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]
Plug Power(PLUG) - 2024 Q3 - Quarterly Results