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Mar 31, 2023
Plug Power Q1 2023 Earnings Report
Plug Power reported revenue of $210.3 million, a 49% increase year-over-year, and reaffirmed its 2023 targets, focusing on key initiatives to enable revenue growth and a path to profitability.
Key Takeaways
Plug Power reported a revenue of $210.3 million in Q1 2023, a 49% increase compared to Q1 2022. The company is focused on expanding its green hydrogen ecosystem and achieving its growth objectives, margin expansion, and path to profitability.
Plug expects to commission 200+ TPD by 4Q23 / 1Q24 and 500TPD by year-end 2025.
Plug's electrolyzer sales funnel stands at more than $30 billion.
Plug plans to deploy over 20MW of stationary products in 2023.
Plug is expanding its GenKey offering to enable fuel cell adoption for warehouses that operate fewer than 100 electric forklifts.
Plug Power
Plug Power
Forward Guidance
Plug remains focused on building a global green hydrogen ecosystem and delivering on its growth objectives, margin expansion and path to profitability.
Positive Outlook
- Commissioning 200+ TPD by 4Q23 / 1Q24 and 500TPD by year-end 2025.
- Electrolyzer sales funnel stands at more than $30 billion.
- Deploying over 20MW of stationary products in 2023.
- Expanding GenKey offering to enable fuel cell adoption for warehouses that operate fewer than 100 electric forklifts.
- Cost of fuel per kg delivered by third parties was down 13% sequentially in the first quarter of 2023, and we expect this downward trend and tailwind to continue in the balance of the year as natural gas has remained below $3.
Challenges Ahead
- Fuel margin remained under pressure due to increased hydrogen molecule cost associated with historically higher natural gas prices and continued supplier disruptions.
- Company experienced higher fixed costs absorption in the quarter due to continued ramping at our new manufacturing facilities.
- The company continues to incur losses and might never achieve or maintain profitability
- The company will need to raise additional capital to fund our operations and such capital may not be available to us
- Loss related to an inability to remediate the material weaknesses identified in internal control over financial reporting as of December 31, 2022 and 2021, or inability to otherwise maintain an effective system of internal control over financial reporting