Hydrogen fuel cell solutions provider Plug Power‘s second quarter (Q2) 2024 revenue dropped 44.88% year-over-year to $143.4 million from $260.18 million.

The company’s net loss rose to $262.33 million, an increase of 9.88% from $236.39 million in the same period last year.

The company attributed the increase in loss to strategic investments, market dynamics, and ~$86 million of non-cash charges such as depreciation and amortization, stock-based compensation, provision for common stock warrants, inventory adjustments, and impairment charges.

Half-year 2024

In the first six months (1H), the company’s revenue fell by 43.96% from $470.46 million in the prior year’s corresponding period to $263.61 million.

The company’s net loss climbed from $442.95 million to $558.10 million.

Plug Power CEO Andy Marsh said, “The second quarter of 2024 has been pivotal for Plug Power as we continue to make strides in our strategic initiatives and operational capabilities. The addition of Dean Fullerton as COO strengthens our leadership team, and our recent achievements in electrolyzer deployments and partnerships demonstrate our unwavering commitment to advancing the hydrogen economy. We are excited about the opportunities ahead and remain focused on delivering sustainable energy solutions that drive value for our customers and stakeholders.”

The company reached the final commissioning stage of 55 MW of electrolyzers, representing an expected $70 million in revenue.

“We’re on track to deploy an additional 100 megawatts of electrolyzers by the end of the year. Reinforcing our leadership position in the hydrogen industry and supporting the global shift towards renewable energy power sources, we’ve also secured 7.5 gigawatts in basic design and engineering package contracts, and specifically 3 gigawatts with green ammonia in Australia,” Marsh said.

Plug Power said it was progressing with the Department of Energy loan, which aims to support the expansion of its green hydrogen initiatives and infrastructure for up to six sites. It also became one of the first companies to leverage the Production Tax Credit for its liquid hydrogen plant in Georgia.

The company’s net loss widened 43% to $295.8 million in Q1  2024 from $206.6 million last year.

In 2023, the company posted a revenue of $891 million, an increase of 27% from the prior year.