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Plug Power PLUG Business Segments — Research And Development Expense

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Other financials

Income statement

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Revenue$163.5M+22.3%
Gross profit-$21.6M+70.7%
Operating income-$109.5M+38.6%
Net income-$245.3M-24.7%
EPS (diluted)-$0.18+14.3%

Balance sheet

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Cash & equivalents$223.2M-24.6%
Total debt$263.3M-22.5%
Total equity$749.8M-59.6%
Total assets$2.4B-34.8%

Cash flow

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Operating cash flow-$150.0M-42.1%
CapEx$2.4M-94.0%
Free cash flow-$152.4M-4.4%

Valuation

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Market cap$2.89B+72.4%
Enterprise value$2.93B+56.5%
P/S3.9×+1.4×

Profitability

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Gross margin-26.4%-10.7pp
Operating margin-189%-51.4pp
Net margin-227.1%-48.7pp
FCF margin-88.3%-23.9pp

Returns & leverage

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Return on equity-128.9%+150pp
Debt / equity0.4×+0.2×
Current ratio2.4×+0.4×

Where this comes from

Reported directly by Plug Power in its filing.

Tagged under the XBRL concept us-gaap:ResearchAndDevelopmentExpense.

The source filing: Plug Power’s 10-Q, filed May 11, 2026.

Filed
May 11, 2026, 4:48 PM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0001104659-26-058712
Line itemThree months ended March 31, 2026Three months ended March 31, 2025
Fuel delivered to customers and related equipment(52,892)(59,354)
Other costs of revenue(146)(343)
Operating expenses:
Research and development$(12,113)$(17,357)
Selling, general and administrative(70,208)(80,839)
Impairment(3,856)(1,064)
Other segment items, net(1)$(137,520)$(23,535)
Consolidated net loss attributable to Plug Power Inc.$(245,304)$(196,656)

Item 1 — Interim Condensed Consolidated Financial Statements (Unaudited)

FAQ

What is Plug Power's business segments — research and development expense?
Plug Power (PLUG) reported business segments — research and development expense of $12.11M in Q1 2026.
How has Plug Power's business segments — research and development expense changed year-over-year?
Plug Power's business segments — research and development expense decreased by 30.2% year-over-year, from $17.36M to $12.11M.
What is the long-term trend for Plug Power's business segments — research and development expense?
Over 3 years (2022 to 2025), Plug Power's business segments — research and development expense has grown at a -16.5% compound annual growth rate (CAGR), from $99.58M to $57.96M.
What does business segments — research and development expense mean?
These are the costs incurred by the business segment to develop new technologies, improve existing hydrogen solutions, and innovate within the green energy sector. Monitoring this spend helps investors assess the company's commitment to maintaining a competitive technological advantage.

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