PLUG at a glance
PLUG POWER INC (PLUG, SEC CIK 1093691) filed its latest 10-K annual report on March 2, 2026, a 10-Q quarterly report on August 10, 2026, an 8-K current report on September 23, 2026 and Form 4 insider filings as recently as October 2, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended December 31, 2025 (FY2025), PLUG POWER INC (PLUG) reported revenue of $709.9 million (up 12.9% from FY2024) and a net loss of $1.6 billion. Diluted EPS was -$1.42.
- As of June 30, 2026, 39 institutional investment managers tracked by SignalX reported holding PLUG POWER INC (PLUG) shares worth $1.4 billion in 13F-HR filings.
- The most recent insider open-market sale reported on Form 4 was by Haycraft Benjamin on September 18, 2026 of 200,000 shares at $2.14 per share.
- In the last 90 days, PLUG insiders reported 0 open-market purchases ($0) and 3 open-market sales ($496K) on Form 4, a net sale of $496K.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $709.9M
- +12.9% vs prior year
- Insiders · 90 days
- 0 buys · 3 sells
- Net −$496K
- 13F holders
- 39 funds
- $1.4B · +3 vs prior quarter
- Latest 8-K
- Sep 23, 2026
- Item 5.02
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Dec 31, 2025
Business Overview
- Core business model: Vertically integrated clean hydrogen solutions including production, storage, delivery, fuel cells, and electrolyzers serving material handling, logistics, stationary power
- New emphasis: Commissioned liquid hydrogen production plant in St. Gabriel, Louisiana in April 2025; expanding electrolyzer gigafactory capabilities and modular 5MW/10MW electrolyzers targeting gigawatt-scale
- Strategic shift: Expanding geographic hydrogen production network notably into Europe and Australia; divested 49% stake in SK Plug Hyverse joint venture for $6.5 million cash
- Quantitative highlight: Over 74,000 fuel cell systems deployed; orders totaled $724.1 million as of year-end 2025; Walmart accounted for 24.2% of revenues including a $29.2 million warrant charge
- Noteworthy fact: Joint ventures in North America (Hidrogenii) and Europe (AccionaPlug) accelerating hydrogen infrastructure; supply chain and labor challenges impacting costs and operational efficiency
Risk Factors
- Regulatory risk: potential delays or changes in permitting and green certification for hydrogen production facilities impacting operations and expansion
- Geopolitical/macroeconomic risk: inflationary pressures and higher interest rates increasing costs of raw materials, labor, and transportation, squeezing margins
- Operational/supply chain risk: reliance on limited suppliers for platinum, titanium, and iridium; shortages caused volume constraints and delayed deployments
- Competitive risk: competition from established energy firms and alternative technologies such as advanced batteries and non-hydrogen power solutions
- Financial risk: customer concentration risk with a few large customers whose order reductions or financial distress could materially affect revenue and cash flow
Management Discussion & Analysis
- Revenue $709.9M in 2025, up 13% YoY from $628.8M in 2024, driven by services (+81.1%) and power purchase agreements (+38.2%)
- Gross margin (loss) improved to -34.1% in 2025 from -99.4% in 2024, largest margin improvement in services segment (25.5% vs -10.7%)
- Best performing segment: Services performed on fuel cell systems with $94.5M revenue and 25.5% gross margin; worst: Fuel delivered to customers with $133.4M revenue and -85.9% margin
- Operating cash flow deficit improved to -$535.8M in 2025 from -$728.6M in 2024; investing cash use $139M down from $402.4M; financing cash inflow $630M down from $983.2M
- Management pursuing liquidity via infrastructure sale ($132.5-$142M expected proceeds) and equity programs; risks include supply chain constraints, inflation, and labor shortages impacting costs and margins
AI summary of the PLUG 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jun 30, 2026
Management Discussion & Analysis
- Quarterly revenue $178.3M, up $4.3M or 2.5% YoY from $174.0M
- Gross margin (0.9%) vs (30.7%) YoY
- Best line services revenue $29.8M, up 82.3%; gross margin 27.2% vs 38.9%
- Worst line fuel revenue $39.5M, gross margin (48.2%) vs (90.8%)
- Headwinds: electrolyzer deployment timing, supply-chain constraints, input-cost volatility, capital needs and negative cash flows
Risk Factors
- Newly added risk: DOE terminated $1.66 billion loan guarantee on August 4, 2026, after initial advance missed the longstop date
- Financial reporting volatility: Fair-value losses reached $145.0 million on convertible notes and $83.9 million on warrants
- Dilution risk: Conversion of notes or exercise of warrants could dilute stockholders
- Regulatory trade risk: Future tariff actions could increase supply-chain costs or disrupt imports after $14.7 million refunds recognized
- Financing risk: No amounts drawn under the terminated DOE facility, limiting near-term liquidity impact
AI summary of the PLUG 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 5.02: Departure/Appointment of Directors or Principal Officers
- COO Dean C. Fullerton resigning effective October 23, 2026, to join another company
- Departure not attributed to disagreements over operations, policies, or practices
Item 2.02: Results of Operations and Financial Condition
- Forward-looking 8-K exhibit only, with Section 18 liability protection and no automatic incorporation by reference
- No operating results, financial metrics, or reporting-period figures included in the provided text
Item EX-99.1: Item EX-99.1
- Q2 2026 revenue $178.3M, up ~9% sequentially, while gross loss narrowed to $1.7M from $53.5M
- Operating expenses fell ~50% year over year to $62.4M, supporting management’s positive EBITDAS target for Q4 2026
Item 1.01: Entry into a Material Definitive Agreement
- Gateway sale price fixed at $142.0 million, with outside closing extended to March 31, 2027
- Approximately $6.5 million escrow deposit released promptly, plus $10.0 million additional interim-closing deposit
Item 2.02: Results of Operations and Financial Condition
- Section 2.02 disclosure contains only regulatory safe-harbor language
- No fiscal 2026 operating results or financial metrics provided
Item 7.01: Regulation FD Disclosure
- Disclosure signals planned transactions and infrastructure optimization aimed at improving liquidity
- Potential liquidity benefits remain contingent on closings, escrow releases, and regulatory approvals
Item EX-99.1: Item EX-99.1
- Graham, Texas sale for up to $76.5M, including $50M at closing and $26.5M contingent on confirmed grid capacity
- Texas transaction could release approximately $14M collateral, bringing potential total liquidity to approximately $90.5M
AI summaries of PLUG 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for PLUG
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Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| Kenausis Gregory | A | Oct 1, 2026 | 5,928 | $1.94 |
| BONNEY MARK J | A | Oct 1, 2026 | 12,242 | $1.94 |
| Joggerst Patrick | A | Oct 1, 2026 | 11,598 | $1.94 |
| Angle Colin M | A | Oct 1, 2026 | 6,121 | $1.94 |
| Marsh Andrew | A | Sep 30, 2026 | 101,699 | - |
| Haycraft Benjamin | Sell | Sep 18, 2026 | 200,000 | $2.14 |
| Haycraft Benjamin | Sell | Sep 15, 2026 | 18,750 | $2.06 |
| Haycraft Benjamin | Sell | Sep 11, 2026 | 13,810 | $2.14 |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Profitability | |||
| Revenue | $891.3M | $628.8M | $709.9M |
| Operating Income | -$1.3B | -$2.0B | -$1.5B |
| Net Income | -$1.4B | -$2.1B | -$1.6B |
| Op. Margin | -150.7% | -321.2% | -206.7% |
| Net Margin | -153.6% | -334.7% | -229.8% |
| Balance Sheet | |||
| Total Assets | - | $3.6B | $2.6B |
| Equity | $2.9B | $1.7B | $978.1M |
| ROE | -47.2% | -121.4% | -166.8% |
| Per Share | |||
| EPS | - | $-2.68 | $-1.42 |
| Cash Flow | |||
| Operating CF | - | -$728.6M | -$535.8M |
| CapEx | - | $287.1M | $111.2M |
Source: XBRL data in PLUG POWER INC (PLUG)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
13F Fund Holdings: Quarterly Trend
Latest: Q2 2026Aggregate PLUG share value held by 13F filers tracked by SignalX, by quarter.
Quarterly totals table
| Quarter | Funds | Total value |
|---|---|---|
| Q2 2026 | 39 | $1.44B |
| Q1 2026 | 36 | $1.13B |
| Q4 2025 | 35 | $870.1M |
| Q3 2025 | 32 | $797.9M |
| Q2 2025 | 32 | $394.2M |
| Q1 2025 | 28 | $219.9M |
| Q4 2024 | 24 | $320.0M |
| Q3 2024 | 23 | $118.0M |
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- Bridgewater Associates LP+137.8K
- Mangrove Partners+37.7K
- Blackstone Group+26.8K
Source: 13F-HR filings on SEC EDGAR (aggregated from 249 fund-quarter rows). Reflects only 13F filers tracked by SignalX, not the full institutional ownership universe. How 13F filings work
PLUG filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 4 | Oct 2, 2026 | - | - | - |
| 4 | Oct 2, 2026 | - | - | - |
| 4 | Oct 2, 2026 | - | - | - |
| 4 | Oct 2, 2026 | - | - | - |
| 4 | Oct 2, 2026 | - | - | - |
| 8-K | Sep 23, 2026 | - | Analysis | - |
| 4 | Sep 22, 2026 | - | - | - |
| 4 | Sep 15, 2026 | - | - | - |
| 10-Q | Aug 10, 2026 | Jun 30, 2026 | Analysis | |
| 8-K | Aug 10, 2026 | - | Analysis | - |
| 8-K | Jul 13, 2026 | - | Analysis | - |
| 4 | Jul 6, 2026 | - | - | - |
| 4 | Jul 6, 2026 | - | - | - |
| 4 | Jul 6, 2026 | - | - | - |
| 4 | Jul 6, 2026 | - | - | - |
| 4 | Jul 6, 2026 | - | - | - |
| 4 | Jun 29, 2026 | - | - | - |
| 4 | Jun 29, 2026 | - | - | - |
| 4 | Jun 29, 2026 | - | - | - |
| 4 | Jun 29, 2026 | - | - | - |
| 4 | Jun 16, 2026 | - | - | - |
| 4 | Jun 16, 2026 | - | - | - |
| 4 | Jun 16, 2026 | - | - | - |
| 4 | Jun 16, 2026 | - | - | - |
| 4 | Jun 16, 2026 | - | - | - |
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PLUG SEC filings: frequently asked questions
Are PLUG insiders buying or selling?
In the last 90 days, PLUG POWER INC (PLUG) officers, directors and 10% owners reported no open-market purchases and 3 open-market sales worth $496,478 by 1 insider on Form 4. Many insider sales are pre-planned or for taxes, so purchases usually carry more information.
Which institutions hold PLUG stock?
As of June 30, 2026, the largest PLUG POWER INC (PLUG) holders among the 13F filers tracked by SignalX were BlackRock ($498.7 million), Vanguard Portfolio Management LLC ($179.3 million), Vanguard Capital Management LLC ($170.6 million), State Street Corp ($105.0 million), Citadel Advisors LLC ($65.4 million). 13F-HR reports are filed up to 45 days after each quarter ends.
What was PLUG's revenue in fiscal year 2025?
For the fiscal year ended December 31, 2025 (FY2025), PLUG POWER INC (PLUG) reported revenue of $709.9 million (up 12.9% from FY2024) and a net loss of $1.6 billion. Diluted EPS was -$1.42. The figures come from the XBRL data in the 10-K.
What are the main risks in PLUG's latest 10-K?
In the 10-K filed March 2, 2026, PLUG POWER INC (PLUG) flagged: Regulatory risk: potential delays or changes in permitting and green certification for hydrogen production facilities impacting operations and expansion. Geopolitical/macroeconomic risk: inflationary pressures and higher interest rates increasing costs of raw materials, labor, and transportation, squeezing margins. (AI summary of the Risk Factors section.)
What did PLUG report in its latest 8-K?
PLUG POWER INC (PLUG) filed an 8-K on September 23, 2026 reporting Item 5.02 (Departure/Appointment of Directors or Principal Officers). COO Dean C. Fullerton resigning effective October 23, 2026, to join another company.
What are the latest PLUG SEC filings?
PLUG POWER INC (PLUG) filed its latest 10-K annual report on March 2, 2026, a 10-Q quarterly report on August 10, 2026, an 8-K current report on September 23, 2026 and a Form 4 insider filing on October 2, 2026.
What is PLUG's SEC CIK number?
PLUG POWER INC (PLUG)'s SEC Central Index Key (CIK) is 1093691. EDGAR lists every PLUG filing under that number.
Ask anything about PLUG
The research agent reads PLUG's filings, financials, insider trades and 13F holders, then answers with sources.