeted to close by end of May 2026. Non-dilutive, one-time cash inflow.
Feb 28, 2026
$7.75 Warrants became exercisable. 185.4M warrants @ $7.75 strike entered their three-year exercise window (through Mar 20, 2028). No exercises through Q1 2026; stock price escalation drove the warrant liability to $107.0M at Mar 31, 2026 from $52.3M at FY25 end.
Feb 24, 2026
WNY land sale — Stream US Data Centers. Plug agreed to sell real property and assets in Alabama, NY (Genesee County) for $132.5M–$142.0M (range depends on closing timing and whether hydrogen storage spheres are removed). Q1 2026 press release indicates the first transaction at ~$142M is expected to close in June 2026.
Feb 12, 2026
Authorized shares doubled. Stockholders approved an amendment raising authorized common stock from 1,500,000,000 to 3,000,000,000 shares. Effective immediately upon filing with Delaware.
Nov 2025
DOE Loan — suspended. Plug suspended activities under the January 2025 $1.66B DOE loan guarantee. $13.2M charge taken on capitalized closing fees. Active discussions with DOE continuing to "reframe" activities; outcome uncertain.
Ongoing
Equity programs. ATM ($944.1M remaining through Aug 15, 2027) and SEPA ($1.0B unused through Feb 10, 2027) provide contingent equity capacity but at the cost of further dilution. Neither program was used in Q1 2026.
Debt & Obligation Maturity Ladder
Principal and lease payments by year — FY25 10-K disclosure (Q1 10-Q pending)6.75% Conv. Sr. Notes due 2033
$431.3M
Issued Nov 21, 2025
7.00% Conv. Sr. Notes due 2026
$2.5M
Residual at Mar 31, 2026; FY25 $2.6M
Finance obligations (sale/leaseback)
$239.9M
$66.4M within 12 months (FY25: $268.0M / $76.2M)
Operating lease liability
$238.5M
PV at Mar 31, 2026 (FY25: $265.1M); undiscounted pending Q1 10-Q
$7.75 Warrant liability
$107.0M
+$54.6M FV step-up in Q1 2026; exercisable since Feb 28, 2026
Long-term debt
$1.7M
$0.4M within 12 months (FY25: $1.9M / $0.6M)
Capital structure simplification. In November 2025, Plug issued $431.3M of 6.75% Convertible Senior Notes due 2033 and used the proceeds to (1) repay in full the 15.00% Yorkville Secured Debenture, eliminating a first lien, and (2) repurchase $137.8M of the 7.00% 2026 notes, leaving a $2.6M residual. The 3.75% 2025 notes matured June 1, 2025 and are fully settled. Convertible-note maturity has been extended from 2026 to 2033, but sale/leaseback finance obligations ($76M current) and operating-lease payments ($94M next 12 months) remain material near-term cash calls.
Methodology note. Operating- and finance-lease bars are undiscounted payment schedules (from 10-K Note 10). Convertible-note bars show principal at stated maturity. The $268M finance-obligation balance is shown as $76.2M current (2026) and the remaining $191.8M spread evenly across 2027–2029 because the 10-K does not disclose year-by-year beyond the 12-month split.
Methodology note. Operating- and finance-lease bars are undiscounted payment schedules (from 10-K Note 10). Convertible-note bars show principal at stated maturity. The $268M finance-obligation balance is shown as $76.2M current (2026) and the remaining $191.8M spread evenly across 2027–2029 because the 10-K does not disclose year-by-year beyond the 12-month split.
Working-Capital Turns
Days-based efficiency metrics, FY2022–FY2025 (chart includes Q1'26 TTM)| Metric | FY2022 | FY2023 | FY2024 | FY2025 | Δ 25 vs 24 |
|---|
Interpretation. The cash conversion cycle tightened from 237 days in FY2024 to 204 days in FY2025, driven by faster AR collections (DSO 91 → 69) and longer payables (DPO 53 → 65). Inventory days (DIO) held roughly flat at ~200, down sharply from the 2023 peak of 251 as Plug ran down inventory to fund operations. On a trailing-twelve-month basis through Q1 2026, the CCC tightens further to 199 days as DSO compresses to 53 days (Q1 saw a $26M sequential AR drawdown); DIO and DPO are roughly stable.