Plug Power addresses doubts, 2023 revenues surge 27%

11 Mar 2024 CW Team

Plug Power, a hydrogen fuel cell company based in the United States, announced that its revenue for 2023 amounted to $891 million, marking a 27% increase from the previous year. This development alleviated concerns about the company's ability to sustain its operations.

The company stated that it currently possesses adequate financial resources and liquidity to support its ongoing activities "for the foreseeable future." In November of the preceding year, the company had expressed that its cash reserves and available equity securities fell short in funding operations for the upcoming 12-month period.

A net loss of $1.37 billion was reported by the company, nearly doubling from the $724 million recorded in 2022. The heightened investments in growth were cited as a factor weighing on profitability.

In an effort to enhance its financial position and work towards profitability, Plug Power disclosed plans for a major strategic shift in 2024. This involves raising prices across its product lines, consolidating facilities, reducing headcount and inventory levels, and slowing the scaling of certain new platforms.

CEO Andy Marsh remarked, "Recognising past challenges with cash management, we are dedicated in 2024 to bolstering our financial profile. Our commitment to the hydrogen economy remains unwavering, but we will leverage existing investments with a prudent cash management approach."

Plug Power anticipates that these initiatives will result in a reduction of cash burn by over 70% from 2023 levels, aiming to achieve positive cash flow within the next 12 months, albeit with lower near-term revenue growth. The company is targeting $75 million in cost savings through a major restructuring.

In a bid to improve liquidity, the company has filed for a $1 billion at-the-market equity offering while simultaneously working to secure $1.6 billion in conditional loan commitments from the US Department of Energy.

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