PLUG Plug Power, Inc. - Common Stock
NASDAQ · Electrical Equipment · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 10, 2026
$1.90
· of 52w range
· above low
· to high
$1.7052w low
$4.5852w high
P/E (TTM)
-1.4
EPS (TTM)
$-1.33
Revenue (TTM)
$744M
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52W Range
$2–$5
Analyst Rating
HOLD
Price Target
$4
P/E
-1.4
ROE
-145.1%
Net Profit Margin
-220.6%
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PLUG Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$1.90
P/E (TTM)
-1.4
EPS (TTM)
$-1.33
Revenue (TTM)
$744M
ROE (TTM)
-145.1%
52W Range
$2–$5
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Stock splits
| Ex-date | Split | Type |
|---|---|---|
| May 20, 2011 | 1-for-10 | Reverse |
About Plug Power, Inc. - Common Stock Company overview from Wikipedia
Plug Power Inc. is an American company engaged in the development of hydrogen fuel cell and electrolyzer systems that replace conventional batteries in equipment and vehicles powered by electricity. The company is headquartered in Slingerlands, New York, and has facilities in Spokane, Washington, and Rochester, New York.
Plug Power's GenDrive system integrates fuel cells manufactured by both Plug Power and Ballard Power Systems and incorporates a hydrogen storage system that allows the system to "recharge" in a matter of minutes as opposed to several hours for lead-acid batteries. It allows hydrogen-powered forklifts to run at a constant steady power. GenDrive units occupy the same space designed for conventional batteries.
## History
Plug Power was founded in 1997 as a joint venture between DTE Energy and Mechanical Technology Inc. The company went public in October 1999.
The company was subject to a shareholder class action complaint for securities fraud following the IPO for allegedly misleading statements about their fuel cell technology capabilities and on its material sales and distribution relationship with General Electric. By order dated October 30, 2000, the Eastern District of New York court consolidated the complaints into one action, entitled Plug Power Inc. Securities Litigation, CV-00-5553 (ERK) (RML). On December 29, 2004, the company settled the matter with the sum of $5 million paid by Plug Power company directors to plaintiffs.
In February 2017, the company announced the first shipments of its ProGen fuel cell engines designed for electric delivery vehicles and the adoption of its GenDrive system by the USPS forklift fleet in Capitol Heights, Maryland.
In February 2020, the company introduced 125 kW Progen fuel cell engines for class 6, 7 & 8 trucks and heavy duty off-road equipment. In January 2021, SK Group, a major South Korean company, announced an investment of $1.5 billion in Plug Power for around 10% share. They will form a joint venture company in South Korea to supply hydrogen fuel cell products to Asian markets.
In January 2021, the company signed a memorandum of understanding with French automobile manufacturer Renault. The deal would launch a joint venture in France by the end of June 2021.
On March 2, 2021, Plug Power filed a Notification of Late Filing with the Securities and Exchange Commission stating that it could not timely file its annual report for the period ended December 31, 2020. On March 16, 2021, the company announced that they would have to restate financial statements for fiscal years 2018 and 2019 as well as some recent quarterly filings. It is subject to an ongoing shareholder class action lawsuit for securities fraud over alleged misrepresentations and/or failures to disclose its inability to timely file its 2020 annual report and material weaknesses in its internal controls over financial reporting.
Due to the rarity of hydrogen infrastructure, Plug Power delivers several mobile refueler solution for transit agencies and trucking fleet customers.
In January 2024 the company completed largest electrolytic liquid hydrogen production plant operating in the United States in Woodbine, Georgia. The plant is designed to produce 15 tons per day (TPD) of liquid electrolytic hydrogen. Through eight 5-megawatt (MW) PEM electrolyzers, water is separated into hydrogen and oxygen. The hydrogen gas is then condensed into liquid form at -423F to be delivered to customers’ hydrogen fueling stations through Plug’s logistics network using cryogenic trailers.
In October 2025, Plug Power announced it delivered the first of ten 10MW GenEco electrolyzer to Galp's Sines Refinery. The full 100MW deployment is expected to replace 20% of Galp's gray hydrogen and cut 110,000 tons of carbon dioxide annually.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
sectorIndustrials
industryElectrical Equipment
employees2,344
countryUS
10-Year Performance Revenue, net income, margins and EPS trends
Revenue$710M2019-12-31 → 2025-12-31
EPS$-1.422019-12-31 → 2025-12-31
Free Cash Flow$-647M2019-12-31 → 2025-12-31
Net margin-220.6%2019-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | PLUG | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | -1.45Y avg ≈-9.7 | ≈-9.7 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | PLUG | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Gross Margin (TTM) | -18.5%5Y avg ≈-41.7% | ≈-41.7% | 26.4% | Weak | |
| Operating Margin (TTM) | -172.8%5Y avg ≈-148.2% | ≈-148.2% | 10.2% | Weak | |
| EBITDA Margin | -206.7%5Y avg ≈-148.2% | ≈-148.2% | 10.6% | Weak | |
| Pretax Margin (TTM) | -229.0%5Y avg ≈-162.6% | ≈-162.6% | 3.9% | Weak | |
| Net Profit Margin (TTM) | -220.6%5Y avg ≈-158.3% | ≈-158.3% | 8.4% | Weak | |
| ROA (TTM) | -59.2%5Y avg ≈-29.8% | ≈-29.8% | 1.3% | Weak | |
| ROE (TTM) | -145.1%5Y avg ≈-57.6% | ≈-57.6% | 7.7% | Weak | |
| ROIC | -150.1%5Y avg ≈-68.4% | ≈-68.4% | 7.0% | Weak |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | PLUG | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio (MRQ) | 2.35Y avg ≈4.9 | ≈4.9 | 2.5 | In line | |
| Quick Ratio | 0.85Y avg ≈2.4 | ≈2.4 | 1.3 | Low liquidity | |
| Interest Coverage | -22.55Y avg ≈-20.8 | ≈-20.8 | 3.4 | Low liquidity |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | PLUG | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 12.9%5Y avg ≈12.5% | ≈12.5% | · | · | |
| Revenue CAGR 3Y | 0.40% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | PLUG | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.25Y avg ≈0.2 | ≈0.2 | 1.0 | Weak | |
| Inventory Turnover | 1.65Y avg ≈2.2 | ≈2.2 | 4.3 | Weak | |
| Receivables Turnover | 4.9 | · | 6.4 | Weak | |
| Revenue / Employee | ≈$302.9K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-103.1%
Next Report
Nov 09, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 12, 2026 | $-0.07 | $-0.08 | 10.9% |
| March 31, 2026 | May 13, 2026 | $-0.18 | $-0.10 | -87.7% |
| Dec. 31, 2025 | $-0.64 | $-0.10 | -511.9% | |
| Sept. 30, 2025 | $-0.12 | $-0.13 | 4.8% | |
| June 30, 2025 | $-0.20 | $-0.16 | -27.0% | |
| March 31, 2025 | $-0.21 | $-0.19 | -7.8% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $710M | $629M | $891M | $701M | $502M | $-93M | $230M | |
| Cost of Revenue | $952M | $1.25B | $1.40B | $896M | $674M | $376M | $219M | |
| Gross Profit | $-242M | $-625M | $-508M | $-194M | $-171M | $-469M | $11M | |
| R&D Expense | $58M | $77M | $114M | $100M | $65M | $28M | $15M | |
| SG&A Expense | $380M | $376M | $422M | $364M | $180M | $79M | $43M | |
| Operating Expenses | $1.23B | $1.39B | $836M | $485M | $266M | $115M | $58M | |
| Operating Income | $-1.47B | $-2.02B | $-1.34B | $-680M | $-437M | $-584M | $-48M | |
| Interest Expense | $65M | $47M | $45M | $39M | $43M | $61M | $37M | |
| Interest Income | $19M | $31M | $56M | · | · | · | · | |
| Other Non-op | $8M | $-20M | $-131.0K | $-1M | $-606.0K | $-739.0K | $-36M | |
| Pretax Income | $-1.69B | $-2.11B | $-1.38B | $-723M | $-476M | $-627M | $-84M | |
| Income Tax | $356.0K | $-3M | $-7M | $839.0K | $-16M | $-31M | · | |
| Net Income | $-1.63B | $-2.10B | $-1.37B | $-724M | $-460M | $-596M | $-84M | |
| EPS (Basic) | $-1.42 | $-2.68 | $-2.30 | $-1.25 | $-0.82 | $-1.68 | $-0.36 | |
| EPS (Diluted) | $-1.42 | $-2.68 | $-2.30 | $-1.25 | $-0.82 | $-1.68 | $-0.36 | |
| Shares (Basic) | 1,146,691,189 | 785,024,373 | 595,468,419 | 579,716,708 | 558,182,177 | 354,790,106 | 237,152,780 | |
| Shares (Diluted) | 1,146,691,189 | 785,024,373 | 595,468,419 | 579,716,708 | 558,182,177 | 354,790,106 | 237,152,780 | |
| EBITDA | $-1.47B | · | $-1.34B | · | $-437M | $-584M | $-50M |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $369M | $206M | $135M | $691M | $2.48B | $1.31B | $139M | |
| Receivables | $135M | $157M | $244M | $129M | · | · | · | |
| Inventory | $521M | $683M | $961M | $646M | $269M | $139M | $72M | |
| Prepaid Expense | $94M | $140M | $104M | $150M | $60M | $44M | $21M | |
| Current Assets | $1.41B | $1.48B | $1.79B | $3.31B | $4.45B | $1.60B | $314M | |
| PP&E (Net) | $281M | $866M | $1.44B | $720M | $256M | $75M | $15M | |
| PP&E (Gross) | $305M | $908M | $1.52B | $768M | $285M | $97M | $32M | |
| Accum. Depreciation | $24M | $42M | $81M | $48M | $29M | $22M | $17M | |
| Goodwill | · | $0 | $0 | $249M | $220M | $72M | $9M | |
| Intangibles | $29M | $85M | $189M | $208M | $158M | $39M | $6M | |
| Total Assets | $2.59B | $3.60B | $4.90B | $5.76B | $5.95B | $2.25B | $660M | |
| Accounts Payable | $169M | $181M | $258M | $192M | $92M | $50M | $40M | |
| Accrued Liabilities | $128M | $103M | $201M | $156M | $79M | $46M | $14M | |
| Short-term Debt | · | · | · | · | $15M | $25M | · | |
| Current Liabilities | $611M | $748M | $965M | $635M | $421M | $222M | $134M | |
| Capital Leases | $195M | $242M | $292M | $272M | $176M | $100M | $51M | |
| Other Non-current Liabilities | · | $136M | $147M | $193M | $140M | $40M | $3M | |
| Total Liabilities | $1.59B | $1.80B | $2.00B | $1.70B | $1.34B | $784M | $528M | |
| Long-term Debt | · | · | $4M | $9M | · | · | · | |
| Total Debt | · | · | $3M | · | $31M | $51M | $26M | |
| Common Stock | $14M | $9M | $6M | $6M | $6M | $5M | $3M | |
| Paid-in Capital | $9.19B | $8.43B | $7.49B | $7.30B | $7.07B | $3.45B | $1.51B | |
| Retained Earnings | $-8.23B | $-6.59B | $-4.49B | $-3.12B | $-2.40B | $-1.95B | $-1.35B | |
| Treasury Stock | $3M | $109M | $106M | $96M | $73M | $40M | $31M | |
| AOCI | $7M | $-3M | $-7M | $-26M | $-2M | $2M | $1M | |
| Stockholders' Equity | $978M | $1.73B | $2.90B | $4.06B | $4.61B | $1.47B | $130M | |
| Liabilities + Equity | $2.59B | $3.60B | $4.90B | $5.76B | $5.95B | $2.25B | $660M | |
| Shares Outstanding | · | · | · | 590,345,658 | 577,654,900 | 458,051,920 | 303,378,515 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $51M | $82M | $163M | $180M | $76M | $17M | $11M | |
| Deferred Tax | $-165M | $-215M | $-103M | $-36M | $-51M | $-31M | $-11M | |
| Amort. of Intangibles | $7M | $23M | $19M | $21M | $2M | $1M | $698.0K | |
| Operating Cash Flow | $-536M | $-729M | $-1.11B | $-829M | $-358M | $-155M | $-53M | |
| CapEx | $111M | $287M | $665M | $437M | $172M | $23M | $6M | |
| Investing Cash Flow | $-139M | $-402M | $728M | $-679M | $-1.74B | $-95M | $-14M | |
| Net Debt Issued | $-264M | · | · | · | · | · | $-25M | |
| Stock Issued | $322M | $858M | · | · | $3.59B | $1.27B | $158M | |
| Net Stock Activity | $322M | · | · | · | $3.59B | $1.27B | $158M | |
| Financing Cash Flow | $630M | $983M | $6M | $-77M | $3.60B | $1.52B | $327M | |
| Net Change in Cash | $163M | $71M | $-556M | $-1.79B | $1.17B | $1.17B | $259M | |
| Taxes Paid | $600.0K | $-168.0K | $2M | · | · | · | · | |
| Free Cash Flow | $-647M | · | $-1.77B | · | $-530M | $-178M | $-57M | |
| Levered FCF | $-712M | · | $-1.82B | · | $-572M | · | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -34.1% | · | -57.0% | · | -34.1% | 503.5% | 12.2% | |
| Operating Margin | -206.7% | · | -150.7% | · | -87.1% | 626.6% | -21.7% | |
| Net Margin | -229.8% | · | -153.6% | · | -91.6% | 639.4% | -37.1% | |
| Pretax Margin | -238.5% | · | -154.4% | · | -94.8% | 672.5% | -37.1% | |
| EBITDA Margin | -206.7% | · | -150.7% | · | -87.1% | 626.6% | -21.7% | |
| ROA | -52.6% | · | -25.7% | · | -11.2% | -33.1% | -13.8% | |
| ROE | -120.3% | · | -42.7% | · | -9.9% | -58.1% | -148.0% | |
| ROIC | -150.1% | · | -46.1% | · | -9.1% | · | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.3 | · | 1.9 | · | 10.6 | 7.2 | 2.1 | |
| Quick Ratio | 0.8 | · | 0.4 | · | 5.9 | 5.9 | 0.9 | |
| Debt / Equity | · | · | 0.0 | · | 0.0 | 0.0 | 0.2 | |
| Interest Coverage | -22.5 | · | -29.7 | · | -10.1 | · | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | · | 0.2 | · | 0.1 | -0.1 | 0.4 | |
| Inventory Turnover | 1.6 | · | 1.7 | · | 3.3 | · | 2.6 | |
| Receivables Turnover | 4.9 | · | 4.8 | · | · | · | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Book Value / Share | · | · | · | · | $7.97 | $3.20 | $0.44 | |
| Revenue / Share | $0.62 | · | $1.50 | · | $0.90 | $-0.26 | · | |
| Cash Flow / Share | $-0.47 | · | $-1.86 | · | $-0.64 | $-0.44 | · | |
| Cash / Share | · | · | · | · | $4.30 | $2.87 | $0.46 | |
| EPS (TTM) | $-1.42 | $-2.68 | $-2.30 | $-1.25 | $-0.82 | $-1.68 | $-0.36 |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 12.9% | -29.4% | 27.1% | 39.6% | · | · | · | |
| Revenue CAGR 3Y | 0.40% | 7.8% | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $710M | $629M | $891M | $701M | $502M | $-93M | $230M | |
| Net Income TTM | $-1.63B | $-2.10B | $-1.37B | $-724M | $-460M | $-596M | $-84M | |
| Market Cap | · | · | · | · | $16.31B | $15.53B | $959M | |
| Enterprise Value | · | · | · | · | $13.86B | $14.27B | $846M | |
| P/E | -1.4 | -0.8 | -2.0 | -9.9 | -34.4 | -20.2 | -8.8 | |
| P/S | · | · | · | · | 32.5 | -166.6 | 4.2 | |
| P/B | · | · | · | · | 3.5 | 10.6 | 7.1 | |
| P / Tangible Book | · | · | · | 2.0 | 3.9 | 11.5 | · | |
| P / Cash Flow | · | · | · | · | -45.5 | -99.9 | -18.6 | |
| P / FCF | · | · | · | · | -30.7 | -87.3 | -16.8 | |
| EV / EBITDA | · | · | · | · | -31.7 | -24.4 | -16.9 | |
| EV / FCF | · | · | · | · | -26.1 | -80.2 | -14.8 | |
| EV / Revenue | · | · | · | · | 27.6 | -153.1 | 3.7 | |
| Earnings Yield | -72.1% | -125.8% | -51.1% | -10.1% | -2.9% | -5.0% | -11.4% |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $178M | $164M | $225M | $177M | $174M | $134M | $191M | $174M | $143M | $120M | $222M | $199M | $260M | $210M | $221M | $189M | |
| Cost of Revenue | $180M | $185M | $220M | $297M | $227M | $208M | $426M | $274M | $275M | $279M | $444M | $337M | $338M | $280M | $301M | $235M | |
| Gross Profit | $-2M | $-22M | $5M | $-120M | $-53M | $-74M | $-235M | $-100M | $-131M | $-159M | $-222M | $-138M | $-78M | $-69M | $-80M | $-46M | |
| R&D Expense | $13M | $12M | $12M | $16M | $12M | $17M | $13M | $20M | $19M | $25M | $30M | $28M | $29M | $27M | $27M | $28M | |
| SG&A Expense | $29M | $70M | $100M | $111M | $88M | $81M | $121M | $92M | $85M | $78M | $112M | $105M | $101M | $104M | $102M | $86M | |
| Operating Expenses | $62M | $88M | $769M | $229M | $123M | $105M | $1.07B | $116M | $113M | $100M | $404M | $136M | $156M | $140M | $153M | $114M | |
| Operating Income | $-64M | $-109M | $-763M | $-349M | $-177M | $-178M | $-1.30B | $-216M | $-245M | $-259M | $-626M | $-274M | $-234M | $-210M | $-234M | $-160M | |
| Interest Expense | $17M | $17M | $21M | $16M | $16M | $11M | $17M | $9M | $10M | $11M | $11M | $12M | $11M | $11M | $10M | $9M | |
| Interest Income | $3M | $4M | · | · | $6M | $5M | · | · | · | · | · | · | · | · | · | · | |
| Other Non-op | $-7M | $1M | $-1M | $4M | $4M | $1M | $-19M | $16M | $-9M | $-7M | $5M | $5M | $-5M | $-5M | $8M | $-5M | |
| Pretax Income | $-190M | $-246M | $-904M | $-363M | $-229M | $-197M | $-1.34B | $-211M | $-263M | $-296M | $-643M | $-288M | $-237M | $-208M | $-224M | $-169M | |
| Income Tax | $207.0K | $41.0K | $252.0K | $92.0K | $12.0K | $0 | $-3M | $95.0K | $-376.0K | $163.0K | $-448.0K | $-5M | $-917.0K | $-1M | $-691.0K | $2M | |
| Net Income | $-188M | $-245M | $-846M | $-362M | $-227M | $-197M | $-1.34B | $-211M | $-262M | $-296M | $-642M | $-283M | $-236M | $-207M | $-223M | $-171M | |
| EPS (Basic) | $-0.14 | $-0.18 | $-0.70 | $-0.31 | $-0.20 | $-0.21 | $-1.61 | $-0.25 | $-0.36 | $-0.46 | $-1.08 | $-0.47 | $-0.40 | $-0.35 | $-0.38 | $-0.30 | |
| EPS (Diluted) | $-0.14 | $-0.18 | $-0.70 | $-0.31 | $-0.20 | $-0.21 | $-1.61 | $-0.25 | $-0.36 | $-0.46 | $-1.08 | $-0.47 | $-0.40 | $-0.35 | $-0.38 | $-0.30 | |
| Shares (Basic) | 1,391,212,670 | 1,389,672,378 | · | 1,158,516,229 | 1,126,627,283 | 945,767,987 | · | 858,442,951 | 736,848,684 | 641,256,134 | · | 599,465,146 | 598,053,390 | 589,205,165 | · | 578,043,278 | |
| Shares (Diluted) | 1,391,212,670 | 1,389,672,378 | · | 1,158,516,229 | 1,126,627,283 | 945,767,987 | · | 858,442,951 | 736,848,684 | 641,256,134 | · | 599,465,146 | 598,053,390 | 589,205,165 | · | 578,043,278 | |
| EBITDA | $-64M | $-109M | · | $-349M | $-177M | $-178M | · | $-216M | $-245M | $-259M | · | $-274M | $-234M | $-210M | · | $-160M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $162M | $223M | $369M | $166M | $141M | $296M | $206M | $94M | $62M | $173M | · | $111M | $579M | $475M | · | $1.75B | |
| Receivables | $126M | $107M | $135M | $124M | $139M | $145M | $157M | $167M | $190M | $149M | · | $163M | $217M | $128M | · | · | |
| Inventory | $493M | $516M | $521M | $555M | $644M | $693M | $683M | $886M | $940M | $976M | · | $1.02B | $904M | $776M | · | $516M | |
| Prepaid Expense | $106M | $140M | $94M | $88M | $113M | $112M | $140M | $125M | $125M | $119M | · | $147M | $140M | $156M | · | $136M | |
| Current Assets | $1.15B | $1.27B | $1.41B | $1.19B | $1.33B | $1.53B | $1.48B | $1.63B | $1.67B | $1.77B | · | $2.24B | $2.62B | $2.98B | · | $3.65B | |
| PP&E (Net) | $244M | $240M | $281M | $877M | $910M | $880M | $866M | $1.53B | $1.51B | $1.45B | · | $1.25B | $1.06B | $875M | · | $607M | |
| PP&E (Gross) | · | · | $305M | · | · | · | $908M | $1.65B | $1.62B | $1.55B | · | $1.32B | $1.12B | $928M | · | $650M | |
| Accum. Depreciation | · | · | $24M | · | · | · | $42M | $119M | $109M | $96M | · | $71M | $61M | $54M | · | $43M | |
| Goodwill | · | · | · | · | · | · | · | · | · | · | · | $248M | $250M | $250M | · | $231M | |
| Intangibles | $27M | $28M | $29M | $78M | $81M | $83M | $85M | $175M | $178M | $183M | · | $193M | $199M | $204M | · | $196M | |
| Total Assets | $2.19B | $2.37B | $2.59B | $3.10B | $3.35B | $3.63B | $3.60B | $4.72B | $4.78B | $4.85B | · | $5.45B | $5.58B | $5.65B | · | $5.86B | |
| Accounts Payable | $144M | $144M | $169M | $162M | $152M | $192M | $181M | $207M | $254M | $286M | · | $293M | $220M | $188M | · | $200M | |
| Accrued Liabilities | $106M | $113M | $128M | $122M | $105M | $129M | $103M | $107M | $113M | $155M | · | $154M | $166M | $168M | · | $157M | |
| Current Liabilities | $494M | $541M | $611M | $903M | $836M | $788M | $748M | $787M | $810M | $911M | · | $931M | $828M | $678M | · | $599M | |
| Capital Leases | $159M | $175M | $195M | $209M | $227M | $231M | $242M | $249M | $264M | $278M | · | $295M | $290M | $275M | · | $246M | |
| Other Non-current Liabilities | · | · | · | · | · | $114M | · | $143M | $160M | $144M | · | $122M | $102M | $180M | · | $164M | |
| Total Liabilities | $1.61B | $1.59B | $1.59B | $1.61B | $1.59B | $1.70B | $1.80B | $1.70B | $1.79B | $1.92B | · | $1.94B | $1.84B | $1.73B | · | $1.64B | |
| Long-term Debt | · | · | · | · | · | · | · | $4M | $4M | $4M | · | $4M | $4M | $9M | · | · | |
| Total Debt | · | · | · | · | · | · | · | · | $3M | $3M | · | $3M | $513.0K | $5M | · | $937.0K | |
| Common Stock | $14M | $14M | $14M | $12M | $12M | $10M | $9M | $9M | $8M | $7M | · | $6M | $6M | $6M | · | $6M | |
| Paid-in Capital | $9.23B | $9.21B | $9.19B | $8.89B | $8.79B | $8.75B | $8.43B | $8.39B | $8.14B | $7.82B | · | $7.46B | $7.41B | $7.36B | · | $7.25B | |
| Retained Earnings | $-8.66B | $-8.47B | $-8.23B | $-7.38B | $-7.02B | $-6.79B | $-6.59B | $-5.26B | $-5.05B | $-4.79B | · | $-3.85B | $-3.56B | $-3.33B | · | $-2.90B | |
| Treasury Stock | $3M | $3M | $3M | $106M | $105M | $109M | $109M | $108M | $107M | $107M | · | $104M | $99M | $99M | · | $95M | |
| AOCI | $2M | $3M | $7M | $4M | $3M | $-5M | $-3M | $-2M | $-2M | $-9M | · | $-2M | $-14M | $-19M | · | $-35M | |
| Stockholders' Equity | $582M | $750M | $978M | $1.42B | $1.68B | $1.86B | $1.73B | $3.03B | $2.99B | $2.93B | · | $3.51B | $3.74B | $3.92B | · | $4.22B | |
| Liabilities + Equity | $2.19B | $2.37B | $2.59B | $3.10B | $3.35B | $3.63B | $3.60B | $4.72B | $4.78B | $4.85B | · | $5.45B | $5.58B | $5.65B | · | $5.86B |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $13M | $14M | $14M | $12M | $13M | $11M | $18M | $24M | $26M | $14M | $34M | $46M | $40M | $43M | $45M | $47M | |
| Amort. of Intangibles | $900.0K | $908.0K | $943.0K | $2M | $2M | $2M | $9M | $5M | $5M | $5M | $5M | $4M | $5M | $5M | $6M | $5M | |
| Operating Cash Flow | $-94M | $-150M | $-149M | $-90M | $-192M | $-106M | $-131M | $-175M | $-255M | $-168M | $-243M | $-239M | $-348M | $-277M | $-307M | $-117M | |
| CapEx | $6M | $2M | $4M | $28M | $39M | $40M | $34M | $59M | $101M | $93M | $181M | $165M | $151M | $169M | $119M | $160M | |
| Investing Cash Flow | $289.0K | $-8M | $-21M | $-30M | $-41M | $-47M | $-44M | $-90M | $-148M | $-121M | $268M | $-145M | $510M | $96M | $-659M | $-286M | |
| Net Debt Issued | · | $-346.0K | · | · | · | $-344.0K | · | · | · | $-300.0K | · | $-300.0K | $-5M | · | · | · | |
| Stock Issued | · | · | $-30M | $76M | $139.0K | $276M | $65M | $221M | $267M | $305M | · | · | · | · | · | · | |
| Net Stock Activity | · | · | · | · | · | $276M | · | · | · | $305M | · | · | · | · | · | · | |
| Financing Cash Flow | $-36M | $-32M | $317M | $87M | $33M | $193M | $204M | $252M | $244M | $283M | $-8M | $-11M | $18M | $7M | $-36M | $-11M | |
| Net Change in Cash | $-61M | $-145M | $203M | $25M | $-155M | $90M | $112M | $32M | $-111M | $38M | $24M | $-469M | $105M | $-216M | $-1.06B | $-508M | |
| Free Cash Flow | · | $-152M | · | · | · | $-146M | · | · | · | $-260M | · | · | · | $-445M | · | · | |
| Levered FCF | · | $-170M | · | · | · | $-158M | · | · | · | $-272M | · | · | · | $-456M | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | -0.94% | -13.2% | · | -67.9% | -30.7% | -55.2% | · | -57.6% | -91.6% | -132.3% | · | -69.4% | -30.0% | -33.0% | · | -24.4% | |
| Operating Margin | -36.0% | -67.0% | · | -197.0% | -101.7% | -133.5% | · | -124.4% | -170.7% | -215.7% | · | -137.9% | -89.9% | -99.8% | · | -84.7% | |
| Net Margin | -105.6% | -150.0% | · | -204.4% | -130.5% | -147.1% | · | -121.5% | -183.0% | -245.9% | · | -142.7% | -90.9% | -98.2% | · | -90.5% | |
| Pretax Margin | -106.5% | -150.4% | · | -205.3% | -131.5% | -147.3% | · | -121.5% | -183.3% | -245.8% | · | -145.0% | -91.2% | -98.8% | · | -89.7% | |
| EBITDA Margin | -36.0% | -67.0% | · | -197.0% | -101.7% | -133.5% | · | -124.4% | -170.7% | -215.7% | · | -137.9% | -89.9% | -99.8% | · | -84.7% | |
| ROA | -6.8% | -8.2% | · | -9.2% | -5.6% | -4.6% | · | -4.2% | -5.1% | -5.6% | · | -5.0% | -4.2% | -3.6% | · | -2.9% | |
| ROE | -16.6% | -18.8% | · | -16.3% | -9.7% | -8.2% | · | -6.5% | -7.8% | -8.6% | · | -7.3% | -5.9% | -4.9% | · | -3.8% | |
| ROIC | -11.0% | -14.6% | · | -24.6% | -10.5% | -9.6% | · | -7.1% | -8.2% | -8.8% | · | -7.7% | -6.2% | -5.3% | · | -3.8% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.3 | 2.4 | · | 1.3 | 1.6 | 1.9 | · | 2.1 | 2.1 | 1.9 | · | 2.4 | 3.2 | 4.4 | · | 6.1 | |
| Quick Ratio | 0.6 | 0.6 | · | 0.3 | 0.3 | 0.6 | · | 0.3 | 0.3 | 0.4 | · | 0.3 | 1.0 | 0.9 | · | 2.9 | |
| Debt / Equity | · | · | · | · | · | · | · | · | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | |
| Interest Coverage | -3.8 | -6.3 | · | -21.2 | -11.1 | -15.5 | · | -23.6 | -25.7 | -22.9 | · | -23.2 | -20.8 | -19.7 | · | -17.7 |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | |
| Inventory Turnover | 0.3 | 0.3 | · | 0.4 | 0.3 | 0.2 | · | 0.3 | 0.3 | 0.3 | · | 0.4 | 0.5 | 0.5 | · | 0.6 | |
| Receivables Turnover | 1.3 | 1.3 | · | 1.2 | 1.1 | 0.9 | · | 1.1 | 0.7 | 0.9 | · | 2.4 | 2.4 | 3.3 | · | · |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue / Share | $0.13 | $0.12 | · | $0.15 | $0.15 | $0.14 | · | $0.20 | $0.19 | $0.19 | · | $0.33 | $0.43 | $0.36 | · | $0.33 | |
| Cash Flow / Share | · | $-0.11 | · | · | · | $-0.11 | · | · | · | $-0.26 | · | · | · | $-0.47 | · | · | |
| EPS (TTM) | $-1.33 | $-1.39 | · | $-2.33 | $-2.27 | $-2.43 | · | $-2.15 | $-2.37 | $-2.41 | · | $-1.60 | $-1.43 | $-1.33 | · | $-1.20 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $744M | $740M | · | $676M | $673M | $642M | · | $660M | $684M | $801M | · | $890M | $880M | $771M | · | $643M | |
| Net Income TTM | $-1.64B | $-1.68B | · | $-2.12B | $-1.97B | $-2.01B | · | $-1.41B | $-1.48B | $-1.46B | · | $-950M | $-837M | $-774M | · | $-693M | |
| P/E | -2.0 | -1.6 | · | -1.0 | -0.7 | -0.6 | · | -1.1 | -1.0 | -1.4 | · | -4.8 | -7.3 | -8.8 | · | -17.5 | |
| Earnings Yield | -49.1% | -61.5% | · | -100.0% | -152.3% | -180.0% | · | -95.1% | -101.7% | -70.1% | · | -21.1% | -13.8% | -11.3% | · | -5.7% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $710M | $629M | $891M | $701M | $502M |
| Gross Margin % | -34.1% | · | -57.0% | · | -34.1% |
| Operating Margin % | -206.7% | · | -150.7% | · | -87.1% |
| Net Income | $-1.63B | $-2.10B | $-1.37B | $-724M | $-460M |
| Diluted EPS | $-1.42 | $-2.68 | $-2.30 | $-1.25 | $-0.82 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Debt / Equity | · | · | 0.0 | · | 0.0 |
| Current Ratio | 2.3 | · | 1.9 | · | 10.6 |
| Quick Ratio | 0.8 | · | 0.4 | · | 5.9 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $-647M | · | $-1.77B | · | $-530M |
Institutional owners (13F) 569 filers · $2.5B total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
569
Value held
$2.5B
New positions
92
Exited positions
41
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 92 (+5 vs prior Q) | 41 (-10 vs prior Q) | 188 (+27 vs prior Q) | 111 (-6 vs prior Q) | +42.6M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| BlackRock, Inc. | $498,727,992 | 184,032,469 | 20.01% | Shares |
| VANGUARD GROUP INC | $255,310,612 | 129,599,295 | 10.24% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $179,334,654 | 66,175,149 | 7.19% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $170,559,498 | 62,937,084 | 6.84% | Shares |
| STATE STREET CORP | $105,049,164 | 38,763,529 | 4.21% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $99,088,187 | 36,557,253 | 3.97% | Shares |
| UBS Group AG | $89,774,918 | 33,127,276 | 3.60% | Shares |
| CITADEL ADVISORS LLC | $65,446,370 | 24,149,952 | 2.63% | Shares |
| TWO SIGMA INVESTMENTS, LP | $61,273,436 | 22,610,124 | 2.46% | Shares |
| D. E. Shaw & Co., Inc. | $59,465,855 | 21,943,120 | 2.39% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $52,837,071 | 19,502,331 | 2.12% | Shares |
| MILLENNIUM MANAGEMENT LLC | $37,136,780 | 13,703,609 | 1.49% | Shares |
| NORTHERN TRUST CORP | $34,564,835 | 12,754,552 | 1.39% | Shares |
| GOLDMAN SACHS GROUP INC | $33,570,298 | 12,387,564 | 1.35% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $31,923,258 | 11,779,800 | 1.28% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $31,532,976 | 11,681,867 | 1.26% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $31,404,821 | 11,588,495 | 1.26% | Shares |
| BARCLAYS PLC | $29,647,964 | 10,940,208 | 1.19% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $26,998,519 | 9,962,553 | 1.08% | Shares |
| Legal & General Group Plc | $26,334,243 | 9,717,433 | 1.06% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $24,165,341 | 8,917,100 | 0.97% | Call option |
| JANE STREET GROUP, LLC | $23,940,682 | 8,834,200 | 0.96% | Call option |
| Nuveen, LLC | $23,569,125 | 8,697,094 | 0.95% | Shares |
| JUPITER ASSET MANAGEMENT LTD | $21,933,553 | 8,093,562 | 0.88% | Shares |
| TWO SIGMA ADVISERS, LP | $21,706,610 | 11,018,584 | 0.87% | Shares |
| MORGAN STANLEY | $20,861,563 | 7,697,993 | 0.84% | Shares |
| Invesco Ltd. | $17,030,612 | 6,284,359 | 0.68% | Shares |
| VAN ECK ASSOCIATES CORP | $15,037,703 | 5,548,968 | 0.60% | Shares |
| FIRST TRUST ADVISORS LP | $14,405,164 | 5,315,559 | 0.58% | Shares |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | $13,894,780 | 5,127,225 | 0.56% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $13,479,540 | 4,974,000 | 0.54% | Put option |
| JPMORGAN CHASE & CO | $13,432,092 | 5,121,654 | 0.54% | Shares |
| Bank of New York Mellon Corp | $11,158,476 | 4,117,519 | 0.45% | Shares |
| FMR LLC | $10,887,042 | 4,017,359 | 0.44% | Shares |
| Erste Asset Management GmbH | $10,886,744 | 4,203,376 | 0.44% | Shares |
| Mirae Asset Global Investments Co., Ltd. | $10,490,833 | 3,871,156 | 0.42% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $10,248,570 | 3,781,760 | 0.41% | Shares |
| Qube Research & Technologies Ltd | $9,536,816 | 3,520,398 | 0.38% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $9,287,097 | 3,426,973 | 0.37% | Shares |
| Amundi | $8,871,724 | 3,273,699 | 0.36% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $8,118,069 | 3,592,066 | 0.33% | Shares |
| ALPS ADVISORS INC | $7,368,924 | 2,719,160 | 0.30% | Shares |
| Swiss National Bank | $7,200,979 | 2,657,188 | 0.29% | Shares |
| COATUE MANAGEMENT LLC | $6,897,609 | 2,545,243 | 0.28% | Shares |
| Quadrature Capital Ltd | $6,688,323 | 2,468,016 | 0.27% | Shares |
| STIFEL FINANCIAL CORP | $6,138,420 | 2,265,097 | 0.25% | Shares |
| CITADEL ADVISORS LLC | $6,069,316 | 2,239,600 | 0.24% | Call option |
| Vontobel Holding Ltd. | $5,797,888 | 2,139,442 | 0.23% | Shares |
| JANE STREET GROUP, LLC | $5,622,166 | 2,074,600 | 0.23% | Put option |
| PINNACLE ASSOCIATES LTD | $5,570,077 | 2,055,379 | 0.22% | Shares |
Activists & 5%+ owners 26 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Grove Energy Capital LLC, Plutus Capital NY, Inc., PassKey, Inc., PNES Investments, LLC, PRISM Energy International Americas, Inc. (formerly known as SK E&S Americas, Inc.), SK Innovation Co., Ltd., SK Inc. (formerly known as SK Holdings Co., Ltd.) ×4 filings | June 25, 2025 | 4.80% | Amendment | · | SEC |
| Axane S.A., Air Liquide Investissements d’Avenir et de Démonstration, L’Air Liquide S.A. ×2 filings | Aug. 28, 2015 | · | Initial filing | · | SEC |
| Air Liquide Investissements d’Avenir et de Démonstration, L’Air Liquide S.A. | Aug. 28, 2014 | · | Initial filing | Passive investment | SEC |
| 1.1.1.2. Air Liquide Investissements d’Avenir et de Démonstration, 1.1.1.2. L’Air Liquide S.A. | March 19, 2014 | · | Initial filing | Passive investment | SEC |
| JSC “INTER RAO Capital”, Open Joint Stock Company “Inter RAO UES” ×3 filings | Dec. 5, 2013 | · | Initial filing | · | SEC |
| Interinvest Corporation Inc., Interinvest Consulting Corporation of Canada Limited, Interinvest (Bermuda) Ltd., Hans P. Black ×10 filings | Oct. 2, 2013 | · | Initial filing | Passive investment | SEC |
| OJSC “THIRD GENERATION COMPANY OF THE WHOLESALE ELECTRICITY MARKET” ×7 filings | Oct. 1, 2012 | · | Initial filing | · | SEC |
| FiveMore Fund Ltd, FiveT Capital AG ×3 filings | Aug. 16, 2012 | · | Initial filing | · | SEC |
| Austin W. Marxe and David M. Greenhouse | April 2, 2012 | · | Initial filing | Passive investment | SEC |
| MMC NORILSK NICKEL | May 10, 2011 | · | Initial filing | · | SEC |
| VLADIMIR O. POTANIN | April 17, 2009 | · | Initial filing | · | SEC |
| SMART HYDROGEN INC., MMC NORILSK NICKEL, CLAYBURN DEVELOPMENT INC., BRANTON LIMITED, VLADIMIR O. POTANIN ×6 filings | Dec. 23, 2008 | · | Initial filing | · | SEC |
| Undisclosed reporting person | May 21, 2008 | · | Initial filing | · | SEC |
| Undisclosed reporting person | April 25, 2008 | · | Initial filing | · | SEC |
| Mechanical Technology Incorporated ×3 filings | Aug. 26, 2005 | · | Initial filing | · | SEC |
| First Albany Companies Inc. (2), George C. McNamee (2), Alan P. Goldberg (2) ×2 filings | Jan. 10, 2005 | · | Initial filing | · | SEC |
| July 22, 2003 | · | Initial filing | · | SEC | |
| March 24, 2003 | · | Initial filing | · | SEC | |
| Dec. 24, 2002 | · | Initial filing | · | SEC | |
| Undisclosed reporting person | Nov. 21, 2002 | · | Initial filing | M&A / sale | SEC |
| Nov. 14, 2002 | · | Initial filing | · | SEC | |
| May 15, 2002 | · | Initial filing | · | SEC | |
| June 12, 2001 | · | Initial filing | · | SEC | |
| Undisclosed reporting person | May 16, 2001 | · | Initial filing | · | SEC |
| Undisclosed reporting person | April 10, 2001 | · | Initial filing | · | SEC |
| Undisclosed reporting person | Feb. 9, 2001 | · | Initial filing | · | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 70 insiders · 24 officers · 37 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Roger B Saillant | CEO | May 13, 2005 A | 50,169 | 0 | 0 | $0 |
| Paul B Middleton | CFO & Executive VP | June 25, 2026 A | 2,947,169 | 0 | 0 | $0 |
| Gerald A Anderson | Chief Financial Officer | Dec. 13, 2011 A | 132,229 | 0 | 0 | $0 |
| Jean M Nelson | Chief Financial Officer | Nov. 27, 2006 A | 24,000 | 0 | 0 | $0 |
| David A Neumann | Chief Financial Officer | Feb. 1, 2006 A | 35,282 | 0 | 0 | $0 |
| Jose Luis Crespo | President & Chief Revenue Officer | June 25, 2026 A | 307,332 | 1 | 0 | $87,282 |
| Dean Fullerton | Chief Operating Officer | June 25, 2026 A | · | 0 | 0 | $0 |
| Gregory A Silvestri | Chief Operating Officer | Feb. 1, 2007 S | 51,599 | 0 | 0 | $0 |
| Benjamin Toby Patrick Haycraft | CSO & GM EMEA | Sept. 18, 2026 S | 101,249 | 0 | 7 | $-738,178 |
| Gerard L Conway JR | Gen. Coun, Corp Sec., Exec. VP | June 25, 2026 A | 259,482 | 0 | 0 | $0 |
| Martin Daniel Hull | Corporate Controller and CAO | April 6, 2025 F | 179,873 | 0 | 0 | $0 |
| Sanjay K Shrestha | CSO & GM, Energy Solutions | April 26, 2024 A | 160,270 | 0 | 0 | $0 |
| Keith Schmid | GM New Mkts & Pres New Prd Dv | Sept. 29, 2023 F | 474,776 | 0 | 0 | $0 |
| David Mindnich | EVP, Global Manufacturing | Sept. 5, 2023 F | 185,416 | 0 | 0 | $0 |
| Dirk Ole Hoefelmann | GM, Electrolyzers & Exec VP | Oct. 17, 2022 A | 280,064 | 0 | 0 | $0 |
| Erik J Hansen | VP of Sales | July 24, 2014 A | 54,633 | 0 | 0 | $0 |
| Adrian J Corless | Chief Technology Officer | July 24, 2013 A | 103,729 | 0 | 0 | $0 |
| Mark A Sperry | VP & GM, Continuous Power Div | Feb. 8, 2010 F | 87,802 | 0 | 0 | $0 |
| Bradley H Johnson | VP Customer Operations | Jan. 24, 2008 A | 5,001 | 0 | 0 | $0 |
| Allan Greenberg | Vice President, Sales | Jan. 24, 2008 A | 15,000 | 0 | 0 | $0 |
| Joseph M Millington | VP Human Resources | Jan. 24, 2008 A | 16,890 | 0 | 0 | $0 |
| Thomas M Hutchison | Vice President of Engineering | Jan. 24, 2008 A | · | 0 | 0 | $0 |
| Allen K Bucknam | VP Strategy and Business Dev | Oct. 22, 2007 S | 13,968 | 0 | 0 | $0 |
| John F Elter | VP Res. & System Architecture | Feb. 1, 2007 S | 42,820 | 0 | 0 | $0 |
| Gregory Kenausis | Director | Oct. 1, 2026 A | 520,340 | 0 | 0 | $0 |
| Patrick Joggerst | Director | Oct. 1, 2026 A | 264,782 | 0 | 0 | $0 |
| Colin M Angle | Director | Oct. 1, 2026 A | 159,223 | 0 | 0 | $0 |
| Mark J Bonney | Director | Oct. 1, 2026 A | 283,772 | 0 | 0 | $0 |
| Andrew Marsh | Director | Sept. 30, 2026 A | 853,378 | 0 | 0 | $0 |
| Maureen O Helmer | Director | June 11, 2026 A | 361,318 | 0 | 1 | $-161,500 |
| Gary K Willis | Director | June 11, 2026 A | 730,107 | 0 | 0 | $0 |
| George C Mcnamee | Director | June 11, 2026 A | 873,282 | 0 | 0 | $0 |
| Kavita Mahtani | Director | April 1, 2026 A | 239,847 | 0 | 0 | $0 |
| Jonathan M Silver | Director | July 3, 2023 A | 75,715 | 0 | 0 | $0 |
| Jean A Bua | Director | July 3, 2023 A | 22,669 | 0 | 0 | $0 |
| Lucas P Schneider | Director | April 3, 2023 A | 135,302 | 0 | 0 | $0 |
| Kim Harriman | Director | July 1, 2022 A | 6,471 | 0 | 0 | $0 |
| Johannes Minho Roth | Director | July 1, 2022 A | 234,633 | 0 | 0 | $0 |
| FiveT Capital Holdings AG | Director | Nov. 13, 2020 S | 0 | 0 | 0 | $0 |
| Gregory B Graves | Director | May 9, 2019 A | 83,431 | 0 | 0 | $0 |
| Douglas T Hickey | Director | July 2, 2018 A | 109,912 | 0 | 0 | $0 |
| Air Liquide Investissements d'Avenir et de Demonstration | Director | Sept. 22, 2017 S | 39,324 | 0 | 0 | $0 |
| Xavier Pontone | Director | April 3, 2017 A | 31,161 | 0 | 0 | $0 |
| Larry Garberding | Director | April 3, 2017 A | 197,714 | 0 | 0 | $0 |
| AXANE SA | Director | Aug. 26, 2015 S | 0 | 0 | 0 | $0 |
| Evgeny Miroshnichenko | Director | July 1, 2014 A | 62,254 | 0 | 0 | $0 |
| Evgeny Rasskazov | Director | July 2, 2013 A | 51,344 | 0 | 0 | $0 |
| DRAZAN JEFFREY M | Director | Jan. 10, 2011 A | 53,508 | 0 | 0 | $0 |
| Andrew Dimitri | Director | April 2, 2009 A | 7,391 | 0 | 0 | $0 |
| Dennis V Pivnyuk | Director | April 2, 2009 A | 9,916 | 0 | 0 | $0 |
| Michael E Mcguire Jr | Director | April 2, 2009 A | 11,816 | 0 | 0 | $0 |
| Joel D Gross | Director | April 2, 2009 A | 28,396 | 0 | 0 | $0 |
| Peter Woicke | Director | Jan. 2, 2009 A | 33,567 | 0 | 0 | $0 |
| Douglas J Grant | Director | Jan. 2, 2009 A | 57,413 | 0 | 0 | $0 |
| Lisa Rosenblum | Director | Oct. 2, 2008 A | 11,394 | 0 | 0 | $0 |
| Sergey Batekhin | Director | Oct. 2, 2008 A | 12,093 | 0 | 0 | $0 |
| Sergey Polikarpov | Director | July 2, 2008 A | 11,180 | 0 | 0 | $0 |
| John M Shalikashvili | Director | June 28, 2006 A | 8,379 | 0 | 0 | $0 |
| Richard Ross Stewart | Director | June 1, 2005 A | 0 | 0 | 0 | $0 |
| Anthony F Earley JR | Director | June 1, 2005 A | 4,000 | 0 | 0 | $0 |
| JSC INTER RAO Capital | 10% owner | Sept. 16, 2013 J | 4,462,693 | 0 | 0 | $0 |
| Joint Stock Co INTER RAO UES | 10% owner | Sept. 16, 2013 J | 4,462,693 | 0 | 0 | $0 |
| MARXE AUSTIN W & GREENHOUSE DAVID M | 10% owner | Feb. 14, 2013 S | 1,511,620 | 0 | 0 | $0 |
| OJSC Third Generation Co of the Wholesale Electricity Market | 10% owner | Sept. 28, 2012 S | 0 | 0 | 0 | $0 |
| Norlisk Nickel Mmc | 10% owner | March 22, 2011 J | 0 | 0 | 0 | $0 |
| Mikhail D Prokhorov | 10% owner | April 24, 2008 S | 0 | 0 | 0 | $0 |
| DTE ENERGY CO | 10% owner | Dec. 24, 2007 G | 8,054,463 | 0 | 0 | $0 |
| Keith Schmidt | · | Sept. 28, 2022 F | 417,971 | 0 | 0 | $0 |
| Chris Reid | · | May 20, 2009 A | · | 0 | 0 | $0 |
| MECHANICAL TECHNOLOGY INC | · | Aug. 18, 2003 S | 6,073,227 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 46 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| ICLN · iShares Trust | 2.72% | 27,579,111 SH | Sept. 11, 2026 | Daily |
| VCLN · Virtus ETF Trust II | 2.47% | 65,697 NS | July 31, 2026 | N-PORT |
| PBW · Invesco Exchange-Traded Fund Trust | 1.41% | 2,444,414 SH | Oct. 1, 2026 | Daily |
| PBD · Invesco Exchange-Traded Fund Trust … | 0.83% | 495,426 SH | Oct. 1, 2026 | Daily |
| IBAT · iShares Trust | 0.58% | 190,379 SH | Sept. 11, 2026 | Daily |
| JSML · Janus Detroit Street Trust | 0.37% | 652,594 NS | July 31, 2026 | N-PORT |
| ZAP · Global X Funds | 0.28% | 629,775 NS | July 31, 2026 | N-PORT |
| CCSO · Tidal Trust II | 0.28% | 62,117 NS | July 31, 2026 | N-PORT |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.22% | 1,467,658 SH | Aug. 19, 2026 | Daily |
| FYC · First Trust Exchange-Traded AlphaDE… | 0.21% | 1,295,268 NS | July 31, 2026 | N-PORT |
| IWO · iShares Trust | 0.19% | 12,843,874 SH | Sept. 11, 2026 | Daily |
| TRFM · ETF Series Solutions | 0.12% | 147,341 NS | July 31, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.12% | 1,655,572 SH | Oct. 1, 2026 | Daily |
| BKSE · BNY Mellon ETF Trust | 0.12% | 49,647 NS | July 31, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.11% | 377,049 NS | July 31, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.11% | 7,879,066 SH | Aug. 19, 2026 | Daily |
| MADE · iShares Trust | 0.10% | 28,434 SH | Sept. 11, 2026 | Daily |
| VBK · VANGUARD INDEX FUNDS | 0.10% | 18,523,360 SH | Aug. 19, 2026 | Daily |
| VFMO · VANGUARD WELLINGTON FUND | 0.10% | 773,039 SH | Aug. 19, 2026 | Daily |
| FYX · First Trust Exchange-Traded AlphaDE… | 0.10% | 643,790 NS | July 31, 2026 | N-PORT |
| IWM · iShares Trust | 0.09% | 34,984,880 SH | Sept. 11, 2026 | Daily |
| RSSL · Global X Funds | 0.09% | 655,396 NS | July 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.06% | 4,411,850 NS | July 31, 2026 | N-PORT |
| VB · VANGUARD INDEX FUNDS | 0.05% | 31,958,013 SH | Aug. 19, 2026 | Daily |
| VIS · VANGUARD WORLD FUND | 0.05% | 1,612,232 SH | Aug. 19, 2026 | Daily |
| ESML · iShares Trust | 0.05% | 654,211 SH | Sept. 11, 2026 | Daily |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.04% | 117,335 NS | July 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.04% | 15,999,756 SH | Aug. 19, 2026 | Daily |
| FIDU · FIDELITY COVINGTON TRUST | 0.04% | 436,900 NS | July 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.03% | 81,183 SH | Sept. 11, 2026 | Daily |
| DXUV · Dimensional ETF Trust | 0.01% | 39,488 NS | July 31, 2026 | N-PORT |
| VEGN · ETF Series Solutions | 0.01% | 9,272 NS | July 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.01% | 44,376,438 SH | Aug. 19, 2026 | Daily |
| ESGV · VANGUARD WORLD FUND | 0.01% | 301,877 SH | Aug. 19, 2026 | Daily |
| DCOR · Dimensional ETF Trust | 0.01% | 146,772 NS | July 31, 2026 | N-PORT |
| DFSU · Dimensional ETF Trust | 0.01% | 95,404 NS | July 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.01% | 1,719,697 NS | July 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.00% | 51,340 NS | July 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 282,906 NS | July 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 1,892,034 SH | Sept. 11, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 373,906 SH | Sept. 11, 2026 | Daily |
| DFUS · Dimensional ETF Trust | 0.00% | 383,854 NS | July 31, 2026 | N-PORT |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.00% | 1,138,653 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 111,501 SH | Aug. 19, 2026 | Daily |
| ISCB · iShares Trust | · | 62,719 SH | Sept. 11, 2026 | Daily |
| ISCV · iShares Trust | · | 307,289 SH | Sept. 11, 2026 | Daily |
PLUG Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 29 analysts
HOLD
Median target
$3.50
+84.2%
2 6.9%
Strong Buy
10 34.5%
Buy
14 48.3%
Hold
2 6.9%
Sell
1 3.4%
Strong Sell
12-Month Price Target
16 analysts · 2026-09-20Mean target $3.55 +87.0%
Now
Current price $1.90
Low$0.75
Mean$3.55
High$7.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| PLUG | · | -1.4 | 12.9% | -229.8% | -120.3% | -34.1% |
| POWL | $3.68B | 20.5 | 9.1% | 16.4% | 30.6% | 29.4% |
| ENS | $6.33B | 22.6 | 3.7% | 7.8% | 15.4% | 29.3% |
| ST | · | 158.5 | -5.8% | 0.84% | 1.1% | · |
| ATKR | $2.11B | -139.4 | -11.0% | -0.53% | -1.1% | 23.7% |
| PLPC | $1.01B | 29.0 | 12.7% | 5.3% | 7.9% | 31.2% |
| ALNT | $910M | 40.7 | 4.6% | 4.0% | 7.5% | 32.8% |
| RUN | $4.30B | 10.8 | 45.1% | 15.2% | 15.8% | · |
| FCEL | $412M | -1.2 | 41.0% | -118.8% | -28.5% | · |
| AMSC | $1.61B | 11.1 | 34.3% | 44.7% | 29.8% | 30.6% |
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Source: SEC 10-Q filed Aug 10, 2026