Plug Power revises 2022 revenue growth to ~45-50% vs >80% prior; 2023 target $1.4B revenue

PLUG POWER INC

2022 revenue growth revised to ~45-50% from expected >80%; Q4 hit by new product launch delays and customer timing.
2023 targets: $1.4B revenue, 10% gross margin; mid-term goals: >$600M quarterly rev, >20% gross margin, breakeven operating income.
Plans to commission 200+ TPD green hydrogen by YE 2023; Georgia plant Q1, Louisiana Q3, New York Q4.
Electrolyzer pipeline exceeds 2GW with $30B+ sales funnel; stationary power to commission 20+ MW in 2023.
Pro forma: if all hydrogen sourced internally, could generate additional ~$100M gross margin in 2023.

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 0.7

PLUG POWER INC reported preliminary financial results for fiscal year 2022.

Period: fiscal year 2022
Result: preliminary results

Exact text from the filing

Current estimates indicate revenue growth from 2021 to 2022 to be ~ 45% to 50%

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Source: SEC EDGAR

accession 0001104659-23-006549

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