Plug Power(US:PLUG)2025-05-12 20:51Financial Performance - Total net revenue for Q1 2025 was $133.674 million, an increase of 11.5% compared to $120.264 million in Q1 2024[13] - Gross loss for Q1 2025 was $73.861 million, improving from a gross loss of $159.075 million in Q1 2024[13] - Operating loss for Q1 2025 was $178.456 million, a decrease from an operating loss of $259.409 million in Q1 2024[13] - Net loss attributable to Plug Power Inc. for Q1 2025 was $196.656 million, compared to a net loss of $295.776 million in Q1 2024[13] - Comprehensive loss attributable to Plug Power Inc. for Q1 2025 was $199.385 million, compared to $298.052 million in Q1 2024[16] - For the three months ended March 31, 2025, Plug Power reported a net loss of $196,859 thousand, compared to a net loss of $295,776 thousand for the same period in 2024, representing a 33.4% improvement in net loss year-over-year[22] - Consolidated net loss attributable to Plug Power Inc. for the three months ended March 31, 2025, was $196.656 million, down 33.5% from a net loss of $295.776 million in the same period of 2024[135] Cash and Liquidity - Cash and cash equivalents increased to $295.844 million as of March 31, 2025, up from $205.693 million as of December 31, 2024[10] - The company experienced a decrease in cash used in operating activities, which was $105,568 thousand for the three months ended March 31, 2025, down from $167,728 thousand in the same period of 2024, indicating a 37.1% reduction[22] - Total cash, cash equivalents, and restricted cash at the end of the period was $1,076,611 thousand, compared to $1,168,084 thousand at the end of the same period in 2024[22] - As of March 31, 2025, the company's working capital was $745.5 million, which included unrestricted cash and cash equivalents of $295.8 million and current restricted cash of $196.1 million[24] - The company had $443.7 million in restricted cash as of March 31, 2025, down from $476.2 million at the end of 2024[110] Expenses and Cost Management - Research and development expenses for Q1 2025 were $17.357 million, down from $25.280 million in Q1 2024[13] - Stock-based compensation for the three months ended March 31, 2025, was $11,087 thousand, down from $13,704 thousand in the same period of 2024, reflecting a 19.1% decrease[22] - The company incurred depreciation of long-lived assets amounting to $12,134 thousand for the three months ended March 31, 2025, compared to $16,606 thousand in the prior year[22] - Restructuring costs incurred during the three months ended March 31, 2025, totaled $17.154 million, significantly higher than $6.011 million in the same period of 2024[141] - The company expects to incur future restructuring costs related to employee severance and benefit arrangements in the range of $1.4 million to $3.0 million[142] Revenue Streams - Sales of fuel cell systems decreased to $16.656 million from $19.003 million, a decline of 12.4% year-over-year[90] - Sales of hydrogen infrastructure dropped significantly from $12.295 million to $5.648 million, a decrease of 54.0%[90] - Sales of electrolyzers increased substantially to $9.210 million from $1.351 million, representing a growth of 581.5%[90] - Estimated future revenue expected to be recognized is $860.491 million, with significant contributions from sales of electrolyzers ($223.797 million) and power purchase agreements ($340.744 million)[95] Debt and Financing - The company issued an unsecured convertible debenture of $200.0 million on November 12, 2024, with a conversion price of $1.51[27] - The Company issued the 6.00% Convertible Debenture for $190.0 million on November 11, 2024, with an initial conversion price of $2.90, which was adjusted to $1.51 following a stock offering[63][64] - The ending balance of the 6.00% Convertible Debenture as of March 31, 2025, was $108.65 million, down from $173.15 million at the beginning of the period[66] - The total interest expense related to the 6.00% Convertible Debenture for the three months ended March 31, 2025, was $2.63 million, with an effective interest rate of 8.8%[67] - The net carrying amount of the 7.00% Convertible Senior Notes as of March 31, 2025, was $146.63 million, with an estimated fair value of approximately $121.4 million[68] Inventory and Assets - Inventory as of March 31, 2025, was $693.5 million, an increase from $682.6 million as of December 31, 2024, primarily due to an increase in finished goods[44] - Long-lived assets as of March 31, 2025, totaled $1.298 billion, an increase from $1.280 billion as of December 31, 2024[136] - Total assets as of March 31, 2025, were $3.633 billion, slightly up from $3.602 billion as of December 31, 2024[10] Legal and Regulatory Matters - The Company is involved in multiple ongoing securities litigations, including a consolidated action asserting claims under federal securities laws against the Company and certain senior officers[117] - Legal costs incurred in connection with loss contingencies are expensed as incurred, with a $0.5 million accrual related to a settled matter pending court approval[113] Restructuring and Future Plans - The Company expects significant annual savings from the 2025 Restructuring Plan, which includes workforce reduction and operational efficiency improvements, to begin in the second half of 2025[33] - The 2025 Restructuring Plan was announced in March 2025, aiming to enhance operational efficiency and improve liquidity, with completion expected in the second half of 2025[138]