Plug Power raises $100M in convertible debt, revenue surges 78% as margins turn positive

Filed May 10, 2018 · Period ending March 31, 2018 · Compared to 10-Q May 9, 2017 · ~1 min read

Key Changes

• high

  Issued $100M convertible notes due 2023 at 5.5%; used $43.5M for anti-dilution hedges and committed to repurchase 14.4M shares in 2023. Net proceeds strengthen balance sheet but add debt and future obligations.

  MD&A: Convertible Notes verify on EDGAR →
• high

  Revenue jumped 78% to $27.2M driven by 421% increase in fuel cell system sales (304 units vs 34 prior year). All revenue lines grew as GenDrive deployments accelerated with key customers.

  MD&A: Revenue verify on EDGAR →
• high

  Gross margin improved dramatically to negative 14.6% from negative 29.4%. Fuel cell system margin turned positive (11.7% vs negative 4.1%) on higher volumes, cost reductions, and product mix improvements.

  MD&A: Gross Margin verify on EDGAR →