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Dec 31, 2021
Plug Power Q4 2021 Earnings Report
Reported largest quarterly and annual revenue, announced multiple partnerships and strategic acquisitions.
Key Takeaways
Plug Power reported $162 million in revenue for Q4 2021, compared to ($309 million) for the fourth quarter of 2020. The company shipped approximately 3,300 GenDrive units and had revenue associated with 11 hydrogen infrastructure systems. They also reaffirmed 2022 revenue goal of $900 million - $925 million and 2025 goals of $3 billion in revenue, and 17% operating income margin.
Shipped approximately 3,300 GenDrive units and had revenue associated with 11 hydrogen infrastructure systems for the fourth quarter of 2021.
Net revenue for this quarter was $162 million compared to ($309 million) for the fourth quarter of 2020.
Acquired Frames Group and Applied Cryo Technologies to execute vertical integration strategy.
Gigafactory in Rochester, N.Y. began production in the fourth quarter with a total annual production capacity of over 2.5GW for PEM stacks for fuel cells and electrolyzers.
Plug Power
Plug Power
Forward Guidance
Plug Power is looking at $900-$925 million in revenue, 80% revenue growth year over year in 2022. It keeps us on pace to meet our 2025 goals of $3 billion in revenue and 17% operating income margin.
Positive Outlook
- Deliver on revenue targets.
- Expansion of our solutions offerings.
- Building a green hydrogen network.
- Building gigafactories
- Looking to add three additional pedestal customers, two of which will likely be located in Europe, and targeting a total of $600 million or more in revenue for the material handling business.