- Gross revenue of $55.3 million in the third quarter of 2018
- Adjusted gross margins of 15%, the highest in the Company’s history
- GAAP and adjusted loss per share of $0.07
- Negative EBITDAS of $1.6 million, which is a record performance
In the third quarter of 2018, the Company sold over 1,400 GenDrive fuel cell units, seven GenFuel hydrogen stations and delivered products to nine different customers. Based on increasing customer traction and a strong sales funnel, the Company recently increased gross revenue targets to between $175M to $190M for 2018. Growth in product deployments and service business improvement has been key to Plug Power’s improved adjusted gross margins and EBITDAS throughout the past year. Service costs downs are primarily driven by a combination of longer ProGen fuel cell stack life and increased labor efficiency. The service business overall is on track to become profitable in mid-2019.
To meet rapidly growing demand for our fuel cell products, Plug Power announced the opening of a new manufacturing facility in Clifton Park supported by New York State’s Empire State Development. This new facility, located within 10 miles of our headquarters, allows Plug Power to expand manufacturing capacity for our GenDrive and GenFuel products and establish a production line for our latest offering of ProGen hydrogen engines. Today, Plug Power has capacity to produce over 20,000 fuel cell products on an annual basis.
Stack Development
Plug Power is an industry leader in PEM fuel cell stack design and manufacturing. Over the past 12 months, the Company has manufactured more than 5,000 stacks. In Q3, the Company produced our first membrane electrode assemblies (MEA’s), a capability vertically integrated into Plug Power with the recent technology acquisition of AFC. Plug Power’s proprietary MEA technology is a key component of newly designed ProGen metal stacks. Plug Power developed an ink, catalyst, and material formula for its MEA technology that improves efficiency, reduces costs, and enhances durability. At the start of Q4, the Company shipped stacks to customers utilizing this in-house MEA technology. Our recently launched ProGen stack based on metal plate technology provides Plug Power with a competitive edge, doubling the power density from its graphite-based plate stack designs. The combination of metal plate design coupled with Plug Power’s proprietary MEA technology is expected to extend the life cycle and improve the economics for onroad applications. This new stack is the heart of our ProGen line of hydrogen engines. With the launch of this new stack, Plug Power continues its commitment to innovation and its goal of accelerating the adoption of zero emission hydrogen fuel cell electric vehicles (HFCVs).
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