ECMSource Deal & Dilution Tracker · PLUG · At-the-market program
A $1 billion ceiling was not a $1 billion share sale
An at-the-market (ATM) program permits sales over time. Plug Power’s 2025 annual filing reports shares actually sold under this program; its June 2026 quarterly filing reports how much capacity remained. Keeping those two amounts separate avoids counting unsold capacity as cash or issued shares.
Record checked: 2026-09-19 · Sales and remaining capacity below refer to different, expressly dated reporting periods. This is not a real-time financing balance.
Shares sold in 2025
34,573,529
About $55.9 million gross, with $1.0 million issuance costs, per the 2025 Form 10-K. The implied net from these rounded filing figures is about $54.9 million; it is our subtraction, not a separately reported net figure for this program.
Capacity at June 30, 2026
$944.1 million
Potential aggregate gross sales price still available under the ATM program, according to the June Form 10-Q. This is not cash raised or a number of shares already issued. Future sale prices and market conditions would affect the shares needed to use it.
What changed at the next report?
The June 2026 Form 10-Q explicitly says no shares were sold under the ATM program during the three or six months ended June 30. Thus the stated remaining capacity was unchanged from December 2025 to June 2026. This does not establish what happened after June 30.
Keep two financing channels separate
The same June filing describes a separate standby equity purchase agreement (SEPA) with Yorkville, also with up to $1 billion in possible aggregate gross sales. It reports no SEPA shares sold in the first half of 2026. The SEPA is not an extra $1 billion of cash on hand, nor part of the ATM’s $944.1 million remaining capacity. The arrangements have different terms; consult the filing before combining them in any financing analysis.
Method, limits, and source record
ATM capacity: $1,000.0 million program ceiling − $55.9 million gross shares sold in 2025 = $944.1 million reported capacity at June 30, 2026.
Approximate 2025 net from rounded figures: $55.9 million gross − $1.0 million costs = $54.9 million.
The filing’s $1.62 weighted-average sale price is rounded; multiplying it by 34,573,529 will not necessarily reproduce the separately rounded $55.9 million gross figure. The program share count should not be divided by a later total outstanding share count to claim a precise deal-only dilution rate, because other issuances and dates intervene. No stock return or eventual use of unsold capacity is inferred.
- SEC Form 10-K for 2025 — 2025 ATM shares, gross proceeds, issuance costs, and weighted-average sale price.
- SEC Form 10-Q for June 2026 — no first-half ATM or SEPA sales and ATM capacity as of June 30.
Update history: September 19, 2026 — initial record prepared from the 2025 annual and June 2026 quarterly filings. Any later verified change will be dated here.
This is general research and education, not an investment recommendation. Browse newer Plug Power SEC filings before relying on the dated program balance.