PLUG · PLUG POWER INC
10-Q filed 2026-08-10 period 2026-06-30
36 Distress
confidence high · source filing on SEC.gov ↗
- Gross loss for the six months ended June 30, 2026, narrowed to $(23.3) million (-6.8% margin) from $(127.3) million (-41.4% margin) in the prior year period, driven by restructuring and lower internal production costs.
- Cash and cash equivalents fell to $161.9 million as of June 30, 2026, down from $368.5 million at the end of 2025, due to continued operating cash outflows of $(244.1) million.
- Subsequent to the quarter, on August 7, 2026, the company closed the sale of high-voltage electrical infrastructure assets in Graham, Texas, for $40.0 million to bolster near-term liquidity.
vs. prior filing (10-Q filed 2026-05-11) — ⚠ ALERT
FHS 41 → 36 (-5) · Caution -> Distress
Profitability -1Balance sheet -15Cash generation +0Risk flags -5Mgmt signal -5
Filing Health Score pillars
Profitability 25%
35
While net revenue grew 11.1% YoY for the six-month period and gross margins improved significantly from -41.4% to -6.8% due to restructuring, the company remains deeply unprofitable with a net loss of $436.1M (Condensed Consolidated Statements of Operations).
Balance sheet 20%
30
Unrestricted cash and cash equivalents declined to $161.9M from $368.5M, while convertible debt increased to $578.0M (Condensed Consolidated Balance Sheets), and shareholders continue to face dilution with weighted average shares outstanding up 34.1% YoY.
Cash generation 20%
20
Operating cash flow remains highly negative at $(244.1)M for the six months ended June 30, 2026, and free cash flow is deeply negative despite a significant reduction in property, plant, and equipment capex to $8.7M (Condensed Consolidated Statements of Cash Flows).
Risk flags 20%
45
Although the company concluded it has sufficient capital for the next 12 months, it remains exposed to severe liquidity risks, an accumulated deficit of $8.7B, and ongoing asset impairments of $23.2M (Note 1 and Note 2).
Mgmt signal 15%
55
Management is executing on cost-cutting and asset monetization, as evidenced by a 41.0% reduction in SG&A expenses and the subsequent $40.0M sale of infrastructure assets in Texas (MD&A and Note 1).
Key metrics (Six months ended June 30, 2026)
period: Six months ended June 30, 2026
total debt: $579,522 thousand
cash and equivalents: $161,894 thousand
shares outstanding: 1,397,924,047
revenue: $341,812 thousand
net income: $(436,139) thousand
operating cash flow: $(244,105) thousand
Gemma triage notes (pre-analysis, second opinion)
None for this filing.Automated research summaries derived from SEC filings. Not investment advice.