The company have reported a breakthrough fourth quarter (Q4), with gross billings of $62.1 compared to $32.9m in Q4 2017.
Plug Power also broke total gross billing results, reporting a total gross billing of $184.8m in 2018, up 42% from 2017.
Q4 saw the company sell over 1,900 GenDrive fuel cell units, dispense 1.2m tonnes of hydrogen into electric vehicles, build and commission three GenFuel hydrogen fuelling stations, and deliver products to 15 different customers including Amazon, Walmart and BMW.
Today, Plug Power has deployed over 25,000 GenDrive fuel cell units and built more than 80 GenFuel fuelling stations.
Net revenue for Q4 was $59.8m, compared to $31.1m for Q4 2017.
The financial results included a $2.3m provision for common stock warrants reported as a reduction of revenue in Q4, compared to a $1.8m provision recorded in Q4 of 2017.
GAAP gross profit for Q4 was $4.5m, compared to -$0.7m for the prior year. Adjusted gross profit for Q4 was $6.1m, or 10% of net revenue.
Net cashed used by operating activities for Q4 was $16m, compared to net cash provided of $21.1m in 2017. Adjusted EBITDA for the quarter was $0.5m, compared to -$7.6m for 2017.
Adjusted EBITDA for Q4 of 2018 was $0.5m, comparted to -$7.6m in Q4 2017.
Key operating metrics for Q4
Approximately 1,700 GenDrive units were shipped in the fourth quarter, versus 1,200 in Q4 of 2017.
Three GenFuel sites sold in the quarter, versus zero in Q4 of 2017.
Approximately 20,000 GenDrive units under service or PPA contract at 31st December (2018), versus 16,000 in 2017.
72 sites under fuel delivery contract at 31st December (2018), versus 68 sites at 31st December 2017.
2018 saw Plug Power emphasise its focus on building profitable a material handling business. The efforts are set to continue in 2019 as the company continues to innovate more efficient and cost-reduced solutions to increase the ease and efficiency of using hydrogen fuel cell solutions in mobility applications.
Plug Power sees continued traction in the material handling market and are expecting four major business announcements in 2019 in varied adjacent markets.