Registration No. 333-265488
(To Prospectus dated June 8, 2022)
![[MISSING IMAGE: lg_plugtm-4clr.jpg]](https://www.sec.gov/Archives/edgar/data/0001093691/000110465925025381/lg_plugtm-4clr.jpg)
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Per Share and
Accompanying Warrants |
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Per Pre-Funded
Warrant and Accompanying Warrant |
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Total
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Offering price(1)
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| | | $ | 1.51 | | | | | $ | 1.509 | | | | | $ | 280,000,000 | | |
Underwriting discount
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| | | $ | 0.064 | | | | | $ | 0.064 | | | | | $ | 11,894,095 | | |
Total(2) | | | | $ | 1.4458 | | | | | $ | 1.4448 | | | | | $ | 267,966,975 | | |
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Year ended December 31,
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2024
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2023
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2022
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(in thousands, except share and per share data)
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Statements Of Operations: | | | | | | | | | | | | | | | | | | | |
Net revenue: | | | | | | | | | | | | | | | | | | | |
Sales of equipment, related infrastructure and other
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| | | $ | 390,335 | | | | | $ | 711,433 | | | | | $ | 558,932 | | |
Services performed on fuel cell systems and related infrastructure
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| | | | 52,169 | | | | | | 39,093 | | | | | | 35,280 | | |
Power Purchase Agreements
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| | | | 77,842 | | | | | | 63,731 | | | | | | 47,183 | | |
Fuel delivered to customers and related equipment
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| | | | 97,882 | | | | | | 66,246 | | | | | | 57,196 | | |
Other
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| | | | 10,856 | | | | | | 10,837 | | | | | | 2,849 | | |
Net revenue
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| | | | 628,814 | | | | | | 891,340 | | | | | | 701,440 | | |
Cost of revenue: | | | | | | | | | | | | | | | | | | | |
Sales of equipment, related infrastructure and other
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| | | | 696,087 | | | | | | 765,575 | | | | | | 468,057 | | |
Services performed on fuel cell systems and related infrastructure
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| | | | 57,766 | | | | | | 75,412 | | | | | | 59,365 | | |
Provision for loss contracts related to service
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| | | | 48,539 | | | | | | 86,346 | | | | | | 26,801 | | |
Power Purchase Agreements
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| | | | 216,947 | | | | | | 218,936 | | | | | | 144,696 | | |
Fuel delivered to customers and related equipment
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| | | | 228,827 | | | | | | 246,318 | | | | | | 194,255 | | |
Other
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| | | | 5,535 | | | | | | 6,544 | | | | | | 2,622 | | |
Total cost of revenue
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| | | | 1,253,701 | | | | | | 1,399,131 | | | | | | 895,796 | | |
Gross loss
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| | | | (624,887) | | | | | | (507,791) | | | | | | (194,356) | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | |
Research and development
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| | | | 77,226 | | | | | | 113,745 | | | | | | 99,579 | | |
Selling, general and administrative
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| | | | 376,110 | | | | | | 422,469 | | | | | | 363,929 | | |
Restructuring
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| | | | 8,153 | | | | | | — | | | | | | — | | |
Impairment
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| | | | 949,315 | | | | | | 269,494 | | | | | | 5,218 | | |
Change in fair value of contingent consideration
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| | | | (15,847) | | | | | | 30,024 | | | | | | 16,468 | | |
Total operating expenses
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| | | | 1,394,957 | | | | | | 835,732 | | | | | | 485,194 | | |
Operating loss
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| | | | (2,019,844) | | | | | | (1,343,523) | | | | | | (679,550) | | |
Interest and other expense, net(1)
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| | | | (87,747) | | | | | | (32,674) | | | | | | (43,619) | | |
Loss before income taxes
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| | | $ | (2,107,591) | | | | | $ | (1,376,197) | | | | | $ | (723,169) | | |
Income tax (expense) benefit
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| | | | 2,686 | | | | | | 7,364 | | | | | | (839) | | |
Net loss
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| | | $ | (2,104,905) | | | | | $ | (1,368,833) | | | | | $ | (724,008) | | |
Loss per share, basic and diluted
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| | | $ | (2.68) | | | | | $ | (2.30) | | | | | $ | (1.25) | | |
Weighted average number of common stock outstanding
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| | | | 785,024,373 | | | | | | 595,468,419 | | | | | | 579,716,708 | | |
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As of December 31,
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2024
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2023
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(unaudited) (in thousands)
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Balance Sheet Data: | | | | | | | | | | | | | |
Unrestricted cash and cash equivalents
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| | | $ | 205,693 | | | | | $ | 135,033 | | |
Total Assets
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| | | | 3,602,846 | | | | | | 4,902,738 | | |
Noncurrent liabilities
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| | | | 1,046,601 | | | | | | 1,039,813 | | |
Stockholders’ equity
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| | | | 1,807,756 | | | | | | 2,898,125 | | |
Working capital
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| | | | 728,995 | | | | | | 822,165 | | |
(dollars in thousands, except per share amounts)
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As of December 31, 2024
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Actual
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As Adjusted(1)
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(unaudited)
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Cash and cash equivalents
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| | | $ | 205,693 | | | | | $ | 473,659 | | |
Restricted cash(2)
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| | | | 198,008 | | | | | | 198,008 | | |
Current portion of long-term debt: | | | | | | | | | | | | | |
3.75% Convertible Senior Notes due June 2025
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| | | | 58,273 | | | | | | 58,273 | | |
Long-term debt: | | | | | | | | | | | | | |
6.00% Convertible Debenture
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| | | | 173,150 | | | | | | 173,150 | | |
7.00% Convertible Senior Note due June 2026
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| | | | 147,910 | | | | | | 147,910 | | |
Other long-term debt
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| | | | 1,932 | | | | | | 1,932 | | |
Total long-term debt
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| | | | 322,992 | | | | | | 322,933 | | |
Stockholders’ equity: | | | | | | | | | | | | | |
Common Stock, $0.01 par value per share; 1,500,000,000 shares authorized;
934,126,897 shares issued (including shares in treasury), actual; 980,626,897 shares issued, as adjusted |
| | | | 9,342 | | | | | | 9,806 | | |
Additional paid-in capital
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| | | | 8,430,537 | | | | | | 8,698,503 | | |
Accumulated other comprehensive loss
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| | | | (2,502) | | | | | | (2,502) | | |
Accumulated deficit
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| | | | (6,594,445) | | | | | | (6,594,445) | | |
Less common stock in treasury (20,230,043 shares)
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| | | | (108,795) | | | | | | (108,795) | | |
Non-controlling interest
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| | | | 73,619 | | | | | | 73,619 | | |
Total stockholders’ equity
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| | | | 1,807,756 | | | | | | 2,076,285 | | |
Total capitalization(3)
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| | | $ | 2,130,748 | | | | | $ | 2,399,179 | | |
Name
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Number of Shares
of Common Stock |
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Number of
Accompanying Warrants to Purchase Shares of Common Stock |
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Number of
Pre Funded Warrants |
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Oppenheimer & Co. Inc.
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| | | | 39,525,000 | | | | | | 157,615,895 | | | | | | 118,090,895 | | |
Roth Capital Partners, LLC
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| | | | 3,720,000 | | | | | | 14,834,437 | | | | | | 11,114,437 | | |
Craig-Hallum Capital Group LLC
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| | | | 1,627,500 | | | | | | 6,490,066 | | | | | | 4,862,566 | | |
H.C. Wainwright & Co., LLC
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| | | | 1,627,500 | | | | | | 6,490,066 | | | | | | 4,862,566 | | |
Total | | | | | 46,500,000 | | | | | | 185,430,464 | | | | | | 138,930,464 | | |
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Per Share and
Accompanying Warrant |
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Per
Pre-funded Warrant |
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Total
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Offering price
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| | | $ | 1.51 | | | | | $ | 1.509 | | | | | $ | 280,000,000 | | |
Underwriting discount
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| | | $ | 0.064 | | | | | $ | 0.064 | | | | | $ | 11,894,095 | | |
Total
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| | | $ | 1.4458 | | | | | $ | 1.4448 | | | | | $ | 267,966,974 | | |
125 Vista Boulevard
Slingerlands, New York, 12159
Attention: General Counsel
Telephone: (518) 782-7700
![[MISSING IMAGE: lg_plugtm-4clr.jpg]](https://www.sec.gov/Archives/edgar/data/0001093691/000110465925025381/lg_plugtm-4clr.jpg)
Preferred Stock
Warrants
Debt Securities
Units
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968 Albany Shaker Road
Latham, New York, 12110
Attention: General Counsel
Telephone: (518) 782-7700
![[MISSING IMAGE: lg_plugtm-4clr.jpg]](https://www.sec.gov/Archives/edgar/data/0001093691/000110465925025381/lg_plugtm-4clr.jpg)
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Roth Capital Partners
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Craig-Hallum
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H.C. Wainwright & Co.
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