Plug Power Inc Q3 2023 Earnings Call Transcript

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

Question: Manav Gupta - UBS Investment Bank, Research Division - Analyst : So help us understand the path to positive gross margin here. I think that's the number one question we are getting. How do you get to positive gross margin and by when?

Question: Manav Gupta - UBS Investment Bank, Research Division - Analyst : My quick follow-up here is we are waiting clarity on the PTC. When do you think we can get something? And what do you think would be reasonable at this point to assume some level of -- I mean, what do you think would be reasonably good outcome for you in the PTC guidance that does come out? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 09, 2023 / 9:30PM, PLUG.OQ - Q3 2023 Plug Power Inc Earnings Call

Question: William Chapman Peterson - JPMorgan Chase & Co, Research Division - Analyst : So I'd like to dig a little bit deeper into Colin's questions on the cash raise and shore up the balance sheet. So you talked about corporate debt solutions. Can you provide more color on what kind of options, what kind of facilities you're talking about here? On the DOE loan, you're hoping to announce something later this year, but it talks about conditional. What is the conditional on? And then what -- when can the dollars actually flow? I guess, can you confirm that this is milestone-based? And then finally, I think for these project finance, I guess, of course, when could -- I guess when could these be solidified in order to shore up the position? Really just overall, how should we think about your ability to shore up your kind of cash position in the near term?

Question: William Chapman Peterson - JPMorgan Chase & Co, Research Division - Analyst : Yes. No, that's a good additional context. Just how to think about the fourth quarter, you -- at the time of the symposium, you took down your numbers through the bottom end. But presumably, the headwinds you talked about with hydrogen is impacting your ability to provide fuel cell systems for the fourth quarter. So I guess, walk us through, if you could, revenue assumptions maybe by product type and how we should think about how the fourth quarter could evolve, given all the puts and takes you talked about with all the issues in hydrogen?

Question: William Chapman Peterson - JPMorgan Chase & Co, Research Division - Analyst : Yes. No, that kind of describes some of the risks associated with the rest of the year. It sounds like electrolyzer is still -- you feel good about that if I can paraphrase.

Question: George Gianarikas - Canaccord Genuity Corp., Research Division - Analyst : I wanted to ask about an early glimpse if you can, and someone may have alluded to this earlier to 2024. In '25, just sort of gross margin high level, particularly in light of the fact that you have the updates that you've made to your green hydrogen generation.

Question: George Gianarikas - Canaccord Genuity Corp., Research Division - Analyst : And as a follow-up, just a question. I know we're waiting for Washington to make a final implementation as to how it used PTC? And so I'm curious if you can help us compartmentalize based on the different outcomes, how do those impact the numbers? In other words, you've given some long-term guidance. And when you think about outcome x in Washington means this to our forecast, outcome y means that, like how can we think about your long-term forecast when we hear the final outcome from Washington?