Plug Power (PLUG) Investor update summary

Voting and shareholder engagement

• Proposal 2 seeks to increase authorized shares, with a yes vote supporting only the share increase, while a no or abstain also triggers a reverse stock split.

• Outreach efforts have reduced the number of votes needed by 15%, with a current gap of under 40 million shares.

• Institutional engagement has been strong, with all voting institutions supporting the proposals and ongoing efforts to secure remaining votes.

• European and Asian shareholders face voting challenges due to broker and custodial issues, but solutions are being explored, especially for Europe.

• If Proposal 2 fails, a reverse stock split will be necessary, with ratios discussed ranging from 1-5 to 1-10.

Financial strategy and obligations

• Additional authorized shares are needed to meet contractual obligations from recent warrant and convertible deals, which could bring in up to $1.2 billion if exercised.

• The convert deal replaced a high-interest term loan, reducing interest rates from 13-14% to 7%.

• Cash use was reduced by at least 50% last year, with a focus on achieving EBITDA break-even by end of 2026.

• Project Quantum Leap is driving improvements in gross margins and revenue.

• The float is expected to remain stable in the coming months, with no immediate increase in tradable shares.

Business outlook and growth initiatives

• Major international projects are progressing, with Uzbekistan likely to reach FID first, followed by Abu Dhabi and Australia.

• U.S. hydrogen economy is supported by tax credits through 2032, aiding both traditional and new market sectors.

• Hydrogen production scaling is advancing, with learnings from Georgia and Louisiana plants and new opportunities in the space industry.

• Data center market potential is being explored, leveraging hydrogen for power and grid management.

• The company’s experience and innovation in fuel cells and electrolyzers position it for long-term industry leadership.