Plug Power Inc.

(GAAP): $ (245,304 ) $ (196,656 ) Adjustments, net of estimated tax effect: Impairment 3,856 1,064 Restructuring, legal accruals, write-off of various loans receivable, bad debt and supplier contract modification 4,819 24,971 Change in fair value of contingent consideration 280 (11,819 ) Lower of cost or net realizable value inventory adjustments, and provision for excess and obsolete inventory 7,271 8,262 Losses on extinguishment and changes in fair value of convertible debt instruments, finance obligations and warrant liabilities, net 123,617 10,990 Adjusted net loss attributable to Plug Power Inc.

SEC original ↗Plug Power Inc. — Earnings release (8-K exhibit)EX-99May 11, 2026

adjusted for, when applicable, impairment, restructuring, legal accruals, write-off of various loans receivable and bad debt, change in fair value of contingent consideration, losses on extinguishment and changes in fair value of convertible debt instruments, finance obligations and warrant liabilities, net, supplier contract modifications, lower of cost or net realizable value inventory adjustments, and provision for excess and obsolete inventory, and product warranty expense, net of the estimated tax effect of these adjustments and any anticipated tax valuation adjustments.

SEC original ↗Plug Power Inc. — Earnings release (8-K exhibit)EX-99May 11, 2026

The Company s primary sources of liquidity have historically included cash on hand, proceeds from equity and debt financings, and operating cash flows.

SEC original ↗Plug Power Inc. — 10-Q Quarterly report10-QAug 10, 2026

6.75 % Convertible Senior Notes The fair value of the 6.75 % Convertible Senior Notes as of June 30, 2026 and December 31, 2025 was comprised of a single financial liability in which the Company elected the fair value option under ASC 825, with changes in fair value recorded in change in fair value of convertible debt instruments in the unaudited interim condensed consolidated statements of operations.

SEC original ↗Plug Power Inc. — 10-Q Quarterly report10-QAug 10, 2026

The Company has also elected to present interest expense separately from the change in fair value of convertible debt instruments measured at fair value through earnings.

SEC original ↗Plug Power Inc. — 10-Q Quarterly report10-QAug 10, 2026

Convertible Senior Notes 6.75 % Convertible Senior Notes On November 21, 2025, the Company issued $ 431.3 million aggregate principal amount of 6.75 % convertible senior notes due December 1, 2033 (the 6.75 % Convertible Senior Notes ), including the exercise in full of the initial purchasers option to purchase up to an additional $ 56.3 million principal amount of the notes.

SEC original ↗Plug Power Inc. — 10-Q Quarterly report10-QAug 10, 2026

· Plug’s production facilities in Georgia, Tennessee, and Louisiana provide approximately 40 TPD in total capacity supporting both internal demand and broader commercial opportunities Liquidity and Capital Position · Ended the quarter with over $802 million in total cash, including $223 million in unrestricted cash and approximately $579 million of restricted cash, which is expected to release ~$50 million per quarter over the next few years · Anticipated proceeds of approximately $275 million from hydrogen project asset monetization initiatives, including the previously announced agreement with Stream Data Centers.

SEC original ↗Plug Power Inc. — Earnings release (8-K exhibit)EX-99May 11, 2026

Gabriel, Louisiana joint venture hydrogen liquefier for $39.2 million, currently targeted to close by the end of May 2026 · Cash usage tracking modestly better than the Company’s internal plan; sequential improvement in cash usage is expected over the balance of 2026, with positive EBITDAS targeted in Q4 2026 Positioned for Long-Term Value Creation Plug continues to execute against a clear set of priorities: margin expansion, disciplined capital deployment, and conversion of its project pipeline into profitable growth.

SEC original ↗Plug Power Inc. — Earnings release (8-K exhibit)EX-99May 11, 2026

The Company remains focused on achieving positive EBITDAS in the fourth quarter of 2026.

SEC original ↗Plug Power Inc. — Earnings release (8-K exhibit)EX-99May 11, 2026

These forward-looking statements include, but are not limited to, statements regarding the Company's expectations, beliefs, plans, projections, and anticipated results of operations, including statements regarding anticipated financial results, targets, and objectives for future periods, cash usage, liquidity, asset monetization initiatives and the timing of such closings, hydrogen production capacity and utilization, project pipeline opportunities, electrolyzer deployments, anticipated benefits of “Project Quantum Leap,” and the Company’s ability to achieve positive EBITDAS in the fourth quarter of 2026.

SEC original ↗Plug Power Inc. — Earnings release (8-K exhibit)EX-99May 11, 2026

" The Company expects these proceeds to provide additional near-term liquidity as it continues to execute on its strategic infrastructure optimization initiative.

SEC original ↗Plug Power Inc. — 10-Q Quarterly report10-QAug 10, 2026

Forward-looking statements are based on management’s current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements.

SEC original ↗Plug Power Inc. — Earnings release (8-K exhibit)EX-99May 11, 2026

OTHER INFORMATION Item 1 Legal Proceedings 50 Item 1A Risk Factors 50 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 51 Item 3 Defaults Upon Senior Securities 51 Item 4 Mine Safety Disclosures 51 Item 5 Other Information 51 Item 6 Exhibits 53 Signatures 55 2 Table of Contents PART I.

SEC original ↗Plug Power Inc. — 10-Q Quarterly report10-QAug 10, 2026

To the extent that we desire to access alternative sources of capital, market conditions could adversely impact our ability to do so at that time and at terms favorable to the Company.

SEC original ↗Plug Power Inc. — 10-Q Quarterly report10-QAug 10, 2026