Plug Power Exceeds Business Goals for 2015
January 28 2016 - 8:30AM
Plug Power Inc. (NASDAQ:PLUG), a leader in providing clean,
reliable energy solutions, today highlights that it has exceeded
the aggressive business objectives it set for the full year of
2015. Details of the company’s performance in 2015 and its
goals for 2016 will be shared on a conference call to be held today
at 10:00 am ET.
During 2015, Plug Power achieved the following
goals:
- More than $100 million in revenue
- More than a 50% increase from 2014
- More than $200 million in contract bookings
- Another record year with contracts from new and longstanding
customers
- More than 15 GenFuel hydrogen storage and dispensing
infrastructure installations
- Plug Power provides customers with more than 2.5 tons of
hydrogen a day enabling more than 3,000 daily GenDrive
fuelings
- GenDrive gross margins in excess of 25 percent by the end of
the year
- Continuing the trend of expanding gross margins across the
business offerings
- Achieved goal of acquiring more than six new customers
- New customers include Colruyt, U-Line and The Home Depot
“Plug Power exceeded the goals in 2015 set forth
at the start of the year,” said Andy Marsh, CEO of Plug Power. “The
performance of our team throughout 2015 coupled with the interest
and demand we are seeing from customers has put the company in a
great position to continue its success in the coming year.”
Plug Power has set the following performance
goals for the full year of 2016.
- Revenue of $150 million
- Contract bookings of $275 million
- Install 25 new GenKey sites, linking together
GenDrive fuel cell units, GenFuel hydrogen infrastructure and
GenCare service for easy customer adoption
- Achieve full year gross margins exceeding 10
percent, excluding $10 million of deferred profit
- Operating cash usage of less than $20
million
The Company expects cash burn and gross margins
to improve significantly throughout 2016. Marsh continues, “We
enter 2016 with a calculated plan for success. Every quarter, we
become more and more precise with obtaining, meeting and exceeding
our objectives. I am proud of what we’ve accomplished in building
this market and business thus far, and am excited by the path ahead
of us in 2016.”
Conference Call
Further details on Plug Power’s 2015 metrics will be discussed
on Plug Power’s January business update conference call.
Date: Thursday, January 28, 2016 Time: 10:00 am ET Toll-free:
877-407-9221
The webcast can be accessed at www.plugpower.com, selecting the
conference call link on the home page, or directly at
https://event.webcasts.com/starthere.jsp?ei=1089865. A playback of
the call will be available online for a period following the
event.
About Plug Power Inc.
The powerhouse in hydrogen fuel cell technology,
Plug Power is revolutionizing the industry with cost-effective
solutions that increase productivity, lower operating costs and
reduce carbon footprint. Its signature solution, GenKey, provides
an all-inclusive package for customers, incorporating GenFuel
hydrogen and fueling infrastructure, GenCare aftermarket service
and either GenDrive or ReliOn fuel cell systems. GenDrive, a
lead-acid battery replacement, is used in electric lift trucks in
high-throughput material handling applications. With more than
10,000 GenDrive units deployed with material handling customers,
GenDrive has been proven reliable with over 107 million hours of
runtime. Plug Power manufactures tomorrow’s incumbent power
solutions today, so customers can POWERAhead. Additional
information about the Plug Power brands is available at
www.plugpower.com.
Plug Power Inc. 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 2016 objectives, including goals relating
to revenue, sales, booking, gross margin and GenKey and GenFuel
installations 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, ReliOn 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, 2014. 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 Media Contact
Teal Vivacqua
518.738.0269
media@plugpower.com
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