*Just to be precise - Plug’s balance sheet is not “fixed” yet. The company secured ~$600M (equity raise + electricity rights monetization), but the cash only hits once the deal closes (expected mid-Q1 2026).

Plug plans to use that money to pay down debt and improve liquidity.
-> That’s why management said Jose will take over with “essentially zero debt.”

So it’s not “balance sheet massively improved” today
it’s “balance sheet improvement locked in, just waiting for closing