Plug Power Increases Full-Year 2018 Revenue Guidance
October 16 2018 - 7:00AM
Plug Power Inc. (NASDAQ: PLUG), a leading provider of energy
solutions that change the way the world moves, today increased its
revenue guidance for the full-year of 2018 due to continued
traction in the market and ongoing development of its business
pipeline.
For the full year of 2018, Plug Power has increased gross
revenue guidance to between $175 million and $190 million (1). This
compares to the previously forecasted revenue range of $155 million
to $180 million.
Chief Executive Officer Andy Marsh stated, “As a result of
continued domestic and international growth across our lines of
business paired with a strong deal pipeline, we are increasingly
optimistic as we close out the year. This momentum in our pipeline
also bodes well as we move into 2019. We are finalizing our fourth
quarter delivery schedule and will be able to provide more insight
in our upcoming third quarter earnings call.”
(1) Reconciliation of GAAP measures to
Non-GAAP measuresGross revenue represents a non-GAAP
accounting measure because it excludes charges for customer common
stock warrants. The most directly comparable GAAP term is revenues,
which is net of any customer common stock warrant charges.
Historically the Company has not provided guidance for revenues
including these charges given the variability of the fair value of
the customer common stock warrants and their correlation to the
capital markets which is difficult to predict. For basis of
comparison on the Company’s updated guidance for gross revenues to
revenues, the Company assumed similar run rates for first half of
2018 for customer common stock warrant charges.
2018 FY Forecast ($'s in
millions) |
PREVIOUS |
|
UPDATED |
|
|
|
|
|
|
NET REVENUE |
144 |
166 |
|
161 |
175 |
|
|
|
|
|
|
ADD: CUSTOMER COMMON STOCK WARRANT
CHARGES* |
11 |
14 |
|
14 |
15 |
|
|
|
|
|
|
GROSS REVENUES |
155 |
180 |
|
175 |
190 |
* Assumes similar rate as first
half 2018. |
About Plug Power Inc. The architect of modern
hydrogen and fuel cell technology, Plug Power is the innovator that
has taken hydrogen and fuel cell technology from concept to
commercialization. Plug Power has revolutionized the material
handling industry with its full-service GenKey solution, which is
designed to increase productivity, lower operating costs and reduce
carbon footprints in a reliable, cost-effective way. The Company’s
GenKey solution couples together all the necessary elements to
power, fuel and serve a customer. With proven hydrogen and fuel
cell products, Plug Power replaces lead acid batteries to power
electric industrial vehicles, such as the lift trucks customers use
in their distribution centers.
Extending its reach into the on-road electric vehicle market,
Plug Power’s ProGen platform of modular fuel cell engines empowers
OEMs and system integrators to rapidly adopt hydrogen fuel cell
technology. ProGen engines are proven today, with thousands in
service, supporting some of the most rugged operations in the
world. Plug Power is the partner that customers trust to take their
businesses into the future. Learn more at www.plugpower.com.
Cautionary Note on Forward Looking Statements
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 the Company,
including but not limited to statements about our expectations
regarding full year and third and fourth quarter 2018 revenue,
gross margin and EBITDAS, achieving EBITDAS breakeven in 2018,
achieving positive EBITDAS in 2019, achieving positive cash flow in
2019, the impact of new lease accounting standards to the Company’s
historical or ongoing GAAP income statement, and the effects of
growth, cost-reduction efforts and the Company’s potential
expansion into new markets.
Investors 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 that, 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; our ability to obtain financing arrangements to support
the sale or leasing of our products and services to customers; the
ability to achieve the forecasted gross margin on the sale of our
products; the volatility of our stock price; 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 a loss of one or more of
our major customers could result in a material adverse effect on
us; the cost and availability of fuel and fueling infrastructures
for our products; the risk of elimination of government subsidies
and economic incentives for alternative energy products; the risk
of potential losses related to any product liability claims or
contract disputes; competitive factors, such as price competition
and competition from traditional and alternative energy companies;
the cost and availability of components and parts for our products;
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 risk that pending orders may not convert to
purchase orders, in whole or in part; the risk that unit orders
will not ship, be installed and/or converted to revenue, in whole
or in part; the risks related to the use of flammable fuels in our
products; our ability to protect our intellectual property; 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 cost
and timing of developing, marketing and selling our products and
our ability to raise the necessary capital to fund such costs;
market acceptance of our products and services, including GenDrive
units; our ability to develop commercially viable products; our
ability to reduce product and manufacturing costs; our ability to
successfully market, distribute and service our products and
services internationally; our ability to improve system reliability
for our products; our ability to maintain an effective system of
internal controls; our ability to attract and maintain key
personnel; the risks associated with potential future acquisitions;
the cost of complying with current and future federal, state and
international governmental regulations; the effect that convertible
debt securities settled in cash may have on our reported financial
results, the effect that convertible note hedge transactions may
have on the value of our common stock, and other risks and
uncertainties referenced in our public filings with the SEC.
For additional disclosure regarding these and other risks faced
by the Company, see the disclosures contained in our public filings
with the SEC, including the “Risk Factors” section of our Annual
Report on Form 10-K for the year ended December 31, 2017. Investors
should consider these factors in evaluating the forward-looking
statements included in this communication and not place undue
reliance on such statements. The forward-looking statements are
made as of the date hereof, and the Company undertakes no
obligation to update such statements as a result of new
information.
SOURCE: PLUG POWER
Media Contact Kate GundryPluck
617.797.5174plugpower@pluckpr.com
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