Employee Benefit Plans (Tables)
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12 Months Ended |
Dec. 31, 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): | | | | | | | | | | Year ended December 31, | | 2023 | | 2022 | | 2021 | Cost of sales | $ | 11,079 | | $ | 7,259 | | $ | 1,965 | Research and development | | 9,532 | | | 6,369 | | | 5,983 | Selling, general and administrative | | 129,387 | | | 156,127 | | | 64,443 | | $ | 149,998 | | $ | 169,755 | | $ | 72,391 |
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| Nonvested Restricted Stock Shares Activity |
A summary of restricted common stock and restricted stock unit activity for the year ended December 31, 2023 is as follows (in thousands except share amounts): | | | | | | | | | | | | | Weighted | | Aggregate | | | | | Average Grant Date | | Intrinsic | | | Shares | | Fair Value | | Value | Unvested restricted stock at December 31, 2022 | | 6,276,376 | | $ | 21.56 | | $ | 77,639 | Granted | | 4,131,193 | | | 11.55 | | | — | Vested | | (2,851,637) | | | 20.40 | | | — | Forfeited | | (823,048) | | | 23.60 | | | — | Unvested restricted stock at December 31, 2023 | | 6,732,884 | | $ | 15.66 | | $ | 30,298 |
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| Service Stock Options Awards |
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| Assumptions made for the purpose of estimating fair value |
| | | | | | | | | December 31, | | December 31, | | December 31, | | | 2023 | | 2022 | | 2021 | Expected term of options (years) | | 5 | | 5 | | 3-5 | Risk free interest rate | | 3.40% - 4.69% | | 1.26% - 4.34% | | 0.61% - 1.23% | Volatility | | 80.02% - 92.55% | | 73.38% - 85.97% | | 72.46% - 76.60% |
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| Schedule of Share-based Compensation, Stock Options, Activity |
The following table reflects the Service Stock Option activity for the year ended December 31, 2023: | | | | | | | | | | | | | | | | | | 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 | Options exercisable at December 31, 2022 | | 6,661,969 | | | 8.41 | | | 6.40 | | | 42,182 | Options unvested at December 31, 2022 | | 5,416,300 | | | 21.63 | | | 9.01 | | | 653 | Granted | | 6,849,689 | | | 7.08 | | | — | | | — | Exercised | | (716,581) | | | 2.25 | | | — | | | — | Forfeited | | (875,015) | | | 26.27 | | | — | | | — | Options outstanding at December 31, 2023 | | 17,336,362 | | $ | 11.37 | | | 7.86 | | $ | 11,391 | Options exercisable at December 31, 2023 | | 8,288,944 | | | 11.84 | | | 6.18 | | | 7,250 | Options unvested at December 31, 2023 | | 9,047,418 | | $ | 10.94 | | | 9.39 | | $ | 4,141 |
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| Performance Stock Option Awards |
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| Assumptions made for the purpose of estimating fair value |
| | | | | | | | | | | December 31, | | | December 31, | | | December 31, | | | 2023 | | | 2022 | | | 2021 | Remaining VWAP performance period (years) | | 3 | | | 3 | | | 3 | Risk- free interest rate | | 3.60% | | | 3.10% | | | 1.12% | Expected volatility | | 75.00% | | | 75.00% | | | 70.00% | Closing stock price on grant date | $ | 7.87 | | $ | 26.38 | | $ | 26.92 |
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| Schedule of Share-based Compensation, Stock Options, Activity |
The following table reflects the Performance Stock Option activity for the year ended December 31, 2023. Solely for the purposes of this table, the number of shares is based on participants earning the maximum number of shares underlying the Performance Stock Options (i.e., 200% of the target number of shares). | | | | | | | | | | | | | | | | | 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 | | $ | — | Options exercisable at December 31, 2022 | | 1,391,000 | | | 26.9 | | 5.7 | | | — | Options unvested at December 31, 2022 | | 14,129,000 | | | 26.86 | | 5.82 | | | — | Granted | | 6,405,000 | | | 7.87 | | 6.38 | | | — | Exercised | | — | | | — | | — | | | — | Forfeited | | — | | | — | | — | | | — | Options outstanding at December 31, 2023 | | 21,925,000 | | $ | 21.32 | | 5.27 | | $ | — | Options exercisable at December 31, 2023 | | 2,782,000 | | | 26.92 | | 4.73 | | | — | Options unvested at December 31, 2023 | | 19,143,000 | | $ | 20.50 | | 5.35 | | $ | — |
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