Plug Power Inc. announced it has signed a definitive agreement for a secured debt facility with Yorkville Advisors, providing for the issuance of up to $525 million of secured debentures. An initial $210 million tranche is expected to close around May 2, 2025.
The net proceeds from the initial tranche will be used to retire approximately $82.5 million of its existing convertible debenture principal outstanding with Yorkville, which has about 55 million associated underlying shares. This refinancing is expected to reduce potential dilution.
Plug also reported strong preliminary first-quarter 2025 results, expecting revenue between $130 million and $134 million. Net cash usage for Q1 2025 is projected to be approximately $142 million, a significant reduction from $268 million in Q1 2024. The company anticipates Q2 revenue in the range of $140 million to $180 million and does not intend to raise additional equity in 2025.
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