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Plug Power, Inc. (PLUG)

  • Nov. 12, 2014, 12:45 PM
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  • Nov. 12, 2014, 9:18 AM
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  • Nov. 12, 2014, 7:49 AM
    • Adjusted net loss of $7.5M, or -$0.04 per share vs. a net loss of $7.7M, or -$0.09 in the same quarter a year ago.
    • The company shipped 857 of its GenDrive units during the quarter, 5x the 155 units shipped a year ago.
    • R&D expenses of $1.6M vs. $0.8M for the third quarter of 2013; SG&A expenses of $5M vs. $2.8M.
    • Cash and cash equivalents of $156.5M and net working capital of $177.6M vs. $5M and $11.1M, respectively, at December 31, 2013.
    • Q3 results
    • PLUG -16% premarket
  • Nov. 12, 2014, 7:10 AM
    • Plug Power (NASDAQ:PLUG): Q3 EPS of -$0.04 misses by $0.01.
    • Revenue of $19.9M (+329.8% Y/Y) misses by $4.47M.
    • Press Release
  • Nov. 11, 2014, 5:30 PM
  • Nov. 11, 2014, 7:42 AM
    • Plug Power (NASDAQ:PLUG) has restructured its brands, and is now placing its ReliOn division under the larger powerhouse umbrella of Plug Power.
    • "Pulling the two groups together is a natural evolution for Plug Power as we grow and scale our business," says CEO Andy Marsh. "We've operated as one company since April, and now it's time we all share the same identity as Plug Power."
    • The ReliOn name will now represent the product brand of Plug Power's stationary power product line.
    • PLUG +1.5% premarket
  • Nov. 3, 2014, 5:49 PM
    • Plug Power (NASDAQ:PLUG) continued to climb today, building on the fuel-cell manufacturer's announcement last week about a new deal to supply Golden State Foods with its GenDrive zero-emission hydrogen fuel cells for use in powering 39 of its material handling vehicles.
    • PLUG previously has said it expects its product and service orders to triple over year-ago levels, possibly lifting the company to its first profit since 1999.
    • PLUG jumped 9% today and nearly 17% since the news; peers FuelCell Energy (NASDAQ:FCEL) and Ballard Power (NASDAQ:BLDP) both rose more than 5% today.
  • Oct. 13, 2014, 4:09 PM
    • Solar and fuel cell companies are among the biggest decliners on a day that saw NYMEX crude oil prices fall below $85/barrel (they're now slightly above), and Reuters report the Saudi government "will accept oil prices below $90 per barrel, and perhaps down to $80, for as long as a year or two." The Nasdaq as a whole finished down 1.4%.
    • Of note: Oil only accounts for 1% of U.S. electricity production, and also a small percentage of electricity output in many other large economies.
    • Solar decliners: SUNE -10.7%. FSLR -5.9%. SCTY -9.7%. DQ -9.4%. CSIQ -8.1%.JASO -7.7%. SOL -8.6%. TERP -7.5%. JKS -6.7%. CSUN -5.9%. VSLR -6.3%. TSL -8.7%. YGE -5%.
    • Fuel cell decliners: FCEL -6%. PLUG -4.7%. BLDP -7.4%.
    • Solar ETFs: KWT, TAN
  • Oct. 10, 2014, 7:55 AM
    • Plug Power (NASDAQ:PLUG+3.4% premarket after saying it closed out Q3 with 857 GenDrive units shipped to material handling customers in North America, a 450% Y/Y increase, and it expects to ship 900-1,000 units in Q4.
    • Reaffirms FY 2014 guidance for $75M in revenues vs. $76M analyst consensus estimate and $150M in bookings.
  • Oct. 9, 2014, 7:42 AM
    • Ballard Power (NASDAQ:BLDP) +9.1% premarket on news it signed a long-term supply agreement with Plug Power (NASDAQ:PLUG) to provide fuel cell stacks for use in GenDrive systems deployed in forklift trucks.
    • BLDP says the new agreement replaces an existing agreement and creates an opportunity for it to remain in a leading supply position for fuel cell stacks in PLUG's GenDrive systems.
    • PLUG +2.8% premarket.
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  • Oct. 8, 2014, 3:39 PM
    • Plug Power (PLUG +5.2%) shares are strong amid a visit from NY Gov. Cuomo to the company's corporate headquarters, where the governor discussed the "dramatic positive impact" he expects from the recent 0% manufacturing tax for operations in the state.
    • "As Plug Power continues its accelerated growth path, statewide policies that support job growth can help the company bring more jobs to this region," the company says.
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  • Sep. 29, 2014, 10:56 AM
    • Plug Power (PLUG +3.9%) pops higher, apparently thanks to an updated blog post on its website that discusses the automotive manufacturing market and the way the industry has "recognized the advantages of hydrogen fuel cells."
    • PLUG has helped Volkswagen, BMW, Mercedes-Benz and Honda utilize GenDrive fuel cells, including the complete GenKey solution in some cases, according to the company.
  • Sep. 23, 2014, 2:36 PM
    • Plug Power (PLUG +2.1%) spikes higher after CEO Andy Marsh is quoted in the Albany Business Review as saying the company is on track for $130M in revenue in 2015, which would be above the analyst consensus estimate for $126M, and will generate more than $75M in revenue this year.
    • Plug says it reached an agreement with M&T Bank to offer financing packages for the first time to customers looking to purchase fuel cells, refueling stations and service agreements, which Marsh says will help ease the transition from customers that are interested in making the switch from diesel and battery powered equipment to equipment powered by hydrogen fuel cells.
  • Sep. 9, 2014, 3:25 PM
    • FuelCell Energy's (FCEL -10.3%) FQ3 earnings may have been disappointing but that doesn’t take away from the longer-term trends supporting the stock, Cowen analysts say.
    • Product sales levels were indeed disappointing at $43.2M, 20% lower Y/Y, but short-term cash and cash equivalent totaled $113M, ~16% of market cap, the firm observes; total backlog rose marginally to ~$350M, but that represents ~50% of market cap, and gross margin of 9.2% was a notable Y/Y increase from 8.4%.
    • Investors should watch for any news of additional projects with NRG Energy (NRG -0.9%), which has bought $35M in FCEL shares and extended a $40M loan to help toward completing projects.
    • FCEL peers PLUG -4.7% and BLDP -4.2% also are sharply lower.
  • Sep. 4, 2014, 7:32 AM
    • Plug Power (NASDAQ:PLUG) has appointed Chris Hutter as new CFO, effective November 6. Hutter will take over responsibilities from Dave Waldek who has served as interim CFO since April 2013.
    • Most recently, Hutter served as EVP and CFO of PowerSecure (NYSE:POWR).
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  • Aug. 15, 2014, 10:36 AM
    • Plug Power (PLUG -1.1%) is reaffirmed with a Neutral at Roth Capital, but the firm raises its price target to $6.15 from $4.75 following impressive Q2 results.
    • The firm notes PLUG has booked $87M YTD, slightly better than the $80M shared on the Q1 call in May; bookings tend to be lumpy, however, and management expects to exit Q3 with ~$115M booked YTD.
    • PLUG is addressing a mix of issues with its high-powered stack at customer sites, but management does not view these as major problems, and is working with service personnel and its suppliers to fix the problems.
    • Roth also notes PLUG’s goal of deploying 5-10 sites with Wal-Mart during 2015, and discussions to assume majority control of its European JV by early 2015.
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Company Description
Plug Power Inc provides alternative energy technology. The Company is engaged in the design, development, commercialization and manufacture of hydrogen fuel cell systems used for the industrial off-road market and the stationary power market.