Plug Power Inc. reported a decline in revenue for the third quarter and the first nine months of 2024 compared to the same periods in 2023. For the three months ended September 30, 2024, net revenue was $173.7 million, down 12.6% from $198.7 million in Q3 2023. For the nine months ended September 30, 2024, revenue decreased to $437.3 million from $669.2 million in the prior year, reflecting a significant drop of 34.6%. The decrease in revenue was primarily attributed to lower sales of fuel cell systems, hydrogen infrastructure, and cryogenic equipment, with notable reductions in unit sales and installations.

Despite the revenue decline, the company reported a gross loss of $100.0 million for Q3 2024, an improvement from a gross loss of $138.0 million in Q3 2023. The gross margin also improved to -57.6% from -69.4% year-over-year. However, the net loss for the three months ended September 30, 2024, was $211.2 million, compared to a net loss of $283.5 million in the same quarter of 2023. For the nine-month period, the net loss increased to $769.3 million from $726.4 million in 2023.

The company’s cash and cash equivalents decreased to $93.9 million as of September 30, 2024, down from $135.0 million at the end of 2023. However, restricted cash increased to $906.3 million. Plug Power's working capital stood at $847.1 million, indicating a solid liquidity position despite the losses.

Strategically, Plug Power has been active in financing and restructuring efforts. The company entered into an At Market Issuance Sales Agreement, allowing for the sale of up to $1.0 billion in common stock, and has already raised approximately $677.2 million through the sale of 219.8 million shares. Additionally, a restructuring plan approved in February 2024 aims to enhance financial performance through operational consolidation and workforce adjustments, with costs incurred totaling $8.2 million for the nine months ended September 30, 2024.

The company also reported a significant increase in revenue from electrolyzer sales, which rose by $31.2 million in Q3 2024, reflecting a growing demand for clean hydrogen production solutions. Furthermore, revenue from services performed on fuel cell systems increased by 51.6% in Q3 2024, driven by a rise in units under maintenance contracts.

Overall, while Plug Power faced challenges in revenue generation and profitability, it has made strides in improving gross margins and maintaining liquidity through strategic financing and restructuring initiatives.