Plug Power’s losses climb, revenue falls in Q2

Net loss climbed at US turnkey hydrogen solutions provider Plug Power Inc (NASDAQ:PLUG) in the second quarter of 2024, widening to USD 262.3 million (EUR 240m) from USD 236.4 million in the same period of 2023.

Announcing its second-quarter results on Thursday, the company said the loss was impacted by strategic investments, market dynamics and around USD 86 million of non-cash charges like depreciation and amortisation, stock-based compensation, provision for common stock warrants, inventory adjustments and impairment charges.

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Revenue fell to USD 143.4 million from USD 260.2 million a year ago, with revenue from sales of equipment, related infrastructure and other dropping 64.5% to USD 76.8 million. Plug still pointed out that the turnover reflects ongoing growth in its electrolyser deployments and improved pricing on fuel and other product lines. It deployed over USD 70 million of electrolyser systems in the quarter, including one and five MW systems, although the majority has not yet been recognised as revenue. Plug expects to deploy another 100 MW of electrolysers by the end of the year​.

The company predicts 2024 revenue of between USD 825 million and USD 925 million, reflecting its expectation for revenue from its pipeline of orders in the electrolyser, cryogenic and material handling businesses in the second half of the year.

According to CEO Andy Marsh, the quarter has been pivotal for Plug as it progresses in its strategic initiatives and operational capabilities. “The addition of Dean Fullerton as COO strengthens our leadership team, and our recent achievements in electrolyser deployments and partnerships demonstrate our unwavering commitment to advancing the hydrogen economy,” he said.

The company, which recently completed a USD-200-million stock offering, had an accumulated deficit of USD 5 billion as of June 30.

(USD 1 = EUR 0.915)