Plug Power Inc. Q3 FY2025 earnings call

• Plug Power Inc. delivered a strong third quarter with $177 million in revenue, showing balanced strength across core businesses. The GenEco electrolyzer business saw a 46% sequential increase and 13% year-over-year growth. • Operation cash burn improved by over 50% from the prior quarter due to pricing discipline, better execution, and tighter working capital management. • Completed the first 10-megawatt electrolyzer, the GAP project in Portugal. The Georgia green hydrogen plant had 97% uptime and 92.8% efficiency. • Announced a strategic initiative to monetize electricity rights in New York and another location, generating over $275 million in liquidity and positioning for the data center market. • Suspended activities under the DOE loan program to redeploy capital. • Jose Luis Crespo will become CEO on March 1, 2026, with continuity in strategy.

Plug Power Inc. reported $177 million in revenue for the third quarter. The GenEco electrolyzer business generated about $65 million, up 46% sequentially and 13% year over year, contributing approximately 36.7% of total revenue. Year-to-date, the GenEco electrolyzer business has delivered $124 million in revenue, up 33% year over year, on track for around $200 million in expected sales for the electrolyzer business. The material handling business performed well with customers like Amazon, Walmart, and new customer Floor and Decor, which deployed GenDrive fuel cells and GenFuel hydrogen systems.

• 2025 revenue target remains $700 million. • The electrolyzer business is on track for around $200 million in expected sales. • Expect margin improvement and cash flow gains. • The majority of the 100-megawatt GALP project in Portugal is expected to be shipped in the next couple of months. • EBITDA positive target is mid-2026, with focus on the second half of 2026.

No specific risks detailed in the transcript beyond general forward-looking statement risks mentioned initially, such as risks and uncertainties in forward-looking statements related to various factors including those in annual reports and SEC filings.

Q: Speak to JUUL margin improvements and when fuel business margins might turn positive?

A: Progression in margin seen in Q3, strategic agreement benefits, expecting more in Q4, targeting breakeven mid-2026.

Q: Electrolyzer pipeline cadence and growth expectations?

A: Electrolyzer business up 33% YTD, ~$200 million expected sales, $8 billion funnel active, high probability of projects reaching FID, growth expected in 2026 and beyond.

Q: Leverage to data center and AI revolution via electricity rights monetization?

A: Transaction to close first quarter 2026, provides liquidity, positions for data center backup power, relationship with industrial gas company and hydrogen plant builders.

Q: Data center product offering evolution?

A: Gained experience in backup power, products work, see opportunities, but focus on core growth areas like electrolyzers and material handling.

Q: EBITDA positive target?

A: Focus on second half of 2026, prudent cost management, strong pipeline, efforts to drive volumes and cost downs.

Q: Pedestal customers moving again?

A: Customers see Plug Power in better financial position, policy support (investment tax credit extended), saving money by using fuel cells.

Q: GALP electrolyzer shipment timeline?

A: Majority of 100-megawatt shipment in next couple of months, largest real deployment in Europe.

Q: Electricity rights permanence and green hydrogen production?

A: Permanently signing over rights, using to enhance hydrogen purchasing competitiveness.

Q: Electrolyzer project sectors and revenue opportunity?

A: Green hydrogen in refineries, e-fuels, ammonia; majority of opportunities in Europe and Australia.

Q: International sales presence and resource deployment?

A: Large international footprint with fabricators and sales teams in Europe, Australia, Middle East; no major tariff impact on GALP.

Q: Cash runway and balance sheet?

A: Cash burn trend improving, ample capital with existing balance sheet, equity raise, and $275 million from transaction, positioned for positive cash flows.

Q: Plug Power look in 2028?

A: Profitable company, strong balance sheet, revenue growth in core markets, growth in material handling and data center markets, continued electrolyzer leadership.

Q: Electrolyzer competitive bid wins?

A: Unique advantage of deploying and operating own technology at scale, experience in the market for nearly three decades.

Q: DOE loan program and electricity rights sale?

A: Paused DOE activities, focus on monetizing electricity rights for liquidity.

Q: Asset monetization and Georgia/Tennessee/Louisiana assets?

A: No immediate plans to divest Georgia asset, keeps negotiating position.

Q: 2025 revenue guidance and segment puts/takes?

A: $700 million target, volume, service, and fuel segments driving margin improvement in Q4.

Q: Hydrogen capacity investments and supply agreements?

A: Strategic approach to hydrogen capacity, leveraging supply agreements and balance sheet strength.