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Jun 30, 2022
Plug Power Q2 2022 Earnings Report
Reported revenue of $151.3 million, reaffirmed full-year revenue guidance, and announced several landmark achievements.
Key Takeaways
Plug Power reported $151.3 million in revenue for Q2 2022, compared to $124.6 million for Q2 2021. The company reaffirmed its full-year revenue guidance of $900-$925 million and highlighted progress in electrolyzer business, clean energy legislation benefits, and green hydrogen generation network build-out.
Revenue was $151.3 million in the second quarter, compared to $124.6 million for the second quarter of 2021.
New product offerings represented over $56 million in revenue.
Gross margin was negative 21% in the second quarter, up 4% sequentially and was up 11% year over year.
Reaffirmed $900-$925MM Full-Year Revenue Guidance.
Forward Guidance
Plug remains focused on building a global green hydrogen ecosystem and delivering on margin expansion and path to profitability. Despite the numerous macro and supply chain constraints, we are working to deliver on our 2022 revenue targets of $900-$925 million with ~80% growth year over year.
Positive Outlook
- On track to deliver 2022 revenue targets of $900-$925 million with ~80% growth year over year.
- Building a global green hydrogen ecosystem.
- Delivering on margin expansion and path to profitability.
- PTC should accelerate our fuel margin expansion as we bring green hydrogen plants online.
- Targeting to commission 70TPD by YE 2022.
Challenges Ahead
- Fuel business continues to remain under pressure due to increased hydrogen molecule cost associated with historically higher natural gas prices and continued supplier disruptions.
- Managing supply chain constraints.
- Managing permitting dynamics.
Historical Earnings Impact
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