Plug Power Inc. (NASDAQ:PLUG) Q3 2023 Earnings Conference Call November 9, 2023 4:30 PM ET Company Participants Teal Hoyos - Senior Director of Marketing and Communications Andrew Marsh - CEO Paul Middleton - CFO Sanjay Shrestha - Chief Strategy Officer Conference Call Participants Colin Rusch - Oppenheimer Manav Gupta - UBS William Peterson - JP Morgan Chris Dendrinos - RBC Capital Markets Jordan Levy - Truist Securities George Gianarikas - Canaccord Genuity Eric Stine - Craig-Hallum Ameet Thakker - BMO Ca ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number: 1-34392 PLUG POWER INC. (Exact name of registrant as specified in its charter) Delaware 22-3672377 (State or ...

Plug Power Inc. (NASDAQ:PLUG) Q2 2023 Results Conference Call August 9, 2023 5:00 PM ET Company Participants Teal Hoyos - Senior Director of Marketing and Communications Andy Marsh - CEO Paul Middleton - CFO Sanjay Shrestha - Chief Strategy Officer Conference Call Participants Bill Peterson - JP Morgan Eric Stine - Craig-Hallum James West - Evercore ISI Manav Gupta - UBS Colin Rusch - Oppenheimer Jeff Osborne - TD Cowen Ameet Thakker - BMO Capital Amit Dayal - H.C. Wainwright Greg Lewis - BTIG Kashy Harriso ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number: 1-34392 PLUG POWER INC. (Exact name of registrant as specified in its charter) Delaware 22-3672377 (State or Other ...

Financial Data and Key Metrics Changes - The company expects to achieve $1.4 billion in revenue for 2023, which represents an 80% increase compared to the previous year, with a gross margin of approximately $140 million [7][10][11] - If certain targets are not met, revenue could be around $1.2 billion with a gross margin of about $50 million [10] Business Line Data and Key Metrics Changes - The application business has shown stability with less variability compared to previous years, indicating a more predictable revenue stream [11] - The company is focused on scaling its electrolyzer systems and expects to ship 275 megawatts of these systems, contributing significantly to revenue [10][44] Market Data and Key Metrics Changes - The company is engaged in multiple hydrogen hubs across the U.S., with expectations for significant capital allocation from the DOE starting in late 2025 or early 2026 [22][23] - There are ongoing negotiations for large-scale project opportunities in the U.S., Europe, and Asia Pacific, representing a potential backlog of over 1 gigawatt [29] Company Strategy and Development Direction - The company aims to execute its growth strategy by commissioning additional plants in Texas, New York, and Louisiana, with a focus on establishing itself as a leader in green hydrogen production [7][8] - The company emphasizes the importance of government policies, such as the IRA and the European Renewable Energy Directive, in shaping its business environment and growth opportunities [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the revenue target of $1.4 billion, citing strong demand for electrolyzer systems and a stable application business [10][11] - The management highlighted the importance of clarity in regulations related to the IRA, which could significantly impact future demand and project financing [51] Other Important Information - The company is focused on non-dilutive financing options and has received interest from various investors for its hydrogen plants [8][48] - The company plans to maintain a capital expenditure target of approximately $1 billion for the year, primarily for green hydrogen platforms [56] Q&A Session Summary Question: Impact of IRA on plant qualification for tax credits - Management believes that the IRA's primary focus on jobs and climate will favorably influence the company's operations and eligibility for tax credits [15][16] Question: Operating expenses and guidance for 2023 - Operating expenses are expected to be in the range of $125 million to $130 million per quarter, with the first quarter slightly above this range due to better-than-expected performance from acquisitions [18][19] Question: Role in hydrogen hubs and capital allocation - The company is actively engaged in various hydrogen hubs and expects capital allocation to begin in late 2025 or early 2026 [22][23] Question: Details on large-scale project opportunities - The company is in the final stages of negotiating large-scale projects in the U.S., Europe, and Asia Pacific, with significant potential backlogs [29] Question: CapEx and financing options - The company confirmed a target of $1 billion for CapEx in 2023, with ongoing discussions about various financing options, including DOE loans and asset-based lending [56][58] Question: Drivers for operational breakeven and positive cash flow - Management highlighted that increased equipment sales and improved margins from scaling operations will drive the company towards operational breakeven by the end of the year [70][71]

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section provides the unaudited interim financial statements, management's discussion and analysis, market risk disclosures, and controls and procedures for the period [Item 1. Interim Condensed Consolidated Financial Statements (Unaudited)](index=3&type=section&id=Item%201%20%E2%80%93%20Interim%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) This section presents the unaudited interim condensed consolidated financial statements, including balance sheets, statements of operations, and cash flows, for the three months ended March 31, 2023 [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This section details the company's financial position, showing total assets of $5.65 billion and total liabilities of $1.73 billion as of March 31, 2023 Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $474,861 | $690,630 | | Inventory | $775,649 | $645,636 | | Total current assets | $2,977,324 | $3,305,298 | | Property, plant, and equipment, net | $874,659 | $719,793 | | Total assets | $5,654,093 | $5,764,276 | | **Liabilities & Equity** | | | | Total current liabilities | $677,540 | $635,275 | | Total liabilities | $1,732,443 | $1,704,062 | | Total stockholders' equity | $3,921,650 | $4,060,214 | | Total liabilities and stockholders' equity | $5,654,093 | $5,764,276 | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) This section presents the company's financial performance, reporting a net loss of $206.6 million on $210.3 million in net revenue for the three months ended March 31, 2023 Condensed Consolidated Statements of Operations (in thousands, except per share data) | Metric | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Net revenue | $210,286 | $140,804 | | Gross loss | $(69,396) | $(35,349) | | Operating loss | $(209,799) | $(139,161) | | Net loss | $(206,561) | $(156,489) | | Net loss per share (Basic and diluted) | $(0.35) | $(0.27) | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section details cash movements, showing net cash used in operating activities of $276.9 million and a net decrease in cash of $215.8 million for the three months ended March 31, 2023 Cash Flow Summary (in thousands) | Activity | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Net cash used in operating activities | $(276,919) | $(209,919) | | Net cash provided by investing activities | $95,796 | $273,914 | | Net cash provided by (used in) financing activities | $7,181 | $(18,241) | | (Decrease)/increase in cash and cash equivalents | $(215,769) | $14,345 | [Notes to Interim Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Interim%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed accounting policies and disclosures, including information on segment reporting, customer concentration, and ongoing legal proceedings - The company operates in one reportable segment: the design, development, and sale of fuel cells and hydrogen-producing equipment[175](index=175&type=chunk) - For Q1 2023, two customers accounted for **25.5% of total consolidated revenues**, a decrease in concentration from Q1 2022 where five customers accounted for **67.0%**[157](index=157&type=chunk) - The company has several ongoing legal proceedings, including securities class actions and derivative lawsuits, primarily related to past accounting and internal control disclosures, for which no accruals have been recorded[137](index=137&type=chunk)[138](index=138&type=chunk)[139](index=139&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=51&type=section&id=Item%202%20%E2%80%93%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance and condition for Q1 2023, highlighting revenue growth, widening gross losses, and liquidity Q1 2023 vs Q1 2022 Performance (in thousands) | Metric | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Net Revenue | $210,286 | $140,804 | | Gross Loss | $(69,396) | $(35,349) | | Gross Margin | (33.0)% | (25.1)% | | Operating Loss | $(209,799) | $(139,161) | | Net Loss | $(206,561) | $(156,489) | - Revenue from sales of equipment and infrastructure increased **67.3% YoY to $182.1 million**, primarily due to higher sales of hydrogen site installations, liquefiers, cryogenic equipment, and electrolyzer stacks[207](index=207&type=chunk) - The provision for common stock warrants, which reduces reported revenue, increased significantly to **$14.2 million in Q1 2023** from **$1.9 million in Q1 2022**, primarily impacting the PPA and Fuel Delivery segments[202](index=202&type=chunk)[203](index=203&type=chunk) - The company experienced a ransomware attack in March 2023, which caused temporary disruption but is not believed to have had a material impact on the business[193](index=193&type=chunk) [Results of Operations](index=59&type=section&id=Results%20of%20Operations) This section details the drivers of revenue growth and the factors contributing to the decline in gross margin and increase in operating expenses Disaggregation of Revenue (in thousands) | Product/Service Line | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Sales of fuel cell systems | $28,852 | $37,528 | | Sales of hydrogen infrastructure | $48,868 | $27,089 | | Sales of electrolyzers | $40,032 | $4,059 | | Services performed on fuel cell systems | $9,097 | $8,240 | | Power Purchase Agreements | $7,937 | $10,037 | | Fuel delivered to customers | $10,142 | $13,429 | | Sales of cryogenic equipment and other | $56,589 | $18,203 | | **Total Net Revenue** | **$210,286** | **$140,804** | - Gross margin for 'Sales of equipment, related infrastructure and other' decreased to **13.1%** from **18.4% YoY**, due to ramp-up costs on new products like high-power stationary units and electrolyzers[213](index=213&type=chunk) - Gross loss on 'Fuel delivered to customers' widened to **(437.4%)** from **(192.5%)**, driven by higher fuel costs, system inefficiencies, and a significant increase in the provision for common stock warrants[219](index=219&type=chunk) - R&D expenses increased **29.7% to $26.5 million**, and SG&A expenses increased **28.6% to $104.0 million**, reflecting investments in new markets, product lines, and increased headcount[220](index=220&type=chunk)[221](index=221&type=chunk) [Liquidity and Capital Resources](index=66&type=section&id=Liquidity%20and%20Capital%20Resources) This section assesses the company's liquidity position, highlighting cash reserves, restricted cash, and available-for-sale securities, alongside significant financial obligations Liquidity Position (in millions) | Item | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Cash and cash equivalents | $474.9 | $690.6 | | Restricted cash | $898.4 | $858.7 | | Available-for-sale securities | $1,028.4 | $1,332.9 | | **Total Liquidity Sources** | **$2,401.7** | **$2,882.2** | - Net cash used in operating activities increased to **$276.9 million in Q1 2023** from **$209.9 million in Q1 2022**, mainly due to increased spending on inventory[228](index=228&type=chunk) - Significant obligations as of March 31, 2023 include **$375.8 million** in lease liabilities, **$342.8 million** in finance obligations, and **$194.3 million** in convertible senior notes[230](index=230&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=79&type=section&id=Item%203%20%E2%80%93%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section states that there have been no material changes to the company's market risk disclosures since the prior annual report - There has been no material change from the information provided in the Company's 2022 Form 10-K regarding market risk[272](index=272&type=chunk) [Item 4. Controls and Procedures](index=79&type=section&id=Item%204%20%E2%80%93%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were not effective as of March 31, 2023, due to un-remediated material weaknesses in internal control over financial reporting - The CEO and CFO concluded that as of March 31, 2023, the company's disclosure controls and procedures were **not effective**[274](index=274&type=chunk) - The ineffectiveness is due to material weaknesses in internal control over financial reporting described in the 2022 Form 10-K, which have not been remediated as of March 31, 2023[274](index=274&type=chunk) - There were no changes during the quarter ended March 31, 2023, in internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, internal controls[275](index=275&type=chunk) [PART II. OTHER INFORMATION](index=80&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section covers legal proceedings, updated risk factors, and a list of exhibits filed with the report [Item 1. Legal Proceedings](index=80&type=section&id=Item%201%20%E2%80%93%20Legal%20Proceedings) This section details ongoing legal proceedings, including securities class actions, derivative lawsuits, and a new trade secret misappropriation claim - Several securities class action and shareholder derivative lawsuits filed in 2021 and 2022 remain ongoing, with most stayed pending resolution of a motion to dismiss in the lead securities action[138](index=138&type=chunk)[142](index=142&type=chunk)[146](index=146&type=chunk) - A new securities class action was filed on April 12, 2023, alleging materially false statements about the company's ability to manage its supply chain and manufacturing between August 2022 and March 2023[152](index=152&type=chunk) - A lawsuit filed on May 2, 2023, alleges misappropriation of trade secrets; the company believes the allegations lack substance and intends to defend itself vigorously[154](index=154&type=chunk) [Item 1A. Risk Factors](index=80&type=section&id=Item%201A%20%E2%80%93%20Risk%20Factors) This section updates risk factors, emphasizing information technology dependence, cybersecurity threats, and financial industry instability - An updated risk factor details the company's dependence on information technology and vulnerability to security breaches, referencing a ransomware attack in March 2023 that encrypted systems and exfiltrated limited data[279](index=279&type=chunk)[281](index=281&type=chunk) - The company identifies a new risk related to adverse developments in the financial services industry, such as bank failures (e.g., Silicon Valley Bank), which could affect liquidity, counterparty performance, and access to capital[285](index=285&type=chunk)[286](index=286&type=chunk)[287](index=287&type=chunk) [Item 6. Exhibits](index=85&type=section&id=Item%206%20%E2%80%93%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including corporate documents, agreements, and required certifications - The exhibits filed include certifications from the CEO and CFO pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act[292](index=292&type=chunk) - A Separation Agreement, dated April 1, 2023, between Plug Power Inc. and Dirk Ole Hoefelmann is listed as an exhibit[292](index=292&type=chunk)

Plug Power Inc. (NASDAQ:PLUG) Q4 2022 Earnings Conference Call March 1, 2023 4:30 PM ET Company Participants Teal Hoyos - Director of Marketing Communications Andy Marsh - President and Chief Executive Officer Paul Middleton - Chief Financial Officer Sanjay Shrestha - Chief Strategy Officer Conference Call Participants James West - Evercore ISI Manav Gupta - UBS Alex Kania - Wolfe Research PJ Juvekar - Citi Amit Dayal - H.C. Wainwright Eric Stine - Craig-Hallum Capital Group Sam Burwell - Jefferies Biju ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT For the transition period from to | --- | --- | --- | |----------------------------------------------------------------------|------------------------------------------------------------- ...

Plug Power Inc. (NASDAQ:PLUG) Q3 2022 Earnings Conference Call November 8, 2022 4:30 PM ET Company Participants Teal Hoyos - Director of Marketing & Communications Andrew Marsh - Chief Executive Officer Sanjay Shrestha - Chief Strategy Officer Paul Middleton - Chief Financial Officer Conference Call Participants Kristen Owen - Oppenheimer Bill Peterson - JPMorgan Eric Petrie - Citigroup Joseph Spak - RBC Capital Markets Alex Kania - Wolfe Research Eric Stine - Craig-Hallum Capital Group George Gianarikas - ...