Financials Plug Power Inc.

Equities

PLUG

US72919P2020

Renewable Energy Equipment & Services

Market Closed - Nasdaq Other stock markets 04:00:00 2026-02-13 pm EST			5-day change	1st Jan Change
1.890 ^USD	+3.85%		-8.92%	-4.06%

Feb. 04	Plug Power completes first hydrogen fill for Hynetwork's important segment in Rotterdam	RE
Feb. 02	Plug Power Inc. - Shareholder/Analyst Call

Projected Income Statement: Plug Power Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	-100.5	502.3	701.4	891.3	628.8	702	851.9	1,056
Change	-	600%	39.63%	27.07%	-29.45%	11.64%	21.35%	23.9%
EBITDA ¹	-	-337.5	-448.3	-810	-911.5	-541.3	-215.8	-84.04
Change	-	-	-32.84%	-80.68%	-12.52%	40.62%	60.14%	61.05%
EBIT ¹	-94.26	-437.3	-679.6	-1,344	-2,020	-785.8	-317.8	-194.9
Change	-	-363.94%	-55.39%	-97.71%	-50.34%	61.1%	59.55%	38.68%
Interest Paid ¹	-58.44	-43.22	-39.04	-45.2	-46.62	-56.94	-68.5	-78.8
Earnings before Tax (EBT) ¹	-592.5	-476.2	-723.2	-1,376	-2,108	-892.7	-389.8	-271.2
Change	-	19.63%	-51.87%	-90.3%	-53.15%	57.64%	56.34%	30.43%
Net income ¹	-561.7	-460	-724	-1,369	-2,105	-910.9	-402	-275.3
Change	-	18.11%	-57.41%	-89.06%	-53.76%	56.72%	55.87%	31.51%
Announcement Date	2/25/21	3/1/22	3/1/23	2/29/24	3/3/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3
Net sales ¹	-316.3	71.96	124.6	143.9	161.9	140.8	151.3	188.6	220.7	210.3	260.2	198.7	222.2	120.3	143.4	173.7	191.5	133.7	174	177.1	217.4	168.3	191.8	233.7	265.9	234.2	253.7	283.8
Change	-	122.75%	73.1%	15.55%	12.49%	-13.03%	7.43%	24.7%	17.03%	-4.74%	23.73%	-23.63%	11.8%	-45.87%	19.2%	21.19%	10.21%	-30.19%	30.14%	1.77%	22.78%	-22.6%	14.02%	21.83%	13.76%	-11.9%	8.3%	11.87%
EBITDA ¹	-	-42.4	-73.94	-78.12	-152.7	-85.28	-93.57	-99.15	-172.9	-141.9	-152.4	-204.3	-311.5	-227.3	-151.3	-165.4	-332.4	-146.8	-125.7	-100.4	-84.17	-74.11	-64.16	-52.1	-35.57	-52.8	-47.85	-31.93
Change	-	-	-74.37%	-5.66%	-95.48%	44.16%	-9.72%	-5.96%	-74.42%	17.95%	-7.37%	-34.07%	-52.49%	27.04%	33.43%	-9.34%	-100.97%	55.83%	14.39%	20.11%	16.18%	11.95%	13.43%	18.81%	31.73%	-48.45%	9.37%	33.27%
EBIT ¹	-14.5	-48.28	-89.64	-98.66	-200.7	-139.2	-146.9	-159.7	-233.7	-209.8	-233.8	-274	-625.9	-259.4	-244.7	-216.2	-1,300	-178.5	-176.9	-348.8	-112.3	-99.29	-90.19	-78.11	-61.22	-66.32	-61.25	-50.91
Change	-	-233.03%	-85.65%	-10.07%	-103.46%	30.68%	-5.57%	-8.74%	-46.32%	10.24%	-11.46%	-17.16%	-128.46%	58.55%	5.68%	11.65%	-501.2%	86.27%	0.85%	-97.12%	67.8%	11.59%	9.16%	13.4%	21.62%	-8.33%	7.65%	16.87%
Charge d'intérêts ¹	-16.42	-12.46	-10.27	-5.361	-9.666	-8.648	-11.2	-9.02	-10.17	-10.65	-11.26	-1.433	-11.48	-11.32	-9.511	-9.148	-16.64	-11.49	-15.94	-16.46	-15.78	-19.5	-20.7	-19.8	-21.6	-23.5	-29.7	-36
Earnings before Tax (EBT) ¹	-482.8	-60.75	-99.63	-106.7	-209.1	-156.9	-172.9	-169.2	-224.2	-207.8	-237.3	-288.2	-642.8	-295.6	-262.7	-211.1	-1,338	-196.9	-228.7	-363.4	-117.1	-120.2	-111	-96.69	-81.75	-99.7	-98.06	-88.79
Change	-	87.42%	-64.02%	-7.06%	-96.03%	24.97%	-10.18%	2.1%	-32.45%	7.28%	-14.19%	-21.45%	-123.05%	54.01%	11.13%	19.66%	-534%	85.29%	-16.18%	-58.89%	67.77%	-2.63%	7.69%	12.87%	15.44%	-21.96%	1.65%	9.45%
Net income ¹	-476.2	-60.75	-99.63	-106.7	-192.9	-156.5	-173.3	-170.8	-223.5	-206.6	-236.4	-283.5	-642.4	-295.8	-262.3	-211.2	-1,335	-196.7	-227.1	-361.9	-128	-116.6	-107.8	-95.7	-80.6	-99.56	-97.93	-88.68
Change	-	87.24%	-64.02%	-7.06%	-80.85%	18.88%	-10.74%	1.46%	-30.87%	7.56%	-14.44%	-19.92%	-126.61%	53.96%	11.31%	19.5%	-532.4%	85.27%	-15.48%	-59.34%	64.64%	8.86%	7.61%	11.19%	15.78%	-23.53%	1.64%	9.44%
Announcement Date	2/25/21	6/22/21	8/5/21	11/9/21	3/1/22	5/9/22	8/9/22	11/8/22	3/1/23	5/9/23	8/9/23	11/9/23	2/29/24	5/9/24	8/8/24	11/12/24	3/3/25	5/12/25	8/11/25	11/10/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Plug Power Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-1,051	-3,266	-488	478	524	465	551	478
Change	-	-210.75%	85.06%	197.95%	9.62%	-11.25%	18.49%	-13.25%
Announcement Date	2/25/21	3/1/22	3/1/23	2/29/24	3/3/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Plug Power Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	22.53	172.2	436.6	665.2	334.2	128.9	83.33	71.6
Change	-	664.3%	153.6%	52.36%	-49.75%	-61.45%	-35.33%	-14.08%
Free Cash Flow (FCF) ¹	-178.8	-551.4	-1,292	-1,803	-1,063	-578.9	-368.4	-231
Change	-	-208.35%	-134.38%	-39.47%	41.04%	45.54%	36.37%	37.28%
Announcement Date	2/25/21	3/1/22	3/1/23	2/29/24	3/3/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Plug Power Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	-	-67.18%	-63.92%	-90.88%	-144.95%	-77.1%	-25.33%	-7.96%
EBIT Margin (%)	93.82%	-87.06%	-96.88%	-150.73%	-321.21%	-111.94%	-37.31%	-18.46%
EBT Margin (%)	589.71%	-94.79%	-103.1%	-154.4%	-335.17%	-127.16%	-45.76%	-25.69%
Net margin (%)	559.09%	-91.56%	-103.22%	-153.57%	-334.71%	-129.76%	-47.19%	-26.08%
FCF margin (%)	178%	-109.77%	-184.26%	-202.25%	-169.03%	-82.46%	-43.24%	-21.89%
FCF / Net Income (%)	31.84%	119.89%	178.52%	131.7%	50.5%	63.55%	91.64%	83.93%
Profitability
ROA	-3.87%	-11.22%	-12.36%	-17.58%	-26.97%	-25.63%	-16.26%	-13.9%
ROE	-6.22%	-15.15%	-16.71%	-27.78%	-49.51%	-49.24%	-26.24%	-21.02%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-0.59x	-0.57x	-0.86x	-2.56x	-5.69x
Debt / Free cash flow	-	-	-	-0.27x	-0.49x	-0.8x	-1.5x	-2.07x
Capital Intensity
CAPEX / Current Assets (%)	-22.42%	34.27%	62.24%	74.63%	53.16%	18.36%	9.78%	6.78%
CAPEX / EBITDA (%)	-	-51.01%	-97.39%	-82.12%	-36.67%	-23.81%	-38.62%	-85.2%
CAPEX / FCF (%)	-12.6%	-31.22%	-33.78%	-36.9%	-31.45%	-22.26%	-22.62%	-30.99%
Items per share
Cash flow per share ¹	-0.4406	-0.6417	-1.429	-1.858	-0.9282	-0.4098	-0.052	-
Change	-	-45.65%	-122.75%	-30.01%	50.05%	55.85%	87.32%	-
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	3.288	8.251	7.004	4.867	2.209	1.319	0.9985	0.9438
Change	-	150.96%	-15.12%	-30.51%	-54.61%	-40.28%	-24.31%	-5.48%
EPS ¹	-1.58	-0.82	-1.25	-2.3	-2.68	-0.8002	-0.3215	-0.2167
Change	-	48.1%	-52.44%	-84%	-16.52%	70.14%	59.82%	32.6%
Nbr of stocks (in thousands)	453,598	576,356	582,904	605,502	911,197	1,372,819	1,372,819	1,372,819
Announcement Date	2/25/21	3/1/22	3/1/23	2/29/24	3/3/25	-	-	-