Plug Power: Q4 Results & Full Year 2016 Results

Plug Power hat die Bilanz für das Geschäftsjahr 2016 veröffentlicht und die Prognose für 2017 bekräftigt. Wir veröffentlichen die Mitteilung der Brennstoffzellen-Spezialistin aus den USA dazu im Wortlaut.

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LATHAM, New York - Plug Power Inc. (PLUG), a leader in providing clean, reliable energy solutions, announced 2016 financial results and reiterated its full-year 2017 outlook.

Fourth Quarter and Full Year 2016 Highlights:

    Fourth quarter GAAP revenue of $32.6 million; full-year GAAP revenue of $85.9 million
    Fourth quarter GAAP gross margin of $3.0 million; full-year GAAP gross margin of $3.9 million
    Achieved a Company record of 1,204 GenDrive units deployed during the fourth quarter; 4,010 deployed for the full year
    $66.2 million value of power purchase agreement (PPA) systems deployed; $16.6 million in the fourth quarter
    Ended the year with $46 million of unrestricted cash
    Fourth quarter GAAP net loss of $0.11 per share on a diluted basis; this includes a $0.03 per diluted share impact for costs incurred to improve the Company’s capital structure and debt terms

At the end of 2016, Plug Power has more than 14,000 fuel cells powering industrial electric vehicles at blue-chip customers around the world including Walmart, Home Depot, Carrefour and Nike, and is the leading supplier of hydrogen fueling stations with its GenFuel product line.

“Our fourth quarter operating results underscore significant progress during the year, highlighted by new and repeat customer wins, record deployments, and continued progress driving margin expansion across our GenKey suite of products,” stated said Andy Marsh, CEO of Plug Power. “We have clearly cemented ourselves as the leader in hydrogen fuel cell technology within the material handling space, enabling us to accelerate market share growth.”  

Plug Power Reiterates 2017 Full Year Guidance:

    $130 million in GAAP revenue
    5,600 GenDrive shipments, including 1,800 under PPA
    25 GenFuel sites, including 9 under PPA
    8% to 12% of GAAP Gross Margin
    $325 million in bookings
    $25 to $35 million of net cash used in operating and investing activities

Marsh continued, “We have set aggressive, yet obtainable, goals for the Company in 2017, reflecting our commitment to capitalize on the growing demand for vehicle electrification, which we believe will ultimately translate into meaningful shareholder value. While we remain focused on value creation within the material handling segment, we are simultaneously pursuing opportunities to expand our addressable markets to accelerate near-term growth, continuing on the plan we laid out five years ago.  A clear example is our progress in China, where our target is to deliver the first 100 ProGen engines by year’s end. These deployments in China in 2017 represent potential upside for the business this year, but more importantly positions the company for new growth opportunities in 2018 and beyond.”  

Financial Results:

GAAP revenue for the fourth quarter of 2016 was $32.6 million as compared to $38.4 million of revenue in the fourth quarter of 2015.  Fourth quarter 2016 revenue represents expansion and growth from new and existing direct customers as well as continued growth in PPA customer deployments.

Fourth quarter 2016 operational activity included system deployments at three sites where the Company utilizes a PPA, with the value of those systems totaling $16.6 million.  In 2016, the Company utilized alternative financing arrangements for its PPA deployments to improve liquidity and long-term customer economics.  The alternative financing required different accounting treatment as compared to the arrangements used in 2015, which resulted in upfront revenue recognition of GenDrive shipments and hydrogen infrastructure deployed.

Key metrics include:

    4,010 total GenDrive units deployed for the twelve months ended December 31, 2016, versus 3,634 units in 2015
    18 GenKey sites installed for the twelve months ended December 31, 2016, consistent with 2015
    Over 11,500 GenDrive units under service or PPA contract at December 31, 2016, versus just over 8,600 under service contract at December 31, 2015
    40 sites under fuel delivery contract at December 31, 2016, versus 22 sites under contract at December 31, 2015

Positive GAAP gross margin in the fourth quarter of 2016 was $3.0 million, or 9.2% of sales, as compared to negative GAAP gross margin in the fourth quarter 2015 of $(9.4 million), or (24.5%) of sales.  The fourth quarter of 2015 included a $10.1 million charge associated with loss contracts which, as previously discussed stemmed primarily from legacy stack issues which were by in large addressed in 2016 with improved designs and membrane upgrades.

To provide additional visibility regarding Plug Power’s progress on margin profile and cost downs, the value of PPA systems deployed in the fourth quarter was $16.6 million, with associated equipment costs to deploy of $10.7 million.  This quarter reflects the ongoing progress Plug is making across its product offering to significantly improve its margin profile.

Net loss attributable to common shareholders for the fourth quarter of 2016 was $19.2 million, or $0.11 loss per share on a diluted basis.  These amounts include $5.0 million in charges, or $0.03 per diluted share, associated from measures taken to improve the Company’s capital structure and debt terms.  This compares to a net loss attributable to common shareholders in the fourth quarter of 2015 of $25.2 million, or $0.14 loss per share on a diluted basis.   

Cash and Liquidity:

Net cash flow from operating activities for the fourth quarter of 2016 was breakeven, compared to a usage of $10.0 million in the fourth quarter of 2015.  As of December 31, 2016, Plug Power had total cash of $100.6 million, including cash and cash equivalents of $46.0 million and restricted cash of $54.6 million.

In the fourth quarter, the Company undertook a number of capital initiatives to improve its capital structure and debt terms; specifically, the measures enabled the Company to eliminate certain minimum cash covenants and unlock liquidity associated with its long-term assets by leveraging restricted cash with the Green Bank loan facility.  These steps improved the Company’s cash position, enhanced its flexibility, and positioned the Company for broader capital solutions to support the 50% plus revenue growth anticipated in 2017.

About Plug Power Inc.

The architects of modern hydrogen and fuel cell technology, Plug Power has revolutionized the industry with its simple GenKey solution, elements of which are designed to increase productivity, lower operating costs and reduce carbon footprints in a reliable, cost-effective way. Plug Power’s GenKey solution couples together all the necessary elements to power, fuel and service a customer. Plug Power is the partner that customers trust to take their businesses into the future. For more information about Plug Power, visit www.plugpower.com.
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