On November 12, 2024, Plug Power Inc., a leader in hydrogen solutions, reported its financial results for the third quarter ending September 30, 2024. The company announced a revenue of $173.7 million, marking a significant increase in electrolyzer deployments and expansion of its hydrogen network. The improved operating cash flows, which rose by 31% quarter-over-quarter, reflect better margins and working capital efficiency. Gross margin loss decreased by 37% due to improvements across multiple revenue streams. The net loss for the quarter was $211.2 million, a reduction from the previous quarter's $262.3 million, which included around $70.5 million in non-cash charges. Plug Power also highlighted key strategic milestones, such as the deployment of a 25 MW order for an electrolyzer at the Castellon refinery project in Spain, and...Show More

On November 12, 2024, Plug Power Inc., a leader in hydrogen solutions, reported its financial results for the third quarter ending September 30, 2024. The company announced a revenue of $173.7 million, marking a significant increase in electrolyzer deployments and expansion of its hydrogen network. The improved operating cash flows, which rose by 31% quarter-over-quarter, reflect better margins and working capital efficiency. Gross margin loss decreased by 37% due to improvements across multiple revenue streams. The net loss for the quarter was $211.2 million, a reduction from the previous quarter's $262.3 million, which included around $70.5 million in non-cash charges. Plug Power also highlighted key strategic milestones, such as the deployment of a 25 MW order for an electrolyzer at the Castellon refinery project in Spain, and the growth of over 8 GW in global BEDP contracts. The company's hydrogen production network saw margin improvements, despite planned downtime at certain facilities. Additionally, Plug Power completed an 8 MW stationary hydrogen fuel cell system for Energy Vault in California, and received a $10 million DOE grant for developing advanced hydrogen refueling stations. Looking forward, Plug Power anticipates 2024 revenue to be between $700 million and $800 million, driven by a strong order pipeline. The company will host its 6th annual symposium on November 13, 2024, to discuss industry advancements and future solutions.