On August 8, 2024, Plug Power Inc. released its financial results for the second quarter ended June 30, 2024. The company reported a revenue of $143.4 million, driven by growth in electrolyzer deployments and improved pricing on fuel and other product lines. However, Plug Power experienced a net loss of $262.3 million for the quarter, attributed to strategic investments, market dynamics, and non-cash charges totaling approximately $86 million. Despite the loss, the company highlighted an improvement in hydrogen margins due to increased production capacity at its Georgia plant and strategic price increases. Plug Power also utilized the Clean Hydrogen Production Tax Credit for its liquid hydrogen plant in Georgia, aiming to optimize financial performance and enhance shareholder value. Dean Fullerton was appointed as Chief Operating Officer...Show More

On August 8, 2024, Plug Power Inc. released its financial results for the second quarter ended June 30, 2024. The company reported a revenue of $143.4 million, driven by growth in electrolyzer deployments and improved pricing on fuel and other product lines. However, Plug Power experienced a net loss of $262.3 million for the quarter, attributed to strategic investments, market dynamics, and non-cash charges totaling approximately $86 million. Despite the loss, the company highlighted an improvement in hydrogen margins due to increased production capacity at its Georgia plant and strategic price increases. Plug Power also utilized the Clean Hydrogen Production Tax Credit for its liquid hydrogen plant in Georgia, aiming to optimize financial performance and enhance shareholder value. Dean Fullerton was appointed as Chief Operating Officer, bringing extensive experience from Amazon, particularly in global engineering services. The company deployed over $70 million of electrolyzer systems in Q2 and plans to deploy an additional 100 MW by year-end. Plug Power anticipates 2024 revenue to be between $825 million and $925 million. A joint venture with Olin Corporation is making progress on a new hydrogen plant in Louisiana, expected to commence commissioning in September 2024. Plug Power has secured 7.5 GW in global BEDP contracts, including a significant 3 GW contract in Australia. The company is also progressing with a DOE loan to support the expansion of its green hydrogen initiatives. Plug Power has remediated previously identified material weaknesses in its internal controls, improving financial reporting processes. A conference call to discuss the Q2 results was scheduled for August 8, 2024, at 8:30 AM ET.