PLUG — what changed in the latest 10-Q
A section-by-section comparison of PLUG's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-05-11 vs the prior 10-Q · 2025-11-10
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +103 | −177 | ~6 | 13 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Controls & procedures | Text added/removed | +3 | −4 | ~5 | 1 |
| Legal proceedings | Text added/removed | +3 | −4 | ~3 | 0 |
| Risk factors | Some risk factors updated | +3 | −4 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Other information
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-05-11
The following discussion should be read in conjunction with our accompanying unaudited interim condensed consolidated financial statements and notes thereto included within this Quarterly Report on Form 10-Q, and our audited consolidated financial statements and notes thereto included in the Company…
Forward-looking statements are typically identified by words such as “anticipate,” “believe,” “could,” “continue,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “project,” “should,” “target,” “will,” “would,” and similar expressions, including the negatives thereof. These statements are…
Investors are cautioned not to unduly rely on forward-looking statements. Important factors that could cause actual results to differ materially include, among others:
●our history of operating losses and negative cash flows and our ability to generate sufficient revenue and gross margin to achieve profitability;
●our need to raise additional capital and the availability of financing on acceptable terms;
Text removed vs the prior filing · source: 10-Q · 2025-11-10
The following discussion should be read in conjunction with our accompanying unaudited interim condensed consolidated financial statements and notes thereto included within this Quarterly Report on Form 10-Q, and our audited consolidated financial statements and notes thereto included in our 2024 Fo…
●the risk that we continue to incur losses and might never achieve or maintain profitability;
●the risk that we will need to raise additional capital to fund our operations and such capital may not be available to us, or if received, may not be available to us on favorable terms;
●the risk that we may not be able to expand our business or manage our future growth effectively;
●our ability to maintain an effective system of internal control over financial reporting;
Controls & procedures
Text added vs the prior filing · source: 10-Q · 2026-05-11
Disruptions to international shipping routes and regional instability, including in and around the Strait of Hormuz, may delay deliveries, increase costs, and adversely affect our ability to fulfill customer orders and recognize revenue.
We rely on global logistics, including shipping routes through the Middle East and other key transit networks, to deliver products to our customers. Disruptions affecting these supply chain routes, including geopolitical tensions, military activity, or other instability, may delay, restrict, or prev…
These types of disruptions may impair our ability to fulfill customer orders in a timely manner, delay commissioning and installation, and defer revenue recognition and cash collections. In addition, we may incur incremental costs such as additional freight, storage, or contractual penalties, and we…
Text removed vs the prior filing · source: 10-Q · 2025-11-10
Our decision to temporarily suspend activities related to the DOE loan program could adversely affect our access to low-cost capital, delay project execution, and expose us to potential termination or modification of the DOE loan guarantee.
On January 16, 2025, the DOE agreed to arrange a multi-draw term-loan facility to finance the development, construction, and ownership of up to six green-hydrogen production facilities. Our ability to receive advances under the DOE loan remains subject to technical, legal, environmental, and financi…
In November 2025, we elected to temporarily suspend activities related to the DOE loan program while we evaluate our optimal reallocation of capital, including projects previously contemplated in New York and Texas. This suspension, although intended to align capital allocation with higher-return op…
If the DOE determines that we are not meeting required conditions or project milestones, the agency could terminate its loan guarantee commitment. Any such action could limit our ability to finance future hydrogen-generation or infrastructure projects on comparable terms, increase our cost of capita…
Legal proceedings
Text added vs the prior filing · source: 10-Q · 2026-05-11
Disruptions to international shipping routes and regional instability, including in and around the Strait of Hormuz, may delay deliveries, increase costs, and adversely affect our ability to fulfill customer orders and recognize revenue.
We rely on global logistics, including shipping routes through the Middle East and other key transit networks, to deliver products to our customers. Disruptions affecting these supply chain routes, including geopolitical tensions, military activity, or other instability, may delay, restrict, or prev…
These types of disruptions may impair our ability to fulfill customer orders in a timely manner, delay commissioning and installation, and defer revenue recognition and cash collections. In addition, we may incur incremental costs such as additional freight, storage, or contractual penalties, and we…
Text removed vs the prior filing · source: 10-Q · 2025-11-10
Our decision to temporarily suspend activities related to the DOE loan program could adversely affect our access to low-cost capital, delay project execution, and expose us to potential termination or modification of the DOE loan guarantee.
On January 16, 2025, the DOE agreed to arrange a multi-draw term-loan facility to finance the development, construction, and ownership of up to six green-hydrogen production facilities. Our ability to receive advances under the DOE loan remains subject to technical, legal, environmental, and financi…
In November 2025, we elected to temporarily suspend activities related to the DOE loan program while we evaluate our optimal reallocation of capital, including projects previously contemplated in New York and Texas. This suspension, although intended to align capital allocation with higher-return op…
If the DOE determines that we are not meeting required conditions or project milestones, the agency could terminate its loan guarantee commitment. Any such action could limit our ability to finance future hydrogen-generation or infrastructure projects on comparable terms, increase our cost of capita…
Risk factors
Text added vs the prior filing · source: 10-Q · 2026-05-11
Disruptions to international shipping routes and regional instability, including in and around the Strait of Hormuz, may delay deliveries, increase costs, and adversely affect our ability to fulfill customer orders and recognize revenue.
We rely on global logistics, including shipping routes through the Middle East and other key transit networks, to deliver products to our customers. Disruptions affecting these supply chain routes, including geopolitical tensions, military activity, or other instability, may delay, restrict, or prev…
These types of disruptions may impair our ability to fulfill customer orders in a timely manner, delay commissioning and installation, and defer revenue recognition and cash collections. In addition, we may incur incremental costs such as additional freight, storage, or contractual penalties, and we…
Text removed vs the prior filing · source: 10-Q · 2025-11-10
Our decision to temporarily suspend activities related to the DOE loan program could adversely affect our access to low-cost capital, delay project execution, and expose us to potential termination or modification of the DOE loan guarantee.
On January 16, 2025, the DOE agreed to arrange a multi-draw term-loan facility to finance the development, construction, and ownership of up to six green-hydrogen production facilities. Our ability to receive advances under the DOE loan remains subject to technical, legal, environmental, and financi…
In November 2025, we elected to temporarily suspend activities related to the DOE loan program while we evaluate our optimal reallocation of capital, including projects previously contemplated in New York and Texas. This suspension, although intended to align capital allocation with higher-return op…
If the DOE determines that we are not meeting required conditions or project milestones, the agency could terminate its loan guarantee commitment. Any such action could limit our ability to finance future hydrogen-generation or infrastructure projects on comparable terms, increase our cost of capita…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice