Plug Power reports Q4 revenue $191.5M, massive $971.3M impairment, launches Project Quantum Leap

PLUG POWER INC

Q4 revenue $191.5M; gross margin loss of 122% including $104.2M inventory adjustments and $22.7M warrant charges.
Recorded $971.3M in non-cash impairment charges on PP&E, intangibles, and equity investments due to market shifts.
Operating cash flow improved 25% QoQ and 46% YoY in Q4; full-year burn reduced 34% vs 2023.
Project Quantum Leap targets $150-200M annual expense savings via workforce cuts, facility consolidation, and capex limits.
Closed $1.66B DOE loan guarantee; transferred $30M in ITC; electrolyzer revenue up 583% YoY.

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