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Dec 31, 2024
Plug Power Q4 2024 Earnings Report
Estimated Revenue:$269M
+23.4% YoY
Estimated EPS:-$0.242
+57.8% YoY
Key Takeaways
Plug Power reported Q4 2024 revenue of $191.5 million, reflecting a key commercial inflection point in electrolyzer deployments and continued expansion of its hydrogen network. The company significantly reduced cash burn and made progress towards profitability through strategic actions like optimizing operations, streamlining workforce, and reducing working capital.
Plug Power achieved a key commercial inflection point in Q4 2024, driven by electrolyzer deployments and hydrogen network expansion.
The company implemented 'Project Quantum Leap' to further reduce annual expenses by $150 million to $200 million.
Operating cash flow improved by 25% quarter-over-quarter and 46% year-over-year in Q4 2024.
Plug recorded $971.3 million in non-cash charges for asset impairments and bad debt provision due to strategic shifts and market dynamics.
Plug Power
Plug Power
Plug Power Revenue by Segment
Revenue by Segment
Electrolyzer Revenue
CapyFin.com Forward Guidance
Plug Power anticipates continued cash flow improvement and accelerated path to profitability in 2025, driven by strategic initiatives and operational efficiencies. The company expects to leverage its assets for non-dilutive financing and continue growth in its electrolyzer and material handling businesses.
Positive Outlook
- Project Quantum Leap is targeted to reduce annual expenses by $150 million to $200 million.
- Cash burn is expected to significantly improve in 2025 due to full year benefits from 2024 initiatives and Project Quantum Leap.
- Plug plans to leverage its assets for non-dilutive financing options, including Investment Tax Credit (ITC) transfers.
- The Louisiana hydrogen plant is on track for full operation, expected to increase Plug's hydrogen nameplate network capacity to over 39 tons per day.
- Material handling business is anticipated to grow approximately 10-20% year-over-year in 2025.
Challenges Ahead
- The company recorded significant non-cash impairments due to strategic slowdowns in certain market investments and slower-than-anticipated market development.
- The DOE Loan project requires an additional investment of approximately $600 million, with only $400 million targeted from the DOE loan.
- The timing of mobilizing the DOE Loan project is contingent on securing third-party funding.
- The DOE Loan project is not correlated to near-term sales and margin goals.
- The company will continue to incur losses and might never achieve or maintain profitability.
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Key Statistics
Market Cap
$1.81B
P/E Ratio
-0.64
Sector
Electronic Technology
Industry
Electronic Production Equipment
52-Week High
$3.13
52-Week Low
$0.679
Gross margin
-122%
Unrestricted cash
$200M
Electrolyzer revenue
$583