Plug Power Inc (PLUG)

[uksausage]

would love to see pie chart for projected 2025 revenues by product.

Here is my take on the event:

Andy lost an opportunity to really present the strategy in a coordinated manner. The slides are great but he loves to talk off script about items that may come up later (stationery is obviously his turn on this quarter).

His explanation for Q4 business update was weak and wasn't surprising, luckily the forward story is what the market is looking at. Not sure why he couldn't be more specific about what business slipped into Q1 apart from the generation.

I'm not sure why he waited for a question to address the FFI partnership. When he says we are continuing with electrolyzers does he mean just selling them to them for 2023 revenues only or developing/manufacturing newer models (which FFI has already done) for longer term and huge numbers - if the national strategies FFI is selling come to fruition. I can see FFI wanting to manufacture their electrolyser in the USA for $$ or will they only use PLUG electrolyser in the USA? They have at least 3 GW of generation planned (not yet FID/permitted) and more if the hubs come to fruition) in the USA.

I cannot wait for the initial customers for the stationary fuel cells to be announced. The packaging is better than I expected and more powerful. A number of competitors focussed on this market so price and availability may become critical. Will Flying J be a "pedestal" customer for this market in 2023?