Plug Power narrows losses on margin gains, but new $431M debt and warrants drive $125M Q1 charges

Filed May 11, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 12, 2025 · ~1 min read

Key Changes

• high

  Issued $431M in 6.75% convertible notes (due 2033) and 185M warrants at $7.75/share in late 2025, triggering $125M in non-cash mark-to-market losses in Q1 2026 as stock price and volatility rose.

  MD&A: Convertible Debt & Warrants verify on EDGAR →
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  Operating cash burn worsened 42% to $150M in Q1 2026 from $106M in Q1 2025, driven by working capital timing and $7M in strategic lease buyouts, despite improved gross margins.

  MD&A: Cash Flow verify on EDGAR →
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  Gross margins improved sharply across all segments: equipment loss narrowed from -17% to -8%, service margin expanded from 14% to 34%, driven by better stack reliability, restructuring savings, and pricing gains.

  MD&A: Gross Margin verify on EDGAR →