Plug Power (NasdaqCM:PLUG) 2026 Extraordinary General Meeting Transcript

Summary of Plug Power Business Update Call Company Overview - Company: Plug Power (NasdaqCM:PLUG) - Event: Business Update Call for the 2026 Extraordinary General Meeting - Date: February 2, 2026 Key Points Industry and Market Context - The U.S. hydrogen economy is perceived to be improving, with significant legislative support such as the fuel cell tax credit included in a bill passed in July 2025, which is expected to enhance business opportunities for Plug Power [25][26] - The company is optimistic about the future of hydrogen, emphasizing its importance for energy independence in both Europe and the U.S. [39] Financial and Operational Updates - Plug Power has made significant strides in reducing cash burn, with a reported 50% reduction in cash usage last year [46] - The company aims to achieve EBITDA break-even by the end of 2026, focusing on both reducing expenses and growing sales [46] - A recent convert deal has reduced the interest rate on debt from approximately 13%-14% to 7% [45] Shareholder Proposals and Voting - Proposal 2 involves increasing the number of authorized shares, which is critical for meeting contractual obligations related to a $370 million warrant sale and a long-term convert deal [19][20] - If Proposal 2 fails, a reverse stock split will be necessary, with potential ratios discussed being 1:5 or 1:10 [35][37] - The company is actively engaging with institutional shareholders to secure votes, with over 150 million shares recalled for voting [23][24] - As of the call, approximately 52% of shares had voted, with about 40 million more votes needed to pass Proposal 2 [32] Challenges Faced - European and Asian shareholders face difficulties in voting due to broker-related issues, which the company is attempting to address [12][14] - The company is working to simplify the voting process for these shareholders to ensure their participation [12][13] Future Projects and Developments - Plug Power is involved in several large-scale projects, including a $10 billion project in Uzbekistan, with expectations for the first Final Investment Decision (FID) in the first half of 2026 [17][18] - The company is exploring synergies between hydrogen production and data centers, aiming to leverage its position as a major user of liquid hydrogen [56] Conclusion - Plug Power is focused on innovation and maintaining its competitive edge in the hydrogen market, with a strong belief in the long-term viability of hydrogen as a key energy source [39][41] - The company encourages shareholders to vote in favor of Proposal 2 to avoid the need for a reverse stock split and to support the company's growth initiatives [67]