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Mar 31, 2022
Plug Power Q1 2022 Earnings Report
Reported revenue of $140.8 million, representing 96% growth year over year, and reaffirmed full-year targets.
Key Takeaways
Plug Power reported Q1 2022 revenue of $140.8 million, a 96% increase year-over-year. Material handling contributed approximately $96 million, with other product offerings, including electrolyzer solutions and recent acquisitions, accounting for approximately $44.8 million. The company reaffirms its full-year revenue targets of $900-$925 million and is focused on margin expansion and profitability.
Revenue was $140.8 million, a 96% increase compared to Q1 2021.
Material handling revenue was approximately $96 million.
Other product offerings, including electrolyzer solutions and recent acquisitions, contributed approximately $44.8 million.
Reaffirmed 2025 targets to achieve $3B in annual sales, 30% gross margin, and 17% operating margin.
Plug Power
Plug Power
Forward Guidance
Plug remains focused on building a global green hydrogen ecosystem and delivering on margin expansion and path to profitability. Despite macro and supply chain constraints, they are working to deliver on their 2022 revenue targets of $900-$925 million with ~80% growth year over year.
Positive Outlook
- Reaffirming 2025 targets to achieve $3B in annual sales.
- Targeting 30% gross margin.
- Targeting 17% operating margin.
- Building an end-to-end green hydrogen ecosystem.
- Expanding global presence through partnerships.
Challenges Ahead
- Margins in the fuel business continue to remain under pressure.
- Increased hydrogen molecule cost associated with higher natural gas prices.
- Expect margins to remain under pressure in Q2 2022 driven by continued increase in natural gas prices.
- Numerous macro and supply chain constraints.
- Reducing logistics costs and improving system efficiency to mitigate commodity and inflationary pressures in the near term.