Summary by Moomoo AI
Plug Power reported Q2 2024 revenue of $143.4 million, down 44.9% from $260.2 million in Q2 2023, while net loss widened to $262.3 million from $236.4 million. The decline was primarily driven by lower sales of fuel cell systems and hydrogen infrastructure, with GenDrive unit sales falling to 725 from 2,680 year-over-year. Gross loss margin deteriorated to -91.6% from -30.0% due to lower volumes impacting overhead absorption.The company strengthened its financial position through multiple capital raises, including selling 176.4 million shares for $580.8 million in H1 2024 under an ATM facility, and completing a $191 million public offering in July. Additionally, Plug Power exchanged $138.8 million of 3.75% convertible notes for new 7.00% notes due 2026, recording a $14 million loss on extinguishment.Management implemented a comprehensive restructuring plan in February 2024 aimed at enhancing efficiency and financial performance, incurring $7.6 million in related costs during H1 2024. The company believes its current cash position and financing arrangements will be sufficient to fund operations for at least 12 months, with $62.4 million in unrestricted cash and $956.5 million in restricted cash as of June 30, 2024.
