Plug Power’s third-quarter results proved disappointing. The company said that the figures didn’t have any influence on its great prospects, considering a customer base which includes corporations as large as Walmart and Amazon. Their bookings are expected to top USD 600 million in the coming years. During the reporting period, Plug delivered 2,753 GenDrive systems for forklift retrofits, which generated USD 61.4 million in revenue. Current production capacity is at 15,000 systems per year, with 95 percent of them manufactured in-house. Ballard’s contribution has been reduced to a minimum.
The deal with Amazon – which basically acquired a stake in Plug Power (Nasdaq: PLUG) through warrants and, at the same time, placed orders to have its forklift trucks retrofitted – may be the reason why Walmart has agreed to a change in the terms for its large Plug booking, which will improve the situation for the latter. Walmart was the first big Plug customer to request forklift conversions and an H2 refueling infrastructure at its logistics centers.
First-quarter figures this year differed from expectations. You could say: They were abysmal. A net loss of USD 24.1 million attributable to common shareholders, meaning a loss of USD 0.13 instead of USD 0.07 per diluted share. Plug’s possibly very disadvantageous Walmart business (forklift retrofits financed through leasing) is still making an impact that shows on the balance sheet.
After the second-quarter figures from Ballard Power Systems came in at the end of June, there were several good news that underline which huge potential the Canadian fuel cell manufacturer can tap in China and Japan. The share price jumped more than 60 percent. The most recent business Ballard won over as a partner was Chinese Broad-Ocean. The corporation boasts an annual production of more than 50 million motors worldwide and supplies several top-notch carmakers