Plug Power, Inc. · NASDAQ:PLUG
Plug Power — Corporate Update (February 2018)
18 slides from Plug Power's corporate update, Feb 8, 2018
Slide 1: 2018 Business Update
2018 Business Update Andy Marsh, CEO Paul Middleton, CFO February 8, 2018 Copyright 2018, Plug Power Inc.
Slide 2: Cautionary Note on Forward Looking Statements
Cautionary Note on Forward Looking Statements This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks and uncertainties about the Company, including but not limited to statements about the Comp
Slide 3: 2017 Disappointments
2017 Disappointments Speed of Gross Margin Cash Position Bookings Enhancements • Margin Crunch • Timing to close a third • Expediting Costs • Working capital to fund megadeal • Shortfall due to service and growth hydrogen costs 3
Slide 4: 2017 Accomplishments
2017 Accomplishments Record AMZN WMT Contract Delivery Van European Deployment of Continue to Revenue Contract • Planned Programs Expansion >5,200 Plug Grow Installed • An increase of • $600M Deal with expansion of • DongFeng • Carrefour Power Stacks Base over 30 more >50% versus ~ $70M spend in • F
Slide 5: 2017 Preliminary Results (Unaudited)
2017 Preliminary Results (Unaudited) Q4 2017 FY 2017 Metric Preliminary Preliminary Results Results Gross Revenues >$30 million >$130 million GenDrive Units 1,300 5,400 Deployed Adjusted Gross Margin1 ~3.0% ~1.0% Contract Bookings $125 million $285 million Free Cash Flow2 ~$24 million ~($58) million
Slide 6: 2018 Guidance
2018 Guidance Full-Year 2018 Revenue Guidance: $155 million - $180 million Metric Q1 2018 Forecast Q1 2017 Actual Gross Revenue $22-24 mil $15.2 mil Adjusted Gross Margin1 (13)-(11)% (29)% Adjusted EBITDAS2 $(13)-(11) mil $(15) mil 1. Gross revenue less total cost of goods sold (excludes customer wa
Slide 7: 2018 Goals
2018 Goals Achieving Adjusted EBITDAS Pursue Profitable Business Breakeven: Second half of 2018 Expansion Opportunities Product Sales: $.30 of every additional On- road vehicles $1.00 in sales will flow to bottom line Service Costs: Improved stack life China Hydrogen: Increase system efficiency Hydr
Slide 8: Momentum to Positive EBITDAS & Cash Flow Run Rates
Momentum to Positive EBITDAS & Cash Flow Run Rates • Sales Growth, COGS Cost Downs, & Containing Opex Drives Positive EBITDAS & Cash Flows Q3 17 AR • Quarterly Milestone Inflection Point Conversion ~ $60m Sales & 15% Gross Margin for Break Even EBITDAS • Free Cash Flows Inflection Point will Lag EBI
Slide 9: Income Statement – Targeted Breakeven Run Rate
Income Statement – Targeted Breakeven Run Rate Targeted Quarterly Breakeven Run Rate Q3 2017 Gross Revenues $60 mil $61.4 mil Adjusted Gross Margin1 ~15% 11% Close to Cash Financing Margin for Achieving $3 million $3 million PPA Deployments2 $12 million Cash Operating Expenses3 $12 million $(2) mill
Slide 10: Explaining our Balance Sheet: Liquidity Perspective
Explaining our Balance Sheet: Liquidity Perspective Long Term Debt (“LTD”) @ YE 17 - $32 million • Restricted Cash to LTD - 1.6 Times • Total Assets to LTD – 8.5 Times • Total Enterprise Value @ YE 17 to LTD – 18 Times Note: Capital lease obligations will be funded by future PPA receipts for related
Slide 11: Beyond Material Handling
PLUG POWER Lr Beyond Material Handling
Slide 12: ProGen Hydrogen Engines: Accelerate OEM Integration
ProGen Hydrogen Engines: Accelerate OEM Integration 10kW Modular 30kW Scalable Turnkey 120kW 12
Slide 13: Plug Power Metal Stack Technology: The Heart of ProGen Engines
Plug Power Metal Stack Technology: The Heart of ProGen Engines Best in Class B 2.0 Automotive Specific Power (KW/Kg) 1.4 ProGen Delivers Industry-leading Specific Power Based on publicly available information 13
Slide 14: Addressing the Fuel Cell Opportunity in China
Addressing the Fuel Cell Opportunity in China Strong Government Support Large Electric Vehicle Market 2030 target: >1,000 H2 fueling stations Multiple interested partners (Vehicle OEMs, part suppliers, value chain partners) 2030 target: >1M FCEVs 14
Slide 15: Plug Power’s China Strategy
Plug Power’s China Strategy Seeking long term partner(s) on equal footing with Plug Power Targeting spanning OEMs and supplies, to end-users In discussions with potential partners 15
Slide 16: Hydrogen Generation
Hydrogen Generation Significant, long-term gross margin growth opportunities 16
Slide 17: 2018 Goals
2018 Goals Full-Year 2018 Revenue Guidance: $155 million - $180 million Achieving Adjusted EBITDAS Pursue Profitable Business Breakeven: Second half of 2018 Expansion Opportunities Product Sales: $.30 of every additional On- road vehicles $1.00 in sales will flow to bottom line Service Costs: Improv
Slide 18: Corporate Headquarters
Corporate Headquarters 968 Albany Shaker Road, Latham, NY 12110 plugpower.com