MEDIUMBuilt-inCommodity
iridium
“10-K Item 1A: 'iridium is produced primarily as a by-product of platinum and nickel mining and has limited sources of supply'”
PLUG · Concentration risk · 10-K extracted
Plug Power (PLUG) concentration risks
Updated
The most significant concentration Plug Power discloses is iridium, classified MEDIUM by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Plug Power’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 3 disclosed concentrations
HIGH0
MEDIUM1
LOW2
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
LOWOutside partyCustomer
24.2%
Walmart
“10-K Item 1: 'Walmart, Inc. ("Walmart"), accounted for 24.2% of our total consolidated revenues'”
LOWOutside partyCustomer
14.3%
second largest customer
“10-K Item 1: '14.3% of our total consolidated revenues were associated with our second largest customer'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's concentration profile combines a medium-share commodity supply dependency and two low-share customer exposures that together describe a business with both input and demand concentration risks. On the supply side, iridium — a key material for the company's electrolyzer technology — is produced primarily as a by-product of platinum and nickel mining and has limited sources of supply. This is a medium-share structural concentration: iridium's by-product status means production volumes are driven by the economics of platinum and nickel mining rather than by direct demand for iridium, leaving the company exposed to supply constraints that it cannot influence through purchasing behavior or pricing alone. At the customer level, Walmart, Inc. accounted for 24.2% of total consolidated revenues — a low-share concentration by disclosed size, though it is the single largest named buyer. The company's second largest customer contributed 14.3% of total consolidated revenues. Together these two customers represent a meaningful combined share of revenue, making the renewal and expansion of these relationships important to top-line performance. The character of both is dependency: these are specific counterparty relationships whose purchasing volumes are discretionary and could change materially on relatively short notice. The commodity supply risk and the customer dependency operate on different time horizons: iridium availability is a longer-term structural constraint on production scale, while the two top customers represent near-term revenue variability. There is no disclosed geographic or product-line concentration layered on top, making supply chain resilience and customer relationship durability the primary concentration variables to monitor.
For the engine’s reasoning on PLUG’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Electrical Equipment & Parts
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| AYI | Acuity Inc. | 2 | 0 | 1 | 3 |
| AEIS | Advanced Energy Industries, Inc | 2 | 0 | 0 | 2 |
| ATKR | Atkore Inc. | 1 | 1 | 1 | 3 |
| BE | Bloom Energy Corporation | 1 | 1 | 0 | 2 |
| PLUG● | Plug Power, Inc. | 0 | 1 | 2 | 3 |
| AMPX | Amprius Technologies, Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.