Employee Benefit Plans (Tables)
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9 Months Ended |
Sep. 30, 2023 |
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| Schedule of components and classification of stock-based compensation expense |
The components and classification of stock-based compensation expense, excluding the Company’s matching contributions to the Plug Power Inc. 401(k) Savings & Retirement Plan and quarterly Board compensation, were as follows (in thousands): | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | September 30, 2023 | | September 30, 2022 | | September 30, 2023 | | September 30, 2022 | Cost of sales | | $ | 3,115 | | $ | 1,821 | | $ | 8,231 | | $ | 4,928 | Research and development | | | 2,935 | | | 1,483 | | | 6,982 | | | 4,062 | Selling, general and administrative | | | 36,392 | | | 40,935 | | | 104,278 | | | 118,710 | | | $ | 42,442 | | $ | 44,239 | | $ | 119,491 | | $ | 127,700 |
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| Nonvested Restricted Stock Shares Activity |
The following table reflects the restricted stock and restricted stock unit activity for the nine months ended September 30, 2023 (in thousands except share amounts): | | | | | | | | | | | | | Weighted | | Aggregate | | | | | Average Grant Date | | Intrinsic | | | Shares | | Fair Value | | Value | Unvested restricted common stock and restricted stock units at December 31, 2022 | | 6,276,376 | | $ | 21.56 | | $ | 77,639 | Granted | | 3,606,393 | | | 12.57 | | | — | Vested | | (1,973,283) | | | 20.77 | | | — | Forfeited | | (648,354) | | | 23.50 | | | — | Unvested restricted common stock and restricted stock units at September 30, 2023 | | 7,261,132 | | $ | 17.14 | | $ | 55,185 |
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| Service Stock Options Awards |
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| Schedule of Share-based Compensation, Stock Options, Activity |
| | | | | | | | | | | | | | | | | | | | Weighted | | | | | | | | | Weighted | | Average | | | | | | | | | Average | | Remaining | | Aggregate | | | | | | Exercise | | Contractual | | Intrinsic | | | Shares | | Price | | Terms | | Value | Options outstanding at December 31, 2022 | | $ | 12,078,269 | | $ | 14.34 | | $ | 7.57 | | $ | 42,835 | Granted | | | 2,726,689 | | | 12.47 | | | — | | | — | Exercised | | | (525,617) | | | 2.50 | | | — | | | — | Forfeited | | | (740,582) | | | 28.01 | | | — | | | — | Options outstanding at September 30, 2023 | | $ | 13,538,759 | | $ | 13.67 | | $ | 7.48 | | $ | 19,007 | Options exercisable at September 30, 2023 | | | 7,850,918 | | | 10.98 | | | 6.20 | | | 19,007 | Options unvested at September 30, 2023 | | $ | 5,687,841 | | $ | 17.39 | | $ | 9.24 | | $ | — |
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| Performance Stock Option Awards |
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| Assumptions made for the purpose of estimating fair value |
| | | | | Nine Months Ended | | | September 30, 2023 | Remaining VWAP performance period (years) | | 3 | Risk-free interest rate | | 3.60% | Expected volatility | | 75.00% | Closing stock price on grant date | | $ 7.87 |
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| Schedule of Share-based Compensation, Stock Options, Activity |
| | | | | | | | | | | | | | | | | Weighted | | | | | | | | Weighted | | Average | | | | | | | | Average | | Remaining | | Aggregate | | | | | Exercise | | Contractual | | Intrinsic | | | Shares | | Price | | Terms | | Value | Options outstanding at December 31, 2022 | | 15,520,000 | | $ | 26.87 | | 5.81 | | $ | — | Granted | | 6,405,000 | | | 7.87 | | 6.63 | | | — | Options outstanding at September 30, 2023 | | 21,925,000 | | $ | 21.32 | | 5.52 | | $ | — | Options exercisable at September 30, 2023 | | 2,782,000 | | | 26.92 | | 4.98 | | | — | Options unvested at September 30, 2023 | | 19,143,000 | | $ | 20.50 | | 5.60 | | $ | — |
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