Plug Power, Inc.

Greetings and welcome to the Plug Power third quarter 2024 earnings conference call and webcast. At this time, all participants are in listen-only mode. If anyone should require operator assistance, please press star zero on your telephone keypad. A question and answer session will follow the formal presentation. You may be placed into question queue at any time by pressing star one on your telephone keypad. We ask you to please limit yourselves to one question and one follow-up. then return to the conference queue. As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to your host, Meryl Fritz, Marketing Communications Manager. Please go ahead, Meryl.

Thank you. Welcome to the Plug Power Q3 earnings call. This call will include forward-looking statements. These forward-looking statements include, among others, statements of expectations, beliefs, future plans and strategies, anticipated results from operations and developments, and other matters that are not historical facts. 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, and such statements should not be read or understood as a guarantee of future performance or results. Such statements are based upon the current expectations, estimates, forecasts, and projections, as well as the current beliefs and assumptions of management, and are subject to significant risks and uncertainties that could cause actual results or performance to differ materially from those discussed as a result of various factors, including but not limited to the risks and uncertainties discussed under Item 1A, Risk Factors, in our annual report on Form 10-K for the fiscal year ending December 31, 2023, subsequent quarterly reports on Form 10-Q, and other reports we file from time to time with the Securities and Exchange Commission. These forward-looking statements speak only of day in which these statements are made, and we do not undertake or intend to update any forward-looking statements after this call or as a result of new information. At this point, I would like to turn the call over to Plug Power's CEO, Andy Marsh.

Good morning, everyone, and thank you for joining us today. I'm pleased to share Plug Power's results for the third quarter of 2024 and and provide an update on the steps we're taking to reinforce our leadership in the hydrogen economy. 2024 has been a pivotal year, a time of strategic consolidation and focused improvement. Through a disciplined approach to operational efficiency, financial management, and technological advancements, we're building a foundation that positions plug for strong growth and resilience as we enter 2025. Our focus remains on executing our mission while staying in line with evolving governmental policy that continue to support the hydrogen economy. Plug Power has navigated a dynamic government affairs landscape over the years to help shape clean energy policy. We played a critical role in advancing legislation like the investment tax credit under the first Trump administration, a key milestone for industry. We have been deeply engaged in the development of hydrogen policy with the Biden administration, and we do expect that there will be a change in the political climate. This landscape is not completely clear. A positive indicator is that POLITICO has reported that the new administration is expected to continue to support hydrogen and nuclear power. For PLUG, an important near-term consideration is that we expect guidance on the production tax credit soon, with more favorable terms to accelerate hydrogen projects will be announced prior to year's end. Additionally, we remain on track with the DOE loan process. Taken together, these policies underscore a supportive foundation for the U.S. hydrogen economy. In Europe, support for hydrogen remains robust, I recently returned from meetings with European partners who are increasingly committed to hydrogen as a pillar of the sustainable energy transition. These discussions reinforce Plug Power's role as a global leader, as our initiatives align with European climate goals and economic vision. Returning to our operations, our hydrogen production infrastructure in the U.S. is advancing well. Plants in Georgia and Tennessee, along with our joint venture facility in Louisiana, are critical to building a secure hydrogen network. Louisiana is currently in the commissioning phase and is expected to be fully operational in the first quarter of next year, further strengthening our supply chain as demand for green hydrogen expands. Globally, PLUGS leadership in PEM electrolyzer technologies continues to set us apart. With 70 megawatts of electrolyzers deployed this quarter alone, Plug is now the largest single deployer of PEM electrolyzers worldwide. Bloomberg recently recognized Plug as the leading provider of green hydrogen solutions outside China. I also want to highlight that in our application business, we have stalled, not yet recognized, over 8 megawatts of stationary power systems with energy vault We're seeing new growth and new customers in our material handling business. My recent trip to Europe also offered the opportunity to meet with key partners, including Gap, with whom we'll be deploying the world's largest pemolectylizer systems starting in April 2025. With Iberdor and BP, we're moving forward on a 25-megawatt order at their Castellan Refinery, underscoring our ability to deliver at scale in international markets. These collaborations, coupled with plugs, 8 gigawatts, and basic design and engineering package for the electrolyzer market, reflect the strong demand for advanced hydrogen solution and plug power's essential role in enabling global energy transition. Edgar's been down, but today we announced a $200 million convertible deal with Yorkville Capital. Under the terms of this agreement, Yorkville is committed to a long position with a conversion price of $2.90 and is restricted from shorting plug stock. Our focus remains on minimizing shareholder dilution by partnering with investors who recognize the company's intrinsic value. Additionally, we continue to explore debt financing, and the sale of ITC benefits to further reduce future equity-based funding needs. Q3, we reported revenue of $173.7 million, driven by strong demand for our solutions, particularly within electrolyzer and hydrogen infrastructure. Our gross margins rose by 37 percent quarter-over-quarter with gains across our equipment, service, and fuel businesses. We've also reduced cash burn by 27% compared to last quarter, demonstrating our disciplined approach to cash management and inventory optimization. These improvements highlight our commitment to building a financially resilient company prepared to grow profitably in a dynamic environment. As we close 2024, we're confident that the foundation we built this year has positioned us for success. With the strength and balance sheet, strategic global expansion, and working to ensure supported government policy, Plug Power is poised to capitalize on new opportunities in the year ahead. Thank you, and I'd like to turn the call over to Paul for a few comments.