Plug Power Announces Key Developments and Strategic Milestones in Second Quarter 2024
Plug Power Inc. (NASDAQ: PLUG) reported key developments and strategic milestones in Q2 2024. The company's revenue reached $143.4 million, with a net loss of $262.3 million and an EPS loss of $0.36. Highlights include:
1. Improved hydrogen margins due to increased production capacity and strategic price increases.
2. Deployment of over $70 million in electrolyzer systems.
3. Appointment of Dean Fullerton as COO.
4. Progress on a joint venture hydrogen plant with Olin
5. Securing 7.5 GW in global BEDP contracts.
6. Advancement in the DOE loan process for green hydrogen initiatives.
7. Successful remediation of material weaknesses in internal controls.
Plug Power projects 2024 revenue between $825 million and $925 million, reflecting expected growth in electrolyzer, cryogenic, and material handling businesses.
Plug Power Inc. (NASDAQ: PLUG) ha riportato sviluppi chiave e traguardi strategici nel secondo trimestre del 2024. I ricavi dell'azienda hanno raggiunto 143,4 milioni di dollari, con una perdita netta di 262,3 milioni di dollari e una perdita per azione (EPS) di 0,36 dollari. Tra i punti salienti ci sono:
1. Margini dell'idrogeno migliorati grazie all'aumento della capacità produttiva e a incrementi strategici dei prezzi.
2. Distribuzione di oltre 70 milioni di dollari in sistemi elettrolizzatori.
3. Nomina di Dean Fullerton come COO.
4. Progresso su un impianto di idrogeno in joint venture con Olin.
5. Accordo di 7,5 GW in contratti globali BEDP.
6. Avanzamento nel processo di prestito del DOE per iniziative di idrogeno verde.
7. Successo nel ripristino delle debolezze materiali nei controlli interni.
Plug Power prevede ricavi nel 2024 tra 825 milioni e 925 milioni di dollari, riflettendo una crescita attesa nei settori degli elettrolizzatori, della criogenia e della movimentazione dei materiali.
Plug Power Inc. (NASDAQ: PLUG) informó sobre desarrollos clave y hitos estratégicos en el segundo trimestre de 2024. Los ingresos de la empresa alcanzaron 143,4 millones de dólares, con una pérdida neta de 262,3 millones de dólares y una pérdida por acción (EPS) de 0,36 dólares. Los aspectos más destacados incluyen:
1. Mejora en los márgenes de hidrógeno gracias al aumento de la capacidad de producción y a incrementos estratégicos de precios.
2. Despliegue de más de 70 millones de dólares en sistemas de electrólisis.
3. Nombramiento de Dean Fullerton como COO.
4. Avances en una planta de hidrógeno en colaboración con Olin.
5. Aseguramiento de 7,5 GW en contratos globales BEDP.
6. Avances en el proceso de préstamo del DOE para iniciativas de hidrógeno verde.
7. Remediación exitosa de debilidades materiales en los controles internos.
Plug Power proyecta ingresos para 2024 entre 825 millones y 925 millones de dólares, reflejando un crecimiento esperado en los negocios de electrólisis, criogénicos y de manejo de materiales.
플러그 파워 주식회사 (NASDAQ: PLUG)는 2024년 2분기에 주요 개발 및 전략적 이정표를 보고했습니다. 회사의 수익은 1억 4,340만 달러에 이르렀으며, 순손실은 2억 6,230만 달러로, 주당 손실은 0.36달러입니다. 주요 사항은 다음과 같습니다:
1. 생산 능력 증가 및 전략적 가격 인상으로 인한 수소 마진 개선.
2. 7천만 달러 이상의 전해조 시스템 배치.
3. Dean Fullerton의 COO 임명.
4. Olin과의 공동 개발 수소 공장 진척.
5. 글로벌 BEDP 계약에서 7.5 GW 확보.
6. 청정 수소 이니셔티브를 위한 DOE 대출 프로세스 진전.
7. 내부 통제에서의 물질적 약점 성공적인 시정.
플러그 파워는 2024년 수익이 8억 2,500만 달러에서 9억 2,500만 달러 사이가 될 것으로 예상하며, 이는 전해조, 극저온 및 물자 취급 사업의 성장 기대를 반영합니다.
Plug Power Inc. (NASDAQ: PLUG) a rapporté des développements clés et des jalons stratégiques au deuxième trimestre 2024. Le chiffre d'affaires de l'entreprise a atteint 143,4 millions de dollars, avec une perte nette de 262,3 millions de dollars et une perte par action (EPS) de 0,36 dollar. Les points forts incluent :
1. Amélioration des marges sur l'hydrogène grâce à une augmentation de la capacité de production et à des hausses de prix stratégiques.
2. Déploiement de plus de 70 millions de dollars en systèmes électrolyseurs.
3. Nommer Dean Fullerton au poste de COO.
4. Progrès sur une usine de production d'hydrogène en coentreprise avec Olin.
5. Sécurisation de 7,5 GW de contrats BEDP à l'échelle mondiale.
6. Avancement dans le processus de prêt du DOE pour les initiatives d'hydrogène vert.
7. Remédiation réussie des points faibles matériels dans les contrôles internes.
Plug Power prévoit un chiffre d'affaires entre 825 millions et 925 millions de dollars pour 2024, reflétant une croissance attendue dans les secteurs de l'électrolyse, de la cryogénie et de la manutention des matériaux.
Plug Power Inc. (NASDAQ: PLUG) berichtete über wichtige Entwicklungen und strategische Meilensteine im zweiten Quartal 2024. Der Umsatz des Unternehmens betrug 143,4 Millionen Dollar, mit einem Nettoverlust von 262,3 Millionen Dollar und einem Verlust pro Aktie (EPS) von 0,36 Dollar. Zu den Höhepunkten gehören:
1. Verbesserung der Wasserstoffmargen aufgrund der erhöhten Produktionskapazität und strategischer Preiserhöhungen.
2. Einsatz von über 70 Millionen Dollar in Elektrolysesystemen.
3. Ernennung von Dean Fullerton zum COO.
4. Fortschritte bei einem Joint-Venture-Wasserstoffwerk mit Olin.
5. Sicherstellung von 7,5 GW in globalen BEDP-Verträgen.
6. Fortschritte im Kreditprozess des DOE für grüne Wasserstoffinitiativen.
7. Erfolgreiche Beseitigung materieller Schwächen in den internen Kontrollen.
Plug Power prognostiziert 2024 einen Umsatz von 825 Millionen bis 925 Millionen Dollar, was ein erwartetes Wachstum in den Bereichen Elektrolyse, Kryogenik und Materialhandling widerspiegelt.
- Revenue increased to $143.4 million in Q2 2024
- Improved hydrogen margins due to increased production capacity and strategic price increases
- Deployed over $70 million of electrolyzer systems in Q2 2024
- Secured 7.5 GW in global BEDP contracts, including a 3 GW contract in Australia
- Successfully remediated previously identified material weaknesses in internal controls
- Projected 2024 revenue between $825 million and $925 million
- Reported net loss of $262.3 million in Q2 2024
- Earnings-Per-Share loss of $0.36 for Q2 2024
- ~$86 million of non-cash charges including depreciation, amortization, and impairment charges
Insights
Plug Power's Q2 2024 results present a mixed financial picture. While revenue grew to
Plug Power's Q2 2024 developments showcase significant progress in the hydrogen sector. The deployment of over
The appointment of Dean Fullerton as COO is a significant leadership enhancement for Plug Power. Fullerton's extensive experience from Amazon, particularly in supply chain and logistics engineering, could bring valuable operational expertise to Plug's growing hydrogen infrastructure. This hire suggests a strategic focus on improving operational efficiency, which is important given the company's current financial challenges. Additionally, the successful remediation of previously identified material weaknesses in internal controls is a positive development for corporate governance. This improvement should enhance the reliability of financial reporting and potentially boost investor confidence. These governance enhancements, coupled with the ongoing DOE loan process, indicate Plug Power is taking proactive steps to strengthen its organizational structure and financial position.
SLINGERLANDS, N.Y., Aug. 08, 2024 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the green hydrogen economy, today announced significant progress and strategic initiatives in the second quarter of 2024. These developments underscore the Company's commitment to advancing the hydrogen economy and solidifying its leadership position in the industry.
Financial Highlights
- Q2 Financial Performance: Plug Power reported revenue of
$143.4 million in Q2 2024, reflecting ongoing growth in its electrolyzer deployments and improved pricing on fuel and other product lines. - Net Loss: The Company recorded a net loss of
$262.3 million in Q2 2024, influenced by strategic investments, market dynamics and ~$86 million of non-cash charges such as depreciation and amortization, stock-based compensation, provision for common stock warrants, inventory adjustments, and impairment charges. Plug Power also recorded an Earnings-Per-Share loss of$0.36 for Q2 2024. - Improvement in Hydrogen Margins: The Georgia plant's increased production capacity and strategic price increases across the hydrogen product portfolio have significantly improved hydrogen margins. This enhancement demonstrates Plug Power's ability to leverage its production capabilities and optimize pricing to boost financial performance.
- Clean Hydrogen Production Tax Credit (PTC) Utilization: Plug Power became one of the first companies to leverage the PTC for its liquid hydrogen plant in Georgia, optimizing financial performance and enhancing shareholder value.
Key Appointments
- Dean Fullerton Appointed as Chief Operating Officer (COO): Plug Power was pleased to announce the hiring of Dean Fullerton as COO. A veteran of the supply chain and logistics engineering industry, Mr. Fullerton brings 14 years of experience from Amazon where he was responsible for global engineering services and oversaw operations engineering, planning, analytics, reliability, and maintenance. His notable achievements include building the world’s most complex automated e-commerce network and leading Amazon's hydrogen economy team. Mr. Fullerton will play a critical role in enhancing Plug Power’s operational efficiency and profitability by driving strategic growth and operational excellence.
Operational and Strategic Highlights
- Current and Future Electrolyzer Deployments: The Company deployed over
$70 million of electrolyzer systems in Q2 2024, representing a major inflection point in the scaling of this new offering. This mainly reflects one and five MW systems which have been delivered and are commissioning at customer sites, with titles transferred and majority of cash received on these orders. Given final commissioning and testing requirements, the majority was not recognized as revenue in Q2 2024, but we expect the revenue to be recognized in the second half of 2024. Looking ahead, Plug Power plans to deploy an additional 100 MW of electrolyzers by the end of the year, further solidifying its position as a leader in the hydrogen industry and supporting global efforts to transition to renewable energy sources. - Revenue Outlook: Plug Power anticipates its 2024 revenue to range between
$825 million and$925 million . This forecast largely reflects the Company's expectation for revenue from our pipeline of orders in the electrolyzer, cryogenic, and material handling businesses in the second half of 2024.
- Hydrogen Plant Joint Venture with Olin: Strong progress is being made on the new hydrogen plant, developed through a joint venture with Olin Corporation in Louisiana and is expected to commence commissioning in September 2024 and generate liquid hydrogen in Q4 2024. This collaboration aims to increase hydrogen production capacity and accelerate the adoption of clean energy solutions.
- Basic Engineer and Design Package (BEDP) Contracts: Plug Power has secured 7.5 gigawatts (GW) in global BEDP contracts, including a 3 GW contract with a significant customer in Australia for a green ammonia project that is moving forward with an Engineering, Procurement and Construction contractor. This partnership highlights Plug Power's ability to provide cutting-edge technology for sustainable energy projects today.
- Department of Energy (DOE) Loan Process: Plug Power is progressing with the DOE loan, which aims to support the expansion of its green hydrogen initiatives and infrastructure for up to six sites.
- Remediation of Material Weaknesses: The Company has successfully remediated previously identified material weaknesses in its internal controls, strengthening its financial reporting processes and ensuring greater accuracy and reliability in its financial statements.
CEO Statement
Plug Power CEO Andy Marsh stated: "The second quarter of 2024 has been pivotal for Plug Power as we continue to make strides in our strategic initiatives and operational capabilities. The addition of Dean Fullerton as COO strengthens our leadership team, and our recent achievements in electrolyzer deployments and partnerships demonstrate our unwavering commitment to advancing the hydrogen economy. We are excited about the opportunities ahead and remain focused on delivering sustainable energy solutions that drive value for our customers and stakeholders."
Conference Call
Plug Power has a scheduled conference call today, August 8, at 8:30 AM ET to review the Company’s results for the second quarter of 2024. Interested parties are invited to listen to the conference call by calling 877-407-9221 / +1 201-689-8597.
The webcast can be accessed at: https://event.webcasts.com/starthere.jsp?ei=1677284&tp_key=3bdba53db7
A playback of the call will be available online for a period following the event.
About Plug Power
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 for commercial operation. 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 Power Safe Harbor Statement
This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks and uncertainties about Plug Power Inc. (“Plug”), including but not limited to statements about Plug’s ability to provide cutting-edge technology for sustainable energy projects and solidify its position as a leader in the hydrogen industry; Plug’s ability to leverage its hydrogen production capabilities and optimize pricing to boost financial performance; Plug’s ability to leverage the PTC to optimize financial performance and enhance shareholder value; Plug’s projections regarding its financial outlook, including timing of revenue recognition of electrolyzer systems and its expectation regarding 2024 revenue; Plug’s plan to deploy an additional 100 MW of electrolyzers by the end of the year; Plug’s expectation that its hydrogen plant in Louisiana will commence commissioning in September 2024; Plug’s expectation that Mr. Fullerton will enhance its operational efficiency and profitability by driving strategic growth and operational excellence; and Plug’s expectation with respect to its conditional commitment loan guarantee from the United States Department of Energy (DOE).
You are cautioned that such statements should not be read as a guarantee of future performance or results as such statements are subject to risks and uncertainties. Actual performance or results may differ materially from those expressed in these statements as a result of various factors, including, but not limited to, the following: the risk that our ability to achieve our business objectives and to continue to meet our obligations is dependent upon our ability to maintain a certain level of liquidity, which will depend in part on our ability to manage our cash flows; the risk that we may not satisfy all of the conditions on terms acceptable to the DOE to receive the loan guarantee; the risk that we may continue to incur losses and might never achieve or maintain profitability; the risk that we may not realize the anticipated benefits and actual savings in connection with the restructuring; the risk that we may not be able to raise additional capital to fund our operations and such capital may not be available to us on favorable terms or at all; the risk that we may not be able to expand our business or manage our future growth effectively; the risk that we may not be able to maintain an effective system of internal control over financial reporting; the risk that global economic uncertainty, including inflationary pressures, fluctuating interest rates, currency fluctuations, and supply chain disruptions, may adversely affect our operating results; the risk that we may not be able to obtain from our hydrogen suppliers a sufficient supply of hydrogen at competitive prices or the risk that we may not be able to produce hydrogen internally at competitive prices; the risk that delays in or not completing our product and project development goals may adversely affect our revenue and profitability; the risk that our estimated future revenue may not be indicative of actual future revenue or profitability; the risk of elimination, reduction of, or changes in qualifying criteria for government subsidies and economic incentives for alternative energy products, including the Inflation Reduction Act and our qualification to utilize the PTC; and the risk that we may not be able to manufacture and market products on a profitable and large-scale commercial basis. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Plug in general, see Plug’s public filings with the Securities and Exchange Commission, including the “Risk Factors” section of Plug’s Annual Report on Form 10-K for the year ended December 31, 2023, the Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, as well as any subsequent filings. Readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements are made as of the date hereof and are based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. We disclaim any obligation to update forward-looking statements except as may be required by law.
Media Contact:
Fatimah Nouilati
Plug Power Inc.
Email: PlugPR@plugpower.com
| Plug Power Inc. and Subsidiaries | |||||||
| Condensed Consolidated Balance Sheets | |||||||
| (In thousands, except share and per share amounts) | |||||||
| (Unaudited) | |||||||
| June 30, | December 31, | ||||||
| 2024 | 2023 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 62,359 | $ | 135,033 | |||
| Restricted cash | — | 222,847 | — | 216,552 | |||
| Accounts receivable, net of allowance of | 189,863 | 243,811 | |||||
| Inventory, net | 939,534 | 961,253 | |||||
| Contract assets | 132,900 | 126,248 | |||||
| Prepaid expenses and other current assets | 124,919 | 104,068 | |||||
| Total current assets | — | 1,672,422 | — | 1,786,965 | |||
| Restricted cash | $ | 733,700 | $ | 817,559 | |||
| Property, plant, and equipment, net | 1,509,693 | — | 1,436,177 | ||||
| Right of use assets related to finance leases, net | 54,735 | 57,281 | |||||
| Right of use assets related to operating leases, net | — | 376,106 | 399,969 | ||||
| Equipment related to power purchase agreements and fuel delivered to customers, net | — | 117,335 | — | 111,261 | |||
| Contract assets | — | 29,531 | — | 29,741 | |||
| Intangible assets, net | — | 178,338 | 188,886 | ||||
| Investments in non-consolidated entities and non-marketable equity securities | — | 96,814 | — | 63,783 | |||
| Other assets | 11,179 | 11,116 | |||||
| Total assets | $ | 4,779,853 | $ | 4,902,738 | |||
| — | |||||||
| Liabilities and Stockholders’ Equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 253,715 | $ | 257,828 | |||
| Accrued expenses | — | 112,612 | 200,544 | ||||
| Deferred revenue and other contract liabilities | — | 174,828 | 204,139 | ||||
| Operating lease liabilities | 66,405 | 63,691 | |||||
| Finance lease liabilities | 10,159 | 9,441 | |||||
| Finance obligations | 85,642 | 84,031 | |||||
| Current portion of long-term debt | — | 3,030 | — | 2,716 | |||
| Contingent consideration, loss accrual for service contracts, and other current liabilities | — | 103,223 | — | 142,410 | |||
| Total current liabilities | — | 809,614 | — | 964,800 | |||
| — | — | ||||||
| Deferred revenue and other contract liabilities | $ | 71,018 | $ | 84,163 | |||
| Operating lease liabilities | 264,251 | 292,002 | |||||
| Finance lease liabilities | — | 30,573 | 36,133 | ||||
| Finance obligations | 245,011 | 284,363 | |||||
| Convertible senior notes, net | — | 208,576 | — | 195,264 | |||
| Long-term debt | — | 2,400 | — | 1,209 | |||
| Contingent consideration, loss accrual for service contracts, and other liabilities | 159,830 | 146,679 | |||||
| Total liabilities | — | 1,791,273 | — | 2,004,613 | |||
| — | |||||||
| Stockholders’ equity: | |||||||
| Common stock, $.01 par value per share; 1,500,000,000 shares authorized; Issued (including shares in treasury): 806,993,410 at June 30, 2024 and 625,305,025 at December 31, 2023 | $ | 8,070 | $ | 6,254 | |||
| Additional paid-in capital | — | 8,137,182 | 7,494,685 | ||||
| Accumulated other comprehensive loss | — | (1,949 | ) | (6,802 | ) | ||
| Accumulated deficit | (5,047,853 | ) | (4,489,744 | ) | |||
| Less common stock in treasury: 19,360,457 at June 30, 2024 and 19,169,366 at December 31, 2023 | (106,870 | ) | (106,268 | ) | |||
| Total stockholders’ equity | 2,988,580 | 2,898,125 | |||||
| Total liabilities and stockholders’ equity | $ | 4,779,853 | $ | 4,902,738 | |||
| Plug Power Inc. and Subsidiaries | |||||||||||||||
| Condensed Consolidated Statements of Operations | |||||||||||||||
| (In thousands, except share and per share amounts) | |||||||||||||||
| (Unaudited) | |||||||||||||||
| Three months ended | Six months ended | ||||||||||||||
| June 30, | June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net revenue: | |||||||||||||||
| Sales of equipment, related infrastructure and other | $ | 76,788 | $ | 216,286 | $ | 145,083 | $ | 398,380 | |||||||
| Services performed on fuel cell systems and related infrastructure | 13,034 | 8,701 | 26,057 | 17,798 | |||||||||||
| Power purchase agreements | 19,674 | 16,130 | 37,978 | 24,067 | |||||||||||
| Fuel delivered to customers and related equipment | 29,887 | 17,878 | 48,173 | 28,020 | |||||||||||
| Other | 3,967 | 1,187 | 6,323 | 2,203 | |||||||||||
| Net revenue | $ | 143,350 | $ | 260,182 | $ | 263,614 | $ | 470,468 | |||||||
| Cost of revenue: | |||||||||||||||
| Sales of equipment, related infrastructure and other | 129,911 | 187,408 | 265,036 | 345,728 | |||||||||||
| Services performed on fuel cell systems and related infrastructure | 13,730 | 23,449 | 26,687 | 35,670 | |||||||||||
| Provision for loss contracts related to service | 16,484 | 7,331 | 32,229 | 14,220 | |||||||||||
| Power purchase agreements | 54,312 | 53,976 | 109,540 | 100,792 | |||||||||||
| Fuel delivered to customers and related equipment | 58,317 | 64,450 | 116,890 | 118,951 | |||||||||||
| Other | 1,851 | 1,711 | 3,562 | 2,646 | |||||||||||
| Total cost of revenue | $ | 274,605 | $ | 338,325 | $ | 553,944 | $ | 618,007 | |||||||
| Gross loss | $ | (131,255 | ) | $ | (78,143 | ) | $ | (290,330 | ) | $ | (147,539 | ) | |||
| Operating expenses: | |||||||||||||||
| Research and development | 18,940 | 29,251 | 44,220 | 55,786 | |||||||||||
| Selling, general and administrative | 85,144 | 101,154 | 163,103 | 205,170 | |||||||||||
| Restructuring | 1,629 | — | 7,640 | — | |||||||||||
| Impairment | 3,937 | 9,986 | 4,221 | 11,069 | |||||||||||
| Change in fair value of contingent consideration | 3,768 | 15,308 | (5,432 | ) | 24,077 | ||||||||||
| Total operating expenses | $ | 113,418 | $ | 155,699 | $ | 213,752 | $ | 296,102 | |||||||
| Operating loss | (244,673 | ) | (233,842 | ) | (504,082 | ) | (443,641 | ) | |||||||
| Interest income | 7,795 | 16,391 | 17,072 | 34,023 | |||||||||||
| Interest expense | (9,511 | ) | (11,265 | ) | (20,836 | ) | (21,915 | ) | |||||||
| Other expense, net | (9,080 | ) | (5,082 | ) | (16,076 | ) | (9,853 | ) | |||||||
| Realized gain on investments, net | — | 264 | — | 263 | |||||||||||
| Change in fair value of equity securities | — | 3,842 | — | 8,917 | |||||||||||
| Loss on equity method investments | (7,240 | ) | (7,623 | ) | (20,353 | ) | (12,940 | ) | |||||||
| Loss on extinguishment of convertible senior notes | — | — | (14,047 | ) | — | ||||||||||
| Loss before income taxes | $ | (262,709 | ) | $ | (237,315 | ) | $ | (558,322 | ) | $ | (445,146 | ) | |||
| Income tax benefit | 376 | 917 | 213 | 2,187 | |||||||||||
| Net loss | $ | (262,333 | ) | $ | (236,398 | ) | $ | (558,109 | ) | $ | (442,959 | ) | |||
| Net loss per share: | |||||||||||||||
| Basic and diluted | $ | (0.36 | ) | $ | (0.40 | ) | $ | (0.81 | ) | $ | (0.75 | ) | |||
| Weighted average number of common stock outstanding | 736,848,684 | 598,053,390 | 688,900,904 | 593,653,720 | |||||||||||
| Plug Power Inc. and Subsidiaries | |||||||
| Condensed Consolidated Statements of Cash Flows | |||||||
| (In thousands) | |||||||
| (Unaudited) | |||||||
| Six months ended June 30, | |||||||
| 2024 | 2023 | ||||||
| Operating activities | |||||||
| Net loss | $ | (558,109 | ) | $ | (442,959 | ) | |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
| Depreciation of long-lived assets | 34,603 | 21,266 | |||||
| Amortization of intangible assets | 9,434 | 9,755 | |||||
| Lower of cost or net realizable value inventory adjustment and provision for excess and obsolete inventory | 53,359 | 11,760 | |||||
| Stock-based compensation | 40,013 | 83,220 | |||||
| Loss on extinguishment of convertible senior notes | 14,047 | - | |||||
| (Recoveries)/provision for losses on accounts receivable | (1,313 | ) | 896 | ||||
| Amortization of (premium)/discount of debt issuance costs on convertible senior notes and long-term debt | (718 | ) | 1,195 | ||||
| Provision for common stock warrants | 10,327 | 14,302 | |||||
| Deferred income tax (benefit)/expense | (213 | ) | 1,512 | ||||
| Impairment | 4,221 | 11,069 | |||||
| Loss on service contracts | 7,292 | 856 | |||||
| Fair value adjustment to contingent consideration | (5,432 | ) | 24,077 | ||||
| Net realized loss on investments | - | (263 | ) | ||||
| Accretion of premium on available-for-sale securities | - | (5,949 | ) | ||||
| Lease origination costs | (2,467 | ) | (5,567 | ) | |||
| Change in fair value for equity securities | - | (8,917 | ) | ||||
| Loss on equity method investments | 20,353 | 12,940 | |||||
| Changes in operating assets and liabilities that provide/(use) cash: | |||||||
| Accounts receivable | 55,261 | (88,091 | ) | ||||
| Inventory | (11,925 | ) | (269,707 | ) | |||
| Contract assets | (2,897 | ) | (23,807 | ) | |||
| Prepaid expenses and other assets | (20,864 | ) | 9,178 | ||||
| Accounts payable, accrued expenses, and other liabilities | (15,818 | ) | (720 | ) | |||
| Payments of contingent consideration | (9,164 | ) | (2,895 | ) | |||
| Deferred revenue and other contract liabilities | (42,456 | ) | 21,838 | ||||
| Net cash used in operating activities | $ | (422,466 | ) | $ | (625,011 | ) | |
| Investing activities | |||||||
| Purchases of property, plant and equipment | (193,923 | ) | (319,322 | ) | |||
| Purchases of equipment related to power purchase agreements and equipment related to fuel delivered to customers | (11,022 | ) | (19,309 | ) | |||
| Proceeds from maturities of available-for-sale securities | - | 908,749 | |||||
| Proceeds from sales of equity securities | - | 76,263 | |||||
| Cash paid for non-consolidated entities and non-marketable equity securities | (63,713 | ) | (40,894 | ) | |||
| Net cash (used in)/provided by investing activities | $ | (268,658 | ) | $ | 605,487 | ||
| Financing activities | |||||||
| Payments of contingent consideration | (1,836 | ) | (10,105 | ) | |||
| Proceeds from public and private offerings, net of transaction costs | 572,120 | - | |||||
| Payments of tax withholding on behalf of employees for net stock settlement of stock-based compensation | (602 | ) | (2,954 | ) | |||
| Proceeds from exercise of stock options | 67 | 732 | |||||
| Principal payments on long-term debt | (685 | ) | (5,407 | ) | |||
| Proceeds from finance obligations | - | 77,589 | |||||
| Principal repayments of finance obligations and finance leases | (42,313 | ) | (34,211 | ) | |||
| Net cash provided by financing activities | $ | 526,751 | $ | 25,644 | |||
| Effect of exchange rate changes on cash | 14,135 | (2,139 | ) | ||||
| Decrease in cash and cash equivalents | (72,674 | ) | (111,212 | ) | |||
| (Decrease)/increase in restricted cash | (77,564 | ) | 115,193 | ||||
| Cash, cash equivalents, and restricted cash beginning of period | 1,169,144 | 1,549,344 | |||||
| Cash, cash equivalents, and restricted cash end of period | $ | 1,018,906 | $ | 1,553,325 | |||
FAQ
What was Plug Power's revenue in Q2 2024?
How much did Plug Power (PLUG) lose in Q2 2024?
Who was appointed as Plug Power's new COO in Q2 2024?
What is Plug Power's (PLUG) revenue forecast for 2024?
How many gigawatts of BEDP contracts did Plug Power (PLUG) secure in Q2 2024?
