Slide 1: Plug Power Fourth Quarter and Full Year 2016 Financial Results
Plug Power Fourth Quarter and Full Year 2016 Financial Results Andy Marsh, CEO Paul Middleton, CFO March 9, 2017 Copyright 2017, Plug Power Inc.
Slide 2: Safe Harbor Statement
Safe Harbor Statement 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 potential sa
Slide 3: 2016 Highlights
2016 Highlights • Continued sales momentum with new and repeat customers Walmart Home Depot BMW Wegmans Colruyt* Newark Farmers Market Carrefour* FM Logistic* Young’s Market* Plus 3 others which have not yet been announced * Denotes new customers • Strong bookings momentum; deals closed in Q4 for 20
Slide 4: 2017 Guidance: Improving Operational and Financial Performance
2017 Guidance: Improving Operational and Financial Performance Metric 2017 Guidance Revenue (GAAP) Total: $130 million Shipments Total PPA GenDrive 5,600 1,800 GenFuel Sites 25 9 ProGen Mods. 100 N/A Gross Margin (GAAP) • 8% - 12% Bookings • $325 million Cash • $25-$35 million of net cash used in op
Slide 5: 2016 Results
2016 Results Q4 2016 FY 2016 FY 2015 GAAP Revenues $32.6 million $85.9 million $103.3 million GAAP Gross Margin 9.2% 4.6% (9.6%) EBITDAS(1) ($7.5) million ($37.0) million ($48.2) million EPS(2) ($0.11) ($0.32) ($0.32) Contract Bookings $110 million $280 million $205 million GenDrives Deployed 1,204
Slide 6: Continued Growth in Deployments and Sites
Continued Growth in Deployments and Sites Cumulative GenDrive Deployments Cumulative GenKey Sites Installed 14,800 42 13,600 37 12,700 11,700 33 10,800 9,500 27 8,300 24 7,400 6,700 18 13 10 8 Q4 '14 Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q4 '14 Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2
Slide 7: Increased Visibility with Recurring Revenue Mix
Increased Visibility with Recurring Revenue Mix $50.0 Commenced utilization of new Power Purchase GAAP Quarterly Revenue Agreement (“PPA”) financing in 1Q’16 $45.0 $40.0 $38.4 $35.0 $32.6 $30.0 $31.4 $25.0 $24.0 $20.0 $21.5 $20.5 $17.6 $15.0 $15.3 $10.0 $9.4 $5.0 $- Q4 '14 Q1 '15 Q2 '15 Q3 '15 Q4 '1
Slide 8: Improving Performance in PPA Deployments
Improving Performance in PPA Deployments PPA Systems Deployed (1) $20.0 $17.4 $17.3 $16.6 $14.8 $15.0 $11.2 $11.7 $11.5 $10.7 $10.0 $5.0 $- Q1 '16 Q2 '16 Q3 '16 Q4 '16 Value Cost (1) Value of PPA Systems is a metric showing the value of the systems shipped under PPA contracts calculated as if they w
Slide 9: Overall Gross Margin Expansion
Overall Gross Margin Expansion 30.0% GAAP Quarterly Gross Margin 20.0% 10.0% 9.2% 1.1% 1.9% 2.2% 0.0% Q4 '15 Q1 '16 Q2 '16 Q3 '16 Q4 '16 -10.0% -20.0% -24.5% -30.0% GenDrive 24% 36% 24% 38% 37% Gross Margin 9
Slide 10: Administrative Expenses Remain In-Line
Administrative Expenses Remain In-Line $18.0 Total SG&A Total R&D $16.0 Results in millions. $14.0 $12.0 $10.2 $10.0 $9.4 $8.6 $8.6 $8.8 $8.0 $8.2 $8.3 $8.0 $7.7 $6.1 $6.0 $5.2 $5.0 $4.5 $4.8 $4.1 $4.0 $3.4 $2.9 $2.2 $2.0 $- Q4 '14 Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Q3 '16 Q4 '16 10
Slide 11: Operating Cash Flow Breakeven in Q4
Operating Cash Flow Breakeven in Q4 $15,000 $10,000 $5,000 Break Even $- Q2 '14 Q3 '14 Q4 '14 Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Q3 '16 Q4 '16 $(5,000) $(10,000) $(15,000) $(20,000) $(25,000) (1) EBITDAS Operating Cash Flows (GAAP) Results in thousands. (1) EBITDAS is defined as net income be
Slide 12: 2017 Guidance: Improving Operational and Financial Performance
2017 Guidance: Improving Operational and Financial Performance Metric 2017 Guidance Revenue (GAAP) Total: $130 million Shipments Total PPA GenDrive 5,600 1,800 GenFuel Sites 25 9 ProGen Mods. 100 N/A Gross Margin (GAAP) • 8% - 12% Bookings • $325 million Cash • $25-$35 million of net cash used in op
Slide 13: Questions?
Questions? Changing the way the world moves by developing industry-leading hydrogen fuel cell energy solutions for high growth markets around the world 13
Slide 14: A High Growth Technology Company with a Vision for the Future of Mobility
A High Growth Technology Company with a Vision for the Future of Mobility • We are poised to expanded into industrial vehicle applications • We will continue our success: • >3x revenue growth since 2013 • 14k+ units in the field with 122mm operating hours • Reduced costs and improved performance and
Slide 15: Corporate Headquarters
Corporate Headquarters 968 Albany Shaker Road, Latham, NY 12110 West Coast 15913 E. Euclid Avenue, Spokane, WA 99216 plugpower.com