Summary by Moomoo AI
Plug Power reported Q3 2024 revenue of $173.7 million, down 12.6% from $198.7 million in Q3 2023, while net loss widened to $211.2 million from $283.5 million. The quarter saw gross margin deteriorate to -57.6% compared to -69.4% in the prior year period, impacted by lower sales volumes and inventory valuation adjustments. Revenue declines were seen across hydrogen infrastructure and fuel cell systems sales.The company made progress on strategic initiatives, including electrolyzer sales which increased significantly with 16 systems sold in Q3 2024 versus one system in Q3 2023. Fuel delivery revenue grew 53.6% to $29.8 million, driven by increased customer sites and improved pricing. The company also recognized $1.6 million in clean hydrogen production tax credits during the quarter.As of September 30, 2024, Plug Power maintained $93.9 million in cash and $906.3 million in restricted cash. The company raised additional capital through ATM stock sales of $30.7 million in Q3 and secured a new $200 million convertible debenture in November 2024. Management believes current liquidity and financing options are sufficient to fund operations for at least 12 months.
