Plug Power Inc. (NASDAQ:PLUG) Q3 2024 Earnings Call Transcript November 12, 2024 8:30 AM ET Company Participants Meryl Fritz - Marketing and Communications Manager Andy Marsh - CEO Paul Middleton - CFO Sanjay Shrestha - GM, Energy Solutions & CSO Conference Call Participants Colin Rusch - Oppenheimer Saumya Jain - UBS George Gianarikas - Canaccord Genuity Eric Stine - Craig-Hallum Bill Peterson - JPMorgan Craig Irwin - Roth Capital Partners Dushyant Ailani - Jefferies Chris Senyek - Wolfe Research Amit Daya ...

Plug Power (PLUG) came out with a quarterly loss of $0.25 per share versus the Zacks Consensus Estimate of a loss of $0.24. This compares to loss of $0.47 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -4.17%. A quarter ago, it was expected that this alternative energy company would post a loss of $0.30 per share when it actually produced a loss of $0.36, delivering a surprise of -20%.Over the last four quarters, the company ...

Revenue and Financial Performance - Q3 2024 revenue reached $173.7 million, driven by electrolyzer deployments and hydrogen network expansion[2] - Net revenue for the three months ended September 30, 2024, was $173,730 thousand, down from $198,711 thousand in the same period in 2023[21] - Plug anticipates 2024 revenue to range between $700 million and $800 million, driven by electrolyzer and material handling orders[12] - Net loss for the three months ended September 30, 2024, was $211,168 thousand, compared to $283,479 thousand in the same period in 2023[21] - Net loss for the nine months ended September 30, 2024, was $769.3 million, compared to $726.4 million in the same period in 2023[22] Margins and Profitability - Gross margin loss decreased by 37% QoQ, with equipment margins improving 42% and service margins improving 776%[4] - Gross loss for the three months ended September 30, 2024, was $100,025 thousand, compared to $137,965 thousand in the same period in 2023[21] - Operating loss for the three months ended September 30, 2024, was $216,168 thousand, compared to $273,971 thousand in the same period in 2023[21] - Hydrogen fuel margins improved, with higher utilization expected in Q4 2024 after planned downtime in Q3[7] Cash Flow and Liquidity - Operating cash flows improved by 31% QoQ, reflecting margin and working capital efficiency gains[3] - Net cash used in operating activities decreased to $597.4 million in 2024 from $863.9 million in 2023[22] - Net cash provided by financing activities increased significantly to $779.2 million in 2024 from $14.4 million in 2023[23] - Cash, cash equivalents, and restricted cash at the end of the period were $1.0 billion in 2024, down from $1.2 billion in 2023[23] - Decrease in cash and cash equivalents was $41.1 million in 2024, compared to a decrease of $579.8 million in 2023[23] Electrolyzer and Hydrogen Network Expansion - Electrolyzer sales increased 285% QoQ, with a major 25 MW order from bp and Iberdrola's joint venture in Spain[6] - Global BEDP contracts grew to over 8 GW, including a 3 GW agreement with Allied Green Ammonia in Australia[8] - The company completed installation of an 8 MW hydrogen fuel cell system for Energy Vault, marking a milestone in clean energy solutions[10] - Plug received a $10 million DOE grant to develop advanced hydrogen refueling stations in Washington State[11] Expenses and Cost Management - Research and development expenses for the three months ended September 30, 2024, were $19,712 thousand, down from $27,651 thousand in the same period in 2023[21] - Selling, general, and administrative expenses for the three months ended September 30, 2024, were $91,586 thousand, down from $105,451 thousand in the same period in 2023[21] - Stock-based compensation decreased to $64.1 million in 2024 from $129.1 million in 2023[22] - Inventory adjustments and provisions for excess and obsolete inventory increased to $67.8 million in 2024 from $33.9 million in 2023[22] Asset and Liability Changes - Total assets decreased from $4,902,738 thousand in December 2023 to $4,724,874 thousand in September 2024[20] - Cash and cash equivalents decreased from $135,033 thousand in December 2023 to $93,940 thousand in September 2024[20] - Inventory, net decreased from $961,253 thousand in December 2023 to $885,764 thousand in September 2024[20] - Total current liabilities decreased from $964,800 thousand in December 2023 to $786,945 thousand in September 2024[20] Capital Expenditures and Investments - Purchases of property, plant, and equipment decreased to $253.1 million in 2024 from $484.0 million in 2023[22] - Net cash used in investing activities was $358.5 million in 2024, compared to net cash provided by investing activities of $460.5 million in 2023[22] - Proceeds from public and private offerings, net of transaction costs, were $793.2 million in 2024, compared to none in 2023[22]

SLINGERLANDS, N.Y., Nov. 12, 2024 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the green hydrogen economy, today announced further progress on its strategic and operational initiatives and path to profitability in the third quarter of 2024. These developments underscore the Company's commitment to advancing the hydrogen economy and solidifying its market and financial position in the industry. Financial Highlights Q3 Financial Performance: Plug ...

Plug Power Inc. (PLUG) is scheduled to release third-quarter 2024 results on Nov. 12, before market open.The company has a bleak earnings surprise history, having missed the Zacks Consensus Estimate in each of the preceding four quarters. The negative earnings surprise was 48.1%, on average.Let’s see how things have shaped up for Plug Power this earnings season.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.Factors to Note Ahead of PLUG’s ResultsWeak demand for the company’s GenDri ...

In its upcoming report, Plug Power (PLUG) is predicted by Wall Street analysts to post quarterly loss of $0.24 per share, reflecting an increase of 48.9% compared to the same period last year. Revenues are forecasted to be $209.85 million, representing a year-over-year increase of 5.6%.Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted downward by 2.1% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during t ...

In the latest trading session, Plug Power (PLUG) closed at $2.52, marking a +0.4% move from the previous day. The stock's performance was behind the S&P 500's daily gain of 1.23%. Elsewhere, the Dow gained 1.02%, while the tech-heavy Nasdaq added 1.43%.The alternative energy company's shares have seen an increase of 11.56% over the last month, surpassing the Industrial Products sector's loss of 0.89% and the S&P 500's loss of 0.54%.Analysts and investors alike will be keeping a close eye on the performance ...

Plug Power (PLUG) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended September 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on November ...

Plug Power Inc PLUG has big dreams for a green hydrogen-powered future, but it might hit some potholes before reaching that destination. JPMorgan's Bill Peterson brings a cautiously balanced view, signaling that while Plug Power's ambitions shine bright, the near-term realities could dampen the sparkle for investors. As we speed toward the company's third-quarter earnings call on Nov. 12 and its annual Plug Symposium on Nov. 13, expectations are mixed, with both high hopes and real risks.Watch For Roadblock ...

Investors think Plug Power's electrolyzers might have a growing new market.Plug Power (PLUG 17.70%) shares jumped today, and investors see a path for more gains to come. That's not because of any news directly from the hydrogen power company. Rather, it's what investors see as a potentially very lucrative new market for Plug Power.Shares were 19.9% higher as of 12:40 p.m. ET Monday after reports that the Federal Energy Regulatory Commission (FERC) rejected a request to increase the amount of power from a nu ...