Employee Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2025

Employee Benefit Plans

Schedule of components and classification of stock-based compensation expense

The components and classification of stock-based compensation expense, excluding the Company’s matching contributions to the Plug Power Inc. 401(k) Savings & Retirement Plan and quarterly Board compensation, were as follows (in thousands):

	Three months ended
	March 31, 2025		March 31, 2024
Cost of sales	$	1,087	$	2,006
Research and development		1,137		2,342
Selling, general and administrative		6,249		6,023
	$	8,473	$	10,371

Schedule of restricted stock and restricted stock unit activity

The following table reflects the restricted stock and restricted stock unit activity during the three months ended March 31, 2025 (in thousands except share amounts):

		Weighted		Aggregate
		Average Grant Date		Intrinsic
	Shares	Fair Value		Value
Unvested restricted stock and restricted stock units as of December 31, 2024	6,750,372	$	7.44	$	14,378
Granted	397,000		2.04		—
Vested	(77,831)		21.42		—
Forfeited	(586,135)		9.22		—
Unvested restricted stock and restricted stock units as of March 31, 2025	6,483,406	$	6.74	$	8,753