Is PLUG diluting shareholders?

Read three numbers together: shares outstanding over time (1.40B as of 2026-05-06), warrants that can convert into new shares (5.3M reported), and how much cash runway remains (~4.9983073147517425 months). A company short on cash with live registrations is structurally likely to issue shares.

Where do these numbers come from?

SEC EDGAR only: the XBRL company-facts API for shares, warrants and cash, and filing metadata for registrations and pricings. Every figure shows its source form, and nothing here is estimated by us beyond the arithmetic stated next to it.

Why might a warrant tranche be missing from the table?

The tranche table is built from the dimensions the company tagged in its own 10-Q or 10-K XBRL. A tranche the filer chose not to dimension does not appear, and its absence proves nothing: the exhibits remain the ground truth. Everything shown carries the filing it came from.

Dilution profile // every instrument, one screen, from SEC filings

PLUG POWER INC (PLUG)

CIK 1093691 · all EDGAR filings →

Overall dilution risk

HIGHworst of 4 computed signals (offering ability)

= the worst band among the computed sub-ratings, no hidden weighting

Offering ability

HIGHS-3ASR on file 2025-05-27

= is there a registration (S-1/S-3 family) on file without a later withdrawal

no structured fee data on the live registrations, so this is a yes/no, not a size

Overhead supply

LOWwarrants = 0% of O/S

= warrant shares outstanding divided by current shares outstanding (bands: 20% / 50%)

warrants only; converts, ATMs and equity lines are not in free structured data, so the true overhead is AT LEAST this

Historical dilution

HIGH+132% O/S in 3y

= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative

Cash need

HIGH~5 months of runway

= cash vs trailing operating burn (bands: 6mo / 24mo; positive operating CF = low)

Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.

Shares outstanding over time

Latest: 1.40B shares as of May 6, 2026 (10-Q).

Cash runway

~5 months of cash left

critical · burning $134.0M / quarter

Full breakdown: cash runway tool · source filing →

Warrants

Tranche	Warrants	Exercise price	Term	Notes
Warrants7.75	185.4M	not tagged	—	FV $107.0M
Common Warrants	185.4M	$2	—	—
New Pre Funded Warrant	154.4M	not tagged	—	—
Prefunded Warrants	138.9M	not tagged	—	—

Tranches exactly as the company dimensioned them in its 10-Q filed May 11, 2026 →. Groupings can overlap (a “Series E and F” row is not additive with a “Series E” row), so do not sum this column. A tranche the filer did not tag is absent here, not absent from the cap table. DOWN-ROUND = the filer tagged price-protection accounting scoped to that tranche.

Warrants outstanding: 5.3M underlying shares, as reported Dec 31, 2017 (10-K).

Reported exercise price: $2.1231 (aggregate figure as tagged; individual tranches vary).

Balance-sheet fair value of warrants: $107.0M as of Mar 31, 2026.

Rough fully diluted estimate: 1.40B = 1.40B O/S + 5.3M warrant shares. An estimate, not a filing figure: it ignores converts, options and RSUs, and the two inputs carry different as-of dates.

Registrations and offerings

S-3ASRMay 27, 2025fee exhibit found but no total offering amount (fees deferred, typical for automatic shelves)filing →

Last 12 months: 4 executed · 0 registered.

EXECUTEDNov 21, 2025Unregistered share sale disclosed (8-K item 3.02)8-K →

EXECUTEDOct 8, 2025Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →

EXECUTEDSep 30, 2025Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →

UPDATESep 22, 2025Resale prospectus — existing holders registering to sell424B7 →

EXECUTEDAug 15, 2025Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →

UPDATEJul 9, 2025Resale prospectus — existing holders registering to sell424B7 →

EXECUTEDJul 9, 2025Unregistered share sale disclosed (8-K item 3.02)8-K →

EXECUTEDJun 6, 2025Unregistered share sale disclosed (8-K item 3.02)8-K →

UPDATEJun 6, 2025Resale prospectus — existing holders registering to sell424B7 →

REGISTEREDMay 27, 2025Automatic shelf registration — effective immediately (large filers)S-3ASR →

MARKETINGMar 19, 2025Free-writing prospectus — offering being marketedFWP →

Full history and shelf status: offering checker · S-3 shelf checker

Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.

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