Plug Power, Inc. (PLUG)

From the record

Plug Power, Inc.'s filings since 2017 show 6 warning events of 4 kinds: a notice about its exchange listing (8-K item 3.01, 2 times, the latest 2021-05-19); a warning not to rely on past financial statements (8-K item 4.02, the latest 2021-03-16); an auditor change (8-K item 4.01, the latest 2022-03-21); a late-report notice (Form NT 10-K or NT 10-Q, 2 times, the latest 2021-05-10) (its current reports).

From the record

Plug Power, Inc.'s 10 filed years say what it did: revenue went from $83 million in fiscal 2016 to $710 million in fiscal 2025, up 27% a year; it rose in 6 of 8 years; the deepest fall was 141% from fiscal 2019 to fiscal 2020; net income was positive in 0 of 10 of those years (its annual reports).

From the record

Return on equity: in the fiscal year ended 2025-12-31, Plug Power, Inc. lost about 167 cents for every dollar of shareholders' money, and gross profitability: its products earned less than nothing, about minus 9 cents per dollar of everything the company owns. Leverage: it owed about 62 cents per dollar of assets, and net share issuance: its share count grew 46.1% over the year (the filed statements).

From the record

Plug Power, Inc.'s standing among 7 graded names in its industry family: revenue of $710 million in fiscal 2025 ranks in the top 50% by size; a net margin of -229.8% ranks in the bottom 7%; revenue growth of 0.4% a year over the last 3 filed years ranks in the bottom 21% (its annual reports).

From the record

Plug Power, Inc.'s leadership, from its insiders' filings and its current reports: no one files under a chief executive's title, so that part is not read; the 14 officers and directors filing in the last fifteen months have been on the record a median of 8.4 years (top 10%); 10 officer or director changes were reported on Form 8-K since 2023-11-13, against the 14 people in charge now (bottom 44%; fewer changes for each person reads higher) (the Form 4 record, its Form 8-K reports). Years count from a person's first filing in the SEC's data sets, which begin in 2006, so each is a floor.

From the record

Plug Power, Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of $369 million against no long-term debt tagged leaves 14.2% of its assets as net cash, top 44% of its family; cash from operations less capital spending is -91.1% of revenue (bottom 7%); a gross margin of -34.1% (bottom 7%); research spending of 8.2% of revenue (bottom 42%) (its annual report).

From the record

Plug Power, Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew 0.4% a year over the last three filed years against 27% over all 10, slowing (bottom 8% of its family); the newest year grew 12.9% (bottom 42%); research spending grew -16.5% a year (bottom 7%); capital spending grew -36.6% a year (bottom 7%) (its annual reports). Plug Power, Inc. reported 9 product lines in fiscal 2025: Sale of Electrolyzers at $188 million (27%), Fuel Delivered to Customers and Related Equipment at $133 million (19%), Power Purchase Agreements at $108 million (15%), and 6 more; 5 of 9 grew against the year before (its annual report).

From the record

Plug Power, Inc.'s newest year against its own record: revenue of $710 million in fiscal 2025 came in 19.2% above the $595 million its prior three years' pace pointed to (bottom 25% of its family); net income of $1.6 billion against a prior three-year average of $1.4 billion (bottom 42%); a net margin of a loss larger than its revenue against losses larger than its revenue before (bottom 8%) (its annual reports).