Plug Power Announces Key Strategic Milestones and Continued Margin Improvement in Third Quarter 2024
November 12 2024 - 7:00AM
Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive
hydrogen solutions for the green hydrogen economy, today announced
further progress on its strategic and operational initiatives and
path to profitability in the third quarter of 2024. These
developments underscore the Company's commitment to advancing the
hydrogen economy and solidifying its market and financial position
in the industry.
Financial Highlights
-
Q3 Financial Performance: Plug reported revenue of
$173.7 million in Q3 2024, representing an inflection in
electrolyzer deployments, continued expansion of its internally
produced hydrogen network, and increased leverage on its
manufacturing footprint.
-
Operating Cash Flows: Improved 31%
Quarter-Over-Quarter (QoQ) reflecting improvement in margins,
working capital efficiency, and leverage of existing inventory.
Plug expects to continue to see improvements as revenues increase
in the fourth quarter, allowing for further leverage on inventory
and fixed manufacturing costs.
-
Gross Margin Loss: Decreased 37% QoQ. This was
driven by multiple revenue streams, equipment improving 42%,
service improving 776%, Power Purchase Agreements (PPA) improving
13%, and fuel improving 9%.
-
Net Loss: Plug recorded an Earnings-Per-Share loss
of $0.25 for Q3 2024, compared to $0.36 for Q2 2024. The Company
recorded a net loss of $211.2 million in Q3 2024, compared to
$262.3 million in Q2 2024. This net loss included strategic
investments, new product deployments, and market dynamics. This net
loss also included ~$70.5 million of non-cash charges such as
depreciation and amortization, stock-based compensation, provision
for common stock warrants, inventory adjustments, and impairment
charges.
Operational and Strategic
Highlights
-
Electrolyzer Deployment and Revenue Inflection:
Plug reported an inflection point for revenue in Q3 2024 with
electrolyzer sales increasing 285% QoQ with contribution from 5MW
(megawatt) system sales being recognized and additional revenue
recognized from a large-scale order being deployed. In Q3 2024, the
Company announced an order for 25 MW from bp and Iberdola’s joint
venture at the Castellon refinery project in Spain. This quarter
marks a major milestone for Plug’s electrolyzer business as it
scales and is a significant inflection point for the industry
overall, with Q4 2024 expected to see significant deployments
continue. This positions the product platform for growth in 2025
and beyond.
-
Leveraging Plug’s Hydrogen Production Network:
Hydrogen fuel margins continue to improve as the Company
effectively leverages its internal network of hydrogen plants.
Planned downtime and maintenance at its Georgia and Tennessee
facilities in Q3 2024 limited margin contribution but is expected
to improve with higher utilization in Q4 2024. Additionally, our
Joint Venture hydrogen plant with Olin Corporation in Louisiana is
progressing and is currently in the process of commissioning, with
liquid production expected to ramp up to nameplate capacity during
Q1 2025.
-
Basic Engineer and Design Package (BEDP)
Contracts: To date, Plug has grown to over 8 GW
(gigawatts) in global BEDP contracts, which includes further
progress in Q3 2024 to a binding framework agreement to provide
Allied Green Ammonia (AGA) with 3 GW of electrolyzer capacity for
its ammonia plant in Australia. Plug and AGA are in the final
stages of completing purchase agreements, expected to be finalized
in the coming months. Progress with BEDP customers has continued
globally, and anticipated finalization of the 45V tax credit in the
U.S. is expected to support acceleration in BEDP work and project
FIDs in coming quarters.
-
Continued Momentum in Material Handling: This
quarter Plug saw additional benefits of price increases implemented
during Q2 2024, primarily in its fuel and service business, with
additional pricing benefits expected from PPAs in Q4 2024.
Alongside this progress, Plug expanded its material handling
portfolio by partnering with Carreras Grupo Logistico to establish
Spain’s first hydrogen-powered logistics site. Plug plans to
deliver a complete green hydrogen ecosystem to this site, including
hydrogen fuel cells, a 1 MW electrolyzer, and a hydrogen refueling
station, marking a key milestone in advancing hydrogen adoption in
European logistics.
-
Groundbreaking 8 MW Stationary Hydrogen Fuel Cell System
for Energy Vault: Plug Power has completed the
installation of an 8 MW hydrogen fuel cell system, designed and
integrated by Energy Vault, for a first-of-its-kind hybrid
microgrid in California. Combining battery storage with green
hydrogen, this system will deliver reliable power during wildfires
and emergencies, setting a new benchmark for clean, resilient
energy solutions in the U.S.
-
Department of Energy (DOE) Support: Plug continues
to progress with the DOE loan, which aims to support the expansion
of its green hydrogen initiatives and infrastructure for up to six
hydrogen sites. Additionally, the Company was awarded a $10 million
DOE grant to lead the development of advanced hydrogen refueling
stations in Washington State in Q3 2024.
-
Revenue Outlook: Plug anticipates its 2024 revenue
to range between $700 million and $800 million, driven by a
pipeline of orders in the electrolyzer, cryogenic, and material
handling businesses in the second half of 2024. Despite the speed
and development of the hydrogen economy continuing to impact
hydrogen equipment deployments, the mid-term and long-term outlook
remains positive.
CEO Statement
Plug Power CEO Andy Marsh stated: “Plug Power's
performance this quarter underscores our commitment to building a
sustainable and profitable hydrogen future. Our progress in
electrolyzer deployments, advancements in hydrogen production, and
expansion into new markets reflect our team's dedication to leading
the build out of the hydrogen economy.”
2024 Plug symposium
Plug will host its 6th annual symposium on
November 13th at its headquarters in Slingerlands, N.Y. The event
will bring together Plug leadership and industry experts to
showcase groundbreaking projects that are reshaping the hydrogen
industry and to present innovative solutions for the future.
We invite all stakeholders to join us virtually
for this important industry event. Register now at:
https://event.on24.com/wcc/r/4709318/2EB78C1AF5AAF63684C7F1DF68A30983?partnerref=EarningsPR
Conference Call
Plug Power has a scheduled conference call today, November 12,
at 8:30 AM ET to review the Company’s results for the third quarter
of 2024. Interested parties are invited to listen to the conference
call by calling 877-407-9221 / +1 201-689-8597
The webcast can be accessed at:
https://event.webcasts.com/starthere.jsp?ei=1692922&tp_key=d012114e58
A playback of the call will be available online for a period
following the event.
About Plug Power
Plug is building an end-to-end green hydrogen ecosystem, from
production, storage, and delivery to energy generation, to help its
customers meet their business goals and decarbonize the economy. In
creating the first commercially viable market for hydrogen fuel
cell technology, the Company has deployed more than 69,000 fuel
cell systems and over 250 fueling stations, more than anyone else
in the world, and is the largest buyer of liquid hydrogen.
With plans to operate a green hydrogen highway across North
America and Europe, Plug built a state-of-the-art Gigafactory to
produce electrolyzers and fuel cells and is developing multiple
green hydrogen production plants for commercial operation. Plug
delivers its green hydrogen solutions directly to its customers and
through joint venture partners into multiple environments,
including material handling, e-mobility, power generation, and
industrial applications.
For more information, visit www.plugpower.com.
Plug Power Safe Harbor Statement
This communication contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of 1995
that involve significant risks and uncertainties about Plug Power
Inc. (“Plug”), including but not limited to statements about Plug’s
expectations regarding its revenue in Q4 2024 and its ability to
leverage inventory and fixed manufacturing costs; Plug’s
expectations regarding its electrolyzer business, including
deployments in Q4 2024 and growth in 2025 and beyond; Plug’s
expectations that planned downtime and maintenance at its Georgia
and Tennessee facilities will improve with higher utilization in Q4
2024; Plug’s expectation that its Joint Venture hydrogen plant with
Olin Corporation in Louisiana will ramp up to nameplate capacity
during Q1 2025; Plug’s expectation that it will finalize purchase
agreements with Allied Green Ammonia in the coming months; Plug’s
anticipation that finalization of the 45V tax credit in the U.S.
will support acceleration in BEDP work and project FIDs in coming
quarters; Plug’s expectations that there will be additional impacts
from price increases from power purchase agreements in Q4 2024;
Plug’s plans to deliver a complete green hydrogen ecosystem
Carreras Grupo Logistico; Plug’s belief that its hydrogen fuel cell
system for Energy Vault will deliver reliable power during
wildfires and emergencies; Plug’s expectation with respect to its
conditional commitment loan guarantee from the United States
Department of Energy (DOE); Plug’s anticipation that its 2024
revenue will range between $700 million and $800 million and Plug’s
belief that the mid-term and long-term outlook for the hydrogen
economy in the United States remains positive.
You are cautioned that such statements should not be read as a
guarantee of future performance or results as such statements are
subject to risks and uncertainties. Actual performance or results
may differ materially from those expressed in these statements as a
result of various factors, including, but not limited to, the
following: the risk that our ability to achieve our business
objectives and to continue to meet our obligations is dependent
upon our ability to maintain a certain level of liquidity, which
will depend in part on our ability to manage our cash flows; the
risk that the funding of our loan guarantee from the Department of
Energy may be delayed and the risk that we may not be able to
satisfy all of the technical, legal, environmental or financial
conditions acceptable to the DOE to receive the loan guarantee; the
risk that we may continue to incur losses and might never achieve
or maintain profitability; the risk that we may not realize the
anticipated benefits and actual savings in connection with the
restructuring; the risk that we may not be able to raise additional
capital to fund our operations and such capital may not be
available to us on favorable terms or at all; the risk that we may
not be able to expand our business or manage our future growth
effectively; the risk that we may not be able to maintain an
effective system of internal control over financial reporting; the
risk that global economic uncertainty, including inflationary
pressures, fluctuating interest rates, currency fluctuations, and
supply chain disruptions, may adversely affect our operating
results; the risk that we may not be able to obtain from our
hydrogen suppliers a sufficient supply of hydrogen at competitive
prices or the risk that we may not be able to produce hydrogen
internally at competitive prices; the risk that delays in or not
completing our product and project development goals may adversely
affect our revenue and profitability; the risk that our estimated
future revenue may not be indicative of actual future revenue or
profitability; the risk of elimination, reduction of, or changes in
qualifying criteria for government subsidies and economic
incentives for alternative energy products, including the Inflation
Reduction Act and our qualification to utilize the PTC; and the
risk that we may not be able to manufacture and market products on
a profitable and large-scale commercial basis. For a further
description of the risks and uncertainties that could cause actual
results to differ from those expressed in these forward-looking
statements, as well as risks relating to the business of Plug in
general, see Plug’s public filings with the Securities and Exchange
Commission, including the “Risk Factors” section of Plug’s Annual
Report on Form 10-K for the year ended December 31, 2023,
the Quarterly Reports on Form 10-Q for the quarters
ended March 31, 2024 and June 30, 2024, as well as any
subsequent filings. Readers are cautioned not to place undue
reliance on these forward-looking statements. The forward-looking
statements are made as of the date hereof and are based on current
expectations, estimates, forecasts and projections as well as the
beliefs and assumptions of management. We disclaim any obligation
to update forward-looking statements except as may be required by
law.
Media Contact: Fatimah Nouilati Plug Power Inc.
Email: PlugPR@plugpower.com
Plug Power
Inc. and Subsidiaries |
|
Condensed
Consolidated Balance Sheets |
|
(In
thousands, except share and per share amounts) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
September
30, |
|
December
31, |
|
|
|
|
2024 |
|
|
2023 |
|
|
|
Assets |
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
93,940 |
|
|
$ |
135,033 |
|
|
|
Restricted cash |
|
— |
216,772 |
|
|
— |
216,552 |
|
|
|
Accounts receivable, net of allowance of $7,340 as of September 30,
2024 and $8,798 as of December 31, 2023 |
|
|
167,222 |
|
|
|
243,811 |
|
|
|
Inventory, net |
|
|
885,764 |
|
|
|
961,253 |
|
|
|
Contract assets |
|
|
145,499 |
|
|
|
126,248 |
|
|
|
Prepaid expenses and other current assets |
|
|
124,824 |
|
|
|
104,068 |
|
|
|
Total current assets |
|
— |
1,634,021 |
|
|
— |
1,786,965 |
|
|
|
|
|
|
|
|
|
|
|
|
Restricted
cash |
|
$ |
689,483 |
|
|
$ |
817,559 |
|
|
|
Property,
plant, and equipment, net |
|
|
1,534,056 |
|
|
— |
1,436,177 |
|
|
|
Right of use
assets related to finance leases, net |
|
|
52,947 |
|
|
|
57,281 |
|
|
|
Right of use
assets related to operating leases, net |
|
— |
361,009 |
|
|
|
399,969 |
|
|
|
Equipment
related to power purchase agreements and fuel delivered to
customers, net |
|
— |
142,238 |
|
|
— |
111,261 |
|
|
|
Contract
assets |
|
— |
30,333 |
|
|
— |
29,741 |
|
|
|
Intangible
assets, net |
|
— |
175,006 |
|
|
|
188,886 |
|
|
|
Investments
in non-consolidated entities and non-marketable equity
securities |
|
— |
92,767 |
|
|
— |
63,783 |
|
|
|
Other
assets |
|
|
13,014 |
|
|
|
11,116 |
|
|
|
Total assets |
|
$ |
4,724,874 |
|
|
$ |
4,902,738 |
|
|
|
|
|
— |
|
|
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
207,224 |
|
|
$ |
257,828 |
|
|
|
Accrued expenses |
|
— |
107,402 |
|
|
|
200,544 |
|
|
|
Deferred revenue and other contract liabilities |
|
— |
132,345 |
|
|
|
204,139 |
|
|
|
Operating lease liabilities |
|
|
66,973 |
|
|
|
63,691 |
|
|
|
Finance lease liabilities |
|
|
10,822 |
|
|
|
9,441 |
|
|
|
Finance obligations |
|
|
83,305 |
|
|
|
84,031 |
|
|
|
Current portion of convertible senior notes, net |
|
— |
58,163 |
|
|
— |
— |
|
|
|
Current portion of long-term debt |
|
— |
3,232 |
|
|
— |
2,716 |
|
|
|
Contingent consideration, loss accrual for service contracts, and
other current liabilities |
|
— |
117,479 |
|
|
— |
142,410 |
|
|
|
Total current liabilities |
|
— |
786,945 |
|
|
— |
964,800 |
|
|
|
|
|
— |
|
|
— |
|
|
|
Deferred
revenue and other contract liabilities |
|
$ |
59,529 |
|
|
$ |
84,163 |
|
|
|
Operating
lease liabilities |
|
|
249,191 |
|
|
|
292,002 |
|
|
|
Finance
lease liabilities |
|
— |
27,134 |
|
|
|
36,133 |
|
|
|
Finance
obligations |
|
|
278,250 |
|
|
|
284,363 |
|
|
|
Convertible
senior notes, net |
|
— |
149,214 |
|
|
— |
195,264 |
|
|
|
Long-term
debt |
|
— |
2,341 |
|
|
— |
1,209 |
|
|
|
Contingent
consideration, loss accrual for service contracts, and other
liabilities |
|
|
142,937 |
|
|
|
146,679 |
|
|
|
Total liabilities |
|
— |
1,695,541 |
|
|
— |
2,004,613 |
|
|
|
|
|
— |
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
Common stock, $.01 par value per share; 1,500,000,000 shares
authorized; Issued (including shares in treasury): 900,281,573 as
of September 30, 2024 and 625,305,025 as of December 31, 2023 |
|
$ |
9,003 |
|
|
$ |
6,254 |
|
|
|
Additional paid-in capital |
|
— |
8,388,930 |
|
|
|
7,494,685 |
|
|
|
Accumulated other comprehensive loss |
|
— |
(1,634 |
) |
|
|
(6,802 |
) |
|
|
Accumulated deficit |
|
|
(5,259,021 |
) |
|
|
(4,489,744 |
) |
|
|
Less common stock in treasury: 19,831,594 as of September 30, 2024
and 19,169,366 as of December 31, 2023 |
|
|
(107,945 |
) |
|
|
(106,268 |
) |
|
|
Total stockholders’ equity |
|
|
3,029,333 |
|
|
|
2,898,125 |
|
|
|
Total liabilities and stockholders’ equity |
|
$ |
4,724,874 |
|
|
$ |
4,902,738 |
|
|
|
|
|
|
|
|
|
|
|
|
Plug Power
Inc. and Subsidiaries |
Condensed
Consolidated Statements of Operations |
(In
thousands, except share and per share amounts) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended |
Nine months
ended |
|
|
|
|
September
30, |
September
30, |
|
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
Net
revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales of equipment, related infrastructure and other |
|
|
$ |
107,141 |
|
|
$ |
145,130 |
|
|
$ |
252,224 |
|
|
$ |
543,510 |
|
|
Services performed on fuel cell systems and related
infrastructure |
|
|
|
14,148 |
|
|
|
9,290 |
|
|
|
40,205 |
|
|
|
27,088 |
|
|
Power purchase agreements |
|
|
|
20,459 |
|
|
|
20,068 |
|
|
|
58,437 |
|
|
|
44,135 |
|
|
Fuel delivered to customers and related equipment |
|
|
|
29,791 |
|
|
|
19,371 |
|
|
|
77,964 |
|
|
|
47,391 |
|
|
Other |
|
|
|
2,191 |
|
|
|
4,852 |
|
|
|
8,514 |
|
|
|
7,055 |
|
|
Net revenue |
|
|
$ |
173,730 |
|
|
$ |
198,711 |
|
|
$ |
437,344 |
|
|
$ |
669,179 |
|
|
Cost of
revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales of equipment, related infrastructure and other |
|
|
|
149,912 |
|
|
|
158,989 |
|
|
|
414,948 |
|
|
|
504,717 |
|
|
Services performed on fuel cell systems and related
infrastructure |
|
|
|
9,086 |
|
|
|
17,916 |
|
|
|
35,773 |
|
|
|
53,586 |
|
|
Provision for loss contracts related to service |
|
|
|
6,036 |
|
|
|
41,581 |
|
|
|
38,265 |
|
|
|
55,801 |
|
|
Power purchase agreements |
|
|
|
51,782 |
|
|
|
56,981 |
|
|
|
161,322 |
|
|
|
157,773 |
|
|
Fuel delivered to customers and related equipment |
|
|
|
55,538 |
|
|
|
59,012 |
|
|
|
172,428 |
|
|
|
177,963 |
|
|
Other |
|
|
|
1,401 |
|
|
|
2,197 |
|
|
|
4,963 |
|
|
|
4,843 |
|
|
Total cost of revenue |
|
|
$ |
273,755 |
|
|
$ |
336,676 |
|
|
$ |
827,699 |
|
|
$ |
954,683 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
loss |
|
|
$ |
(100,025 |
) |
|
$ |
(137,965 |
) |
|
$ |
(390,355 |
) |
|
$ |
(285,504 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
|
19,712 |
|
|
|
27,651 |
|
|
|
63,932 |
|
|
|
83,437 |
|
|
Selling, general and administrative |
|
|
|
91,586 |
|
|
|
105,451 |
|
|
|
254,689 |
|
|
|
310,621 |
|
|
Restructuring |
|
|
|
514 |
|
|
|
— |
|
|
|
8,154 |
|
|
|
— |
|
|
Impairment |
|
|
|
4,185 |
|
|
|
665 |
|
|
|
8,406 |
|
|
|
11,734 |
|
|
Change in fair value of contingent consideration |
|
|
|
146 |
|
|
|
2,239 |
|
|
|
(5,286 |
) |
|
|
26,316 |
|
|
Total operating expenses |
|
|
$ |
116,143 |
|
|
$ |
136,006 |
|
|
$ |
329,895 |
|
|
$ |
432,108 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
loss |
|
|
|
(216,168 |
) |
|
|
(273,971 |
) |
|
|
(720,250 |
) |
|
|
(717,612 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
|
7,423 |
|
|
|
10,369 |
|
|
|
24,495 |
|
|
|
44,392 |
|
|
Interest expense |
|
|
|
(9,148 |
) |
|
|
(11,802 |
) |
|
|
(29,984 |
) |
|
|
(33,717 |
) |
|
Other income/(expense), net |
|
|
|
15,510 |
|
|
|
4,987 |
|
|
|
(566 |
) |
|
|
(4,866 |
) |
|
Realized gain on investments, net |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
263 |
|
|
Other-than-temporary impairment of available-for-sale
securities |
|
|
|
— |
|
|
|
(10,831 |
) |
|
|
— |
|
|
|
(10,831 |
) |
|
Change in fair value of equity securities |
|
|
|
— |
|
|
|
70 |
|
|
|
— |
|
|
|
8,987 |
|
|
Loss on equity method investments |
|
|
|
(8,690 |
) |
|
|
(7,030 |
) |
|
|
(29,043 |
) |
|
|
(19,970 |
) |
|
Loss on extinguishment of convertible senior notes |
|
|
|
— |
|
|
|
— |
|
|
|
(14,047 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before
income taxes |
|
|
$ |
(211,073 |
) |
|
$ |
(288,208 |
) |
|
$ |
(769,395 |
) |
|
$ |
(733,354 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax (expense)/benefit |
|
|
|
(95 |
) |
|
|
4,729 |
|
|
|
118 |
|
|
|
6,916 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss |
|
|
$ |
(211,168 |
) |
|
$ |
(283,479 |
) |
|
$ |
(769,277 |
) |
|
$ |
(726,438 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
$ |
(0.25 |
) |
|
$ |
(0.47 |
) |
|
$ |
(1.03 |
) |
|
$ |
(1.22 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of common stock outstanding |
|
|
|
858,442,951 |
|
|
|
599,465,146 |
|
|
|
745,827,431 |
|
|
|
593,417,595 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plug Power
Inc. and Subsidiaries |
|
Condensed
Consolidated Statements of Cash Flows |
|
(In
thousands) |
|
(Unaudited) |
|
|
|
Nine months
ended September 30, |
|
|
2024 |
|
|
2023 |
|
|
Operating activities |
|
|
|
|
|
|
|
Net loss |
|
$ |
(769,277 |
) |
|
$ |
(726,438 |
) |
|
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
|
Depreciation of long-lived assets |
|
|
51,639 |
|
|
|
37,810 |
|
|
Amortization of intangible assets |
|
|
14,194 |
|
|
|
14,158 |
|
|
Lower of cost or net realizable value inventory adjustment and
provision for excess and obsolete inventory |
|
|
67,768 |
|
|
|
33,889 |
|
|
Stock-based compensation |
|
|
64,120 |
|
|
|
129,074 |
|
|
Loss on extinguishment of convertible senior notes |
|
|
14,047 |
|
|
|
- |
|
|
(Recoveries)/provision for losses on accounts receivable |
|
|
(1,458 |
) |
|
|
948 |
|
|
Amortization of (premium)/discount of debt issuance costs on
convertible senior notes and long-term debt |
|
|
(1,731 |
) |
|
|
1,699 |
|
|
Provision for common stock warrants |
|
|
16,294 |
|
|
|
12,737 |
|
|
Deferred income tax benefit |
|
|
(118 |
) |
|
|
(621 |
) |
|
Impairment |
|
|
8,406 |
|
|
|
11,734 |
|
|
(Recovery)/loss on service contracts |
|
|
(558 |
) |
|
|
35,893 |
|
|
Loss on sale of long-lived assets |
|
|
2,519 |
|
|
|
- |
|
|
Fair value adjustment to contingent consideration |
|
|
(5,286 |
) |
|
|
26,316 |
|
|
Net realized gain on investments |
|
|
- |
|
|
|
(263 |
) |
|
Other-than-temporary impairment of available-for-sale
securities |
|
|
- |
|
|
|
10,831 |
|
|
Accretion of premium on available-for-sale securities |
|
|
- |
|
|
|
(5,144 |
) |
|
Lease origination costs |
|
|
(3,508 |
) |
|
|
(7,665 |
) |
|
Change in fair value for equity securities |
|
|
- |
|
|
|
(8,987 |
) |
|
Loss on equity method investments |
|
|
29,043 |
|
|
|
19,970 |
|
|
Change in fair value of derivative financial instruments |
|
|
100 |
|
|
|
- |
|
|
Changes in
operating assets and liabilities that provide/(use) cash: |
|
|
|
|
|
|
|
Accounts receivable |
|
|
78,047 |
|
|
|
(34,685 |
) |
|
Inventory |
|
|
30,868 |
|
|
|
(411,737 |
) |
|
Contract assets |
|
|
(14,849 |
) |
|
|
(39,040 |
) |
|
Prepaid expenses and other assets |
|
|
(42,835 |
) |
|
|
(6,423 |
) |
|
Accounts payable, accrued expenses, and other liabilities |
|
|
(29,183 |
) |
|
|
21,221 |
|
|
Payments of contingent consideration |
|
|
(9,216 |
) |
|
|
(2,895 |
) |
|
Deferred revenue and other contract liabilities |
|
|
(96,428 |
) |
|
|
23,699 |
|
|
Net cash used in operating activities |
|
$ |
(597,402 |
) |
|
$ |
(863,919 |
) |
|
|
|
|
|
|
|
|
|
Investing activities |
|
|
|
|
|
|
|
Purchases of property, plant and equipment |
|
|
(253,148 |
) |
|
|
(484,030 |
) |
|
Purchases of equipment related to power purchase agreements and
equipment related to fuel delivered to customers |
|
|
(41,513 |
) |
|
|
(26,094 |
) |
|
Proceeds from maturities of available-for-sale securities |
|
|
- |
|
|
|
961,160 |
|
|
Proceeds from sales of equity securities |
|
|
- |
|
- |
|
76,263 |
|
|
Proceeds from sale of long-lived assets |
|
|
500 |
|
|
|
- |
|
|
Cash paid for non-consolidated entities and non-marketable equity
securities |
|
|
(64,368 |
) |
|
|
(66,811 |
) |
|
Net cash (used in)/provided by investing activities |
|
$ |
(358,529 |
) |
|
$ |
460,488 |
|
|
|
|
|
|
|
|
|
|
Financing activities |
|
|
|
|
|
|
|
Payments of contingent consideration |
|
|
(1,841 |
) |
|
|
(10,105 |
) |
|
Proceeds from public and private offerings, net of transaction
costs |
|
|
793,249 |
|
|
|
- |
|
|
Payments of tax withholding on behalf of employees for net stock
settlement of stock-based compensation |
|
|
(1,677 |
) |
|
|
(7,922 |
) |
|
Proceeds from exercise of stock options |
|
|
96 |
|
|
|
1,313 |
|
|
Principal payments on long-term debt |
|
|
(726 |
) |
|
|
(5,710 |
) |
|
Proceeds from finance obligations |
|
|
54,416 |
|
|
|
90,265 |
|
|
Principal repayments of finance obligations and finance leases |
|
|
(64,342 |
) |
|
|
(53,394 |
) |
|
Net cash provided by financing activities |
|
$ |
779,175 |
|
|
$ |
14,447 |
|
|
Effect of exchange rate changes on cash |
|
|
7,807 |
|
|
|
2,130 |
|
|
Decrease in cash and cash equivalents |
|
|
(41,093 |
) |
|
|
(579,821 |
) |
|
(Decrease)/increase in restricted cash |
|
|
(127,856 |
) |
|
|
192,967 |
|
|
Cash, cash equivalents, and restricted cash beginning of
period |
|
|
1,169,144 |
|
|
|
1,549,344 |
|
|
Cash, cash equivalents, and restricted cash end of
period |
|
$ |
1,000,195 |
|
|
$ |
1,162,490 |
|
|
|
|
|
|
|
|
|
|
Plug Power (NASDAQ:PLUG)
Historical Stock Chart
From Oct 2024 to Nov 2024
Plug Power (NASDAQ:PLUG)
Historical Stock Chart
From Nov 2023 to Nov 2024