PART I. FINANCIAL INFORMATION [Item 1 – Interim Condensed Consolidated Financial Statements (Unaudited)](index=4&type=section&id=Item%201%20%E2%80%93%20Interim%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) The unaudited interim condensed consolidated financial statements reveal continued net losses, decreased assets and liabilities, and improved but still negative operating cash flow, supported by significant financing activities Condensed Consolidated Balance Sheet Highlights (in thousands) | Balance Sheet Item | Sep 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $93,940 | $135,033 | | Total current assets | $1,634,021 | $1,786,965 | | Total assets | $4,724,874 | $4,902,738 | | **Liabilities & Equity** | | | | Total current liabilities | $786,945 | $964,800 | | Total liabilities | $1,695,541 | $2,004,613 | | Total stockholders' equity | $3,029,333 | $2,898,125 | Condensed Consolidated Statements of Operations Highlights (in thousands, except per share) | Income Statement Item | Three Months Ended Sep 30, 2024 | Three Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2023 | | :--- | :--- | :--- | :--- | :--- | | Net revenue | $198,711 | $198,711 | $437,344 | $669,179 | | Gross loss | ($100,025) | ($137,965) | ($390,355) | ($285,504) | | Operating loss | ($273,971) | ($273,971) | ($720,250) | ($717,612) | | Net loss | ($211,073) | ($283,479) | ($769,277) | ($726,438) | | Net loss per share | ($0.47) | ($0.47) | ($1.03) | ($1.22) | Condensed Consolidated Statements of Cash Flows Highlights (in thousands) | Cash Flow Activity | Nine Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | ($597,402) | ($863,919) | | Net cash (used in)/provided by investing activities | ($358,529) | $460,488 | | Net cash provided by financing activities | $779,175 | $14,447 | [Notes to Interim Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Interim%20Condensed%20Consolidated%20Financial%20Statements) The notes detail significant accounting policies, including a clean hydrogen tax credit, debt extinguishment, substantial equity financing, and a restructuring plan - The company qualifies for the clean hydrogen production tax credit (PTC) under the Inflation Reduction Act (IRA) starting in Q2 2024, reducing cost of revenue by approximately **$1.6 million** for the three months and **$2.9 million** for the nine months ended September 30, 2024[23](index=23&type=chunk)[24](index=24&type=chunk) - In March 2024, the company exchanged **$138.8 million** of 3.75% Convertible Senior Notes for **$140.4 million** of new 7.00% Convertible Senior Notes due 2026, resulting in a **$14.0 million** debt extinguishment loss[48](index=48&type=chunk)[49](index=49&type=chunk) - During the nine months ended September 30, 2024, the company sold **189.4 million** shares under its At-Market (ATM) agreement for gross proceeds of **$611.5 million**, and a public offering yielded **$191.0 million** in net proceeds from **78.7 million** shares[69](index=69&type=chunk)[70](index=70&type=chunk) - A restructuring plan approved in February 2024 incurred **$8.2 million** in costs for the nine months ended September 30, 2024, primarily from severance expenses, with completion expected in Q4 2024[163](index=163&type=chunk)[164](index=164&type=chunk)[165](index=165&type=chunk) - Subsequent to quarter-end, on November 11, 2024, the company entered into a Debenture Purchase Agreement to issue a **$200.0 million** unsecured convertible debenture for **$190.0 million** in cash[170](index=170&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=63&type=section&id=Item%202%20%E2%80%93%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses a significant revenue decline due to slower hydrogen economy development, widening gross losses from inventory adjustments, and negative operating cash flow, offset by sufficient liquidity from recent equity financing [Results of Operations](index=69&type=section&id=Results%20of%20Operations) Net revenue decreased significantly due to lower sales volumes in key segments, while gross loss worsened from inventory adjustments and reduced production, partially offset by decreased operating expenses Revenue by Product/Service Line (in thousands) | Product/Service Line | Nine Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2023 | Change (%) | | :--- | :--- | :--- | :--- | | Sales of equipment, related infrastructure and other | $252,224 | $543,510 | (53.6)% | | Services performed on fuel cell systems | $40,205 | $27,088 | 48.4% | | Power purchase agreements | $58,437 | $44,135 | 32.4% | | Fuel delivered to customers | $77,964 | $47,391 | 64.5% | | **Total Net Revenue** | **$437,344** | **$669,179** | **(34.6)%** | - Revenue from sales of equipment for the nine months ended Sep 30, 2024, decreased by **$291.3 million** (**53.6%**) year-over-year, primarily due to declines in hydrogen infrastructure, cryogenic equipment, and fuel cell systems sales, reflecting a slower hydrogen economy development[203](index=203&type=chunk) - Gross loss from sales of equipment, related infrastructure and other was **(64.5%)** for the nine months ended Sep 30, 2024, a significant decline from a **7.1%** gross margin in the prior-year period, driven by inventory valuation adjustments, customer mix, lower margins on new products, and reduced production volume[226](index=226&type=chunk) - For the nine months ended Sep 30, 2024, R&D expenses decreased by **$19.5 million** (**23.4%**) and SG&A expenses decreased by **$55.9 million** (**18.0%**) year-over-year, mainly due to headcount reductions from the 2024 Restructuring Plan and lower stock-based compensation expense[237](index=237&type=chunk)[240](index=240&type=chunk) [Liquidity and Capital Resources](index=86&type=section&id=Liquidity%20and%20Capital%20Resources) Despite negative operating cash flow, the company maintains sufficient liquidity for the next 12 months, bolstered by significant equity financing and an amended ATM agreement - The company believes its working capital of **$847.1 million** and cash position, along with its right to direct B. Riley to purchase shares under the Amended ATM Agreement, will be sufficient to fund operations for at least 12 months from the financial statement issuance date[275](index=275&type=chunk) - Net cash provided by financing activities increased to **$779.2 million** for the nine months ended Sep 30, 2024, up from **$14.4 million** in the prior year period, primarily driven by proceeds from the At Market Issuance Sales Agreement[269](index=269&type=chunk) - The company raised significant capital through equity offerings in 2024, including selling **189.4 million** shares for **$611.5 million** in gross proceeds under its ATM agreement and an additional **$191.0 million** in net proceeds from a public offering in July[279](index=279&type=chunk)[280](index=280&type=chunk) - Subsequent to the quarter, the company amended its ATM agreement to increase the aggregate gross sales price to **$1.0 billion** and entered into a Debenture Purchase Agreement to sell a **$200 million** convertible debenture for **$190 million** in cash[271](index=271&type=chunk)[272](index=272&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=107&type=section&id=Item%203%20%E2%80%93%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes in market risk disclosures were reported from the prior fiscal year's Annual Report on Form 10-K - There has been no material change from the market risk disclosures provided in the Company's 2023 Form 10-K[339](index=339&type=chunk) [Controls and Procedures](index=109&type=section&id=Item%204%20%E2%80%93%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal control over financial reporting during the quarter - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of September 30, 2024[341](index=341&type=chunk) - There were no changes during the quarter ended September 30, 2024, in the company's internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, such controls[342](index=342&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=109&type=section&id=Item%201%20%E2%80%93%20Legal%20Proceedings) The company is involved in multiple legal proceedings, including consolidated stockholder derivative actions and securities class actions alleging misstatements about operations and financial performance - A consolidated stockholder derivative action related to the dismissed 2021 Securities Action is pending in Delaware, with a motion to dismiss argued on November 4, 2024[124](index=124&type=chunk) - The company is defending a consolidated 2023 securities class action in Delaware (In re Plug Power, Inc. Securities Litigation, No. 1:23-cv-00576-MN) alleging false and misleading statements about revenue goals, supply chain, and hydrogen plant construction, with a motion to dismiss pending[125](index=125&type=chunk) - A new securities litigation was filed in March 2024 in New York (Adote v. Plug Power, Inc. et al.) alleging misstatements about hydrogen production capacity and supply chain management between May 2023 and January 2024[130](index=130&type=chunk) [Risk Factors](index=109&type=section&id=Item%201A%20%E2%80%93%20Risk%20Factors) Updated risk factors emphasize potential delays or non-occurrence of a **$1.66 billion** DOE loan guarantee and the significant costs and business impact of ongoing legal proceedings - An updated risk factor highlights that the funding of the up to **$1.66 billion** loan guarantee from the Department of Energy (DOE) is conditional and may be delayed or not occur if the company fails to satisfy all technical, legal, environmental, or financial conditions[345](index=345&type=chunk)[346](index=346&type=chunk) - The company emphasizes that it is subject to legal proceedings and compliance risks that could harm the business, noting that litigation outcomes are challenging to predict and could have a material adverse effect on financial results, even if resolved in the company's favor[347](index=347&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=111&type=section&id=Item%202%20%E2%80%93%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities or specific uses of proceeds were reported for the period - The report indicates no unregistered sales of equity securities or use of proceeds during the period[348](index=348&type=chunk) [Other Information](index=111&type=section&id=Item%205%20%E2%80%93%20Other%20Information) No directors or officers adopted, terminated, or modified Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the third quarter of 2024 - No directors or officers adopted, terminated, or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement during the third quarter of 2024[348](index=348&type=chunk) [Exhibits](index=112&type=section&id=Item%206%20%E2%80%93%20Exhibits) Key exhibits include an amended At Market Issuance Sales Agreement, a Debenture Purchase Agreement, and required CEO and CFO certifications - Exhibit 10.1 is Amendment No. 2 to the At Market Issuance Sales Agreement, dated November 7, 2024[349](index=349&type=chunk) - Exhibit 10.2 is the Debenture Purchase Agreement, dated November 11, 2024, with YA II PN, Ltd[349](index=349&type=chunk) - Exhibits 31.1, 31.2, 32.1, and 32.2 contain the required CEO and CFO certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act[349](index=349&type=chunk)

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 ...

Core Insights - Plug Power reported a quarterly loss of $0.25 per share, slightly worse than the Zacks Consensus Estimate of a loss of $0.24, but an improvement from a loss of $0.47 per share a year ago, indicating a -4.17% earnings surprise [1] - The company generated revenues of $173.73 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 16.38% and down from $198.71 million year-over-year [2] - Plug Power's stock has declined approximately 55.8% year-to-date, contrasting with the S&P 500's gain of 25.8% [3] Company Performance - Over the last four quarters, Plug Power has consistently failed to meet consensus EPS estimates [2] - The current consensus EPS estimate for the upcoming quarter is -$0.20 on revenues of $336.29 million, and for the current fiscal year, it is -$1.15 on revenues of $807.6 million [7] - The estimate revisions trend for Plug Power is mixed, resulting in a Zacks Rank 3 (Hold), suggesting the stock is expected to perform in line with the market in the near future [6] Industry Context - The Manufacturing - Electronics industry, to which Plug Power belongs, is currently ranked in the bottom 29% of over 250 Zacks industries, indicating potential challenges for stocks in this sector [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact investor sentiment [5]

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 ...

Core Viewpoint - Plug Power (PLUG) is expected to report a quarterly loss of $0.24 per share, a 48.9% increase in losses compared to the same period last year, with revenues projected at $209.85 million, reflecting a year-over-year increase of 5.6% [1] Earnings Estimates - Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted downward by 2.1%, indicating a reassessment by analysts of their initial projections [2] - Changes in earnings estimates are crucial for predicting investor reactions to the stock, as empirical research shows a strong correlation between earnings estimate revisions and short-term stock price performance [3] Revenue Projections - Analysts estimate that 'Net revenue- Sales of equipment, related infrastructure and other' will reach $145.46 million, showing a change of +0.2% from the year-ago quarter [5] - The projected 'Net revenue- Services performed on fuel cell systems and related infrastructure' is expected to be $13.97 million, indicating a significant year-over-year increase of +50.4% [5] - The consensus estimate for 'Net revenue- Power purchase agreements' is $18.62 million, reflecting a decrease of -7.2% from the prior-year quarter [6] - Analysts predict 'Net revenue- Fuel delivered to customers and related equipment' will reach $26.86 million, representing a year-over-year increase of +38.7% [6] Stock Performance - Shares of Plug Power have shown a return of -3.4% over the past month, contrasting with the Zacks S&P 500 composite's +3.2% change, and the stock is currently rated with a Zacks Rank 3 (Hold), suggesting it will likely mirror overall market performance in the near future [6]

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 ...