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Dec 31, 2022
Plug Power Q4 2022 Earnings Report
Plug Power reported largest quarterly and annual revenue in company’s history.
Key Takeaways
Plug Power's Q4 2022 revenue reached $221 million, compared to $162 million in Q4 2021. The company's gross margin improved year-over-year, moving from negative 54% to negative 36%.
Revenue was $221M in the quarter, compared to $162M for the fourth quarter of 2021.
Gross margin for the fourth quarter of 2022 was negative 36% compared to negative 54% in the fourth quarter of 2021, reflecting improvement year over year.
Gross margin in the fuel cell systems and related infrastructure was 10% in the fourth quarter of 2022, compared to 17% in the fourth quarter of 2021.
Plug expects to see continual margin enhancement over the course of 2023 as these mitigation/improvement strategies play out.
Plug Power
Plug Power
Forward Guidance
Plug Power is focused on growth objectives, margin expansion and profitability.
Positive Outlook
- Substantial growth from molecule sales.
- Turnkey equipment offering to help customers meet their green hydrogen needs.
- Step change growth in stationary product offering.
- Continued expansion in material handling business.
- Strengthening global supply chain and world-class global manufacturing capabilities.
Challenges Ahead
- Supply chain issues.
- New product scaling.
- New manufacturing facility ramping.
- Higher than average scrap.
- Unfavorable absorption costs in the quarter.