Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share

Schedule of components of the calculations of basic and diluted earnings per share:

The following table provides the components of the calculations of basic and diluted earnings per share (in thousands, except share amounts):

	December 31,
	2024		2023		2022
Numerator:
Net loss attributable to Plug Power Inc.	$	(2,104,701)	$	(1,368,833)	$	(724,008)
Denominator:
Weighted average number of common stock outstanding		785,024,373		595,468,419		579,716,708

Schedule of potential dilutive common shares

	As of December 31,
	2024	2023	2022
Stock options outstanding (1)	38,690,148	39,261,362	27,598,269
Restricted stock and restricted stock units outstanding (2)	6,750,372	6,732,884	6,276,376
Common stock warrants (3)	82,022,634	78,561,263	88,774,725
Convertible Senior Notes (4)	105,868,502	39,170,766	39,170,766
Number of dilutive potential shares of common stock	233,331,656	163,726,275	161,820,136

(1) During the years ended December 31, 2024, 2023, and 2022, the Company granted options for 15,180,435, 13,254,689 and 4,761,724 shares of common stock, respectively.

(2) During the years ended December 31, 2024, 2023, and 2022, the Company granted 4,052,391, 4,131,193 and 4,289,682 shares of restricted stock and restricted stock units, respectively.

(3) In May 2024, the Company issued warrants in connection with an earn-out settlement agreement with Giner as described in Note 5, “Fair Value Measurements”, and the Company registered for resale up to 3,461,371 shares of the Company’s common stock issuable upon exercise of the warrants. The warrants had not been exercised as of December 31, 2024.

In August 2022, the Company issued a warrant to acquire up to 16,000,000 shares of the Company’s common stock as part of a transaction agreement with Amazon, subject to certain vesting events, as described in Note 19, “Warrant Transaction Agreements”. The warrant had not been exercised as of December 31, 2024, 2023 and 2022, respectively.

In April 2017, the Company issued a warrant to acquire up to 55,286,696 of the Company’s common stock as part of a transaction agreement with Amazon, subject to certain vesting events, as described in Note 19, “Warrant Transaction Agreements”. The warrant was exercised with respect to 34,917,912, 34,917,912 and 24,704,450 shares of the Company’s common stock as of December 31, 2024, 2023 and 2022, respectively.

In July 2017, the Company issued a warrant to acquire up to 55,286,696 of the Company’s common stock as part of a transaction agreement with Walmart, subject to certain vesting events, as described in Note 19, “Warrant Transaction Agreements”. The warrant had been exercised with respect to 13,094,217 shares of the Company’s common stock as of December 31, 2024, 2023 and 2022.

(4) On November 11, 2024, the Company entered into the Debenture Purchase Agreement under which the Company agreed to sell and issue to the Investor the 6.00% Convertible Debenture as described in Note 17, “Convertible Senior Notes”. There were no conversions of the 6.00% Convertible Debenture during the year ended December 31, 2024.

In March 2024, the Company exchanged $138.8 million in aggregate principal amount of the 3.75% Convertible Senior Notes for $140.4 million in aggregate principal amount of the 7.00% Convertible Senior Notes as described in

Note 17, “Convertible Senior Notes”. There were no conversions of the 7.00% Convertible Senior Notes during the year ended December 31, 2024.

In May 2020, the Company issued $212.5 million in aggregate principal amount of the 3.75% Convertible Senior Notes as described in Note 17, “Convertible Senior Notes”. There were no conversions of the 3.75% Convertible Senior Notes during the years ended December 31, 2024, 2023 and 2022.