EX-99.1 2 a19-22082_1ex99d1.htm EX-99.1

Exhibit 99.1

Plug Power is the leading technology company developing hydrogen fuel cell engines and stations for the broader transportation market. Third Quarter 2019 Recap Company Lays Path to $1B in Annual Gross Billings Target by 2024 • • • • Another strong quarter with positive commercial traction and margin expansion Reaffirming 2019 guidance of $235-$245M in gross billings Hosted first annual PLUG Power Symposium Provided detailed five-year plan with an annual target of $1B gross billings, $170M Operating Income, and Adjusted EBITDA of $200M by 2024 Signed multiple new strategic partnerships • The Plug Symposium – Release of Plug’s 5-Year Plan Targeting $1B of Annual Gross Billings by 2024: In mid-September of 2019, Plug Power hosted the first annual Plug Symposium in Latham, NY. The two-day Symposium attracted almost 200 industry players and thought leaders and set the stage for a dynamic discussion regarding the role of hydrogen fuel cells in unfolding vehicle electrification. The program featured key customers, suppliers, investors and policy makers. On day one, the Plug Symposium featured 20 of the industry’s thought-leaders to discuss pertinent issues expected to accelerate the growth of the industry. Key experts included: - Kimberly Henderson, McKinsey & Co. – Led the efforts to develop the US Hydrogen Roadmap. 1 Results (millions except EPS) Q3’19 Gross Billings $61.0 Operating Income (Loss) ($13.2) Adjusted EBITDA $2.5 GAAP EPS ($0.09) Adjusted EPS ($0.08)

Plug Power is the leading technology company developing hydrogen fuel cell engines and stations for the broader transportation market. - Dr. Jack Brouwer, UC Irvine – “Power and energy scale separately. need a long discharge time or a massive amount of energy storage, hydrogen’s going to be cheaper, no matter if you use future costs or current costs, than a battery energy storage system for the large ones.” So, whenever you - Brian Diffell, WTG Global-“As we’re back having conversations about how to restore the Investment Tax Credit --we’re having these conversations on the Hill, reminding them of the impact that the tariff is having on American companies.” - Sunita Satyapal, US Department of Energy - “We’re also looking comprehensively at where can you produce the hydrogen using diverse resources - solar, wind, nuclear.” - Jeff Smith, Walmart - “I would reiterate again - it’s made good business sense. We wouldn’t be doing it if it didn’t.” - Achim Jüchter, DHL - “Range and payload requirements cannot be met with pure BEV solution on an economic basis and requires a hybrid electric system with batteries plus fuel cells.” Plug Power took center stage on day-two when it rolled out its five-year plan targeting to deliver $1 billion of annual gross billings, $170 million of operating income, and $200 million of adjusted EBITDA by 2024. In this plan, the majority of revenue growth is expected to come from material handling industry, the Company’s core market, with increasing contribution from on-road and stationary markets. Operating margin and adjusted EBITDA margin expansion reflect underlying operating leverage in the business model with potential upside from strategic initiatives in the hydrogen generation business. 2

Plug Power is the leading technology company developing hydrogen fuel cell engines and stations for the broader transportation market. Plug Power CEO, Andy Marsh, commented during the Symposium, “hydrogen fuel cell engines provide a distinct value proposition in zero emission applications that require high asset utilization, extended range, and the benefits of fast fueling.” The fuel cell solution maximizes the vehicle’s cargo and payload capacity over battery electric solutions which is an important value driver for commercial fleets. In addition, as fleet size increases, the infrastructure costs per vehicle for fuel cell electric vehicles decline, while per vehicle costs for battery electric charging infrastructure remain the same and start to increase as fleet size grows. This strong value proposition for fuel cell electric vehicles has been proven in our core market of material handling. We see these same value drivers playing a major role in adoption of our hydrogen fuel cell engines in the broader logistics market. Our expansion from material handling to on-road applications increases our addressable market four-fold in the near to medium term. On a long-term basis, this expansion represents a potential 10X increase in market opportunity to an estimated $300 Billion annually. Plug Symposium slide decks can be downloaded at www.ir.plugpower.com/Home/default.aspx. 3

Plug Power is the leading technology company developing hydrogen fuel cell engines and stations for the broader transportation market. Plug Power continues to prove that it is the leading technology company developing fuel cell engines and hydrogen stations for the broader transportation market. Plug Power has deployed more than 29,000 fuel cell units powering electric vehicles that have operated more than 270 million hours. This equates to having driven over a billion on-road miles. We’ve built over 80 hydrogen stations, done 23 million fuelings with our products, more than anyone else in the world. We use 22 tons of hydrogen per day, surpassing NASA and becoming the largest user of liquid hydrogen in North America. The accomplishments of Plug Power remain unmatched. Material Handling Electric Vehicles: Plug Power has tremendous opportunity for growth in its core market of material handling. The total available market is estimated at $30 billion, with more than 6 million forklifts deployed globally that Plug Power can retrofit with our “drop in” fuel cell solution, and more than 1.5 million new forklifts sold annually in 2018. Given the size of the addressable market opportunity, we feel comfortable with our plans to deploy 25,000 fuel cell systems, and to deliver $750 million in revenue in 2024, which is less than 1 percent of the total available market. During the third quarter of 2019, the company deployed over 1,700 GenDrive fuel cell systems to new and recurring customers, including Walmart, Kroger and Sysco. Additionally, Plug Power secured Fiat Chrysler Automobiles (Detroit, MI) as a new GenKey customer. During Q3 2019, 68% of our total gross billings was associated with Plug Power’s subscription program. This program entails our end customer paying us a fee on a monthly basis to access Plug Power’s fuel system solutions. Subscription programs reflect a standard sales model implemented in majority of the material handling industry for traditional operating equipment such as trailers, tractors, racking, and forklifts. This simplified model allows us to accelerate our sales and make a purchasing decision seamless for our customers providing return on investment in their investment immediately. 4

Plug Power is the leading technology company developing hydrogen fuel cell engines and stations for the broader transportation market. To date, we have typically financed these projects by entering into a sale-leaseback program with commercial banks. The resulting effect is increase in our restricted cash, which is released over the term of the project, and associated revenue recognition for the project given operating lease accounting treatment. We will also realize revenue on a recurring basis over the term of these subscription agreements for service and fuel. As we continue to grow our revenue base and generate positive EBITDA, we believe multiple options will open up to finance the subscription program. We remain focused on finding optimal solutions to finance subscription business with key objective of continuously reducing our cost of capital and enhancing cash generation. We continue to work with our customers and project finance investors to create “win-win” solutions for all parties. In addition, we anticipate that cost of capital in financing our subscription business will follow the cost of capital reduction trajectory that we have seen in the solar and wind sector with substantial reduction in WACC and cost of equity to build solar and wind farms over the last decade, as we see fuel cells and associated hydrogen infrastructure to become the next renewable asset class. Strategic Partnership: During the quarter, Plug Power signed an agreement with ENGIE to expand hydrogen use in logistic sectors across more than fifty countries to end-users in distribution centers, manufacturing facilities and logistics. The channel partnership will continue to identify mutually beneficial markets and customers by packaging Plug Power’s fuel cell technology and ENGIE’s hydrogen infrastructure, renewable energy, and service programs to offer fully integrated solutions. This partnership has already translated into one project in South Africa and several other opportunities in South America. Expansion Markets – Commercial Fleet Vehicles: There is a strong value proposition for fuel cell electric vehicles (FCEVs). Over time, this market is projected to be in excess of $200 billion. This value proposition doubles the vehicle range of battery electric vehicles (BEVs), provides twice the fuel efficiency over diesel, enables route flexibility, and minimal impact to available cargo space versus BEV solutions. Specifically, today, Plug Power addresses high utilization commercial fleet applications with its ProGen fuel cell engine product line. This OEM line of hydrogen engines ranges in size from 10kW to 200 kW. Fuel cells make a lot of sense in commercial fleet applications over 125 miles. Many Plug Power customers, like DHL, recognize this and have stated “It’s not their job to drive around batteries, 5

Plug Power is the leading technology company developing hydrogen fuel cell engines and stations for the broader transportation market. but actually to deliver packages”. Plug Power will be putting 100 vehicles on the road with StreetScooter and DHL in 2020 and as part of our agreement expected to grow to 500 vehicles thereafter and substantial expansion beyond that. In addition, the Federal Ministry of Transport, Innovation and Technology (BMVI) invested 23.5 million euros in hydrogen mobility. Plug Power customers received 50% of that award – specifically 9.8 million to DHL and 1M euro to BMW to procure hydrogen power industrial trucks. As we continue to expand our product offering and address the broader transportation market, our market opportunity is as large as $300 billion. During the third quarter of 2019, Plug Power concluded a ProGen fuel cell-powered ground support equipment (GSE) program at the Albany International Airport. Originally announced in April 2019, the new GSE fleet at Albany International Airport is comprised of a contingent of fuel cell-powered electric cargo tuggers tasked with transporting packages from the airport’s FedEx sorting facility to its delivery airplanes. The vehicles were commissioned in February of 2019 as part of a U.S. Department of Energy program between Plug Power, Charlatte America, and FedEx. Over the life of the project, the cargo tuggers reliably operated 5 days a week, and endured extreme temperatures ranging from 5 6

Plug Power is the leading technology company developing hydrogen fuel cell engines and stations for the broader transportation market. degrees Fahrenheit (F) to 91 degrees F. This included 41 days of below-freezing temperatures during the test period. Most recently, Plug Power has partnered with German specialty vehicle manufacturer MULAG to bring GSE vehicles to Germany’s Hamburg Airport. Based on its successful deployment and their unique scalability, Plug Power expects to provide Hamburg Airport with 60 additional units to power their baggage-towing fleet along with permanent hydrogen stations for consistent and efficient refueling. ProGen Stack Technology: ProGen modular Power’s stack technology is the heart of our hydrogen engines. Based upon Plug proprietary metal plate design and membrane electrode assembly (MEA) technology it delivers best-in-class performance and power density, making it ideal for asset-intense logistics and transportation applications. This modular approach allows Plug Power to standardize other system parts to leverage volume. During the third quarter, Plug Power expanded its presence in Rochester, NY with a new facility to support increased MEA production demand. We are now the largest U.S. manufacturer of fuel cell membrane electrode assemblies. We will continue to vertically integrate in critical stack components and manufacturing processes. Hydrogen Fuel and Infrastructure: In the last five years, Plug Power has established itself as a leader in the hydrogen business. We have deployed more hydrogen fueling stations and utilize more liquid hydrogen on a daily basis than anyone in North America, surpassing NASA. This has resulted in 10x growth and an almost 200 percent annual increase in our hydrogen usage over last five years. Plug Power will continue to see growth in hydrogen demand to support its anticipated sales growth. We continue to invest in research and development efforts into understanding hydrogen solutions and integrate that knowledge into our fueling systems. Plug Power’s leading and growing industry position as one of the largest users of hydrogen sets the stage for this business to potentially provide additional growth opportunity, which are not fully baked into our targeted EBITDA and cash flow by 2024. We are evaluating multiple options including potential vertical integration into hydrogen generation, which can help accelerate product sales, improve hydrogen margins, and grow hydrogen into a substantial recurring cash generation business for Plug Power. 7

Plug Power is the leading technology company developing hydrogen fuel cell engines and stations for the broader transportation market. During the third quarter, Plug Power entered into a hydrogen supply agreement with United Hydrogen. The unique three-year reserved product supply agreement provides competitive pricing for Plug Power’s current customer base, while also provisioning for future growth. Under the agreement, United Hydrogen will supplement Plug Power’s hydrogen delivery operation with a dedicated supply of liquid hydrogen—facilitating a diversified supply chain and bolstering Plug Power’s ability to seamlessly meet customer demand, while increasing the amount of ‘green’ hydrogen supplied to its network/customer base. Management Team Expansion The company has expanded its executive team with the addition of a new VP - Human Resources, EVP - Service, and VP – Business Development. Talent acquisition and retention will be a key focus as the company continues to execute on its robust growth plan. In addition, similar to strategic initiatives with its hydrogen business, the company remains laser focused on turning service business into a profitable annuity stream in this planning horizon. Lastly, the incremental resources for new business development will help accelerate the company’s expansion in the on-road market, which is a key focus on expansion going forward. Technology Roadmap Our technology roadmap to support the five-year plan includes four main elements to allow Plug Power to be successful in the border transportation market. 1. Power Density: The 2019 launch of our next generation ProGen stack technology represents best in class power density today with a technical roadmap to achieve over 4.0 kW/liter and 3.0 kW/kg by 2023. 2. MEA Durability: 50% increase in MEA service life to reduce TCO overall service costs and improve stack and system reliability. 3. Efficiency: Planned MEA design and balance of plant improvements increase overall fuel cell system efficiency to 8

Plug Power is the leading technology company developing hydrogen fuel cell engines and stations for the broader transportation market. more than 53%. These improvements result in reduced fuel consumption for lower cost of operation and greater range. 4. Cost Reduction: Plug Power’s demonstrated learning curve predicts a 25% cost reduction with a doubling of installed base. Key drivers of cost reduction include: a) Modular design architecture: drives commonality of parts and volume leverage. Vertical integration: Insourcing manufacturing of the b) highest volume, highest value stack components results in component cost reductions in excess of 30% for these critical components. Manufacturing assembly automation:Focuson c) automation of high-volume assemblies, primarily MEA assembly, plate stamping, and fuel cell stack assembly. Summary - Reiterating Full Year Guidance: We maintain our full year 2019 gross billing guidance of $235-$245M. Operating income (loss) for the full year is expected to significantly improve year over year, and we expect positive adjusted EBITDA for the full year 2019 (when you exclude non-cash charges for customer warrant charges). Business momentum remains strong in material handling, our first large and growing target market. The growth strategy in this market remains consistent with focus on adding one large multi-site customer a year while continuing to grow with our foundational customers and expand in Europe and selective add channel partners. We remain focused on providing an economic and sustainable value proposition to end-customers, while improving overall margins through cost reduction and other ongoing initiatives. Given the megatrends in our multiple target markets, the foundation we have built, and the clear strategies we have developed, we believe our financial goals for 2024 of $1 billion in annual gross billings, over $170 million in operating income, and over $200 million in Adjusted EBITDA are very attainable. We look forward to sharing our progress for the reminder of the year. Andrew Marsh, President and CEO Paul Middleton, Chief Financial Officer 9

Plug Power is the leading technology company developing hydrogen fuel cell engines and stations for the broader transportation market. Conference Call Information The Company will host a live conference call and webcast today, November 7, 2019. •Time: 10:00 am ET •Toll-free: 877-405-1239 The webcast can be accessed at www.plugpower.com, selecting the conference call link on the home page, or directly at https://event.webcasts.com/starthere.jsp?ei=1267329&tp_key=c906f44fd0. About Plug Power Inc. The architect of modern hydrogen and fuel cell technology, Plug Power is the innovator that has taken hydrogen and fuel cell technology from concept to commercialization. Plug Power has revolutionized the material handling industry with its full-service GenKey solution, which is designed to increase productivity, lower operating costs and reduce carbon footprints in a reliable, cost-effective way. The Company’s GenKey solution couples together all the necessary elements to power, fuel and serve a customer. With proven hydrogen and fuel cell products, Plug Power replaces lead acid batteries to power electric industrial vehicles, such as the lift trucks customers use in their distribution centers. Extending its reach into the on-road electric vehicle market, Plug Power’s ProGen platform of modular fuel cell engines empowers OEMs and system integrators to rapidly adopt hydrogen fuel cell technology. ProGen engines are proven today, with thousands in service, supporting some of the most rugged operations in the world. Plug Power is the partner that customers trust to take their businesses into the future. www.plugpower.com. Cautionary Note on Forward Looking Statements This communication contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks and uncertainties about Plug Power Inc.("PLUG"), including but not limited to statements about PLUG's expectations regarding full-year 2019 results, its five-year growth plan, future growth in revenue, gross billings, gross margin, operating income, adjusted EBITDA, annual system shipments, hydrogen fuel sales and fueling stations, market size for products, total GenDrive deployments, customer base and systems for delivery vans, expansion into new markets, expansion with existing customers, reductions in material costs and operating expenses, increased fuel cell stack life, reductions in stack cost, size and weight, increased utilization of manufacturing capacity, growth in MEA fuel cell stack production, progress and expansion in the electric vehicle market, and sufficiency of capital to fund sales pipeline. You are cautioned that such statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times that, or by which, such performance or results will have been achieved. Such statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in these statements. In particular, the risks and uncertainties include, among other things, the risk that we continue to incur losses and might never achieve or maintain profitability; the risk that we will need to raise additional capital to fund our operations and such capital may not be available to us; the risk that our lack of extensive experience in manufacturing and marketing products may impact our ability to manufacture and market products on a profitable and large-scale commercial basis; the risk that unit orders will not ship, be installed and/or converted to revenue, in whole or in part; the risk that pending orders may not convert to purchase orders, in whole or in part; the risk that a loss of one or more of our major customers could result in a material adverse effect on our financial condition; the risk that a sale of a significant number of shares of stock could depress the market price of our common stock; the risk that negative publicity related to our business or stock could result in a negative impact on our stock value and profitability; the risk of potential losses related to any product liability claims or contract disputes; the risk of loss related to an inability to maintain an effective system of internal controls or key personnel; the risks related to use of flammable fuels in our products; the cost and timing of developing, marketing and selling our products and our ability to raise the necessary capital to fund such costs; the ability to achieve the forecasted gross margin on the sale of our products; 10

Plug Power is the leading technology company developing hydrogen fuel cell engines and stations for the broader transportation market. the risk that our actual net cash used for operating expenses may exceed the projected net cash for operating expenses; the cost and availability of fuel and fueling infrastructures for our products; market acceptance of our products, including GenDrive, GenSure and GenKey systems; the volatility of our stock price; our ability to establish and maintain relationships with third parties with respect to product development, manufacturing, distribution and servicing and the supply of key product components; the cost and availability of components and parts for our products; our ability to develop commercially viable products; our ability to reduce product and manufacturing costs; our ability to successfully expand our product lines; our ability to successfully expand internationally; our ability to improve system reliability for our GenDrive, GenSure and GenKey systems; competitive factors, such as price competition and competition from other traditional and alternative energy companies; our ability to protect our intellectual property; the cost of complying with current and future federal, state and international governmental regulations; risks associated with potential future acquisitions; and other risks and uncertainties referenced in our public filings with the Securities and Exchange Commission (the “SEC”). For additional disclosure regarding these and other risks faced by PLUG, see the disclosures contained in PLUG's public filings with the SEC including, the "Risk Factors" section of PLUG's Annual Report on Form 10-K for the year ended December 31, 2018. You should consider these factors in evaluating the forward-looking statements included in this communication and not place undue reliance on such statements. The forward-looking statements are made as of the date hereof, and PLUG undertakes no obligation to update such statements as a result of new information. Plug Power Contact Teal Vivacqua Hoyos 518.738.0269 plugpower@pluckpr.com 11

Plug Power is the leading technology company developing hydrogen fuel cell engines and stations for the broader transportation market. Plug Power Inc. and Subs idiaries Cons olidated Balance Sheets (In thous ands , except s hare and per s hare amounts ) (Unaudited) September 30, 2019 December 31, 2018 As s ets Current as s ets : Cas h and cas h equivalents Res tricted cas h Accounts receivable Inventory Prepaid expens es and other current as s ets Total current as s ets $ 43,275 35,720 24,392 80,601 $ 38,602 17,399 37,347 47,910 12,804 14,357 196,792 155,615 Res tricted cas h Property, plant, and equipment, net of accumulated depreciation of $16,477 and $14,403, res pectively Leas ed property, net Goodwill Intangible as s ets , net Other as s ets Total as s ets 119,322 14,990 202,034 8,606 5,113 9,152 54,152 12,869 146,751 9,023 3,890 8,026 $ 556,009 $ 390,326 Liabilities , Redeemable Preferred Stock, and Stockholders ’ (Deficit) Equity Current liabilities : Accounts payable Accrued expens es Deferred revenue Finance obligations Current portion of long-term debt Other current liabilities Total current liabilities Deferred revenue Common s tock warrant liability Finance obligations Convertible s enior notes , net Long-term debt Other liabilities Total liabilities $ 36,851 9,457 11,480 41,112 17,202 $ 34,824 7,864 12,055 74,264 16,803 10,238 560 126,340 22,444 98 208,465 107,760 78,840 13 146,370 28,021 105 118,076 63,247 133 18 543,960 355,970 Redeemable preferred s tock: Series C redeemable convertible preferred s tock, $0.01 par value per s hare (aggregate involuntary liquidation preference $16,664); 10,431 s hares authorized; Is s ued and outs tanding: 2,620 at both September 30, 2019 and December 31, 2018 Series E redeemable convertible preferred s tock, $0.01 par value per s hare (aggregate involuntary liquidation preference $35,000 at both September 30, 2019 and December 31, 2018); Shares authorized: 35,000 at both September 30, 2019 and December 31, 2018; Is s ued and outs tanding: 28,269 at September 30, 2019 and 35,000 Stockholders ’ (deficit) equity: Common s tock, $0.01 par value per s hare; 750,000,000 s hares authorized; Is s ued (including s hares in treas ury): 253,982,578 at September 30, 2019 and 234,160,661 at December 31, 2018 Additional paid-in capital Accumulated other comprehens ive income Accumulated deficit Les s common s tock in treas ury: 15,259,045 at September 30, 2019 and 15,002,663 at December 31, 2018 Total s tockholders ’ (deficit) equity Total liabilities , redeemable preferred s tock, and s tockholders ’ (deficit) equity 709 709 25,746 30,934 2,540 1,347,398 929 (1,334,057) (31,216) 2,342 1,289,714 1,584 (1,260,290) (30,637) (14,406) 2,713 $ 556,009 $ 390,326 12

Plug Power is the leading technology company developing hydrogen fuel cell engines and stations for the broader transportation market. Plug Power Inc. and Subs idiaries Cons olidated Statement of Operations (In thous ands , except s hare and per s hare amounts ) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net revenue: Sales of fuel cell s ys tems and related infras tructure Services performed on fuel cell s ys tems and related infras tructure Power Purchas e Agreements Fuel delivered to cus tomers Other Net revenue Cos t of revenue: Sales of fuel cell s ys tems and related infras tructure Services performed on fuel cell s ys tems and related infras tructure Power Purchas e Agreements Fuel delivered to cus tomers Other Total cos t of revenue $ 38,165 5,920 5,599 6,557 $ 36,668 5,156 5,555 5,786 $ 78,932 17,415 16,613 18,942 $ 66,101 16,330 16,365 16,016 — 135 — 135 56,376 53,165 132,037 114,812 24,990 6,461 10,353 9,160 150 27,428 5,302 8,767 7,259 — 50,440 18,802 28,064 25,935 150 52,927 17,139 27,055 19,576 — 51,114 48,756 123,391 116,697 Gros s profit (los s ) 5,262 4,409 8,646 (1,885) Operating expens es : Res earch and development Selling, general and adminis trative Total operating expens es 8,028 10,400 8,402 8,652 24,334 33,351 25,477 29,202 18,428 17,054 57,685 54,679 Operating los s (13,166) (12,645) (49,039) (56,564) Interes t and other expens e, net Change in fair value of common s tock warrant liability (8,490) 427 (6,352) 1,716 (24,696) 7 (15,593) 3,308 Los s before income taxes $ (21,229) $ (17,281) $ (73,728) $ (68,849) Income tax benefit — 1,716 — 7,581 Net los s attributable to the Company $ (21,229) $ (15,565) $ (73,728) $ (61,268) Preferred s tock dividends declared and accretion of dis count (13) (13) (39) (39) Net los s attributable to common s tockholders $ (21,242) $ (15,578) $ (73,767) $ (61,307) Net los s per s hare: Bas ic and diluted $ (0.09) $ (0.07) $ (0.32) $ (0.28) Weighted average number of common s tock outs tanding 236,759,521 218,953,106 229,519,323 218,930,891 13

Plug Power is the leading technology company developing hydrogen fuel cell engines and stations for the broader transportation market. Plug Power Inc. and Subs idiaries Cons olidated Statement of Cas h Flows (In thous ands ) (Unaudited) Nine months ended S eptember 30, 2019 2018 Operating Activities Net los s attributable to the Company Adjus tments to reconcile net los s to net cas h us ed in operating activities : Depreciation of property, plant and equipment, and leas ed property Amortization of intangible as s ets Stock-bas ed compens ation Provis ion for bad debts and other Amortization of debt is s uance cos ts and dis count on convertible s enior notes Provis ion for common s tock warrants Change in fair value of common s tock warrant liability Los s on dis pos al of leas ed as s ets Income tax benefit Accounts receivable Inventory Prepaid expens es and other as s ets Accounts payable, accrued expens es , and other liabilities Deferred revenue Net cas h us ed in operating activities Inves ting Activities Purchas es of property, plant and equipment Purchas es of intangible as s ets Purchas es for cons truction of leas ed property Proceeds from s ale of leas ed as s ets Net cas h us ed in inves ting activities $ (73,728) $ (61,268) 8,944 518 7,927 1,253 6,257 10,244 (7) 212 — 11,702 (32,691) 427 13,293 (6,152) 8,592 511 6,389 746 4,436 7,932 (3,308) — (7,581) (9,390) 12,554 1,272 (7,609) 5,082 (51,801) (41,642) (4,635) (1,860) (2,851) 375 (3,268) (879) (13,381) — (8,971) (17,528) Financing Activities Proceeds from is s uance of preferred s tock, net of trans action cos ts Proceeds from public offerings , net of trans action cos ts Proceeds from exercis e of s tock options Payments for redemption of preferred s tock Proceeds from is s uance of convertible s enior notes , net Purchas e of capped call and common s tock forward Principal payments on long-term debt Proceeds from long-term debt Proceeds from s ale/leas eback trans actions accounted for as finance leas es Repayments of finance obligations Increas e in finance obligations Net cas h provided by financing activities Effect of exchange rate changes on cas h Increas e (decreas e) in cas h, cas h equivalents and res tricted cas h Cas h, cas h equivalents , and res tricted cas h beginning of period Cas h, cas h equivalents , and res tricted cas h end of period (37) 38,098 (116) (4,040) 39,052 — (21,186) 99,496 — (59,461) 57,249 — 4,912 92 — 95,856 (43,500) (11,944) — 32,938 (25,138) — 149,055 53,216 (119) 88,164 110,153 (49) (6,003) 68,055 $ $ $ 198,317 $ 62,052 Supplemental dis clos ure of cas h flow information Cash p aid for interest $ 15,041 $ 10,338 Summary of non-cas h inves ting and financing activity Recognition of right of use asset Net transfers between inventory , leased assets and p rop erty , p lant and equip ment Increase in p rop erty , p lant and equip ment financed as long-term debt or financing leases Conversion of p referred stock to common stock $ 78,626 — — 1,883 $ 58,577 17,206 408 — 14

Plug Power is the leading technology company developing hydrogen fuel cell engines and stations for the broader transportation market. Plug Power Inc. Reconciliation of Non-GAAP Financial Meas ures (Dollars in 000's ) For the three months ended September 30, For the nine months ended September 30, Reconciliation of Reported Operating Los s to Adjus ted EBITDA 2019 2018 2019 2018 Operating los s , as reported Stock-bas ed compens ation (1) Depreciation and amortization (2) Right-of-us e as s et depreciation and interes t as s ociated with PPA financings ( 3) Res tructuring and other non-recurring charges Adjus ted EBITDA $ (13,166) 2,804 3,628 7,798 $ (12,645) 2,064 2,973 3,859 $ (49,039) 7,927 9,462 19,947 $ (56,564) 6,389 9,103 11,022 1,471 746 3,452 1,224 $ 2,535 $ (3,003) $ (8,251) $ (28,826) Reconciliation of Reported Net Los s Attributable to Common s tockholders to Adjus ted Net Los s Attributable to Common s tockholders For the three months ended September 30, For the nine months ended September 30, 2019 2018 2019 2018 Net los s attributable to common s tockholders , as reported Res tructuring and other non-recurring charges Adjus ted net los s attributable to common s tockholders $ (21,242) 1,471 $ (15,578) 746 $ (73,767) 3,452 $ (61,307) 1,224 $ (19,771) $ (14,832) $ (70,315) $ (60,083) Adjus ted diluted net los s per s hare $ (0.08) $ (0.07) $ (0.31) $ (0.27) Diluted weighted average number of common s hares outs tanding 236,759,521 218,953,106 229,519,323 218,930,891 For the year ended December 31, 2024 Reconciliation of Forecas ted Operating Income to Adjus ted EBITDA Operating income, as forecas ted Stock-bas ed compens ation (1) Depreciation and amortization (2) Adjus ted EBITDA $ 170,000 15,000 15,000 $ 200,000 Non-GAAP Measures To s upplement the Company’s unaudited financial data pres ented on a generally accepted accounting principles (GAAP) bas is , management has us ed Adjus ted EBITDA, adjus ted net los s attributable to common s tockholders and adjus ted diluted net los s per s hare, which are non-GAAP meas ures . Adjus ted EBITDA is defined as operating income (los s ), plus s tock-bas ed compens ation, plus depreciation and amortization, plus right-of-us e as s et depreciation and interes t as s ociated with PPA financings , plus res tructuring and other non-recurring charges . Adjus ted net los s attributable to common s tockholders is defined as net los s attributable to common s tockholders , plus res tructuring and other non-recurring charges . Adjus ted diluted net los s per s hare is defined as adjus ted net los s attributable to common s tockholders divided by diluted weighted average number of s hares of common s tock outs tanding. Thes e non-GAAP meas ures are indicators management us es as a bas is for evaluating the Company’s performance as well as for forecas ting future periods . Management als o es tablis hes performance targets , annual budgets and makes operating decis ions bas ed in part upon adjus ted EBITDA and adjus ted net los s attributable to common s tockholders . Dis clos ure of thes e non-GAAP meas ures provide inves tors with the s ame information that management us es for thes e purpos es . In addition, inves tors have his torically reques ted and the Company has his torically reported thes e non-GAAP financial meas ures as a means of providing cons is tent and comparable information with pas t reports of financial res ults . Adjus ted EBITDA, adjus ted net los s attributable to common s tockholders and adjus ted diluted net los s per s hare are not meas ures of our performance under GAAP and s hould not be cons idered in is olation or as an alternative to reported operating los s , reported net los s attributable to common s tockholders , or any other meas ures prepared in accordance with GAAP. While management believes that Adjus ted EBITDA, adjus ted net los s attributable to common s tockholders an adjus ted diluted net los s per s hare provide us eful s upplemental information to inves tors , there are limitations as s ociated with the us e of thes e meas ures . Adjus ted EBITDA, adjus ted net los s attributable to common s tockholders and adjus ted diluted net los s per s hare are not prepared in accordance with GAAP and may not be directly comparable to s imilarly titled meas ures of other companies due to potential differences in the exact method of calculations . Adjus ted EBITDA, adjus ted net los s attributable to common s tockholders and adjus ted net los s per s hare s hould be read only in conjunction with the Company’s cons olidated financial s tatements prepared in accordance with GAAP. Notes (1) Repres ents employee compens ation in the form of the Company's s tock or s tock-bas ed awards . (2) Repres ents depreciation and amortization expens e related to the Company's fixed as s ets and intangibles . (3) Repres ents right-of-us e as s et depreciation and interes t as s ociated with operating leas es . The right-of-us e as s et depreciation and interes t expens e as s ociated with operating leas es is calculated in accordance with ASC Topic 842, and is equal to operating leas e expens e during any given reporting period. 15