On May 9, 2024, Plug Power Inc. released its financial results for the first quarter of 2024, ending March 31. The company reported a revenue of $120.3 million and an earnings per share (EPS) loss of $0.46. Notably, Plug Power has reduced its net cash used in operating activities and capital expenditures by 38% quarter-over-quarter, emphasizing inventory reduction as a key part of its cash management strategy. Despite facing headwinds on equipment margins due to a focus on lowering inventory and limiting production, the company saw improvements in gross margins for Fuel Delivered, Service, and Power Purchase Agreements compared to previous quarters. Plug Power also highlighted its advancements in its hydrogen generation network, with significant production milestones reached at its Georgia and Tennessee plants and...Show More

On May 9, 2024, Plug Power Inc. released its financial results for the first quarter of 2024, ending March 31. The company reported a revenue of $120.3 million and an earnings per share (EPS) loss of $0.46. Notably, Plug Power has reduced its net cash used in operating activities and capital expenditures by 38% quarter-over-quarter, emphasizing inventory reduction as a key part of its cash management strategy. Despite facing headwinds on equipment margins due to a focus on lowering inventory and limiting production, the company saw improvements in gross margins for Fuel Delivered, Service, and Power Purchase Agreements compared to previous quarters. Plug Power also highlighted its advancements in its hydrogen generation network, with significant production milestones reached at its Georgia and Tennessee plants and the Louisiana plant on track for completion in 2024. The company has secured DOE grants totaling up to $163 million for various projects and has expanded its partnership with Uline and a leading U.S. automotive manufacturer. Plug Power's CEO, Andy Marsh, expressed confidence in the company's progress and its role in advancing the hydrogen economy. A conference call was held on the same day to discuss the results, with a webcast available on the company's website.