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Mar 31, 2021
Plug Power Q1 2021 Earnings Report
Reported $72.0 million in revenues and $73.7 million in gross billings, marking a 76% and 71% year-over-year increase, respectively.
Key Takeaways
Plug Power reported a net revenue of $72.0 million for Q1 2021, compared to $40.8 million for the same period in 2020. Gross billings for the quarter were $73.7 million, up from $43.0 million in Q1 2020. The company shipped 1,308 GenDrive units and had revenue associated with six hydrogen infrastructure systems.
Net revenue for Q1 2021 was $72.0 million, a 76% increase compared to $40.8 million in Q1 2020.
Gross billings for Q1 2021 reached $73.7 million, a 71% increase compared to $43.0 million in Q1 2020.
Shipped 1,308 GenDrive units in Q1 2021, compared to 825 units in Q1 2020.
Experienced negative impacts on fuel gross margins due to hydrogen supply issues and high natural gas prices.
Plug Power
Plug Power
Forward Guidance
Plug Power is focused on building the green hydrogen economy on a global basis.
Positive Outlook
- Strategic partnerships with Groupe Renault, SK Group, and ACCIONA are on track.
- HYVIA joint venture with Renault Group is expected to launch and target a 30% market share in hydrogen-powered light commercial vehicles in Europe by 2030.
- Partnership with SK Group is expected to accelerate hydrogen as an alternative energy source in Asian markets.
- ACCIONA partnership will target a 20% market share of the green hydrogen business in Spain and Portugal by 2030.
- Plug Power's PEM gigafactory in Rochester NY, is expected to be in full ramp-up mode by the fall of this year.
Challenges Ahead
- Fuel gross margins were negatively impacted by transitioning to a new industrial gas company and force-majeure events.
- Hydrogen supply was adversely affected by force-majeure events and the Texas freeze, causing a spike in natural gas prices.
- The industry saw as much as 40 to 50 tons per day of hydrogen capacity curtailed during this force-majeure during Q2 of 2021.
- Experienced unusually high freight costs of approximately incremental $2 million which stems largely from the global COVID-19 impact on the ports and transit providers.
- Given the restatement effort, the Company experienced higher than normal professional service expenses which will continue into Q2 2021.