Plug Power Q3 revenue $188.6M (+31% YoY); reaffirms 2023 target; Amazon deal; IRA benefits

PLUG POWER INC

2022-Q3 EPS reported -$0.87 revenue$480,698,000

Revenue $188.6M in Q3 2022, up 31% YoY from $143.9M; gross margin negative 24%, down 2pp YoY.
Reaffirms 2023 revenue target of $1.4B and long-term 2026/2030 revenue targets of $5B/$20B.
Signed $2.1B portfolio sale and green hydrogen supply agreement with Amazon (initial 10,950 tons/year).
Passage of IRA with $3/kg PTC expected to improve fuel margins, reduce plant paybacks to 4-5 years from 8-12.
Green hydrogen generation network: commissioning 45-50 TPD by YE22, on path to 200 TPD by YE23.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

PLUG POWER INC reported the third quarter ended September 30, 2022 results: revenue $188.6M. Guidance reaffirmed.

Period: the third quarter ended September 30, 2022
Revenue: $188.6M
Guidance: reaffirmed
Result: reported results

Exact text from the filing

X-99.1 2 tm2229973d1_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 Plug Reports $188.6M in Revenue in Q3 2022, Up 31% Year Over Year Reaffirms recently updated 2022 guidance, and projections for 2023 and beyond Focused on delivering revenue and

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Source: SEC EDGAR

accession 0001104659-22-115911

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