Plug Provides 2022 Revenue Expectations Update Reflecting Potential Timing and Supply Chain Impact
October 14 2022 - 9:00AM
Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey
hydrogen solutions for the global green hydrogen economy, provides
revenue expectations update for 2022. The company believes that its
prior full year 2022 revenue guidance of $900-$925M could be 5%
-10% lower for the year. The revenue impact reflects some larger
projects potentially being completed in 2023 instead of 2022 due to
timing and broader supply chain issues. While revenue could be
lower than previously anticipated in 2022, demand for the fuel cell
applications and electrolyzer business remains robust.
The Company recently became aware of the potential impact to its
full year 2022 revenue and believes it is prudent to update
stakeholders. It is important to note that the company expects the
completion of the projects no later than 2023. Plug is excited to
communicate in more detail on its near, medium and long-term
guidance as well as path to profitability during the Plug Symposium
on October 19th, which will be hosted and broadcast from its
Gigafactory in Rochester, New York.
For more information about the 2022 Plug Symposium, including
the event agenda and registration details, please visit
https://www.plugsymposium.com.
About PlugPlug is building an end-to-end green
hydrogen ecosystem, from production, storage and delivery to energy
generation, to help its customers meet their business goals and
decarbonize the economy. In creating the first commercially viable
market for hydrogen fuel cell technology, the company has deployed
more than 50,000 fuel cell systems and over 165 fueling stations,
more than anyone else in the world, and is the largest buyer of
liquid hydrogen. With plans to build and operate a green hydrogen
highway across North America and Europe, Plug is building a
state-of-the-art Gigafactory to produce electrolyzers and fuel
cells and multiple green hydrogen production plants that are
expected to yield 500 tons of liquid green hydrogen daily by 2025.
Plug will deliver its green hydrogen solutions directly to its
customers and through joint venture partners into multiple
environments, including material handling, e-mobility, power
generation, and industrial applications. For more information,
visit www.plugpower.com.
Plug Power 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: the
forecasted amount that PLUG’s revenue outlook may be lowered; the
timing of the completion of projects in light of timing and supply
chain issues; PLUG’s expectation that forecasted revenue will shift
from the second half of 2022 to 2023; PLUG’s expectation of
continued demand for fuel cell applications and electrolyzer
products; and Plug’s expectation regarding its ability to achieve
profitability. Such statements should not be read as a guarantee of
future performance or results. Such statements are subject to risks
and uncertainties that could cause actual performance or results to
differ materially from those expressed in these statements. For a
further description of the risks and uncertainties that could cause
actual results to differ from those expressed in these
forward-looking statements, as well as risks relating to the
business of PLUG in general, see 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, 2021 and any subsequent filings with the SEC.
Readers are cautioned not to place undue reliance on these
forward-looking statements. The forward-looking statements are made
as of the date hereof, are based on current expectations,
estimates, forecasts and projections as well as the beliefs and
assumptions of management and PLUG undertakes no obligation to
update such statements as a result of new information.
MEDIA CONTACTS:
Plug
Caitlin Coffee
Allison+Partners
plugPR@allisonpr.com
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