Plug Power Inc (PLUG)

[uksausage]

If we see the government recognizing and removing the barriers they have put up (at big oils request) to hydrogen adoption then we will be ok.
in an election year though it may be hard to do. They have backed the R&D to some extent but the roll out has been ignored. paying to develop cheaper electrolysers with scaled up production lines is great but you have to allow the electrolysers to be installed in the USA to benefit - or will we import form Europe and South America?.
it isnt just a PLUG issue - even Jacks beloved LIN ,APD and so one will have similar problems but do have other lines of profitable business to dampen the effect

[scubastevemd]

If PLUG cannot scale up the production of H2 then growth will be stagnated. As it is all the lofty projections are out the window and we will be lucky to hit a billion this year. So much promise just wasted and management not buying shares even at $2-$3 has convinced me the future looks much worse than they are likely letting on and we could head to penny stock status and be forced to another reverse split like the early days. We need a Hail Mary pass.

[uksausage]

Good to see companies complaining about this. In the USA it is probably worse as well with environmental permitting and sequential permitting which Joe Manchin was trying to change to provide a maximum 12 months for any permits.

Seems NY Stamp may be on indefinite hold due to permits, so not sure where th e next production facility will be after Texas. PLLUG needs to show they will be generating 100 Tons per day that they do not need themselves t provide big cash to the bottom line. It used to be the target for end 2024 and I would suggest it will now be end 2026 when this is achieved (if ever).

At least inEurope some smaller projects are moving ahead with the 5MW Electrolyser popular

[B_B!]

‘Substantial’ subsidy programmes being undermined by bureaucracy and poor regulation, says senior executive

'We should be taking FID on one of our largest hydrogen projects this year — this is why we won't be': Uniper
Rachel Parkes Published 13 May 2024

Developers of large-scale green hydrogen projects in Europe are being held up by excessive bureaucracy around subsidies and in some countries, poor regulation, a senior executive from Uniper has complained — citing these problems as the reasons behind the company’s decision to defer a final investment decision (FID) on the first phase of its flagship 500MW H2Maasvlakte renewable H2 project in the Netherlands.
…..
“We need to be able to deliver business cases,” he said. “We are in industry, we should not be here to write funding applications. We should be here to take final investment decisions and deliver projects and after we’ve delivered one we should deliver the next one. This is what we are prevented from doing.”

The company handed back a funding award for H2Maasvlakte from the EU’s Innovation Fund earlier this year when it became clear that it would not take FID — which had been on course to be taken this year.

“In other industries what it is needed to deliver a successful project is a good engineering team, a good commercial team, a good set of customers and suppliers,” Stuckmann told the summit audience. “What you need in hydrogen is a battalion of people who are able to write funding applications. And then you need people who are able to manage funding applications and to answer all the enquiries that are coming in.”
…..
https://www.hydrogeninsight.com/policy/we-should-be-taking-fid-on-one-of-our-largest-hydrogen-projects-this-year-this-is-why-we-wont-be-uniper/2-1-1642756

[B_B!]

Maybe Mr. Keith Gill can help the renewables to fight the oil & gas companies suppression/manipulation, so that the renewables can finance themselves and accelerate the energy transition, without waiting for the slow government subsidies.

Gamestop Corp was +110% today.
https://www.webull.com/quote/nyse-gme

[WeTheMarket]

JB, I disagree, although PLUG is not mentioned directly in the post, many believe PLUG to fall in the same MEME category as the stocks mentioned in the post, having experienced a similar run in share price around the same time. That is the reason why I gave the post a thumbs-up, before you deleted it, and have now restored it.

[Jack_Bolander]

B_B - No mention of PLUG or hydrogen !

SPAM .

[WeTheMarket]

BB, what's taking so long? the deadline for comments was mid-March.

[B_B!]

GameStop Surges as ‘Roaring Kitty’ Return Adds Fuel to Rally
- Video-game firm’s shares set to best March 2021’s 87% gain
- Fellow meme-stock AMC Entertainment also gains on Monday
By Subrat Patnaik 13 mei 2024

GameStop Corp. shares are poised for the kind of surge last seen during the meme-stock mania of 2021 — coinciding with the social media return of one of the stock’s biggest champions during that time.

The stock jumped as much as 38% in premarket trading, putting the video-game firm’s monthly gain on track to top the 87% rally it saw in March 2021. Monday’s move follows a cryptic post on X from Keith Gill, more popularly known by his social media alias “Roaring Kitty.”

Gill gained notoriety in 2021 after posting a series of videos online urging investors to jump on the GameStop bandwagon during the meme-stock frenzy. His post late Sunday evening attracted more than 8 million views in the hours since its publication and is the first from his account since June 2021.
.....
https://www.bloomberg.com/news/articles/2024-05-13/gamestop-surges-as-roaring-kitty-return-adds-fuel-to-rally?srnd=homepage-uk

[B_B!]

Hopefully some M&A rumors after 45V rules are finalized.

[Jack_Bolander]

MORE BAD NEWS !

Struggling PLUG Power will begin losing out to Linde, Air Liquide and APD as soon as the 45 v rules are finalized.

There will be a quick bump, but PLUG cannot compete with the majors and their stronger financial wherewithal .

Beleaguered PLUG, is close to multi-year LOWS and needs an ATM and a government loan in order to stay in business. Think "More DEBT and More Dilution" in order to become a major Hydrogen producer as some of you hope.

In comparison, LINDE is trading close to their 100+ Year HIGHS , and has a long history of profitability, and can fund their Hydrogen expansion without raising Debt or Equity / Dilution. The same is true for Air Liquide and Air Products.

Which companies will have the higher margins ? Companies who can cash-flow projects or companies who need to borrow money at high rates.

[WeTheMarket]

IMC | Nikola FCEV Testimonial

Nikola Motor Company
43.7K subscribers
Posted May 9, 2024

"This Class 8 fuel cell gives us enough range to meet our customers' needs and still meet their sustainability goals. This is the product we're going to go with for the foreseeable future," Michael Stanley, Executive Vice President of IMC Logistics talking about the Nikola hydrogen fuel cell electric truck.

[Jack_Bolander]

More Bad News :

From another board by sid gold a PLUG investor since the original IPO :

"PLUG's original IPO was by Goldman at $15.00 was a hot stock traded up to $154!

PLUG then declined to .20c did a 10:1 reverse split ... to stay on NASD ... traded up to 70's on hype and air promises by Andy Marsh ..

Morgan did a secondary at $65...

NOW PLUG is again out of cash and Riley is selling $1,000,000+ at the market .. no Wall Street underwriter would touch PLUG ...

Management is overpaid Andy CEO gets $770,000 + Paul CFO $440,000 + both have sold shares in the public market for over $80,000,000 and bought none !

The board has to wake up !!!"

[Jack_Bolander]

Jditi - That story was out last week. So it should already be priced in.

In the meantime we will have to continue to wait for the final 45v rules.

[Jack_Bolander]

IT WON"T BE LONG .....

We will begin to see adjectives and modifiers like :

Struggling, Beleaguered, Misguided, Rudderless,

[Jack_Bolander]

MORE BAD NEWS !

https://seekingalpha.com/article/4692174-plug-power-terrible-q1-2024-results-have-thrown-cold-water-at-this-turnaround?source=copy_to_clipboard

[uksausage]

Well the analysts were way off for Q1 so not sure we can trust their new forecasts. I’m expecting break even q2 25 unless Target has aggressive rollout plans and Europe need an extra 1GW of electrolysers this year

[uksausage]

Why is this bad news for Plug? Except we aren’t making 200TPD yet so someone else will make money selling the hydrogen.
Will not take business away from Plug, so just good hydrogen economy news

[Jack_Bolander]

MORE BAD NEWS !

https://www.ecoticias.com/en/new-generation-hydrogen-engines/1881/

[Jack_Bolander]

MORE BAD NEWS !

Analyst Says: Breakeven 'Seems Even Farther Away'

https://finance.yahoo.com/news/plug-power-repositioning-business-drive-180523586.html

[WeTheMarket]

Steve, agree 100%.

[scubastevemd]

They miss the point. It has to be more lenient to start to get off the ground. No one has issues with a few years down the road, but why harm the projects already started and the HUBS? Put the more stringent rules to start in 2030. If you want the sector to get off the ground and if not put in the all the restrictive rules and cede the business to China and others. I just wish the Government had people with some common sense!

[WeTheMarket]

The Big Hydrogen Cash Grab
May 9, 2024
https://blog.ucsusa.org/julie-mcnamara/the-big-hydrogen-cash-grab/

[B_B!]

But , B_B says PLUG will be $10.00 in May (2024).

Still 3 weeks left! 😰
JB, if Plug is still under $10 by the end of next month (May), I’ll stop posting here.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174322000

Who saved me yesterday? 🤔
If the Q1 2024 results disappoint and the closing price is negative, I will stop posting starting from Friday May 10, 2024.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174377570

[Jack_Bolander]

Truist also lowered PLUG to $3.00.

After such a "great" Q, why are analysts lowering their Share Price Estimates ?

But , B_B says PLUG will be $10.00 in May (2024).

[B_B!]

Susquehanna Maintains Neutral on Plug Power, Lowers Price Target to $3
Benzinga 1h ago
Susquehanna analyst Biju Perincheril maintains Plug Power (NASDAQ:PLUG) with a Neutral and lowers the price target from $3.5 to $3.
https://www.webull.com/news/10724218070767616

[B_B!]

Plug Power Faces Sell Rating Amidst Liquidity Concerns and Dismal Financial Performance
Howard Kim May 10, 2024

Plug Power (PLUG – Research Report), the Industrials sector company, was revisited by a Wall Street analyst today. Analyst Ameet Thakkar from BMO Capital maintained a Sell rating on the stock and has a $2.50 price target.

Ameet Thakkar has given his Sell rating due to a combination of factors including Plug Power’s disappointing first-quarter performance which missed the already low expectations for the company. The outperformance of Plug Power shares is attributed to a quarter-over-quarter reduction in cash burn and lower use of the at-the-market (ATM) equity program in the second quarter relative to what was anticipated. However, Thakkar remains skeptical about Plug Power’s ability to meet its target of reducing cash burn by 70% year-over-year. Furthermore, the company’s progress toward achieving break-even gross margins seems increasingly unlikely, and the uncertainty surrounding the timing of a potential Department of Energy loan guarantee adds to liquidity concerns.

Additionally, the sell rating reflects concerns about further dilution of shares due to the company’s reliance on its ATM program to fund its cash flow deficit, which was $266 million in the first quarter. Despite some evidence of a slowing cash burn, Thakkar estimates a total cash burn of $1 billion for the year, which is a 44% reduction year-over-year but likely requires continued equity issuance under the ATM program. The decline in gross margins was more significant than expected, with a -132% gross margin in the first quarter compared to the consensus estimate of -60%. The negative fuel cell product margins and the improbability of reaching positive gross margins by the fourth quarter of 2024 also contribute to the rationale behind the Sell rating.

In another report released today, Piper Sandler also maintained a Sell rating on the stock with a $2.50 price target.
https://www.tipranks.com/news/blurbs/plug-power-faces-sell-rating-amidst-liquidity-concerns-and-dismal-financial-performance?utm_source=webullapp.com&utm_medium=referral

[scubastevemd]

The proof that we are moving in the right direction will be in the following quarters. Sadly, I think things will not move much in the US until 45V is past and companies know the rules of the game and can see if it is profitable to move forward or not depending on the rules. Also, what the heck is going on with the DOE. This seems to have been going on for 18 months now, which really worries me. I hope Andy is not being fast with the truth on this one because if we do not get it, we Reverse Split and start over. Heck, that might happen anyway if the share count gets too high.

[B_B!]

May 09, 2024 Form10-Q Quarterly Report
https://d18rn0p25nwr6d.cloudfront.net/CIK-0001093691/47e8742c-74d4-4aa9-b92c-6e18d3d14631.pdf

[B_B!]

“It's been a tough four or five months. But we're moving in the right direction.”
Andy Marsh -- Chief Executive Officer

Plug Power (PLUG) Q1 2024 Earnings Call Transcript
By Motley Fool Transcribing – May 9, 2024
https://www.fool.com/earnings/call-transcripts/2024/05/09/plug-power-plug-q1-2024-earnings-call-transcript/

[B_B!]

Thank you very much for your kind words!
I do understand that my positive posts can be irritating to some, especially when the share price is falling.
Positive/negative posts do not affect the share price, but can be unpleasant to read if the stock price moves in the opposite direction.

I think the last couple of years Plug Power had moved too fast. Trying to maintain the first mover advantage, while not expecting the US government to be so slow in implementing the hydrogen subsidy (too much politics). Moreover, they were caught off guard by the attacks of the oil companies (manipulation of renewable stocks) and gas companies (disruption of the hydrogen supply).

[B_B!]

SHORT INTEREST 191.35M (04/30/24)
% OF FLOAT SHORTED 30.14%

SHORT INTEREST 185.36M (04/15/24)
% OF FLOAT SHORTED 29.70%

SHORT INTEREST 183.77M (03/28/24)
% OF FLOAT SHORTED 29.82%

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SHORT INTEREST 170.84M (02/15/24)
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SHORT INTEREST 183.89M (01/31/24)
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% OF FLOAT SHORTED 29.35%

SHORT INTEREST 161.5M (12/29/23)
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SHORT INTEREST 158.44M (12/15/23)
% OF FLOAT SHORTED 29.37%

SHORT INTEREST 155.38M (11/30/23)
% OF FLOAT SHORTED 28.82%

SHORT INTEREST 149.47M (11/15/23)
% OF FLOAT SHORTED 27.73%

SHORT INTEREST 144.63M (10/31/23)
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SHORT INTEREST 127.83M (09/29/23)
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SHORT INTEREST 120.69M (08/31/23)
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SHORT INTEREST 92.76M (03/31/23)
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SHORT INTEREST 88.13M (03/15/23)
% OF FLOAT SHORTED 16.75%

SHORT INTEREST 80.72M (02/28/23)
% OF FLOAT SHORTED 15.33%

[Jack_Bolander]

B_B - The written transcript leaves out the Barking Dog. Very Professional , Andy.

[mikman77]

I can buy good at lows sometime it selling at high I suck on...lol

[scubastevemd]

BB I hope you stay around. You are a gentleman and are a good counter to Jack's total negativity. You provide great information that many here appreciate. Keep up the good work. Let's see if this was our last horrible quarter and we see improvement from here.

[B_B!]

Plug Power (PLUG) Q1 2024 Earnings Call Transcript
By Motley Fool Transcribing – May 9, 2024

https://www.fool.com/earnings/call-transcripts/2024/05/09/plug-power-plug-q1-2024-earnings-call-transcript/

[ruke]

You didn't have a positive post for B_B either.

[ruke]

MORE GOOD NEWS.
PPS is going UP!

[miraculus]

Can you show me a positive post from Jack?🤔

[WeTheMarket]

MM, same here, I added yesterday. JB's negative posts premarket, almost convinced me that had I made a bad decision.

[mikman77]

Added more at 2.34 premarket

[B_B!]

Plug Power Faces Stiff Headwinds In Q1, Optimistic About Future Margins
by Akanksha Bakshi May 9, 2024

- Plug Power reports significant decline in Q1 revenue and expanded losses.
- Plug Power expects revenue growth in later quarters with ongoing product expansion and pricing strategy adjustments.

Plug Power Inc reported a first-quarter fiscal 2024 net revenue decline of 42.8% year-over-year to $120.264 million, missing the consensus of $157.58 million.
Plug stated that sales performance reflects seasonality in equipment sales and timing impacts from electrolyzer deployments.

Net loss per share was $(0.46) down from $(0.35) YoY, below the consensus of $(0.32).

Gross loss expanded to $(159.075) million from $(69.396) million a year ago, and operating loss for the quarter expanded to $(259.41) million from $(209.8) million YoY.
Plug saw improvements in the quarter's gross margins for Fuel Delivered, Service, and Power Purchase Agreements versus the first and fourth quarters of 2023.

Meanwhile, it saw headwinds on equipment margins given focus on lowering inventory and limiting production, coupled with lower sales level collectively generating unfavorable overhead absorption.
Plug expects one-third of its total revenue for 2024 to be generated in the first half of the year, aligning with historical seasonal patterns and ongoing product expansion efforts.
Operational Updates: Plug has 20 electrolyzer systems undergoing commissioning at third-party customer sites, with additional deliveries scheduled throughout the remainder of 2024.

Plug raised prices across its product range, especially hydrogen, aiming to enhance value. Positive margin impacts are expected in the coming quarters.
Plug Power wrote down certain assets, which resulted in non-cash charges recorded in the quarter of ~$40 million. In addition, Plug mobilized certain cost down actions in the first quarter.

Net cash used in operating activities totaled $(167.73) million, compared to $(276.92) million a year ago.

The company's net cash used in operations and investments decreased by 38% QoQ and 42% YoY. Further improvement is expected as hydrogen supply and pricing adjustments take effect.
PLUG held cash, cash equivalents, and restricted cash end of $1.168 billion as of March-end.
.....
https://www.benzinga.com/news/earnings/24/05/38733785/plug-power-faces-stiff-headwinds-in-q1-optimistic-about-future-margins

[B_B!]

BREAKING | Hydrogen equipment maker Plug Power widens quarterly losses to almost $300m amid crashing revenue
Sales of equipment slump ahead of major push by company to deliver electrolysers in 2024
Rachel Parkes 43 minutes ago

US pure-play hydrogen equipment manufacturer Plug Power has posted a quarterly loss of $296m for the first three months of 2024, amid a massive crash in quarterly revenue while it awaits the commissioning of several of its proton exchange membrane (PEM) electrolyser systems, and for a new pricing regime to take effect.

The Q1’2024 loss is significantly wider than the $207m posted in the first quarter of the previous year, as well as the $284m in the third quarter of 2023, and puts the company on a trajectory to report another more-than $1bn loss for the year.

Plug made a massive $1.4bn loss in 2023, after it was squeezed by supply chain problems and legacy H2 supply contracts. The problem became severe enough for it to raise the alarm about its ability to remain a going concern, an issue that Plug reported as resolved in September last year.

Revenue for the quarter slumped to $120m, just over half the $210 posted a year ago, with cash made from sales of equipment crashing to just $68m, down from $182m this time last year.

But Plug put the limp figures down to “new product scaling”, pointing out that it cannot yet report revenue from electrolyser systems currently undergoing commissioning.

Most of its revenue for the year will come during the second half of 2024, it indicated.

“Consistently with past seasonality and continued new product scaling, Plug expects that one-third of its full year revenue will be in the first half of 2024,” the company said in a statement. “As of the Q1 2024 earnings date, Plug currently has 20 electrolyser systems undergoing commissioning at third-party customer sites, with further deliveries to be made over the balance of 2024.”

The company has also instigated a price increase across its entire portfolio and especially on sales of hydrogen pricing, which was the main reason for its cash squeeze in 2023.

“We expect to see a positive impact to our margins in coming quarters as a result of these actions,” it said.

In addition, Plug said it is experiencing a rebound in sales in its materials handling business (eg, hydrogen fuel cell-powered fork lift trucks) after a price recalibration, as well as an effort to change the business model to direct sales and customer-financed leases.

Last month Plug announced that it would deliver more of its PEM electrolysers in 2024 than it had to date, pushing the capacity of installed Plug machines to 189MW.

This will equate to the delivery of 40 systems in total over 2024.

And the company’s efforts to shore up its cash reserves in the wake of its liquidity scare last year appear to be bearing fruit — Plug reported $173m in unrestricted cash for the quarter, a 55% increase on the $111m it reported in the same quarter last year.

“We continue to make steady progress by following our established goals and business priorities,” said PlugPower’s chief executive Andy Marsh. “As we enhance our financial performance in the upcoming quarters, Plug is set to retain its leadership role in advancing the hydrogen economy, which is anticipated to experience swift expansion and widespread adoption globally in the future decades.”

Nevertheless, the company’s stock price remains in the doldrums, sitting at $2.52, around 45% lower than it was at the beginning of 2024.

https://www.hydrogeninsight.com/electrolysers/breaking-hydrogen-equipment-maker-plug-power-widens-quarterly-losses-to-almost-300m-amid-crashing-revenue/2-1-1641551

[B_B!]

I think DOE loan soon 😁

[WeTheMarket]

Earnings call plus live analyst review.

[Jack_Bolander]

More BAD News !

Goldman is Skeptical, Too !

https://finance.yahoo.com/news/1-reason-goldman-sachs-analysts-111800499.html

[Jack_Bolander]

MORE BAD NEWS !

https://seekingalpha.com/news/4103633-plug-power-slides-after-posting-larger-than-forecast-q1-loss?source=copy_to_clipboard

[miraculus]

Bye, bye B_B, have a nice time!😉

[WeTheMarket]

Plug Announces First Quarter 2024 Financial Results
May 09, 2024
Link to Press Release https://www.ir.plugpower.com/press-releases/news-details/2024/Plug-Announces-First-Quarter-2024-Financial-Results/default.aspx
Link to Presentation https://s29.q4cdn.com/600973483/files/doc_earnings/2024/q1/presentation/Q124-Earnings-Presentation.pdf
Link to Webcast https://event.webcasts.com/starthere.jsp?ei=1666679&tp_key=8ea4578409
Link to Previous (Q4/FY 2023) Results https://investorshub.advfn.com/boards/read_msg.aspx?message_id=173950571

LATHAM, N.Y., May 09, 2024 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG) (the “Company”), a global leader in comprehensive hydrogen solutions for the green hydrogen economy, announced its financial results and operational milestones for the first quarter of 2024.

First-Quarter Results

- Earnings-Per-Share (EPS) and Revenue: The Company reported revenue of $120.3 million and EPS loss of $0.46 for the quarter ended March 31, 2024.
- Enhanced Focus on Cash Management: Net cash used in operating activities and capital expenditures (includes purchases of property, plant, and equipment and purchases of equipment related to power purchase agreements and equipment related to fuel delivered to customers) collectively decreased 38% quarter-over-quarter (QoQ), and 42% year-over-year (YoY), with incremental improvement expected as internal hydrogen supply and pricing increases make an impact in coming quarters. Inventory reduction remains a key priority in our cash management strategy for 2024.
- Gross Margins: The Company saw headwinds on equipment margins given focus on lowering inventory and limiting production, coupled with lower sales level collectively generating unfavorable overhead absorption; but given the restructuring announced coupled with ramp on volume for the balance of the year, the Company is postured to drive overhead leverage to improve equipment margins. The Company saw improvements in the quarter’s gross margins for Fuel Delivered, Service, and Power Purchase Agreements versus the first and fourth quarters of 2023, as well as lower operating expenses.

Consistently with past seasonality and continued new product scaling, Plug expects that one-third of its full year revenue will be in the first half of 2024. As of the Q1 2024 earnings date, Plug currently has 20 electrolyzer systems undergoing commissioning at third-party customer sites, with further deliveries to be made over the balance of 2024. The Company is also experiencing rebounding sales in its material handling business following the recalibration of pricing and changing of the business model to direct sales or customer-financed leases. In Q1 2024, for example, Plug expanded its partnership with Uline, extending hydrogen infrastructure and fuel cell solutions to an additional four sites and secured a substantial deal with a leading U.S. automotive manufacturer to provide its extensive new 6 square-mile manufacturing campus with Plug's hydrogen infrastructure and fuel cell solutions. These commercial successes are clear demonstrations on Plug’s value proposition following changes to our pricing and sales model.

Hydrogen Generation Network Milestones and Advancement

In Q1 2024, Plug’s hydrogen generation network reached significant milestones. The Georgia and Tennessee plants have produced at nameplate capacity, with a combined liquid hydrogen production capacity of 25 tons-per-day (TPD). Additionally, Plug’s Louisiana plant is on track for completion and first production in 2024, adding 15 TPD and bringing the Company’s total liquid hydrogen production capacity to 40 TPD. The addition of the Louisiana plant capacity will effectively meet the majority of Plug’s customer demand through its internal hydrogen generation network.

Plug continues to advance the pending loan guarantee from the Department of Energy (DOE) and awaits conditional commitment approval announcement; this program is expected to bolster the build out of Plug’s liquid hydrogen facilities throughout the U.S. Commensurately, the Company has commenced a process with advisors to complement its anticipated DOE project with project equity investors and/or project finance partners to finance the build out of the plants.

DOE Grants to Advance Capacities at State-of-the-Art Manufacturing Facilities

Through a highly competitive process, Plug, alongside project partners, secured awards from the DOE for grants of up to $163 million for use in Clean Hydrogen Electrolysis, Manufacturing, and Recycling projects. These grants will continue to advance Plug’s fuel cell and electrolyzer manufacturing capacities at its state-of-the art facilities in Rochester and Albany NY. Plug received the most awards in the $750 million total funding aimed to reduce the cost of hydrogen in the U.S., showcasing its leadership and commitment in the hydrogen and fuel cell industry.

Continued Growth in Electrolyzer Basic Engineering and Design Package (BEDP) Offering

Recent announcements in Q1 2024, bring the Company’s total amount of global BEDP contracts to ~4.5 gigawatts (GW) for Projects in the U.S. and Europe. Electrolyzer sales present a substantial growth lever for Plug, and the BEDP success underscores Plug’s strong industry positioning and market growth, while enabling customers to reach Final Investment Decision (FID) on their hydrogen projects.

Expansion in Cryogenic Sales

Plug has seen ongoing expansion in cryogenic equipment sales with customer agreements encompassing storage tanks, trailers, vaporizers, and portable units, both domestically in the U.S. and internationally. Additionally, Plug has delivered several first-of-its-kind liquid hydrogen portable refuelers to transit agencies and trucking fleet customers.

Financial Updates

- Q1 Financial Performance: Sales of $120M reflect seasonality in our equipment sales and timing impacts from electrolyzer deployments.
Internal Hydrogen Supply: With Plug now producing up to ~25 TPD from our Georgia and Tennessee hydrogen plants, the Company will be able to displace higher cost third-party fuel with our own internal supply.
- Pricing Increases: To better reflect the economic value of our product offering, Plug has worked with customers to put in place price increases across our entire product portfolio with a specific focus on hydrogen pricing. We expect to see a positive impact to our margins in coming quarters as a result of these actions.
- Restructuring, Impairment, and Other Provisions: As a result of the evolving market dynamics, Plug mobilized certain cost down actions in the first quarter. This included headcount reduction, rooftop consolidation, and non-payroll cost downs. This resulted in restructuring costs of ~$6 million in the quarter. In addition, given certain business dynamics, the Company wrote down certain assets which resulted in non-cash charges recorded in Q1 2024 of ~$40 million. Further details regarding these charges are provided in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2024.
- Plug CEO Andy Marsh stated: “We continue to make steady progress by following our established goals and business priorities. As we enhance our financial performance in the upcoming quarters, Plug is set to retain its leadership role in advancing the hydrogen economy, which is anticipated to experience swift expansion and widespread adoption globally in the future decades.”

Conference Call
Plug Power has scheduled a conference call today, May 9, at 8:30 am ET to review the Company’s results for the first quarter of 2024. Interested parties are invited to listen to the conference call by calling 877-407-9221 / [phone].

The webcast can be accessed at:
https://event.webcasts.com/starthere.jsp?ei=1666679&tp_key=8ea4578409

A playback of the call will be available online for a period following the event. A presentation will be made available in connection with the call at: https://www.ir.plugpower.com/events-and-presentations/default.aspx

About Plug
Plug is building an end-to-end green hydrogen ecosystem, from production, storage, and delivery to energy generation, to help its customers meet their business goals and decarbonize the economy. In creating the first commercially viable market for hydrogen fuel cell technology, the company has deployed more than 69,000 fuel cell systems and over 250 fueling stations, more than anyone else in the world, and is the largest buyer of liquid hydrogen.

With plans to operate a green hydrogen highway across North America and Europe, Plug built a state-of-the-art Gigafactory to produce electrolyzers and fuel cells and is developing multiple green hydrogen production plants targeting commercial operation by year-end 2028. Plug delivers its green hydrogen solutions directly to its customers and through joint venture partners into multiple environments, including material handling, e-mobility, power generation, and industrial applications.

For more information, visit www.plugpower.com.

Plug Media Contact
Fatimah Nouilati
Allison
[e-mail]

[Jack_Bolander]

MORE BAD NEWS !!!!!

https://seekingalpha.com/news/4103484-plug-power-gaap-eps-of-0_46-misses-0_13-revenue-of-120_3m-misses-37_35m?source=copy_to_clipboard

Much Worse than I thought.