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Jun 30, 2020
Plug Power Q2 2020 Earnings Report
Achieved record gross billings, completed strategic acquisitions, and issued the first-ever convertible green bond in the US.
Key Takeaways
Plug Power achieved record second quarter gross billings, reflecting year-over-year growth of 24% and sequential growth of 68% above a record Q1 2020. The company closed the acquisitions of United Hydrogen and Giner ELX, positioning Plug Power to transition to zero-carbon hydrogen solutions, and launched the first ever convertible green bond offering in the US, raising $212M.
Achieved the highest second quarter gross billings in company history, with year-over-year growth of 24%.
Deployed over 5,000 fuel cell units year-to-date with customers, accumulating over 545.1 million hours of runtime and 29.4 million hydrogen fills.
Closed the acquisitions of United Hydrogen and Giner ELX, solidifying position in green hydrogen production.
Reaffirmed recently increased 2024 guidance to $1.2B in revenue and $250M in adjusted EBITDA.
Forward Guidance
Plug Power reaffirmed 2020 guidance and provided Q3 2020 guidance of $110M to $115M for gross billings. The company also reaffirmed the recently raised 2024 financial targets to achieve $1.2B in revenue, $200 in operating income and $250M in adjusted EBITDA.
Positive Outlook
- Reaffirming 2020 guidance.
- Providing Q3 2020 guidance of $110M to $115M for gross billings.
- Reaffirming the recently raised 2024 financial targets to achieve $1.2B in revenue.
- Reaffirming the recently raised 2024 financial targets to achieve $200M in operating income.
- Reaffirming the recently raised 2024 financial targets to achieve $250M in adjusted EBITDA.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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