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Get filing alertsRisk Profile Improvements
- Material Weakness (removed) — Prior period disclosed material weaknesses in internal controls over financial reporting; current period no longer mentions them in forward-looking risk factors, though remediation efforts continue.
Plug Power cuts 500+ jobs, posts 132% gross loss as equipment sales plunge 62%
Filed May 12, 2025 · Period ending March 31, 2025 · Compared to 10-Q May 9, 2024 · ~1 min read
Key Changes
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Equipment revenue crashed 62.5% to $68.3M from $182.1M year-over-year, driven by fewer electrolyzer sales and hydrogen site installations dropping from 14 to just 3 sites.
MD&A: Revenue - Equipment Sales verify on EDGAR → -
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Gross margin on equipment collapsed from positive 13.1% to negative 97.9%, meaning the company loses nearly $1 on every dollar of equipment sold due to unfavorable customer mix and inventory write-downs.
MD&A: Gross Margin - Equipment verify on EDGAR → -
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Company announced restructuring plan eliminating 500+ positions with $15.9M in termination costs already incurred and up to $3M more expected in H2 2025.
MD&A: 2025 Restructuring Plan 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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Source-verified from EDGAR · Narrative written by AI · May 20, 2026 · How we verify