Plug Power Inc. (NASDAQ:PLUG) Q3 2019 Earnings Conference Call Transcript
Nov 07, 2019 • 10:00 am ET
Greetings and welcome to the Plug Power Third Quarter Earnings Call. [Operator Instructions]. It is now my pleasure to introduce Teal Vivacqua Hoyos Director of Marketing Communications. Thank you. You may begin.
Teal Vivacqua Hoyos
Thank you. Good morning and welcome to the Plug Power 2019 Third Quarter Earnings Call. This call will include forward-looking statements. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We believe that it is important to communicate our future expectations to investors. However investors are cautioned not to unduly rely on forward-looking statements because they involve risks and uncertainties and actual results may differ materially from those discussed as a result of various factors including but not limited to risks and uncertainties discussed under Item 1A Risk Factors and our annual report on Form 10-K for the fiscal year ending December 31 2018 as well as other reports we file from time to time with the SEC. These forward-looking statements speak only as of the date on which the statements are made and we do not undertake or intend to update any forward-looking statements after this call.
At this point I would like to turn the call over to Plug Power's CEO.
Good morning everyone. We're pleased with the quarter and a detailed description was provided in our shareholder letter released earlier in the day. I'd like to go over some highlights. We achieved over $61 million in gross billings. We had adjusted EBITDA of $2.5 million. I'd like to highlight the EBITDA would have been $7.1 billion without the higher than normal warrant charges. I believe this is an indicator that our operating performance continues to improve as we scale. Few highlights for the quarter include and this one really excites me. Our first order for Fiat Chrysler for over 240 units another validation of our value proposition for material handling in automotive applications. Today we have BMW Daimler Honda VW GM and now Fiat Chrysler's customers. European expansion continues leveraging some of our new channel partners with an order for nearly 100 units at the BMW Leipzig factory in Germany. This deal was part of a German funding activity and Plug Power product support app programs that were supported in the recent announcement. Three the sales funnel for non-material handling applications for our ProGen engines and stacks are continuing. We have many OEMs and integrators testing our systems and stacks. This includes a wide range of activities that we are pursuing. Including a variety of on-road and off-road applications large-scale stationary projects and aerial projects. We also in the quarter closed the supply agreement with United Hydrogen for liquid hydrogen which will positively impact our gross margins in future quarters. Hydrogen and vertically integrating into generation with partners is a key part of our strategy. Fourth quarter will be a record for Plug Power as we are on track