Plug Power ($PLUG)

[Monte_Cristo]

Well, everything is relative and depends on ‘what money’ was used for the purchase. Hopefully, it’s not just pumping the stock price… it should, of course, be a good signal if it’s done due to the company’s potential good prospects
In any case, it’s worth being cautious with this, and even a little suspicious, especially in light of the results…at least in my opinion.

"Executive Vice President and Chief Financial Officer
Plug Power Inc
Paul Middleton’s total compensation as Executive Vice President and Chief Financial Officer of Plug Power Inc was $3,660,305 in 2023. Cash compensation was $400,000, stock awards were $3,242,500, and pension and other compensation was $17,805. This information is derived from proxy statements filed for the 2023 fiscal year.

This page is an excerpt from the much more comprehensive salary data available in ERI’s Assessor Series"

[everlaastia]

@Monte_Cristo It might be a bit too optimistic. You can’t go to the moon with a million, because the company’s market cap is over a billion. But it’s possible that a sufficiently large portion of those deals in the sales pipeline will materialize, so that revenue and profitability will rise significantly within the next 12-24 months. Can’t know, just speculation. Maybe the company’s management knows. The only thing we know is that the guy made big profits. Finns can only watch enviously from the sidelines. Now the share price is +12%.

[Jmakela]

Within the next 18 months, the company should secure a billion in funding for Finnish projects where Plug Power is not just an equipment supplier but also the owner and operator of the facilities, so what might be the interest rate on that loan? Of course, it must be remembered that it probably requires at least 25% to come from the Finnish state for that funding, and perhaps 10% can be obtained through some support mechanism, but where will the rest come from and at what interest rate?

[everlaastia]

https://www.hydrogeninsight.com/policy/surprise-two-year-extension-of-45v-clean-hydrogen-tax-credits-inserted-into-contentious-us-senate-bill/2-1-1839714?fbclid=IwY2xjawLPhIxleHRuA2FlbQIxMQABHlqNzAtYSpKdqyUT2wPpfh4JPi3X043VZjPneo2slYhQknO2pdaoA5mMjyS7_aem_p6cfFx5LQw0zXpLOrNjqNA

The US Senate agreed on Saturday to debate a new version of President Donald Trump’s signature piece of legislation, the One Big Beautiful Bill Act, that includes an unexpected extension for the 45V clean hydrogen production tax credits.

Huh

[Mehukasta]

@everlaastia

Senate agreed on Saturday to debate

So they agreed to discuss a new agreement. Meaning nothing has been promised or decided.

[Blueboy]

Trump signs 'big beautiful bill' into law in White House ceremony

It passed, I would assume.

[everlaastia]

Yes, it went through. And it was a pretty good defensive victory on the hydrogen side. I assume that now there will be momentum to get projects started in the US, so I expect FIDs to increase. The time window now ends on 31.12.2027, not 2025 as in the preliminary versions. IRA’s original time window extended until 2033, but that didn’t seem to activate projects much – there was plenty of time. Now, if you intend to do something, you have to make things happen. I don’t see this as purely a bad thing.

Other sectors took a beating thoroughly. The only good thing about this is that renewable energy products are already quite commercial, so their momentum might not be cut off even if subsidies decrease.

[Eik74]

Preparation for the hydrogen plant planned by the American company Plug Power in Kristiinankaupunki is progressing, and in the best case, the plant will be operational by the end of 2030. In contrast, the French company Gravithy has for now abandoned its plans to build a reduced iron production plant alongside the hydrogen plant.

The reason behind Gravithy’s withdrawal is reportedly that financiers now want the company to focus on its flagship project located in France.

Instead, Plug Power continues to plan the hydrogen plant as before, but the use case for hydrogen is being re-evaluated.

New possibilities are brought by the large hydrogen pipeline planned by the state-owned Gasgrid Finland, which would run along the Gulf of Bothnia coast from south to north, including through Kristiinankaupunki towards Vaasa and Oulu.

Plug Power jatkaa vetytehtaan suunnittelua Kristiinaan

[everlaastia]

Today, the earnings report will be released before the market opens. The stock has now risen 90% in 3 months. The CFO has made quite a hefty sum and, to my understanding, has not sold their position.

I personally expect a moderate Q2 result in the sense that I expect the cost-cutter to continue cutting costs. Revenue somewhere around 120-140 million, but I’m more interested in the growth of analyzer orders and their delivery schedule. So, I would like the company to elaborate on the order book in the Q&A session.

[Cloud]

As far as I understand, the results will be published at 11:30 PM, i.e., after the stock exchange has closed.

[everlaastia]

Well, it’s possible that I wasted an hour of my life waiting for the report to be published.

Thanks.

[everlaastia]

https://www.ir.plugpower.com/press-releases/news-details/2025/Plug-Power-Second-Quarter-2025-Highlights/default.aspx

Revenue Growth and Run Rate Momentum

Plug reported $174 million in Q2 revenue, a 21% increase versus Q2 2024, driven by robust demand for its GenDrive fuel cells, GenFuel hydrogen infrastructure, and GenEco electrolyzer platforms.Electrolyzer revenue tripled year-over-year, reaching ~$45 million in Q2, as the business scales globally.

Gross Margin, Operating Expenses, and Cash Flow Improvements

Gross margin for Q2 2025 improved significantly to -31% from -92% in Q2 2024, a result of service cost reductions, equipment cost improvements, and improved hydrogen pricing.Continued execution of Project Quantum Leap delivered cost structure gains through:Optimization of the workforceConsolidation of facilitiesReduction in professional services and software costsRenegotiated supply contracts, including a new hydrogen gas agreement expected to lower molecule cost in H2 2025 and onwardThe second quarter had approximately $80 million in non-cash charges largely associated with Project Quantum Leap. This compares to approximately $6 million in Q2 2024 for similar activities.

Cash Flow and Liquidity

Net cash used in operating and investing activities declined over 40% year-over-year.Plug exited Q2 with over $140 million in unrestricted cash and cash equivalents, and a platform to access over $300 million in additional debt capacity from the Company’s secured debt facility.The Company is also positioned to benefit from monetization of tax credits under Sections 45V and 48E

Focus on Gross Margin Neutrality

Plug expects to achieve gross margin breakeven on a run-rate basis in Q4 2025.Continued cost discipline, enhanced service execution, and scale benefits from GenEco deployments positions the Company to achieve this goal.

Lv oli lievä yllätys, muuten saatiin sitä mitä pitikin. Lyyserimarkkinoiden kasvu on kovaa, ja odotankin että se pysyy tällä kasvu-uralla tulevat vuodet. Se on se tie kohti kannattavuutta.

[LuxusInvest]

The money is just running out quickly. The stock will have to be diluted significantly before any returns are coming.

[everlaastia]

It’s worth listening to the Q/A session. It clarifies many things. The stock price reaction is accordingly, even though there has been a strong upward trend.

[LuxusInvest]

Certainly, the income statement and balance sheet reveal more concrete information than any Q&A session. I have followed and owned this for about five years, and those Q&As have often been outright lies, especially by the CEO, and they cannot be trusted any more than some similar ramblings from Tesla.

[Monte_Cristo]

That’s how it is, and (Finance Yahoo) additionally, after two decades of operation, Plug Power is still a loss-making company. For example, in the last quarter, the company reported a net loss of $229 million. Over the last five years, the company has never reported a positive net income.

[everlaastia]

The gentlemen will probably list the hydrogen sector companies that have made a profit in previous years, and in a couple of years, I can list the companies that have turned from loss-making to profitable in 2025-2027. Currently, when investing in these, it’s about this time window, during which several hydrogen sector companies are making a turnaround. And Plug is one of them.

One can have many opinions about the company, but ignoring the output of those Q/A sessions is not smart – especially since it’s a growth company. The electrolyzer markets are what will make this company profitable, but it’s not the only sector in the long run. I am interested in Plug precisely because of its broad and vertically integrated product portfolio. I know very well that it is an expensive and painful way to approach the markets compared to a narrow portfolio, but I also consider it a business with much greater potential. It just burns a hell of a lot of money, and it won’t succeed just like that.

The stock has risen by about 270% from its spring low. As I wrote earlier, the CFO is either a terrible investor or knows something that the rest of us probably know but don’t understand. That guy just made millions.

It’s a fact that Plug is not in the AI bubble. Whether Plug will ever manage to acquire data centers as customers is hard to say. The company has capabilities, and many projects have been done with Microsoft. Andy said that something will be installed in a small amount in late 2025 or 2026. But the technology would already be here:

I will post a few recent LinkedIn highlights about installed electrolyzers, Plug’s electrolyzer utilization rate, and the new market entry in Brazil:

Regarding utilization rate:

Plug’s electrolyzer business will very likely be interesting to follow in the coming years. I can’t think of a better-positioned Western company, and I’m quite sure that the work Plug has done over the past 20 years has created competitive advantages for the company as projects genuinely start to move forward. Whether it’s in logistics or in hydrogen production itself.

And the new market entry in Brazil:

https://www.h2-view.com/story/plug-power-enters-brazilian-market-through-gh2-global-partnership/2131974.article/

Plug Power will supply its hydrogen fuel cell systems and refuelling infrastructure for deployment in Brazil through a partnership with GH2 Global, targeting logistics and material handling operations.

Under the partnership, Plug will supply its GenDrive fuel cells to replace battery and fossil fuel use in forklifts, distribution centres and industrial hubs.

The Brazilian infrastructure firm GH2 will handle local project integration, permitting and rollout of Plug technologies.

The initial focus of the collaboration will be on large logistics and industrial poles, with expansion to other strategic regions of Brazil planned down the line.

[eL_Loskake]

It is noteworthy that the electrolyzer market’s scalability is huge, and Plug has the situation, so to speak, under control. Likewise, the market is becoming ready for the change brought by hydrogen on several continents.

Mr. Market is usually right. Now it even seems that the company will survive in the future without share dilution.

[Monte_Cristo]

Plug up 20 points in pre-market trading… but it’s good to remember this (a small excerpt from Motley’s article):

Over the past 25 years, Plug Power has struggled to achieve profitability. Huge government subsidies and massive stock dilution have kept the company afloat so far. But the obvious cannot be denied: Plug Power is living on borrowed time. The company posted a net loss of $227 million in the last quarter. That’s nearly 10% of its entire market capitalization.

Of course, a massive increase in demand for Plug Power’s hydrogen systems could change all of this quickly. But as we’ve seen, there are huge questions about when and if that will happen. While imagining Plug Power’s second 25-year period is an interesting exercise, it’s an open question whether the company can survive financially for that long.

[SPy13]

Plug Power Names Jose Luis Crespo as Incoming CEO to Succeed Long-Term Leader...