Summary by Moomoo AI
Plug Power, a leader in hydrogen and fuel cell solutions, has reported a significant decrease in revenue for the quarter ended June 30, 2024, compared to the same period in 2023. Revenue from sales of equipment, infrastructure, and other decreased by 64.5% to $76.8 million, primarily due to fewer hydrogen site installations and a decline in sales of cryogenic storage equipment and fuel cell systems. Services performed on fuel cell systems and related infrastructure saw a 49.8% increase to $13.0 million, attributed to more units under maintenance contracts and higher service rates. Power Purchase Agreements (PPAs) revenue rose by 22.0% to $19.7 million, with an increase in units and sites under these agreements. Revenue from fuel delivered to customers increased by 67.2% to $29.9 million, driven by more sites with fuel...Show More
