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Plug Power(PLUG) - 2024 Q3 - Quarterly Results
PLUGPlug Power(PLUG)2024-11-12 12:12

Revenue and Financial Performance - Q3 2024 revenue reached 173.7million,drivenbyelectrolyzerdeploymentsandhydrogennetworkexpansion[2]−NetrevenueforthethreemonthsendedSeptember30,2024,was173.7 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 198,711thousandinthesameperiodin2023[21]−Pluganticipates2024revenuetorangebetween198,711 thousand in the same period in 2023[21] - Plug anticipates 2024 revenue to range between 700 million and 800million,drivenbyelectrolyzerandmaterialhandlingorders[12]−NetlossforthethreemonthsendedSeptember30,2024,was800 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 283,479thousandinthesameperiodin2023[21]−NetlossfortheninemonthsendedSeptember30,2024,was283,479 thousand in the same period in 2023[21] - Net loss for the nine months ended September 30, 2024, was 769.3 million, compared to 726.4millioninthesameperiodin2023[22]MarginsandProfitability−Grossmarginlossdecreasedby37726.4 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 137,965thousandinthesameperiodin2023[21]−OperatinglossforthethreemonthsendedSeptember30,2024,was137,965 thousand in the same period in 2023[21] - Operating loss for the three months ended September 30, 2024, was 216,168 thousand, compared to 273,971thousandinthesameperiodin2023[21]−Hydrogenfuelmarginsimproved,withhigherutilizationexpectedinQ42024afterplanneddowntimeinQ3[7]CashFlowandLiquidity−Operatingcashflowsimprovedby31273,971 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 863.9millionin2023[22]−Netcashprovidedbyfinancingactivitiesincreasedsignificantlyto863.9 million in 2023[22] - Net cash provided by financing activities increased significantly to 779.2 million in 2024 from 14.4millionin2023[23]−Cash,cashequivalents,andrestrictedcashattheendoftheperiodwere14.4 million in 2023[23] - Cash, cash equivalents, and restricted cash at the end of the period were 1.0 billion in 2024, down from 1.2billionin2023[23]−Decreaseincashandcashequivalentswas1.2 billion in 2023[23] - Decrease in cash and cash equivalents was 41.1 million in 2024, compared to a decrease of 579.8millionin2023[23]ElectrolyzerandHydrogenNetworkExpansion−Electrolyzersalesincreased285579.8 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 19,712thousand,downfrom19,712 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 91,586thousand,downfrom91,586 thousand, down from 105,451 thousand in the same period in 2023[21] - Stock-based compensation decreased to 64.1millionin2024from64.1 million in 2024 from 129.1 million in 2023[22] - Inventory adjustments and provisions for excess and obsolete inventory increased to 67.8millionin2024from67.8 million in 2024 from 33.9 million in 2023[22] Asset and Liability Changes - Total assets decreased from 4,902,738thousandinDecember2023to4,902,738 thousand in December 2023 to 4,724,874 thousand in September 2024[20] - Cash and cash equivalents decreased from 135,033thousandinDecember2023to135,033 thousand in December 2023 to 93,940 thousand in September 2024[20] - Inventory, net decreased from 961,253thousandinDecember2023to961,253 thousand in December 2023 to 885,764 thousand in September 2024[20] - Total current liabilities decreased from 964,800thousandinDecember2023to964,800 thousand in December 2023 to 786,945 thousand in September 2024[20] Capital Expenditures and Investments - Purchases of property, plant, and equipment decreased to 253.1millionin2024from253.1 million in 2024 from 484.0 million in 2023[22] - Net cash used in investing activities was 358.5millionin2024,comparedtonetcashprovidedbyinvestingactivitiesof358.5 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]