Slide 1: Plug Power First Quarter 2016 Financial Results
Plug Power First Quarter 2016 Financial Results CEO, Andy Marsh CFO, Paul Middleton May 10, 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: Q1 2016 Highlights
Q1 2016 Highlights • Bookings of $72 million • Delivered on plan • $30.1 million adjusted(1) total revenues Bookings (Millions) • 3 sites implemented; multiple in process $275 • Deployed 834 GenDrive units • Sales focus $205 • New customers with large numbers of potential sites $150 • Highlight: Hom
Slide 4: 2016 Scorecard
2016 Scorecard 2016 Goal Revenues (Adjusted) >$150mm Contract Bookings >$275mm GenKey Installs >25 Infrastructure Sites Overall Gross Margin (GAAP) >12% Operating Cash Flows Use less than $20mm 4
Slide 5: 2016 Objectives
2016 Objectives • Project finance goals: • Allow for targeted 50% annual growth • Eliminate restricted cash in “PPA-style” transactions • Add leverage as appropriate to improve flexibility on path to breakeven • Project finance solutions: • 50% of 2016 need lined up • Evaluating options similar to s
Slide 6: Corporate Strategy
Corporate Strategy Plug Power Air-Cooled Stack • Continued advances: Hydrogen fuel and infrastructure • Cost reductions on molecule and infrastructure • New molecule sourcing opportunities • Highlight: On-site reformer with potential commercial partner • Stack platform: Large motive market past fork
Slide 7: Adjusted Results Reconciliation
Adjusted Results Reconciliation Reported Adjusted Q1 2016 Results Adjustments(1) Results Revenues $15.3 +$14.8 Leased Sites $30.1 Gross Profit (Loss) $0.2 +$3.6 Leased Sites $3.8 EBITDAS ($10.0) +$3.6 Leased Sites ($6.4) EPS ($0.07) +$3.6 Leased Sites ($0.05) Results in Millions except EPS. (1) Adju
Slide 8: Revenue
Revenue $45.0 Quarterly Revenue $42.0 GAAP Adjusted (1) $40.0 $38.4 $35.0 $30.1 $30.0 $31.4 $25.0 $24.0 $20.0 $21.5 $19.9 $15.0 $17.3 $15.3 $10.0 $9.4 $5.0 $5.6 $- Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 (1) Adjusted results assume realization of total equipment revenues and p
Slide 9: Gross Margin
Gross Margin 20.0% Quarterly Gross Margin GAAP Adjusted (1) 12.5% 15.0% 10.0% 10.0% 5.0% 6.7% 0.3% 1.1% 0.0% Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 -5.0% -10.0% -15.0% Includes impact of provision for loss contracts related to -20.0% -22.3% service. -24.5% -25.0% -30.0% GenDrive (1) 13% 26% 17% 35% 36%
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 $9.4 $8.0 $8.0 $8.2 $8.3 $8.0 $7.7 $6.0 $5.4 $4.5 $4.8 $3.8 $4.1 $4.0 $3.4 $2.9 $2.2 $2.0 $1.3 $1.4 $1.6 $- Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 10
Slide 11: EBITDAS and Operating Cash Flows
EBITDAS and Operating Cash Flows $15,000 $10,000 $5,000 Break Even $- Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 $(5,000) $(10,000) $(15,000) $(20,000) $(25,000) (1) Adjusted EBITDAS Operating Cash Flows (GAAP) Results in thousands. (1) Adjusted results assume realization of tota
Slide 12: Project Funding
Project Funding Long-term: capture • Used no restricted cash additional cash flow • Project funding identified for over Financing Alternatives 50% of 2016 PPA-style deals Comparison • Other 50% in process…more to Cash Flow - Sale-Leaseback come! Cash Flow - New Structure • No dilution KEY TAKEAWAY -
Slide 13: 2016 Scorecard
2016 Scorecard 2016 Goal Revenues (Adjusted) >$150mm Contract Bookings >$275mm GenKey Installs >25 Infrastructure Sites Overall Gross Margin (GAAP) >12% Operating Cash Flows Use less than $20mm 13
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