Plug Power Inc. (NASDAQ:PLUG) Q2 2020 Earnings Conference Call - Final Transcript

Aug 06, 2020 • 10:00 am ET


Plug Power Inc. (NASDAQ:PLUG) Q2 2020 Earnings Conference Call - Final Transcript


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Greetings, and welcome to the Plug Power Second Quarter Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to turn the conference over to your host, Teal Hoyos, Director of Marketing.

Teal Vivacqua Hoyos

Thank you. Good morning, and welcome to the Plug Power 2020 Second 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 as predictions of future events.

We believe the forward-looking statements on current expectations and projections about the future events and trends that they may affect our business, financial condition, results of operations and prospects. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors. Including, but not limited to, risks and uncertainties discussed under Item 1A Risk factors in our annual report on Form 10-K for the fiscal year ended December 31, 2019, and in our quarterly report on Form 10-Q for the first quarter ended March 31, 2020, as well as other reports we file from time to time with the SEC.

New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements. As a result of these factors, we cannot assure that the forward-looking statements will prove to be accurate. Furthermore, if our forward-looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward-looking statements you should not regard these statements as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified time frame or at all. These forward-looking statements speak only as of the day in 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, Andy Marsh.

Andy Marsh

Thank you, Teal, and thank you, everyone, for joining our second quarter's earnings call. I'm sure many of you have read our second quarter investor letter. So my opening comments will be brief, and I would just like to highlight four items that really excite the Plug Power team.

First, we had a record quarter in the middle of the pandemic, achieving over $72 million in gross billings and $1 million in EBITDA. The third quarter will be 40% higher in gross billings, and we are projecting between $110 million to $115 million, with EBITDA between $9 million to $10 million. Our factory and service team will build and install over 4,000 GenDrive units and construct 10 hydrogen