---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-039782"
form_type: "8-K"
ticker: "PLUG"
cik: "0001093691"
company_name: "PLUG POWER INC"
filed_at: "2025-04-28T23:59:59+00:00"
generated_at: "2026-05-23T04:43:07.741895+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Plug Power secures $525M credit facility, reports preliminary Q1 revenue ~$130-134M

## Summary
- Enters secured debt facility with Yorkville for up to $525M; initial $210M tranche to close May 2, 2025, at 15% interest.
- Initial tranche proceeds retire ~$82.5M of Yorkville convertible debenture, reducing potential dilution (~55M shares).
- Preliminary Q1 2025 revenue $130-134M, Q2 guidance $140-180M; net cash usage improved to ~$142M vs $268M in Q1 2024.
- Louisiana 15TPD hydrogen plant online; cost reduction initiatives expected to drive over $200M annual savings.

## SEC filing metadata
- accession: 0001104659-25-039782
- form_type: 8-K
- ticker: PLUG
- cik: 0001093691
- company_name: PLUG POWER INC
- filed_at: 2025-04-28T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.02, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1093691/000110465925039782/0001104659-25-039782-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1093691/000110465925039782/tm2513332d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-039782
- JSON: https://secwatch.observer/filing/0001104659-25-039782.json
- Plain text: https://secwatch.observer/filing/0001104659-25-039782.txt

## Key facts
- Debt Financings
  PLUG POWER INC incurred senior notes of $210,000,000 with YA II PN, Ltd. at 15% per annum maturing May 1, 2028.
  - Instrument: senior notes
  - Principal: $210,000,000
  - Counterparty: YA II PN, Ltd.
  - Rate: 15% per annum
  - Maturity: May 1, 2028
  - Event: incurrence
  source text: the Buyer has committed to purchase an initial tranche of secured debentures in an aggregate principal amount of $210,000,000
  evidence_url: https://www.sec.gov/Archives/edgar/data/1093691/000110465925039782/0001104659-25-039782-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.