PLUGPLUG POWER INC

Electrical Industrial Apparatus

Revenue: $710M; 13% YoY
Operating margin: -206.7%; 36% YoY
EBITDA: −$1.4B; 27% YoY
Market cap: $809M
Employees: 2,582; $275K revenue each
Net debt / EBITDA: —; −$158M net debt
AI in 10-K: 0.7; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$4M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
7% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
-0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentYes
68% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$275K · 31st pct
Bottom quartile of its SIC industry
Quiet on AINo
0.7 per 10K words · 27th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$809M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$788K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$502M	$701M	$891M	$629M	$710M	13%
Operating income	−$437M	−$680M	−$1.3B	−$2.0B	−$1.5B	27%
Net income	−$460M	−$724M	−$1.4B	−$2.1B	−$1.6B	22%
Operating cash flow	−$358M	−$829M	−$1.1B	−$729M	−$536M	26%
Capex	$172M	$437M	$665M	$287M	$111M	61%
Stock-based comp	$76M	$180M	$163M	$82M	$51M	39%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jun 25, 2025	Grove Energy Capital LLC	SCHEDULE 13D/A	28.7%	Passive
Nov 6, 2024	Grove Energy Capital LLC	SC 13D/A	6.2%	Passive
May 11, 2022	Grove Energy Capital LLC	SC 13D/A	9.5%	Passive
Mar 8, 2021	Grove Energy Capital LLC	SC 13D	—	Passive

Insider trading

Open-market buys, 12 mo: $87K · 1
Open-market sells, 12 mo: $875K · 8
Net: −$788K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$4M	$6M	6	64
FY2024	$2M	−$407K	6	48
FY2023	$7M	−$4M	13	60
FY2022	$767K	−$76M	36	65
FY2021	$52M	$4M	83	97