And good morning, everyone, and thank you for joining the Plug Power end-of-the-year conference call. Our next question today is coming from Jed Dorsheimer from Canaccord Genuity. And the JV with or no was structure that we're jointly selling vehicles because we have seen what happens in the world if you're just a part supplier to the auto industry. Whenever those events happen, there's some cost that you incur to kind of navigate through it. Is this purely a function of scale or I think we thought of fuel supply as being margin-accretive at some point on the timeline? The spot market is probably a real opportunity for us to sell and have significant margin enhancement upside when we look at some of the spot pricing going on. I mean, I think in that 30% to low 30% range per quarter is a good number. We have probably over 15 to 17 renewable sites we're looking at for the ability to generate green hydrogen which are spread widely across the country. Your line is now live. This pandemic is causing a global economic slowdown, We also -- there is also bills beginning to circulate around Congress associated with the Biden green climate plan which is suggesting up to a $2 credit per kilogram for green hydrogen, that makes the choice between green hydrogen and grey hydrogen, incredibly competitive. Also, as you may have seen, SK finalized their $1.6 billion investment into Plug Power last night. Yeah. Paul, you may -- for the hydrogen business. We view gross margin expansion as a critical indicator that our investments are paying off. Is the metric no longer going to be provided? And this year, we'll take that business, and like we've been a material handling, increase it by a factor of seven or eight this year, it will be in the $40 million-plus range and we have a funnel that's close to $1 billion already built up for the electrolyzer business. I look at -- there's both the -- as you mentioned, IP, there's also the issue of what I always kind of refer to as travel knowledge which I think people always underestimate. We're now generating cash from operations excluding the need for working capital which is needed to grow. I mean, they'll pay a slight premium for green, but nobody is looking to pay a huge, huge premium to be green. And I think, you've been around this a long time, Craig. Sure. Investors really want to see companies be successful in this market given the opportunity in the way to move away from oil and the potential for long-term economics even on green hydrogen to be really interesting. Yeah. Plug Power EPS for the quarter ending September 30, 2020 was $-0.11 , a 37.5% increase year-over-year. If you kind of look at the difference between reformation using methane versus that of green, one of the main differences is kind of the natural companies on the methane reformation would logically be kind of a nat gas or chemicals that have experience in the downstream complex plumbing systems. When do you expect that to potentially be achievable? I think then you have to take a step back and have people who've been developing fuel cell stacks and making enhancements for 25 years, and have thought through the manufacturing process and roll-to-roll process to stamping in place. ET Get the hottest stocks to trade every day before … Paul, you may want to comment on that? I'll give you my quick answer and then, I'll hand it off to Paul. I think that both partners understand the criticality of that for Plug. And I was wondering if I -- we kind of look at the electrolyzer side of the business -- and by the way, congratulations on the SK deal. We have provided a few examples below that you can copy and paste to your site: Your image export is now complete. Yeah. OK. And just to clarify what I think I heard that that's not in the $475 million on the large-scale power --. Our main concern, though, is making sure we provide customers, who are especially commercial customers, green hydrogen that's cost-competitive with grey hydrogen, cost-competitive with diesel. Download, follow and add "Plug Power, Inc." earnings calls to your podcast at EarningsCast. So Andy, one of the things we haven't talked about much, but there is actually tremendous appetite for it out there is fuel cell trucks, right? Gross billings of $475 million. Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer. Two, we purchased United Hydrogen the first private company to build a large-scale liquid hydrogen plant. So, Jeff, I would from the capex area, I would probably circle somewhere around $750 million with most of that going to support the expansion of these hydrogen plants. And then more importantly, Tesla gets $400 million a quarter basically in credits and a large chunk of that $400 million comes from the installation of their supercharger network. But -- and we've been obviously thinking a great deal about the issue you bring up. I would expect we'll be shipping products later this year or early next year. Plug Power Reports $337 million in Gross Billings for 2020, Up 42.5% Year over Year Announced Multiple Partnerships and Executed Strategic Acquisitions, Establishing Global Platform as a Green Hydrogen Solutions Company Well Positioned to Leverage Industry Leadership and Capture Meaningful Share of in the $10T Hydrogen Economy 2020 marked a … How one thinks about for recs for renewable content. Plug Power also increased its 2024 billing target by more than 40% to $1.7 billion. Are we at a point in time, where we can -- you can confirm that the results of those JVs will be consolidated in terms of revenue? I -- good question, Tristan. Plug Power said it will also restate quarterly filings for 2019 and 2020. There's vertical integration opportunities that we've made that we're starting to leverage and scale. Welcome to the 2020 fourth-quarter and year-end update call. Listen to "Q1 2020 Plug Power Inc Earnings Call". You've got a lot of irons in the fire for 2021 and I was just wondering, if you can give us a sense of the operating expense trends and capex for modeling purposes as you gear up for the very heavy growth you've got for '22 through '24 that you talked about, Andy? And we see the opportunity to really accelerate the growth even further, and so you will see some of that this year. Thank you! So there has been work going on there. Thanks, good morning, thanks for taking my question. Yeah. Paul and I are now available for any questions you may have. There are some challenges of COVID in terms of navigating through that from operational side and we saw some of those events. I'm just wondering how that shapes out, I guess, if you will. Got it. Plug Power reaffirmed its guidance to achieve $300 million in gross billings in 2020, which represents more than 25% growth year-over-year. Just given the fourth quarter was up quite sharply. They can be some gradual deployments in some of those facilities, but that's not a bad number to be thinking about. The consensus EPS Estimate is -$0.06 (flat Y/Y) and the consensus Revenue Estimate is … Cumulative Growth of a $10,000 Investment in Stock Advisor, Plug Power (PLUG) Q4 2020 Earnings Call Transcript @themotleyfool #stocks $PLUG, These 2 Tech Stocks Are Absurdly Overvalued Right Now, Plug Power (PLUG) Q3 2020 Earnings Call Transcript, Plug Power (PLUG) Q2 2020 Earnings Call Transcript, Why Roku, Plug Power, and Beyond Meat Stocks Popped Today, Copyright, Trademark and Patent Information. I think you've noted like 10,000 or more operational as recent as last May. We have never been afraid of tough decisions. Yeah, it's $50 million. That makes sense. But initially, most hydrogen that's green will be transported in liquid form via trucks. Thanks again for taking my questions. Plug Power to Announce 2020 Fourth Quarter and Year End Results Published: Feb. 18, 2021 at 7:00 a.m. They should. I think you'll see electrolyzer products be moving over into SK for usage, again, early next year. It's not like they're completely new business channels that take their own resources and own technologies and completely independent. Plug Power EPS for the twelve months ending September 30, 2020 was $-0.32 , a 15.79% decline year-over-year. Yeah, I'm here, Andy. I guess that was really the core of my question. I'm good. With $5 billion in the bag, a thoughtful expansion plan, a unique market opportunity, now it's the right time for Plug Power to invest. When it comes to green hydrogen, I think like most people, we believe that electricity under $0.04 a kilowatt-hour makes green hydrogen, especially as a fuel, very competitive with grey hydrogen today. I need to say congratulations, too. Hey, I'm good, Andy. Got it. Hey, so you had mentioned in the prepared remarks there that the SK partnership, obviously, the investment closed overnight, but maybe just some clarity into how it's accelerated. Sure. Yeah. Plug Power Inc. - Financial Info - Quarterly Results. Paul? The timeline for this JV has been accelerating and will be formally closed by the mid-third quarter. And I think, and as you know, Eric, everything in the funnel doesn't happen. You know, one thing is proven. I mean, there's overhead leverage. Since that announcement, how do you view the opportunity? Plug Power 2018 annual EPS was $-0.36 , a 40% decline from 2017. Thank you, Andy. So first off, I noticed in the press release that the -- you're looking to deploy about $125 million of expense in New York state to build out the gigafactory which I'm sure is very welcome there. Thanks, Andy. Or is there any other one-time costs that may come into play in the next few quarters? Excellent. And so -- and because, as Andy said, I think in the past, we're actually using a lot of the core technologies and resources that we have to go into these other markets. This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. But if I look at two of your four major customers, I've actually -- in 20 years, I've never seen this. Yeah, I think there's a number of things going on. Plug Power Inc. (NASDAQ:PLUG) went down by -8.75% from its latest closing price compared to the recent 1-year high of $19.02. Understood. The company’s stock price has collected 24.23% of gains in the last five trading sessions. I think you -- and to be clear, Amazon is done and Walmart isn't. I think future buildings we won't be as lucky. Got it. Great. Green hydrogen also became practical over the last couple of years since this is closely linked to the declining cost of renewable electricity. As you know, Jeff, there's a a lot of accounting that goes into that. That's very helpful. Good morning, good morning. It doesn't happen frequently, so I would agree with your comment there. And that -- I think that the first three opportunities will be, one, large-scale power generation. And then just going back to the margin question. I'm taking one deal specifically that could be huge and it could go either way. We at Plug Power have been building our technology set for decades waiting for this moment. We do have discussions going on in the United States and elsewhere, especially with a focus on heavy-duty vehicles. I mean, we're targeting -- revenue and gross billings almost now are equal, Moses, with the acceleration of the warrants. On top of that, you have additional value of the sustainability aspects of green hydrogen, coupled with the fact that in a lot of these large data centers, noise pollution is a big, big issue. OK. And last one for me. Your line is now live. So, Moses, we'll be happy to help you reconcile that. That makes a lot of sense. What would a general range look like for '21 and even an update on the 2024 from the $1.7 billion? So we'll be doing our first large-scale stationary backup deployment with one of the largest data center customers in May and that shipment, the work on that shipment is happening as we speak, and that customer could be one of our largest pedestal customers. It's always good to hear your voice. Thank you. We will build a second gigafactory in Korea. So, do we need others like Brookfield as well? Walmart and Amazon, both have significant interest in the success of Plug Power financially. Their current product line includes: GenDrive, GenFuel, GenCare, ReliOn, and GenKey. They -- they are and I'll then I'll hand it off to Paul, but they are committed to -- both companies view that hydrogen is critical for long-term -- to meet their long-term climate goals and that they have a partner with Plug Power that goes well beyond financials. And obviously, we've been working extensively on that in fourth quarter to prepare for those and some of those were announced early in January, as an example. When you think about the spot price and I think, I'm going to give both an input and output side answer. Good. It caused a large one-time noncash charge but clears the deck for the future and quite a future. Curious, if that is a driver or the fuel supply potential is more out into '22 and beyond. Thanks, Andy. Hiw are you today? So, uh, I think that's a -- I think in general, obviously, different sites can be different size, Tristan, but I'll give you an example. We believe that it is important to communicate our future expectations to investors. So that they accelerate the deployment of their fleet, be it material handling, be it on-road vehicles, be it backup power generation by using green hydrogen at a price they can count on. Help me with that, Amit, because I may not understand completely. Market data powered by FactSet and Web Financial Group. Good. But if I just look at it, if their strike price is at $13 to buy product and your stock is at $50, they are being paid a significant amount of money to actually take your product, and so it does change kind of the relationship a bit once that expires. Current and historical p/e ratio for Plug Power (PLUG) from 2006 to 2020. Plug Power reaffirms guidance to achieve $300M in gross billings in 2020, which represents more than 25% growth year over year. And as you know, Sanjay has spent an incredible amount of time thinking through how we can offer a better product than grey hydrogen with green hydrogen at similar pricing and make margins for Plug Power. Got it. And it seems quite a fairly modest capex which is great, except that it also suggests that the barriers to entry for others are fairly low. Thanks, Andy. Because I think, kind of Brookfield is providing us the renewable electricity. And why I put them kind of together, where we're working through, whether we sell equipment or whether we sell green hydrogen. That's great, Andy, Paul. Do you need partnerships sort of on the upstream side with some of these renewable energy companies as well to just complete this value chain, if you will? ET Can you talk about the potential to pull down some of these incentives just by building out the network for your customers? Plug Power (PLUG) delivered earnings and revenue surprises of 66.67% and 18.51%, respectively, for the quarter ended June 2020. Should we though, assume that the gigafactory is capex only are still in that $50 million range as you start to drop them in? OK. And as you look at those opportunities, is that going to be an opportunity for you guys to also build some sort of regulation or storage-type applications adjacent to those sites to help stabilize the grid. Or is this kind of more of an early days pilot type of deployment for now? Thank you. We'll be announcing more partnerships in 2021. Thank you, Teal. I'd like to turn the floor back over to Andy for any further or closing comments. It added that no misconduct was detected. And I think, I would add on top of that, I think there is an opportunity with the new pedestal customer that the expansion could go rep quicker. But from -- so we're going to get that margin appreciation or accretion largely from those core themes. Yeah. Good morning. However, in 2021 the company has struggled to maintain this growth, now down 30% YTD. Thank you. When we look at the LCFS credits in California, we look at where we believe we can come with CI scores, especially since, we are looking to be moving hydrogen with green hydrogen trucks that, at the pump, we believe the credit can be up to $4 a kilogram. [Operator instructions] It's now my pleasure to turn the call over to Teal Hoyos, director, marketing communications. Yeah. And I think one of the key things, Jeff, for this year, is you're going to see definite growth in sales and gross margins and there's a strong focus there. That has incredible levels of power provided into the building that allows us to build large-scale electrolyzer systems to test all these stack. Thank you. So those are the big themes, and yes, I would say we, obviously, don't do those every quarter and I don't expect that to happen routinely. And much like it is today. And then even in the year, we may be approaching 20% or north on a run rate basis and I think, you're going to see that continue on into 2022. Stock Advisor launched in February of 2002. So I think you're going to see a progression over the course of this year for the full year should be in the high teens. Plug Power Announces 2020 Fourth Quarter and Year End Results Plug Power, Inc. February 25, 2021 GMT LATHAM, N.Y., Feb. 25, 2021 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ:PLUG), a leading provider of hydrogen engines and fueling solutions enabling e-mobility, has announced today its 2020 fourth quarter and year end results. The electrolyzer sales funnel was strong. Four, continued expansion of our business via partnerships, acquisitions, and other relationships. Our next question is coming from Tristan Richardson from Truist Securities. Do the numbers hold clues to what lies ahead for the stock? A lot of legal work that goes into that, but our team has been working there. Got it. Webcast. I guess I'm going to have to take it, Jeff. But just curious, you've got better visibility than you typically do into 2021. 2021, that circle in the range that there's already $400 million in-house that's available for shipment this year, and it's -- I think that one of those four would represent more like 30% and the rest will be kind of split a little bit even. This call will include forward-looking statements. Plug Power (NASDAQ:PLUG) stock made waves on Wallstreet last year, posting an impressive 538% gain. I can tell you one of them actually introduced me to two of their other investments in the last three weeks to help us grow and propel this business, beyond just direct business with them. Thank you. Yeah, so the answer to your question is there will be additional renewable partners even here in the United States and I think you'll probably see announcements in the foreseeable future. I think you'll see one in the Northeast, one in the Southwest, and one in Texas. This pandemic is causing a global economic slowdown. So that's why I'm a little bit hesitant to just pull it all out today. So I think you're at a real -- ask an interesting question you had about the evolution of how hydrogen will be distributed, especially hydrogen that meets the quality and standards you need for fuel cell engines and there is a slight difference in how one goes after about generating that hydrogen. What's the status with the different customers you've disclosed to date? Thanks. Plug Power EPS - Earnings per Share 2006-2020 | PLUG, Plug Power EPS for the quarter ending December 31, 2020 was, Plug Power EPS for the twelve months ending December 31, 2020 was. And the fourth item, I think that -- I think people often have an issue with is you've got to have the demand and I'm already at Plug Power, thinking about, as you could see, building the next gigafactory in Korea to really help the build-out. [Operator instructions] First question today is coming from Eric Stine from Craig-Hallum. Press Release reported on 10/16/20 that Thinking about buying stock in Rewalk Rob There will be some improvements in this year. Hey, thanks, Andy. And by the way, the wind farm user we work with actually was very successful doing the recent Texas storm. And then can you talk about scale here, either with the opportunity set with this customer? Our goals for 2021 are clear. So, Craig, I think that the model that we've used for Renault in Europe is one that we're looking to duplicate and I can tell you that a good deal of our forward-looking thinking at the moment has to do with how to address that market. Plug Power 2019 annual EPS was $-0.36 , a 0% decline from 2018. Plug Power annual and quarterly earnings per share history from 2006 to 2020. And then, you typically don't give the forward-year outlook this early in the year, at least, I don't remember that you have. And finally, we made a commitment to build the first U.S. nationwide green hydrogen degeneration network, reaching 500 tons a day of capacity by 2025 and 1,000 tons per day globally by 2028. And I can tell you, we -- first, we went into a building and selected a building because it was an old Alstom switchgear factory. So I'd love to hear what the visibility you have is from the four customers you've got and potentially some others that you add into that 2022 goal that you've given today? Sure, Amit. Certainly, that's one of the opportunities for hydrogen in terms of kind of being the connective tissue for some intermittent renewables and the larger power grid, but are those sites being chosen with multiple purposes in mind? Ultimately, you're going to see more and more and I think, we had an earlier call which was talking about storage. Our BMW facility in Spartanburg has well over 700 units, some of them may not immediately be 700 fuel cells or either can be -- because the way auto factories are structured. However, investors are cautioned not to unduly rely on forward-looking statements and such statements should not be read as a guarantee of future performance or results. OK. That sounds high relative to what my prior understanding was for the cost of the gigafactory at around about $45 million, $50 million. As we participated and witnessed globally the acceptance of hydrogen, especially green hydrogen, as critical to help leave the world off fossil fuels. How one thinks about any third-parties that can help bridge any power gap. One of these insights was that large corporations' sustainability goals are real and that for the market to expand green hydrogen was a necessity. Jeff, I would expect our op expense may be up to 30% higher this year. Thank you for that. Sure. Your line is now live. Thank you. The work was more than technology, but building the first commercial market for fuel cells. Tristan Richardson -- Truist Securities -- Analyst. Negative revenue of $316.3 million was down from a gain of $91.7 million in the year-ago quarter and worse than views for $84.9 million. Renault, a leading global auto manufacturer, recognized Plug Power's unique ability to offer full turnkey solutions to the light commercial vehicle market. Brookfield and Apex, both partnered with Plug Power to provide sources of low-cost renewable electricity to generate green hydrogen.
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