Slide 1: Plug Power Second Quarter 2016 Financial Results
Plug Power Second Quarter 2016 Financial Results Andy Marsh, CEO Paul Middleton, CFO August 4, 2016 Copyright 2016, Plug Power Inc.
Slide 2: Safe Harbor
Safe Harbor 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 Plug Power Inc. (“PLUG”), including but not limited to statements about PLUG’s 2016 objectives, inclu
Slide 3: Q2 2016 Highlights
Q2 2016 Highlights • Q2 bookings of $63 million; $135 million YTD • Delivered another strong quarter • $20.5 million GAAP Revenue Bookings • $37.9 million Adjusted(1) Revenue (Millions) • 6 GenKey sites implemented; multiple in process $275 • Deployed 926 GenDrive units $205 • New and repeat custome
Slide 4: Reiterate 2016 Guidance
Reiterate 2016 Guidance 2016 Goal Revenues GAAP $110mm Adjusted(1) $150mm Contract Bookings >$275mm GenKey Installs >25 Infrastructure Sites Overall Gross Margin GAAP >12% Adjusted(1) >16% Operating Cash Flows Use less than $20mm (1) Adjusted results assume realization of total equipment revenues an
Slide 5: ITC Update
ITC Update • Optimistic ITC will be extended to include fuel cells • Strong bipartisan support for extension ITC Extension 2017+ • Includes support of Leadership 30% 30% 30% 30% 26% 22% • Timing – post November elections • Several potential legislative vehicles before year end 2016 2017 2018 2019 20
Slide 6: Project Activity Update
Project Activity Update • Air-cooled and high-power development continues • First customer for stacks – Asia, stationary power • Development activities continue: • Cost down and performance improvement initiatives for GenDrive • Second generation GSE units to be rolled out in Q3 • 2nd potential cust
Slide 7: Adjusted Results Reconciliation
Adjusted Results Reconciliation Reported Adjusted Q2 2016 Results Adjustments(1) Results Revenues $20.5 +$17.4 Leased Sites $37.9 Gross Profit (Loss) $0.4 +$5.7 Leased Sites $6.1 EBITDAS ($10.1) +$5.7 Leased Sites ($4.4) EPS ($0.07) +$5.7 Leased Sites ($0.04) Results in Millions except EPS. (1) Adju
Slide 8: Quarterly Revenue
Quarterly Revenue GAAP Adjusted (1) $45.0 $42.0 $40.0 $37.9 $38.4 $35.0 $30.1 $30.0 $31.4 $25.0 $24.0 $20.0 $20.5 $15.0 $15.3 $10.0 $9.4 $5.0 $- Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 (1) Adjusted results assume realization of total equipment revenues and profits in the current period for PPA dep
Slide 9: Quarterly Gross Margin
Quarterly Gross Margin 25.0% 20.0% GAAP Adjusted (1) 16.1% 15.0% 12.5% 10.0% 10.0% 6.7% 5.0% 1.1% 1.9% 0.3% 0.0% Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 -5.0% -10.0% Includes impact of -15.0% -24.5% provision for loss -22.3% contracts related to -20.0% service. -25.0% -30.0% GenDrive (1) 13% 26% 1
Slide 10: Quarterly Administrative Expenses
Quarterly Administrative Expenses $18.0 Total SG&A Total R&D $16.0 $14.0 $12.0 $10.2 $10.0 $8.3 $8.6 $8.0 $8.2 $8.0 $7.7 $6.0 $5.2 $4.5 $4.8 $4.1 $4.0 $3.4 $2.9 $2.0 $- Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 10
Slide 11: EBITDAS and Operating Cash Flows
EBITDAS and Operating Cash Flows (‘000’s) $15,000 $10,000 $5,000 Break Even $- Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 $(5,000) $(10,000) $(15,000) $(20,000) $(25,000) (1) Adjusted EBITDAS Operating Cash Flows (GAAP) (1) Adjusted results assume realization of total equipment revenues and profits i
Slide 12: PPA Project Financing Update
PPA Project Financing Update Primary Goal - Accelerate Cash Flows and Maximize Return on Investment • PPA History • Deploying PPA-structured systems since 2014 • Full GenKey providing power and uptime; Plug Power owns the system • Mainly Walmart, but others may participate • PPA can drive faster sal
Slide 13: Reiterate 2016 Guidance
Reiterate 2016 Guidance 2016 Goal Revenues GAAP $110mm Adjusted(1) $150mm Contract Bookings >$275mm GenKey Installs >25 Infrastructure Sites Overall Gross Margin GAAP >12% Adjusted(1) >16% Operating Cash Flows Use less than $20mm (1) Adjusted results assume realization of total equipment revenues an
Slide 14: PLUG Power
PLUG POWER L:- PLUG POWER L: 14
Slide 15: Corporate Headquarters
Corporate Headquarters 968 Albany Shaker Road, Latham, NY 12110 West Coast 15913 E. Euclid Avenue, Spokane, WA 99216 plugpower.com