Plug Power’s Continued Sales Momentum Drives 2016 Results
24 Februar 2017 - 1:00PM
Plug Power Inc. (NASDAQ:PLUG), a leader in providing clean,
reliable energy solutions, announced today preliminary 2016
financial results and introduced its full-year 2017 outlook.
Preliminary Full Year 2016 Highlights
(Unaudited)
- GAAP revenue of $85.9 million
- $66.2 million in PPA systems deployed
- GAAP gross margins of 4.5%
- Contract Bookings of $280 million
- 4,010 GenDrives deployed
- Net cash used in operating activites of $29.6 million
- Ended the year with $46 million of unrestricted cash
In 2016, Plug Power deployed full GenKey sites
with a global set of industrial mobility customers. New GenKey
“power, fuel, service” customers include Young’s Market, Colruyt,
FM Logistic and Carrefour, Europe’s leading retailer. Repeat
GenDrive hydrogen fuel cell users include Walmart, Home Depot and
BMW. Today, Plug Power has more than 14,000 fuel cells
powering industrial electric vehicles at blue-chip customers around
the world and is a leading supplier of hydrogen fueling stations
with its GenFuel product line.
2017 Full Year Guidance
- Total GAAP Revenue of $130 million, which is an increase of
over 50% versus 2016
- Total GenDrive Shipments of 5,600 including 1,800 under PPA, a
40% increase in shipments
- Total GenFuel Sites of 25, including 9 under PPA
- Total ProGen Modules of 100
- GAAP Gross Margin of 8% to 12%, a doubling of our gross
margin
- Bookings of $325 million
- $25 to $35 million of net cash used in operating and investing
activities
Plug Power is introducing its ProGen fuel cell engine to the
global electric vehicle market. In 2016, Plug Power entered into a
significant on-road delivery vehicle technology development
program, signing a three-way MOU with infrastructure leader, Furui,
and a “big three” Chinese vehicle manufacturer. The first
deliverables for this project are expected in the second quarter of
2017.
“Plug Power expects that the accelerating trend for vehicle
electrification will expand our current addressable market,” said
Andy Marsh, CEO of Plug Power.
Conference Call Details:Details
of the company's 2016 prelimary performance as well as 2017 growth
objectives will be shared on a conference call to be held today at
10:00 am ET.
Toll-free:
877-407-9221International: 201-689-8597
The webcast can also be accessed directly at
https://event.webcasts.com/starthere.jsp?ei=1135898 or from the
Plug Power homepage (www.plugpower.com). A playback of the call
will be available online for a period of time following the
call.
About Plug Power Inc.
The architects of modern hydrogen and fuel cell
technology, Plug Power has revolutionized the industry with its
simple GenKey solution, elements of which are designed to increase
productivity, lower operating costs and reduce carbon footprints in
a reliable, cost-effective way. Plug Power’s GenKey solution
couples together all the necessary elements to power, fuel and
service a customer. Plug Power is the partner that customers trust
to take their businesses into the future. For more information
about Plug Power, visit www.plugpower.com.
Safe Harbor
Statement
This communication contains "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995 that involve significant risks and uncertainties
about Plug Power Inc. ("PLUG"), including but not limited to
statements about PLUG's expectations for 2017, including GAAP
revenue, number of GenDrive shipments, number of GenFuel sites,
number of ProGen modules, GAAP gross margin, bookings and net cash
used. You are cautioned that such statements should not be read as
a guarantee of future performance or results, and will not
necessarily be accurate indications of the times at, or by which,
such performance or results will have been achieved. Such
statements are subject to risks and uncertainties that could cause
actual performance or results to differ materially from those
expressed in these statements. In particular, the risks and
uncertainties include, among other things, the risk that we
continue to incur losses and might never achieve or maintain
profitability; the risk that we will need to raise additional
capital to fund our operations and such capital may not be
available to us; the risk that our lack of extensive experience in
manufacturing and marketing products may impact our ability to
manufacture and market products on a profitable and large-scale
commercial basis; the risk that unit orders will not ship, be
installed and/or converted to revenue, in whole or in part; the
risk that pending orders may not convert to purchase orders, in
whole or in part; the risk that a loss of one or more of our major
customers could result in a material adverse effect on our
financial condition; the risk that a sale of a significant number
of shares of stock could depress the market price of our common
stock; the risk that negative publicity related to our business or
stock could result in a negative impact on our stock value and
profitability; the risk of potential losses related to any product
liability claims or contract disputes; the risk of loss related to
an inability to maintain an effective system of internal controls
or key personnel; the risks related to use of flammable fuels in
our products; the cost and timing of developing, marketing and
selling our products and our ability to raise the necessary capital
to fund such costs; the ability to achieve the forecasted gross
margin on the sale of our products; the risk that our actual net
cash used for operating expenses may exceed the projected net cash
for operating expenses; the cost and availability of fuel and
fueling infrastructures for our products; market acceptance of our
products, including GenDrive, GenSure and GenKey systems; the
volatility of our stock price; our ability to establish and
maintain relationships with third parties with respect to product
development, manufacturing, distribution and servicing and the
supply of key product components; the cost and availability of
components and parts for our products; our ability to develop
commercially viable products; our ability to reduce product and
manufacturing costs; our ability to successfully expand our product
lines; our ability to successfully expand internationally; our
ability to improve system reliability for our GenDrive, ReliOn and
GenKey systems; competitive factors, such as price competition and
competition from other traditional and alternative energy
companies; our ability to protect our intellectual property; the
cost of complying with current and future federal, state and
international governmental regulations; risks associated with
potential future acquisitions; and other risks and uncertainties
referenced in our public filings with the Securities and Exchange
Commission. For additional disclosure regarding these and other
risks faced by PLUG, see disclosures contained in PLUG's public
filings with the Securities and Exchange Commission (the "SEC")
including, the "Risk Factors" section of PLUG's Annual Report on
Form 10-K for the year ended December 31, 2015. You should consider
these factors in evaluating the forward-looking statements included
in this presentation and not place undue reliance on such
statements. The forward-looking statements are made as of the date
hereof, and PLUG undertakes no obligation to update such statements
as a result of new information.
Plug Power Investor Contact
John Cococcia
investors@plugpower.com
Plug Power Media Contact
Teal Vivacqua
media@plugpower.com
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