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Red Flags Detected

  • Material Weakness (worsened) — Material weaknesses in internal controls persist from December 2022 through December 2023, indicating ongoing deficiencies in financial reporting systems.
NASDAQ: PLUG PLUG POWER INC 10-Q

Plug Power Q1 revenue plunges 43%, gross loss balloons to -132% amid restructuring

Filed May 9, 2024 · Period ending March 31, 2024 · Compared to 10-Q May 9, 2023 · ~1 min read

Key Changes

  • high

    Revenue crashed 43% to $120M as equipment sales fell 63%. Only 3 hydrogen sites installed vs 14 last year. Electrolyzer sales down $39M, cryogenic equipment down $25M.

    MD&A: Revenue verify on EDGAR →
  • high

    Gross margin collapsed from +13% to -98% on equipment. Total gross loss widened to -132% from -33%. Management cites customer mix, new product margins, inventory write-downs, and volume declines.

    MD&A: Gross Margin verify on EDGAR →
  • high

    Announced restructuring plan in February 2024 with workforce cuts and operational consolidation. Incurred $6M in Q1 costs, expects completion by H2 2024.

    MD&A: Restructuring verify on EDGAR →

2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.

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View original filing on SEC.gov View full financials on EDGAR ↗

Source-verified from EDGAR · Narrative written by AI · May 20, 2026 · How we verify