Plug Power Inc

PLUG

Equity

ISIN US72919P2020 / Valor 13074688

NASDAQ (2024-11-22)

USD 1.92+1.59%

Plug Power Inc
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About company

Plug Power Inc is a leading provider of hydrogen fuel cell solutions for various industries, including robotics, material handling, and aerospace applications. The company recently acquired EnergyOr to enhance its expertise in fuel cell systems. Plug Power also operates the largest green hydrogen plant in the USA, producing liquid green hydrogen for customers. In addition, the company is expanding its green hydrogen ecosystem through strategic partnerships and acquisitions in cryogenics, electrolyzers, on-road mobility, and collaborations with SK Group to promote hydrogen adoption in Asian markets.

Summarized from source with an LLMView SourceSector: Technology

Revenue and Earnings

Plug Power Inc. reported revenue of $120.3 million for the first quarter of 2024. The company also reported an earnings-per-share (EPS) loss of $0.46 for the same period, reflecting ongoing investments and operational costs.

Cash Management

Plug Power Inc. demonstrated an enhanced focus on cash management in Q1 2024. Net cash used in operating activities and capital expenditures collectively decreased by 38% quarter-over-quarter and 42% year-over-year, indicating improved financial discipline and efficiency.

Gross Margins

Despite facing headwinds on equipment margins due to inventory reduction and limited production, Plug Power Inc. saw improvements in gross margins for Fuel Delivered, Service, and Power Purchase Agreements in Q1 2024. The company expects further margin improvements as it ramps up production volumes throughout the year.

Hydrogen Generation Network

In Q1 2024, Plug Power Inc.'s hydrogen generation network achieved significant milestones. The Georgia and Tennessee plants produced at nameplate capacity, contributing to a combined liquid hydrogen production capacity of 25 tons-per-day (TPD). The Louisiana plant is on track for completion in 2024, adding an additional 15 TPD.

DOE Grants

Plug Power Inc. secured awards from the Department of Energy (DOE) for grants up to $163 million in Q1 2024. These grants will be used for Clean Hydrogen Electrolysis, Manufacturing, and Recycling projects, further advancing the company's fuel cell and electrolyzer manufacturing capacities.

Summarized from source with an LLMView Source

Key figures

-44.8%1Y

-95.5%3Y

-43.2%5Y

Performance

108%1Y

89.5%3Y

91.0%5Y

Volatility