Plug Power Boasts Revenue Growth & Expansion

By Tamara Parker • Friday, March 01 15:20 • Permanent Link

Plug Power Inc. (NASDAQ: PLUG) has announced its financial results and operational milestones for the quarter and fiscal year ended December 31, 2023. The company has seen significant progress in revenue growth, operational efficiency, and strategic investments aimed at promoting global sustainability and energy independence.

In the operational milestones, Plug Power successfully commissioned and operated the largest PEM electrolyzer system in the United States at the Georgia hydrogen plant. Additionally, they deployed their first large-scale megawatt (MW) level stationary product, enhancing their hydrogen production capabilities and expanding their energy solution portfolio.

In the applications business, Plug expanded its material handling installed base with key customers such as Walmart, Home Depot, and Amazon. They also installed a 1 MW electrolyzer system at an Amazon fulfillment center and introduced a new platform for mid-market material handling sites, adding new customers to their portfolio.

Financially, Plug Power achieved record revenue of $891 million for the year ended December 31, 2023, reflecting a 27% growth over the prior year. However, the earnings per share (EPS) performance concluded with a loss of $2.30, compared to a loss of $1.25 in the previous year, largely driven by increased investments in growth and expansion.

The company has resolved the going concern issue and determined it has sufficient cash on hand coupled with available liquidity to fund its ongoing operations for the foreseeable future.

Plug Power's CEO, Andy Marsh, stated that the company is dedicated to bolstering its financial profile and driving forward the hydrogen economy with leveraging existing investments and a prudent approach to cash management.

Plug Power has scheduled a conference call to review the company’s results for the fourth quarter of 2023. Interested parties can access the webcast to review the financial performance.

The market has reacted to these announcements by moving the company's shares 6.6% to a price of $3.76. For more information, read the company's full 8-K submission here.

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