Plug Power Q1 Loss Wider Than Expected, Revenues Beat Estimates

Core Viewpoint - Plug Power Inc. reported a wider-than-expected adjusted loss for the first quarter of 2025, although total revenues exceeded consensus estimates, indicating mixed performance in financial results [1][2]. Revenue Performance - Total revenues reached $133.7 million, surpassing the consensus estimate of $130 million, and reflecting an 11.1% increase year-over-year, driven by growing electrolyzer deliveries and demand in material handling [2]. - Equipment sales generated $63.5 million, a decrease of 7% year-over-year, while service revenues from fuel cell systems increased by 29.6% to $16.9 million [2]. - Revenues from power purchase agreements were $23.2 million, up 26.8% year-over-year, and fuel delivery revenues increased by 61.1% to $29.5 million [3]. Cost and Expenses - Total cost of sales was $207.5 million, down 25.7% year-over-year, while selling, general, and administrative expenses rose by 3.7% to $80.8 million [4]. - The net loss for the quarter was $196.9 million, an improvement from a net loss of $295.8 million in the prior-year quarter [4]. Balance Sheet and Cash Flow - Cash and cash equivalents stood at $295.8 million, up from $205.7 million at the end of December 2024, with long-term debt slightly decreasing to $1.7 million [5]. - Net cash used in operating activities was $105.6 million, down from $167.7 million in the same period last year, and capital expenditures totaled $40.5 million, significantly lower than $92.6 million a year ago [5]. Guidance - For the second quarter of 2025, Plug Power expects net sales to be between $140 million and $180 million [6].