Plug Power Inc (PLUG)

[B_B!]

I think Q1'24 revenue > 270M and loss per share < 18 cents
Q1’24 : lower revenue growth rate, at least more than Q1’23 (210M) + 60M revenue from Q4’23 + extra revenue from new product (Portable Liquid Hydrogen Refuelers)

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Many new programs were shipped in Q4 but just did not get to final commissioning, hence, the respective sales were pushed into '24.
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I noticed the average price for a fuel cell was significantly higher in Q4.
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you will see a step-change in our fuel cost and the overall margin profile driven by better pricing
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capex reduction and the inventory leverage, we're already seeing benefits of that in Q1
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Raising prices, slowing new product scaling, and pushing traditional PPA market customers to direct sales models collectively will mean a lower revenue growth rate in the near term compared to our prior history.

Plug Power (PLUG) Q4 2023 Earnings Call Transcript Mar 1, 2024
https://www.fool.com/earnings/call-transcripts/2024/03/01/plug-power-plug-q4-2023-earnings-call-transcript/

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Some of the programs were deployed, but given our focus on cash, where we have an opportunity to get cash for transferring the tax benefits, we held off the normal sale leasebacks where we get sales treatment that would have equated to over $60 million of sales in the fourth quarter 2023.
We did have one of our key traditional PPA customers move to a direct sale program, and they purchased seven sites. However, given the fuel shortage issues mentioned previously, they pushed deployment to 2024, so around $20 million of the sale will be pushed into 2024.
On our 1 and 5-megawatt electrolyzer systems, these are new designs and new offerings that have taken time to scale the manufacturing and supply chain processes. Many of these programs were shipped, but just did not get to final commissioning. Hence, the respective sales will be pushed to 2024. Cumulatively, this was for systems over $40 million in revenue.

Plug Power January Business Update 23, 2022 Call Transcript https://seekingalpha.com/article/4664415-plug-power-inc-plug-jaunary-business-update-call-transcript

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Plug Delivers Several Portable Liquid Hydrogen Refuelers to Customers
February 12, 2024

Plug Cryogenic Trailers Leave Tennessee Hydrogen Production Plant for Customer Deliveries
February 08, 2024

Plug Power Completes First Customer Fill of Liquid Green Hydrogen at its Georgia Plant
February 01, 2024

https://www.ir.plugpower.com/Press-Releases/default.aspx

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Q1’23: 210M, Q2'23: 260M, Q3'23: 198M, Q4’23: 222M
Q1’22: 140M, Q2'22: 151M, Q3'23: 188M, Q4’22: 220M