Plug Power Inc at JPMorgan Industrials Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: William Peterson - J.P. Morgan Securities LLC - Analyst : Great, we'll double click on a number of these things. Maybe still staying high-level, what in your view made it such that growth really decelerated and is coming along more slowly than expected? And it's not just you, it's really across the hydrogen industry. What gives you confidence that we've -- maybe close to the bottom, reached the bottom, and that growth could resume?

Question: William Peterson - J.P. Morgan Securities LLC - Analyst : What's next for policy in your crystal ball? Where, when, what -- what's it look like? When's it going to be resolved? And maybe what's your thoughts on how European or other global policy may help or hinder your business?

Question: William Peterson - J.P. Morgan Securities LLC - Analyst : I don't want to dwell on -- maybe pick up the last part, I don't dwell on too much, but maybe just give us the latest on the loan expectation, any other further work that has to get done in the background or just where do we stand on that? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 13, 2025 / 3:15PM, PLUG.OQ - Plug Power Inc at JPMorgan Industrials Conference

Question: William Peterson - J.P. Morgan Securities LLC - Analyst : Yeah. I want to come back and talk about some of the mid- and longer-term strategy, but I think we do need to spend a little bit of time just in the near term. So first quarter guidance, revenue was -- the new guidance was below expectations. What's changed since you put forth your targets from the symposium back in October, like I guess four or five months ago at this stage?

Question: William Peterson - J.P. Morgan Securities LLC - Analyst : Sounds like every hour.

Question: William Peterson - J.P. Morgan Securities LLC - Analyst : Yeah. You alluded to, earlier, the company's been a tough decision to streamline and right size, pretty significant savings, $150 million to $200 million in annual split between costs of goods sold as well as OpEx. Can you provide some examples of where the largest cost savings are coming from? And maybe at least it's equally important is, what -- how's that not going to impact your growth objectives over the longer term rate?

Question: William Peterson - J.P. Morgan Securities LLC - Analyst : It's a little further down the list, but I think it just dovetails as well. Maybe just can you walk us through the financial setup with this in mind for the year in terms of the underlying assumptions that are getting you to your target of turning gross margin positive, which you've alluded to some of us already, but maybe tying the other aspects to it?

Question: William Peterson - J.P. Morgan Securities LLC - Analyst : Yeah. I want to dive deeper into the various markets, but I might just pause and just see if there's any questions before we move on. All right. I think we're -- none right now. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 13, 2025 / 3:15PM, PLUG.OQ - Plug Power Inc at JPMorgan Industrials Conference So let's dive deeper and let's first talk with the fuel cell business, and I guess maybe more specific on material handling in the moment. But we've heard, I just want to -- before going on material handling, which is a clear focus and I get it, but what would you say happened with some of the stationary opportunities that were discussed over the last few years? and I guess maybe when could that actually move the needle, assuming you get past a lot of these near-term challenges and things you're focused on this year?

Question: William Peterson - J.P. Morgan Securities LLC - Analyst : Yeah, no, it all makes sense. They're all interconnected, as you pointed out.

Question: William Peterson - J.P. Morgan Securities LLC - Analyst : Maybe coming back more in near term, in materials handling, which is, it's always been a core part of the business. But yet, demand still remains kind of muted relative to some recent historical levels, and I think it's -- some of this may be obvious, like warehouse bills maybe slowing and post the COVID boom or things like that, but I guess not my words, but yours, what led you to revise the material handling growth expectations lower REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 13, 2025 / 3:15PM, PLUG.OQ - Plug Power Inc at JPMorgan Industrials Conference to 10% to 20% versus prior expectations of 20% to 30%? And maybe how should we think about potential green shoots, maybe additional customers or other applications that could -- that can drive your recovery?

Question: William Peterson - J.P. Morgan Securities LLC - Analyst : Maybe you can tie in the TCO advantage, if it's there or not?

Question: William Peterson - J.P. Morgan Securities LLC - Analyst : There's a question, but can you wait for the microphone, please? Right here in the middle. Unidentified Participant Thanks. Can you just talk about your expectations for cash burn for this year and how you're going to fund that? How much out of existing cash balances or the appetite for more equity sales? I know you have the ATM program. Thanks. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 13, 2025 / 3:15PM, PLUG.OQ - Plug Power Inc at JPMorgan Industrials Conference

Question: William Peterson - J.P. Morgan Securities LLC - Analyst : You got to repeat the question. Got to repeat the question. Unidentified Participant Yeah. So -- I'm sorry. Can you -- do you think that you'll articulate the capital raising plan next quarter, or do you need more time? Do you want to see how the second half or the third quarter goes?

Question: William Peterson - J.P. Morgan Securities LLC - Analyst : No, no. (multiple speakers) for the webcast.

Question: William Peterson - J.P. Morgan Securities LLC - Analyst : Sure. Thanks for that. We are getting close to time, and we didn't really have a chance to dive in any deep level for electrolyzers and hydrogen fuel, but maybe you can just kind of summarize your vision and outlook for your electrolyzer and fuels business with the remaining time?

Question: William Peterson - J.P. Morgan Securities LLC - Analyst : Yeah. Well, probably could have gone a full hour, but unfortunately, we've, gone through our 35 minutes and then some, but Sanjay, look, really appreciate you sharing the insights. We'll look forward to following the progress, and really wish the company the best in terms of the execution you have in front of you. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 13, 2025 / 3:15PM, PLUG.OQ - Plug Power Inc at JPMorgan Industrials Conference