Plug Reports Largest Quarterly Revenue in

Company’s History of $260.2M, up 72% YoY

Reaffirms revenue guidance of $1.2B - $1.4B for 2023. Record revenue reflects
increasing traction with vertically integrated business model, strong growth
in material handling, and contributions from new product lines.

Margins improved sequentially, reflecting substantial gain when adjusting for

multiple items associated with scaling up all the new offerings.
Manufacturing scale, green hydrogen build out, and vertically integrated
business model sets up an inflection point in both revenue and path to
profitability.

● Record revenue in Q2 demonstrates the strength of Plug’s vertical integration strategy:

Expansion with pedestal customers in material handling and significant growth in cryogenics
and liquefaction helped drive revenue growth in the quarter. Electrolyzer revenue in the
second half of 2023 is projected to increase substantially. This, coupled with strong revenue
outlook in cryogenic business and our application business including material handling,
positions Plug to achieve its revenue targets for the year.

● Margins poised for substantial ramp as Plug continues to scale multiple new offerings:
Reported GAAP gross loss of (30%), improved sequentially. This includes approximately $45M
of costs primarily associated with multiple scale up related activities incurred in the quarter.
The range of new offerings being launched in the quarter and the pace of scale up for sales
and manufacturing of these new offerings for Plug is unprecedented in its history.
Considering these costs, we believe the quarter demonstrates the strong margin growth Plug
is positioned for as we continue to grow these new endeavors. Some of these costs were
associated with several necessary investments which have positioned us for future growth
and improved profitability, including electrolyzer production optimization, scaling the new
Vista facility, and launching new application products. Additional costs were incurred
including higher fuel cost due to unplanned hydrogen plant maintenance and elevated
hydrogen pricing on the West Coast.

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 ● Plug’s Georgia green hydrogen plant reaching major milestone: We are continuing to
optimize and ramp-up the plant. Final commissioning activities are underway to reach 17.5
tons per day (TPD) of production on site during Q3 2023. As Georgia produces at its full
capacity, this is expected to cut our fuel margin loss by as much as half from Q2 to Q4 2023.

● Electrolyzer business outlook remains robust for both product and project business: As
previously highlighted, we recently closed a large electrolyzer deal with a major integrated
energy operator in Europe and are at final stages of closing multiple other large
opportunities. We are tracking over 7.5 GW of electrolyzer sales opportunities with final
investment decisions (FID) expected in the next 12-18 months.

● Liquefier and cryogenics business delivers significant growth in the quarter: Sales from
Plug’s cryogenics and liquefier business totaled $69.7M in Q2 2023 compared to $18.2M in
Q2 2022. Backlog, bookings outlook, and capacity ramp we believe positions this business to
deliver meaningful revenue and margin in 2H 2023. Plug’s liquefier and cryogenic business
is pursuing over $1.5B of bookings opportunities in the medium term.

● Material handling business signs a new pedestal customer in North America, now
totaling 11 globally: 17 material handling sites were added in Q2 representing a 70%
increase year over year (YoY). On track for 80+ new sites in 2023, which would represent an
almost 100% increase in site growth year over year.

● First large-scale stationary unit deployed. Orders across multiple end markets opening
a $1T+ addressable market: Plug is seeing meaningful demand for EV charging, prime
power, and data center backup for this product from Microsoft, Energy Vault, and our
pedestal customers.

● Gigafactory exceeds annual nameplate capacity for electrolyzer, producing over 100
MW of electrolyzers in May: The company plans to organically expand its PEM stack
manufacturing capacity in Rochester well beyond 2.5 GW per year, to as much as 3x the initial
nameplate capacity. Vista Fuel Cell Manufacturing Facility now produces all GenDrive units
and has commissioned the high-power stationary and mobility ProGen manufacturing lines.

● Exploring multiple financing options to support anticipated growth: Plug is evaluating

several financing options with counterparties, including but not limited to, the DOE Loan
Program, strategic project investment partners, and corporate debt facilities.

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2023 Key Initiatives

Plug's strategic investments in manufacturing and hydrogen production are set to yield significant
contributions to our operational and financial performance. The second quarter marked a milestone
for the company, with record revenue that underscored the escalating demand across our diversified
product platform. This included continued partnership and growth with existing customers such as
Amazon, Home Depot, and Walmart, while developing new opportunities, such as our stationary
power partnership with Energy Vault. Plug also delivered increased cryogenics and liquefaction
revenue with customers such as TC Energy, Fortescue, Pilot Flying J, large industrial gas companies,
and electrolyzer orders from ReNu Energy Limited, Ardagh Glass Limmared AB, APEX Group and
major oil and gas companies.

The second quarter has demonstrated the substantial momentum gained through Plug's vertical
integration strategy, which focuses on delivering turnkey green hydrogen solutions. While we have
scaled our platform, we have faced and overcome customary challenges as an industry first mover,
including adjustments in hydrogen plant schedules and scale up related cost pressures. Plug has had
immense learnings from these transitory challenges, and as a result Plug today is better positioned
to achieve our 2023 revenue objectives and long-term strategic targets.

Plug’s global green hydrogen network is accelerating the adoption of our fuel cell applications, and
the expansion of the overall hydrogen economy. Our energy business has established Plug as a one
stop shop for green hydrogen solutions, including electrolyzers, engineering services, liquefiers, and
cryogenic storage and transportation. This strategic enterprise approach transforms potentially
every dollar of electrolyzer sales into over two dollars of portfolio opportunity including liquefaction
and cryo equipment (tanks, trailers, etc.). We expect that these factors will drive opportunities across
our entire value chain as hydrogen adoption accelerates, bolstered by unprecedented regulatory
tailwinds and commitments to decarbonize. In addition, our comprehensive and turnkey green
hydrogen solution offering helps propel the growth of our applications business by driving total cost
of ownership down for end-use customers while increasing demand for both our applications and
energy business creating a classic flywheel effect.

Clear Focus on Path to Profitability

With a one-of-a-kind platform in place and significant learnings and synergies created over the past
12 months, Plug is laser focused on executing on the scale up of our business to drive cost-downs
and grow margins towards our corporate targets in the near term. With being a first mover, there
are first mover disadvantages that must be encountered and managed; this especially holds true

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when launching multiple new products and developing markets. More importantly, the Company has
clear short-term goals to improve profitability in the second half of 2023 and position additional cost
down initiatives through 2024 as we significantly ramp sales volumes.

● Hydrogen/Fuel Delivered: Plug’s expects its green hydrogen network to produce hydrogen
at a cost that is one-third of our third-party purchases. This should drive an inflection in
margin as we go from sourcing hydrogen from industrial gas companies for over $10/kg to
sourcing internally. As production from our Georgia plant is utilized in the 2H 23, and we
recommission the hydrogen plant currently under unplanned maintenance, we should see
notable improvement in fuel margin beginning in the second half of the year. As we have
previously highlighted, once we have Georgia, Tennessee, Louisiana, and Texas operating at
full capacity, we expect our fuel business to turn positive even while continuing to buy
hydrogen from industrial gas companies under existing contracts. The NY plant, scheduled
to commission in the middle to later part of 2024, will be another significant capacity and
contribution inflection point.
● Electrolyzer: With scale from our Gigafactory and fabrication network, we expect to see per
unit costs dropping significantly in the balance of 2023. With start-up costs and other early
learning items subsiding, we expect to see electrolyzer sales contributing meaningfully to the
top and bottom line in the second half of 2023 and onward.
● Cryogenics: Cryogenic equipment and liquefiers accounted for almost 27% of Q2 revenue.
Notably, liquefier sales had gross margins that were in line with company targets, while
cryogenic product margins have routinely achieved ~20% but were impacted in the quarter
with new product investments for stationary tanks, mobile refuelers, and large liquid
hydrogen trailers. Investments to increase scale and efficiencies at our Houston
manufacturing sites coupled with increased sales driving leverage should further expand
margins in 2H 23 for these product lines, approaching or in line with the corporate gross
margin targets exiting 2023.
● Material Handling: Equipment and infrastructure continue to be strong margin
contributors. Increased volume and operational leverage in the 2H 23 coupled with Inflation
Reduction Act (IRA) benefits for fuel cell production and deployment should drive further
margin enhancement. The Company expects to significantly ramp production of all products
in Vista over the course of 2H 23 which drives even broader leverage. In addition, Plug is
targeting a 30% per unit service cost decrease by 2024, as well as lowering PPA costs by over
60% by 2026 through lower service costs and better lease terms, which should create positive
gross margins in the medium term. Increased focus on reliability investments should drive
sequential benefits (increased uptime, lower part costs, etc.) as we move through 2H 23 and
beyond.

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 ● Stationary: Plug expects stationary units to achieve positive gross margins once they are
being manufactured at full capacity at our Vista facility in 2024. These units should also bring
significant hydrogen demand in the future, in some cases over 1 ton per day, creating a
profitable offtake stream for our plant network. In the near term the Company is focused on
product and manufacturing optimization to drive cost downs in the 2H 23.
● Average Selling Price Management: Based on the market validation Plug has received for
its value proposition across proven solutions, the Company recalibrated prices on select
offerings. This strategic move, being implemented over the balance of 2023, is aimed at
improving the margin profile and positioning the Company to capture additional value as it
continues to validate the diverse benefits valued by customers.

Green Hydrogen Generation Network and Plant Updates

Plug is making significant strides towards achieving our target of 500 TPD by the close of 2025.
Currently, we have four green hydrogen plants at various stages of construction, and a fifth plant is
in the final evaluation phase. Leveraging insights gained from our experience in Georgia, we have
refined our construction plans and plant design to optimize both capital expenditure and post-
commissioning operations. Despite minor adjustments in production timelines of approximately 6
months across the Plug network development, our learnings from this process strengthens our long-
term positioning as the global leader in green hydrogen production. We believe Plug’s green
hydrogen generation network stands to drive substantial margin expansion for Plug, as well as
expedite the energy transition.

In the face of extraordinary global regulatory tailwinds, Plug’s green hydrogen projects servicing
industrial users through a 'build, own, and operate' framework have garnered notable traction. The
project framework is carefully designed to tap into non-recourse debt and project financing, are
strategically situated in close proximity to areas with sustained long-term demand and structured
for firm offtake agreements from investment grade buyers. This should allow Plug to transition from
funding projects from our balance sheet to assuming only 20% of the capex, thereby creating a 5
times multiplier on the capital we can allocate to expand our green hydrogen network.

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US Green Hydrogen Network

Georgia: We continue to optimize and ramp-up the plant. Final commissioning activities are
underway to reach 17.5 tons per day (TPD) of production on site in Q3 2023. We continue final stages
of testing to make sure all components from electrical infrastructure, to electrolyzers, to liquefaction
are operating at the most stringent specifications for system efficiency, purity, and safety. With
commissioning activities in the final stages, we expect the plant to reach its 15 TPD liquid capacity in
Q3 2023, and we look forward to showcasing the plant's progress later this month. The Georgia
facility will serve as a dynamic platform that will pave the way for future green hydrogen plants,
enabling us to replicate and enhance our success with forthcoming plants on a larger scale. Finally,
Plug has initiated the expansion of production capability of the Georgia plant from 15 TPD to 30 TPD.
We are currently producing 2.5 TPD of gaseous hydrogen and delivering to customers.

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Olin JV – Louisiana: This site broke ground in Q1 2023 and continues to make solid progress with
Plug and Olin collaborating on engineering, procurement, and construction activities at the facility.
Key construction and commissioning activities will continue to take place for the remainder of 2023.
We are looking to produce in Q1 2024.

Texas: Based on all of the learnings to date, we have executed a lump sum turnkey EPC contract with
Kiewit for our 45 TPD green hydrogen plant. We are pleased to be working with a global EPC firm,
such as Kiewit, and believe that our ability to get this lump sum turnkey contract is a testament to
our product offering, know-how in the industry, and strong collaboration with our EPC partner Kiewit.
This sets the stage for one of the major key considerations from a financing standpoint of having
secured a lump-sum EPC contract. Plug and Kiewit spent the first half of 2023 finalizing this contract,
which puts our target liquid production in the second half of 2024.

Alabama, New York: Collaborating with NYPA and National Grid, efforts to energize the substation
are underway, aligning with our objective to achieve liquid production in the second half of 2024.
Timing of substation energization will largely dictate timing of liquid production. Progress in New
York continues as we work towards commissioning 74TPD of capacity in the first half of 2024. In the
meantime, we have completed work related to on-site storage, all the major long lead time items

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have been procured, and working with EPC
management company and owner's engineer,
we have been able to meaningfully optimize
CAPEX per ton.

Other Projects: Plug is actively evaluating

several sites for potential new or expanded
production capabilities, with a focus on achieving
up to 45 TPD of liquid hydrogen output.

European Green Hydrogen Network

Finland: Plug plans for three green hydrogen plants to leverage the region's abundant renewable
energy sources. The plants aim for a total capacity of 850 TPD, with FID by 2026.

● Kokkola - liquid green hydrogen and green ammonia for local use and export
● Kristinestad - green hydrogen for green steel production
● Porvoo - hydrogen for mobility and pipeline export to European demand centers

Port of Antwerp: Progress continues on the design of

the 35 TPD green hydrogen plant at the Port of Antwerp,
with overwhelming interest surpassing the plant's
capacity by over tenfold. Groundbreaking is scheduled
for 2024, and initial hydrogen production is slated for
2025.

Acciona JV: Plug's collaboration with ACCIONA in Spain

and Portugal is actively advancing, encompassing three
projects. The first 15 TPD green hydrogen plant in Spain,
a pivotal element of this collaboration, is on track for
commissioning in the latter half of 2024.

Other Projects: Plug is evaluating potential project sites,

specifically targeting locales with cost-effective
renewable electricity to facilitate the production of
economic green hydrogen, which can then be
transported to demand hubs across the broader EU landscape, bolstering decarbonization efforts
and Plug’s business objectives.

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Electrolyzer pipeline continues to grow, as green hydrogen
project FIDs accelerate globally

We are actively cultivating sales prospects for 7.5 GW of near-

term projects, all poised to attain FID within the upcoming 12-
18 months. This forward momentum translates to a sales
potential surpassing $7.5 billion, spanning across key regions
such as the United States, Europe, the Middle East, and the
Asia-Pacific.

As these projects enter advanced stages of negotiation, there

is potential for near-term bookings of over 1 GW. In tandem,
our existing backlog exceeds 2 GW, encompassing both large-
scale projects and agile 1-5 MW containerized solutions. This
fortified position is a testament to our strategic growth
trajectory and underscores our commitment to pioneering
solutions in the electrolyzer landscape.

Our joint venture with SK E&S, called SK Plug Hyverse, has been the first provider to certify a
megawatt scale PEM electrolyzer stack to Korean standards and is in the process of completing
Korean certification of our 1 MW electrolyzer containerized system designs. First deployment of KGS
certified systems in the Korean market is planned for Q3 2023.

Plug's containerized electrolyzer solution success spans across various industries and customers.
Orders since our last earnings call include:

● 5 MW system for Avina, targeting the commercial mobility sector in southern California
● 5 MW system for Ardagh Glass Limmared AB in Sweden to decarbonize glass manufacturing
● 5 MW system for Hydro Havarand to decarbonize heavy industry in Norway
● 5MW system for ArcelorMittal for green steel production
● 5MW system for SK Plug Hyverse’s Jeju Island project in Korea
● Two 5 MW systems for ReNu Energy to decarbonize road transport and natural gas sectors
● 10 MW electrolyzer system for HOPE project, showcasing the commercial viability of
renewable offshore hydrogen production
● 100 MW electrolyzer order for the largest announced project in the oil and gas sector in
Europe

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Expertise derived from our Georgia plant, coupled with ongoing endeavors at other green hydrogen
sites and the substantial growth of our manufacturing scale, imparts a distinctive and unparalleled
competitive advantage. This resonates as we engage collaboratively with clients across a spectrum
of end markets. Case in point being Plug's 100 MW electrolyzer order from a European integrated
energy operator to replace gray hydrogen in the refining industry.

Plug expects a significant increase in revenue for our electrolyzer business during the latter half of
2023. This growth will be driven by a blend of 1-5 MW containerized solutions, strategic stack sales,
as well as large-scale projects, primarily in the US and Europe.

Cryogenics and Liquefier Business Delivers Strong Revenue

Growth and Further Product Diversification
Cryogenics solutions and liquefier sales contributed $69.7 million to Q2 revenue, showcasing the
tangible impact of our strategic vertical integration. Our ability to internally procure cryogenic
equipment, including Plug's proprietary liquid trailers and liquefiers, for integration into our
expanding green hydrogen infrastructure, has not only bolstered operational efficiency but also
translated into significant cost efficiencies as we expand our network.

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We believe this platform also provides the opportunity for enterprise sales. A customer looking to
build a 30 TPD green hydrogen plant can buy 80 MW of electrolyzer, 30 TPD liquefier, and up to 14
hydrogen trailers, and multiple on-site storage solutions from Plug. Currently, our cryogenic
equipment funnel sits at over $1B in total sales opportunity with $110M in total backlog into year-
end. Additionally, the liquefier sales pipeline includes over 10 projects, with potential sales of ~$725M.

ProGen Engine Platform in Mobility Applications

Plug’s ProGen fuel cell engine platform is driving mobility applications for light commercial vehicle
applications in our joint venture with Renault, HYVIA. Homologated vehicles are commercially
available and beginning to appear on the road in Europe. “Kilometres Entreprise” magazine, the
leading reference in the field of vehicle fleets in France, has awarded the prize for Heavy Commercial
Vehicle of the Year 2023 to the Hyvia FCEV Master Van.

SK Plug Hyverse has integrated the ProGen 125 engine into a leading electric bus platform for the
Korean market. Commissioning of the first units is underway with commercial deployment of
homologated units planned for 2024. Plug, SK E&S, and SK Plug Hyverse are utilizing a total
ecosystem approach. SK Plug Hyverse is building a network of more than 25 commercial fleet vehicle
liquid hydrogen refueling stations across Korea with the first stations planned to be online in Q1
2024. SK E&S provides liquid hydrogen, SK Plug Hyverse builds/owns/operates the stations, and Plug
provides cryogenic liquid hydrogen storage tanks, liquid hydrogen delivery trailers, and ProGen
engine technology.

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Plug’s Fuel Cell Stationary Application Sees Demand Across
Various End Markets

Plug has been actively developing its large-scale

stationary products, with backup power, green EV
charging, and prime and peak power applications
representing significant addressable markets. We have
now deployed our first large-scale, megawatt
stationary power systems into commercial operations.

We see significant demand for our green hydrogen for

stationary applications that solve issues stemming
from insufficient or unreliable grid power, including for
EV fleet charging. Plug’s standard 18,000-gallon liquid
hydrogen tank combined with its new megawatt-scale
proton exchange membrane (PEM) fuel cell solution
can provide over 60 megawatt hours (MWh) of energy
– enough to charge more than 600 EVs. Plug can commission this solution in just months, while
waiting for grid capacity expansion often takes years. For Plug, we believe this creates immediate
sales opportunities, as well as a continuous revenue stream for our green hydrogen business. Many
of these applications could use in excess of 1 ton of green hydrogen per day.

We see our largest market opportunity in utility-scale grid support, and we are expanding our
business with utilities interested in this solution. Through our joint venture with SK E&S, called SK
Plug Hyverse, we plan to deploy 200 MW or more per year of stationary products in South Korea for
this purpose commencing in 2025. In Q2 Plug announced that it will deliver 8 MW of fuel cell power
to Energy Vault's PG&E community microgrid project. This project will provide Calistoga with
dispatchable carbon-free energy during outages and Public Safety Power Shut Off (PSPS) events. This
joint effort will address the rapidly growing multi day and microgrid energy storage segment with a
serviceable addressable market over five years we think is greater than 100 GWh or $10B+ of sales
opportunities.

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Material Handling Expansion Continues, Signing New Pedestal
Customer and Diversifying Footprint
Pedestal customers are continuing to grow their business in the US and Europe, with plans for more
than 80 new sites in 2023, with 31 new sites installed in the first half of 2023. Additionally, Plug has
landed a new pedestal account in North America, bringing us to 11 total pedestal customers in the
US and Europe. Plug’s remains focused on improving service and PPA margins for material handling
and is executing internal initiatives to drive costs down as we scale our business.

Plug continues conversations with non-pedestal customers about expanding their footprint with
Plug’s fuel cell technology. Furthermore, Plug has expanded its GenKey offering to enable fuel cell
adoption for warehouses that operate fewer than 100 electric forklifts. This move has grown the
material handling total addressable market by 1 million forklifts through the deployment of the
Company’s new mid-market solution. Customers for this new modular application see the benefits
of receiving green hydrogen from Plug’s national network, and freedom from grid constraints, to
increase efficiency in their operations. Plug will install the first units in mid-sized warehouses in 2023.

World-Class Global Manufacturing Facilities Reaching Critical

Mass
Plug is actively expanding our manufacturing and supply chain capabilities to support anticipated
growth and drive down costs. Our industry-leading facilities allow us to achieve economies of scale,
resulting in lower per unit costs as we execute on our key initiatives, and prepare for significant
growth opportunities.

The Innovation Center and Gigafactory in Rochester, NY reached its initial nameplate capacity of 100
MW of electrolyzer per month in May. The factory design allows for continued expansion and
automation, which will enable Plug to drive down costs and increase throughput over time with
additional equipment. The Company plans to organically expand its PEM stack manufacturing
capacity in Rochester well beyond 2.5 GW per year, to as much as 3x the initial nameplate capacity.

13
Additionally, we are nearing completion on the balance of the manufacturing lines at our Vista Fuel
Cell Manufacturing Facility in Slingerlands, NY. We began manufacturing GenDrive units at Vista in
Q4 2022 and have just finished the manufacturing line for our stationary product. Our path forward
includes implementing advanced automation that will allow for increased scale and efficiency in
assembling our fuel cell product line. The Vista facility spans 420,000 square feet, with the ability to
expand to 800,000 square feet to meet the growing demand for our fuel cell products. This expansion
opportunity in Plug’s fuel cell manufacturing for material handling could provide a four-fold increase
YoY in manufacturing capacity.

Summary of Second Quarter Financials

Revenue was $260.2M in the quarter, compared to $151.3M for the second quarter of 2022, up 72%
YoY. Overall, the Company gross loss was 30% for Q2 2023. The equipment line item now consists of
a blended margin from established fuel cell applications in the material handling sector and our
rapidly expanding new product lines such as electrolyzers, on-road mobility solutions, stationary
power units, cryogenic equipment, and liquefiers. As previously mentioned, certain factors within the
fuel and equipment line items, primarily related to the expansion of manufacturing and the
introduction of numerous new offerings, led to only a modest sequential increase in corporate gross
margins during Q2. However, getting through these learnings positions us for margin enhancement
as we continue to scale our operations. This outlook provides us with a clear path towards achieving
enhanced margins in the near term.

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Capital and Financing Strategy

Plug is evaluating multiple sources of capital, as it continues to build out a global green hydrogen
generation network. Currently, Plug is completing the second stage of due diligence with the DOE
Loan Program Office. Concurrently, we are evaluating a range of corporate debt facilities from major
banks and alternative infrastructure project funding, and ITC project financing solutions. Plug
continues to receive interest from corporates and infrastructure funds to partner in our next
generation of hydrogen plant development. Financing decisions around these opportunities will
likely be made in the second half of this year. Plug has a strong balance sheet and a profitable green
hydrogen project pipeline which collectively creates a strong liquidity position, giving the Company
a significant runway to continue our plant buildout and scale our business. Longer-term capital needs
are likely to be covered with operating cash flow and traditional project financing as the Company
and the green hydrogen industry grow exponentially into the second half of the decade.

Plug Publishes 2022 ESG Report with Significant Improvements

in Key Disclosures

For its 2022 ESG Report, Plug developed a GHG Inventory in line with GHG Protocol and set a baseline
for 2022 scope 1 and 2 emissions. In addition to developing a GHG Inventory, Plug has also started
collecting water usage data. Also, a materiality assessment was conducted and reported in alignment
with the standards for the Fuel Cells and Industrial Batteries industry, Task Force on Climate-Related
Financial Disclosures (TCFD), and GHG Protocol. Plug published internal and external governance
policies, including our first ever DEI policy and Conflict Minerals Policy.

Our commitment to sustainability goes hand in hand with our Company’s mission to displace diesel
and other fossil fuels with the accelerated use of green hydrogen as we transition to a global net-
zero economy. By disrupting the fossil fuel industry with hydrogen fuel cells, we are contributing to
a more sustainable and resilient energy system that benefits both economic and national security
goals.

View our 2022 ESG Report directly at

https://s29.q4cdn.com/600973483/files/doc_downloads/esg/2023/plug_ir_esgreport2022-rv12_f.pdf.

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Delivering on 2023 Roadmap and Margin Expansion Remains
Key Corporate Focus
Plug remains focused on building a global green hydrogen ecosystem and delivering on its growth
objectives, margin expansion and path to profitability. We look forward to updating you all on our
next call.

Conference Call Information

A conference call will be held on August 9, 2023.

Join the call:

● Date: August 9, 2023

● Time: 4:00 pm ET

● Toll-free: 877-407-9221 or +1 201-689-8597

● Direct webcast: https://event.webcasts.com/starthere.jsp?ei=1625258&tp_key=61c1fe5656

The webcast can also be accessed directly from the Plug homepage (www.plugpower.com). A
playback of the call will be available online for a period of time following the call.

About Plug

Plug is building the hydrogen economy as the leading provider of comprehensive hydrogen fuel cell (HFC) turnkey solutions.
The Company’s innovative technology powers electric motors with hydrogen fuel cells amid an ongoing paradigm shift in the
power, energy, and transportation industries to address climate change and energy security, while providing efficiency gains
and meeting sustainability goals. Plug created the first commercially viable market for hydrogen fuel cell (HFC) technology.
As a result, the Company has deployed more than 60,000 fuel cell systems for e-mobility, more than anyone else in the world,
and has become the largest buyer of liquid hydrogen, having built and operated a hydrogen highway across North America.
Plug delivers a significant value proposition to end-customers, including meaningful environmental benefits, efficiency gains,
fast fueling, and lower operational costs.

Plug’s vertically integrated GenKey solution ties together all critical elements to power, fuel, and provide service to customers
such as Amazon, BMW, The Southern Company, Carrefour, and Walmart. The Company is now leveraging its know -how,
modular product architecture and foundational customers to rapidly expand into other key markets including zero-emission
on-road vehicles, robotics, and data centers.

Source: Plug Power, Inc.

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Cautionary Note on Forward-Looking Statements

This communication contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks and
uncertainties about Plug Power Inc. ("Plug"), including but not limited to statements about Plug’s forecasted revenue, margin expansion, and cash runway; the
expectation that Plug is positioned to achieve its 2023 revenue objectives and long-term strategic targets; the belief that hydrogen adoption will continue to accelerate;
the expectation that Plug’s global green hydrogen network will accelerate the adoption of its fuel cell applications and the expectation that Plug’s vertical integration
strategy will drive opportunities across the value chain; the expectation that Plug’s electrolyzer, liquefier, cryogenic and application business will deliver strong growth
in the second half of 2023 and Plug’s belief with respect to potential bookings opportunities in the near term; the ability of Plug to achieve economies of scale and the
expectation that Plug is positioned for further growth and improved profitability; the expectation that Plug will be able to grow and scale its business while successfully
driving down the total costs and significantly ramping up sales volumes; the expected benefits of the Inflation Reduction Act on Plug’s business; the achievement of
expected outputs at Plug’s newly commissioned Georgia plant and the expectation that it will cut Plug’s fuel margin loss; the expectation that Plug’s per unit costs of
electrolyzers will decrease and Plug’s beliefs with respect to its sales opportunities and the timing of FID; the expectation regarding the number of material handling
sites and pedestal customers Plug expects to add in 2023; the ability to organically expand Plug’s PEM stack manufacturing capacity in Rochester; the expectation that
Plug’s strategic investments in manufacturing and hydrogen production will yield significant contributions to its operational and financial performance; the ability to
produce hydrogen at a cost that will drive fuel margin improvement and the timing of such improvement; the expectation that Plug’s fuel business will turn positive
once its Georgia, Tennessee, Louisiana and Texas plants are operating at full capacity; the expected production at Plug’s Vista facility and the ability to lower service
costs and better lease terms in its material handling business; the expectation that stationary units will achieve positive gross margins once they are being manufactured
at full capacity at its Vista facility in 2024; the ability to complete Plug’s green hydrogen plants on the anticipated timing and achieve its target production dates, if
applicable; the anticipated project opportunities in the United States, Europe and Asia-Pacific; Plug’s ability to achieve its goals of expansion in such markets, including
hydrogen output targets, expected product sales, market growth, and decarbonization efforts; the expected timing of the first deployment of KGS certified systems in
the Korean market; the expected continued demand for electric vehicles and other Plug products; the expected timing for deployment of its stationary power solutions;
the ability to continue to expand manufacturing capabilities and improve supply chain issues; Plug’s ability to generate additional projects to support its green hydrogen
output goals; the expected sales funnel and total addressable markets for its products and Plug’s ability to realize its total backlog; the expectation that Plug will
successfully achieve its green hydrogen generation targets and specific tons-per-day targets for 2023, 2024, and 2025; the expectation that Plug will be able to transition
from funding projects from its balance sheet to assuming only 20% of the capex; and the ability of Plug to obtain financing or financing on acceptable terms.

You are cautioned that such statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times
that, or by which, such performance or results will have been achieved. Such statements are subject to risks and uncertainties that could cause actual performance or
results to differ materially from those expressed in these statements, including that we continue to incur losses and might never achieve or maintain profitability, that
we will need to raise additional capital to fund our operations and such capital may not be available to us, global economic uncertainty, including inflationary pressures,
fluctuating interest rates, bank failure, and supply chain disruptions, and that our lack of extensive experience in manufacturing and marketing of certain of our products
may impact our ability to manufacture and market products on a profitable and large-scale commercial basis. For a further description of the risks and uncertainties
that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Plug in general, see Plug’s
public filings with the Securities and Exchange Commission, including the “Risk Factors” section of Plug’s Annual Report on Form 10-K for the year ended December 31,
2022, Plug’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 as well as any subsequent filings. Readers are cautioned not to place undue reliance
on these forward-looking statements. The forward-looking statements are made as of the date hereof and are based on current expectations, estimates, forecasts and
projections as well as the beliefs and assumptions of management. We disclaim any obligation to update forward-looking statements except as may be required by
law.

Plug Investor Contact

Roberto Friedlander
investors@plugpower.com

Plug Media Contact

Kristin Monroe
Allison+Partners
PlugPR@allisonpr.com

17
 Plug Power Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except share and per share amounts)
(Unaudited)

June 30, December 31,

2023 2022
Assets
Current assets:
Cash and cash equivalents $ 579,418 $ 690,630
Restricted cash 173,449 158,958

Available-for-sale securities, at fair value (amortized cost of $452,814 and allowance for credit losses of $0 at
June 30, 2023 and amortized cost of $1,355,614 and allowance for credit losses of $0 at December 31, 2022 437,651 1,332,943
Equity securities 67,753 134,836
Accounts receivable 216,645 129,450
Inventory, net 904,288 645,636
Contract assets 98,502 62,456
Prepaid expenses and other current assets 139,537 150,389
Total current assets 2,617,243 3,305,298

Restricted cash 800,458 699,756

Property, plant, and equipment, net 1,061,810 719,793
Right of use assets related to finance leases, net 56,336 53,742
Right of use assets related to operating leases, net 396,448 360,287
Equipment related to power purchase agreements and fuel delivered to customers, net 104,026 89,293
Contract assets 26,083 41,831
Goodwill 249,965 248,607
Intangible assets, net 199,083 207,725
Investments in non-consolidated entities and non-marketable equity securities 63,457 31,250
Other assets 8,368 6,694
Total assets $ 5,583,277 $ 5,764,276

Liabilities and Stockholders’ Equity

Current liabilities:
Accounts payable $ 220,470 $ 191,895
Accrued expenses 166,315 156,430
Deferred revenue and other contract liabilities 165,114 131,813
Operating lease liabilities 57,953 48,861
Finance lease liabilities 8,901 8,149
Finance obligations 75,321 58,925
Current portion of long-term debt 513 5,142
Contingent consideration, loss accrual for service contracts, and other current liabilities 133,231 34,060
Total current liabilities 827,818 635,275

Deferred revenue and other contract liabilities 86,622 98,085

Operating lease liabilities 290,281 271,504
Finance lease liabilities 37,804 37,988
Finance obligations 301,488 270,315
Convertible senior notes, net 194,584 193,919
Long-term debt 3,677 3,925
Contingent consideration, loss accrual for service contracts, and other liabilities 101,918 193,051
Total liabilities 1,844,192 1,704,062

Stockholders’ equity:
Common stock, $0.01 par value per share; 1,500,000,000 shares authorized; Issued (including shares in
treasury): 620,087,507 at June 30, 2023 and 608,421,785 at December 31, 2022 6,201 6,084
Additional paid-in capital 7,409,733 7,297,306
Accumulated other comprehensive loss (13,764) (26,004)
Accumulated deficit (3,563,870) (3,120,911)
Less common stock in treasury: 18,285,263 at June 30, 2023 and 18,076,127 at December 31, 2022 (99,215) (96,261)
Total stockholders’ equity 3,739,085 4,060,214
18 Total liabilities and stockholders’ equity $ 5,583,277 $ 5,764,276
 Plug Power Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands, except share and per share amounts)
(Unaudited)

Three Months Ended Six Months Ended

June 30, June 30,
2023 2022 2023 2022
Net revenue:
Sales of equipment, related infrastructure and other $ 216,286 $ 116,233 $ 398,380 $ 225,080
Services performed on fuel cell systems and related infrastructure 8,701 8,822 17,798 17,062
Power purchase agreements 16,130 11,169 24,067 21,206
Fuel delivered to customers and related equipment 17,878 14,472 28,020 27,900
Other 1,187 571 2,203 822
Net revenue 260,182 151,267 470,468 292,070

Cost of revenue:
Sales of equipment, related infrastructure and other 187,408 94,153 345,728 182,981
Services performed on fuel cell systems and related infrastructure 23,449 11,612 35,670 25,487
Provision for loss contracts related to service 7,331 1,068 14,220 3,116
Power purchase agreements 53,976 34,892 100,792 66,645
Fuel delivered to customers and related equipment 64,450 41,607 118,951 80,879
Other 1,711 400 2,646 777
Total cost of revenue 338,325 183,732 618,007 359,885

Gross loss (78,143) (32,465) (147,539) (67,815)

Operating expenses:
Research and development 29,251 23,557 55,786 44,018
Selling, general and administrative 101,154 95,953 205,170 176,842
Impairment 9,986 — 11,069 —
Change in fair value of contingent consideration 15,308 (5,066) 24,077 (2,605)
Total operating expenses 155,699 114,444 296,102 218,255

Operating loss (233,842) (146,909) (443,641) (286,070)

Interest income 16,391 3,838 34,023 5,892

Interest expense (11,265) (11,203) (21,915) (19,851)
Other expense, net (5,082) (2,456) (9,853) (3,765)
Realized gain/(loss) on investments, net 264 (468) 263 (1,315)
Change in fair value of equity securities 3,842 (13,484) 8,917 (18,643)
Loss on equity method investments (7,623) (2,191) (12,940) (6,024)

Loss before income taxes $ (237,315) $ (172,873) $ (445,146) $ (329,776)

Income tax (benefit) expense (917) 423 (2,187) 9

Net loss $ (236,398) $ (173,296) $ (442,959) $ (329,785)

Net loss per share:

Basic and diluted $ (0.40) $ (0.30) $ (0.75) $ (0.57)

Weighted average number of common stock outstanding 598,053,390 578,043,278 593,653,720 578,217,636

19
 Plug Power Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Six Months Ended June 30,
2023 2022
Operating activities
Net loss $ (442,959) $ (329,785)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation of long-lived assets 21,266 11,204
Amortization of intangible assets 9,755 10,374
Lower of cost or market inventory adjustment and provision for excess and obsolete inventory 11,760
Payments of contingent consideration (2,895)
Stock-based compensation 83,220 88,245
Provision for losses on accounts receivable 896
Amortization of debt issuance costs and discount on convertible senior notes 1,195 1,336
Provision for common stock warrants 14,302 3,942
Deferred income tax (benefit)/expense 1,512 (916)
Impairment 11,069 -
Loss/(benefit) on service contracts 856 (18,131)
Fair value adjustment to contingent consideration 24,077 (2,605)
Net realized loss on investments (263) 1,315
(Accretion)/amortization of premium on available-for-sale securities (5,949) 4,560
Lease origination costs (5,567) (3,150)
Loss on disposal of assets - 268
Change in fair value for equity securities (8,917) 18,643
Loss on equity method investments 12,940 6,024
Changes in operating assets and liabilities that provide (use) cash:
Accounts receivable (88,091) 31,990
Inventory (269,707) (159,445)
Contract assets (23,807) (386)
Prepaid expenses and other assets 9,178 (51,654)
Accounts payable, accrued expenses, and other liabilities (720) 38,663
Deferred revenue and other contract liabilities 21,838 (55,605)
Net cash used in operating activities (625,011) (405,113)

Investing activities
Purchases of property, plant and equipment (319,322) (157,838)
Purchases of equipment related to power purchase agreements and equipment related to fuel delivered to customers (19,309) (15,268)
Purchase of available-for-sale securities - (143,230)
Proceeds from sales of available-for-sale securities - 475,676
Proceeds from maturities of available-for-sale securities 908,749 167,629
Purchase of equity securities - (4,990)
Proceeds from sales of equity securities 76,263
Net cash paid for acquisitions - (26,473)
Cash paid for non-consolidated entities and non-marketable equity securities (40,894) (30,139)
Net cash provided by investing activities 605,487 265,367

Financing activities
Payments of contingent consideration (10,105) (2,667)
Payments of tax withholding on behalf of employees for net stock settlement of stock-based compensation (2,954) (2,660)
Proceeds from exercise of stock options 732 820
Principal payments on long-term debt (5,407) (36,089)
Proceeds from finance obligations 77,589 35,048
Principal repayments of finance obligations and finance leases (34,211) (25,168)
Net cash provided by (used in) financing activities 25,644 (30,716)
Effect of exchange rate changes on cash (2,139) (55)
Decrease in cash and cash equivalents (111,212) (225,318)
Increase in restricted cash 115,193 54,801
Cash, cash equivalents, and restricted cash beginning of period 1,549,344 3,132,194
Cash, cash equivalents, and restricted cash end of period $ 1,553,325 $ 2,961,677

S upplemental disclosure of cash flow information

Cash paid for interest, net of capitalized interest of $4.0 million $ 20,101 $ 18,737
20