Plug Power, a US-based provider of turnkey hydrogen solutions, has revised its full-year revenue forecast downward, despite reporting a positive trend in its third-quarter performance. The company now expects 2024 revenue to range between USD 700 million and USD 800 million, lower than the previous guidance of USD 825 million to USD 925 million. The updated forecast reflects an evolving order pipeline in electrolyser, cryogenic, and material handling businesses, although Plug Power remains optimistic about its medium- and long-term outlook.
For Q3 2024, Plug Power reported a net loss of USD 211.2 million, improving from a net loss of USD 262.3 million in Q2 2024 and USD 283.5 million in the same quarter of 2023. The quarter's results included around USD 70.5 million in non-cash charges, such as depreciation and stock-based compensation. Despite the loss, the company highlighted a positive revenue shift with Q3 sales reaching USD 173.7 million, reflecting significant progress in electrolyser deployments and expansion of its hydrogen network. This marks an “inflection point” for the company's revenue, the company noted.
Electrolyser sales saw a notable 285% increase on a quarterly basis, and Plug expects this trend to continue in Q4 2024. A key milestone for the company is the ongoing commissioning of its joint hydrogen production facility with Olin Corporation in Louisiana, which is expected to ramp up liquid hydrogen production to full capacity by Q1 2025.
Plug Power is also advancing its discussions with the US Department of Energy (DOE) for a loan guarantee of up to USD 1.66 billion, which would support the development of up to six additional green hydrogen plants.
CEO Andy Marsh stated, “Plug Power's performance this quarter underscores our commitment to building a sustainable and profitable hydrogen future.” He emphasized the company's progress in electrolyser deployments, hydrogen production, and market expansion as part of its leadership role in the hydrogen economy.
