Plug Power revenue doubles to $40.8M in Q1 2020, but service margins crater on COVID-19 costs

Filed May 8, 2020 · Period ending March 31, 2020 · Compared to 10-Q May 8, 2019 · ~2 min read

Key Changes

• high

  Revenue nearly doubled to $40.8M vs $21.6M year-ago, driven by 825 GenDrive units shipped (up from 94) and four new hydrogen infrastructure sites. Product gross margin jumped to 32.6% from 8.8% on better mix and scale.

  MD&A: Revenue Growth verify on EDGAR →
• high

  Service gross margin collapsed to -25.5% from +3.5% due to COVID-19 driving higher unit usage at customer sites and performance improvement investments. PPA margin also worsened to -119.3% from -47.3%.

  MD&A: Service Margins verify on EDGAR →
• high

  Secured $50M additional funding from Generate Capital at 9.5% interest (down from 12%), extended maturity to 2025 from 2022. Materially improves liquidity and reduces financing costs by 250 basis points.

  MD&A: Generate Capital Amendment verify on EDGAR →