Plug Power - Brennstoffzellen

Honda Aims for Fuel-Cell Car at Hybrid Price as GM Lends Scale


http://www.bloomberg.com/news/articles/2016-03-10/...s-gm-lends-scale  

Plug Power Announces 2015 Fourth Quarter and Year End Results



Achieve Record Revenue for Fourth Quarter and Full Year


LATHAM, N.Y., March 10, 2016 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ:PLUG), a leader in providing clean, reliable energy solutions, today announced its financial results for the fourth quarter and full year ended December 31, 2015.  Plug Power achieved record-breaking numbers with revenues of $38.4 million in the fourth quarter and $103.3 million for the full year of 2015.  For the fourth quarter, EPS was a loss of $0.14 per share, and adjusted EPS (described below) was a loss of $0.05 per share.


The Company also realized dramatic improvements in GenDrive margins, significantly exceeding the Company's aggressive expectations for 2015.  GenDrive achieved gross margin of 25% by year end 2015 and 21% for the full year.  Before deferred profit (described below), the GenDrive product line achieved adjusted gross margin of more than 35% for the fourth quarter, and more than 26% for the year.

Plug Power also met or exceeded all of its other targets set for 2015, delivering $205 million in contract bookings, completing 16 GenFuel infrastructure installations, and adding eight new customers. "I'm excited about the results shown this past quarter and year," said Andy Marsh, CEO for Plug Power. "Customer adoption continues to accelerate with both new customers and follow-on sales to existing customers, and our margin expansion initiatives have exceeded our expectations as we drive towards overall profitability."

Marsh continued, "Every quarter of every year, Plug Power continues to see increased customer adoption of its hydrogen and fuel cell technology, globally. We are well positioned to meet our targets outlined for 2016."

Financial Results
Total revenue for the fourth quarter of 2015 was $38.4 million, as compared to $21.5 million of total revenue in the fourth quarter of 2014.  For the full year of 2015, total revenue was $103.3 million, compared to $64.2 million in 2014.  On a year-over-year basis, total revenue increased 79.1% and 60.8%, for the quarter and full year, respectively, and is driven by more GenDrive units sold, more hydrogen infrastructure installations, and increased GenCare service revenues.

Plug Power achieved these revenue totals despite deferring $3.6 million of revenue in the fourth quarter of 2015 on certain GenKey sales that were done as sale-leaseback transactions.  Generally accepted accounting principles (GAAP) require that any gross profit on sales-leaseback transactions be deferred and recognized over the life of the related lease term.  This is a direct result of the increased profitability of Plug Power products, specifically GenDrive, in the fourth quarter.

The Company recognized revenue on sales of 1,256 GenDrive units in the fourth quarter of 2015 compared to 719 GenDrive units recognized in revenue in the fourth quarter of 2014.  The Company recognized revenue associated with hydrogen infrastructure at eight customer sites during the fourth quarter of 2015, versus eight sites in the fourth quarter of 2014.

In regard to GenCare services, the Company had approximately 8,700 GenDrive units and 23 hydrogen infrastructure sites under service contracts as of December 31, 2015, as compared to approximately 5,200 GenDrive units and eight hydrogen infrastructure sites under service contracts as of December 31, 2014.

For GenFuel contracts, which obligate the Company to provide hydrogen fuel to customers as part of its GenKey offering, the Company had 22 customers under contract contributing revenue in the fourth quarter of 2015, as compared to seven customers under contract in the fourth quarter of 2014.

During the fourth quarter of 2015, the Company recognized a $10.1 million provision for loss contracts related to GenCare service.  Prior to December 31, 2015, the Company was experiencing losses on certain extended maintenance contracts, primarily due to premature stack failures.  However, management did not anticipate future losses over the remaining lives of these contracts due primarily to ongoing and continued improvements in stack life, labor leverage and design improvements.

During 2015, management determined the main cause of periodic stack life degradation, and worked with its supplier to address the issue.  All new stacks being produced and shipped from the fourth quarter of 2015 and later include the new design solution.  Based on testing performed and in-field performance to date of the new stacks, management believes the resolution to this matter will significantly improve the longevity of stack lives.

As of December 31, 2015, the Company had 53 extended maintenance contracts with customers, covering approximately 8,700 GenDrive units.  Thirty of those extended maintenance contracts, covering approximately 5,400 GenDrive units, were projected to have expenses exceed revenue over their remaining terms, which resulted in the accrual of $10.1 million.  These extended maintenance contracts have remaining terms ranging from 1-9 years, however, a majority of this incremental cost is expected to be incurred over the next two years as the Company refurbishes the stacks in the installed base.

The Company's gross margin loss in the fourth quarter of 2015 was $9.4 million, or 24.5% of total revenue, compared to a gross margin loss of $1.7 million, or 7.7% of total revenue in the same period of 2014.  Excluding the $10.1 million provision for loss contracts related to service taken in the fourth quarter of 2015, and including the gross profit of $3.6 million that was deferred during the fourth quarter of 2015, adjusted gross margin for the fourth quarter of 2015 was $4.2 million or 10.0% of total revenue, compared to adjusted gross margin loss of $1.7 million or 7.7% of revenue during the comparable quarter of 2014.

Gross margin loss for full year 2015 was $9.9 million, or 9.6% of total revenue, compared to a gross margin loss of $4.9 million, or 7.6% of total revenue in 2014.  Adjusted gross margin for full year 2015 was $3.7 million, or 3.5% of total revenue, compared to adjusted gross margin loss of $4.9 million, or 7.6% of total revenue in 2014. Fourth quarter and full year adjusted gross margins reflect continued substantial margin improvement and stem from leverage of higher volume and continued product cost reductions.

Total administrative costs (including research and development and selling and general administrative) for the fourth quarter of 2015 were $14.7 million, as compared to total administrative costs of $11.6 million for the fourth quarter of 2014. The increase in these costs stems from incremental investments in sales and varied business functions to support continued growth, investments in product design and performance enhancement programs.

Net loss attributable to common shareholders for the fourth quarter of 2015 was $25.2 million, or $0.14 per share on a diluted basis.  This compares to a net loss attributable to common shareholders in the fourth quarter of 2014 of $7.2 million, or $0.04 per share on a diluted basis. Adjusted net loss for the fourth quarter of 2015, which is net loss attributable to common shareholders adjusted for the provision for losses on service contracts of $10.1 million, the deferred gross profit of $3.6 million, the change in the fair value of the common stock warrant liability of $942,000, and other miscellaneous adjustments totaling $801,000, was $9.9 million, or $0.05 per share on a diluted basis.  This compares to an adjusted net loss in 2014 of $13.3 million, or $0.08 per share on a diluted basis.

 

Plug Power EPS in-line, beats on revenue


Q4 EPS of -$0.05 in-line.Revenue of $38.4M (+79.0% Y/Y) beats by $2.22M



Plug Power Q4 EPS ($0.05) vs ($0.05) est, Revenue $38.4M vs $36.2M est  

..danke. Kannst du uns auch den Link dazu rein tun?
 

http://finance.yahoo.com/news/...announces-2015-fourth-120000332.html  

http://www.ir.plugpower.com/profiles/investor/...ategory=44&G=795  

Zahlenmaterial seit 2013 zum Vergleich:
2013 Fourth Quarter and Year-End Results:
-------------------------------------------------
Net loss for the fourth quarter and year ended 2013 was $28.9 million, or $0.28 per share on a basic and diluted basis, and $62.8 million, or $0.82 per share on a basic and diluted basis, respectively. Included in the net loss for the fourth quarter and year ended 2013 were charges related to the change in fair value of previously issued common stock warrants of $20.9 million and $37.1 million, respectively. Excluding these items from both periods, adjusted net loss for the fourth quarter and year ended 2013 was $8.0 million, or $0.08 per share on a basic and diluted basis, and $25.7 million, or $0.34 per share on a basic and diluted basis, respectively.

2014 Fourth Quarter and Year-End Results:
--------------------------------------------------
Net loss attributable to common shareholders for the fourth quarter and year ended 2014 was $7.2 million, or $0.04 per share on a basic and diluted basis, and $88.6 million, or $0.56 per share on a basic and diluted basis, respectively. Included in the net loss for the fourth quarter of 2014 was a benefit related to the change in the fair value of previously issued common stock warrants of $6.1 million. Included in the year ended 2014 were charges related to the change in fair value of previously issued common stock warrants of $52.3 million and a $2.4 million charge related to the So roof litigation. Excluding these items from both periods, adjusted net loss for the fourth quarter and year ended 2014 was $13.3 million, or $0.08 per share on a basic and diluted basis, and $38.8 million, or $0.24 per basic and diluted share.

First Quarter 2015:
--------------------------

Net loss attributable to common shareholders for the first quarter of 2015 was $11.1 million, or $0.06 per share on a basic and diluted basis. Included in the net loss for the first quarter of 2015 was a gain of $1.7 million related to the change in fair value of common stock warrant liability. Excluding this gain, adjusted net loss for the first quarter 2015 was $12.8 million or $0.07 per share on a basic and diluted basis.

Second Quarter 2015:
--------------------------
Net loss attributable to common shareholders for the second quarter of 2015 was $9.3 million, or $0.05 per share on a diluted basis. Included in the net loss for the second quarter of 2015 was a gain of $0.7 million related to the change in fair value of common stock warrant liability. Excluding this gain, adjusted net loss for the second quarter 2015 was $9.9 million or $0.06 per share on diluted basis.

Third Quarter Result 2015
----------------------------------
Net loss attributable to common shareholders for the third quarter of 2015 was $10.2 million, or $0.06 per share on a diluted basis. Included in the net loss for the third quarter of 2015 was a gain of $2.2 million related to the change in fair value of common stock warrant liability, a net loss on acquisition related transactions of $0.1 million, and varied acquisition and startup costs of $0.9 million associated with completing the HyPulsion transaction. Excluding these amounts, adjusted net loss for the third quarter 2015 was $11.4 million or $0.06 per share on diluted basis.

2015 Fourth Quarter and Year-End Results:
--------------------------------------------------
Net loss attributable to common shareholders for the fourth quarter of 2015 was $25.2 million, or $0.14 per share on a diluted basis.  This compares to a net loss attributable to common shareholders in the fourth quarter of 2014 of $7.2 million, or $0.04 per share on a diluted basis. Adjusted net loss for the fourth quarter of 2015, which is net loss attributable to common shareholders adjusted for the provision for losses on service contracts of $10.1 million, the deferred gross profit of $3.6 million, the change in the fair value of the common stock warrant liability of $942,000, and other miscellaneous adjustments totaling $801,000, was $9.9 million, or $0.05 per share on a diluted basis.  This compares to an adjusted net loss in 2014 of $13.3 million, or $0.08 per share on a diluted basis.
 

Die Trendwende scheint erst auf den letzten Metern eingeleitet worden zu sein.
Die Q4 Zahlen sind deutlich besser als die Ganzjahreszahlen.

Außerdem:
Es muss noch einmal gesagt werden:
Wenn Ballard Power Stacks mit solider Langlebigkeit geliefert hätten, dann hätte Plug Power jetzt schon die schwarze Null erreicht. (3 Minuspunkte für Ballard Power)
Nun gut. Die in Zusammenarbeit mit 3M scheint ein besseres Produkt hervorgebracht zu haben, so dass sich das Gross Margin zügig verbessern sollte.
Problematisch bleibt  aber die Finanzierung des gewaltigen Wachstums.

Ich hoffe das die Telko noch einige neue Erkenntnisse bringt.
- Wie sieht das Europa-Geschäft im Einzelnen aus?
- Wie sieht es aus mit den neuen Produkten ( range extander, refrigerator unit, tugs in Memphis)
- warum reichte die im letzten Quartal angekündigte Zusammenarbeit mit einem Finanzdienstleister         für   die Sale and Lease Back - Geschäfte nicht?
- Wofür wird der neue Kredit mit 12 prozentiger Verzinsung so dringend gebraucht?

Trotz all dieser kritischer Fragen:

Der erste Durchbruch der Brennstoffzellentechnik in einem Massenmarkt ist unumkehrbar vollzogen.

Das sollten wir heute feiern.
 

Woher weist du eigentlich, dass die anfälligen Stacks von Ballard kommen ?
 

O.K. Das ist schon ein bisschen her, aber immer noch zu beweisen:
Quelle: Ballard Power Newsroom

http://www.ballard.com/about-ballard/newsroom/...es/news10081401.aspx

Aber um die mangelnde Stack-Qualität noch präziser greifbar zu machen, hier einige Gesprächsauszüge aus der Telko heute:
http://www.benzinga.com/news/earnings/16/03/...e-call-full-transcript

Finally, before I turn this call over to Paul, I want to address the stack lifetime issues we discussed on previous calls. From a pure scientific point of view, the good news is we've identified the cause of the premature failures of the stack members and we fixed it. We've been working closely since this issue arose and concluded that transfer release caused by tiny holes in the membrane began to form after about 2500 hours of operation. This is a result of using unreinforced membranes in the stack.
Powered has switched to reinforced membranes on stack starting in fourth quarter 2015 and our Plug Power stack that we developed with our partner 3M has been using reinforced membranes from the start.
Thanks to the laboratory testing about powered and 3M membrane provides us a high level of confidence that the stacks will operate for 10,000 hours or more in the field. Started shipping these stacks in fourth quarter of 2015 and so far the data shows no degradation in the performance of the stacks many of which have over 2500 hours of operating life. We have this information because as I talked about our GenKey system, we actually are able to remotely monitor stack each time the unit's refueled. So every time 2500 times a day, we're looking at these stacks in the field and can monitor and know what their life is.
This further enhances our confidence that the customers using these upgraded stacks will experience 10,000 hours or more successful operations that we have been able to achieve in the lab.
As a result of these findings we determined it's appropriate to take a onetime charge related to the losses occurred in the future service contracts that are affected by this issue. Paul will now discuss this in more detail.
Paul.
As Andy discussed, proportion of our installed fleet under maintenance contracts, we have identified the design concern certain stacks provided by our external stack provider that is causing premature failures. In many cases we have been able to extend these stack lives with system enhancements but it has become apparent that these particular stacks will not meet the expected life which will result in higher than anticipated refurbishment cost. Again as Andy has conveyed, we are confident that our external stack provider as addressed the issue and that are new plug design stacks meet our expected life requirements.

In regard to the associated legacy stacks and future costs, we have updated our cost forecast on these related maintenance agreements. Based on the updated analysis, about two thirds of the units we have under extended maintenance contract will have projected cost that exceeds the residual service revenue. Although collectively, the updated estimates on all open contracts in total would still project a net profitable position. Account involves do not allow the netting of all open profitable and loss contract projections.
Therefore for the specific agreements where we anticipate a contract loss, we've recorded a loss contract provision of $10.1 million. The majority of this cost will be incurred with refurbishments planned over the next eight quarters of approximately $4 million of it in 2016.

Noch Fragen?
 

wenn du aufgrund der Lieferverträge Ballard als Übeltäter ausmachst, ich weis nicht. Da ich mich ja schon sehr lange mit Plug beschäftige, denke ich eher die Stacks kommen aus der Fertigung von ReliOn. Als Plug damals ReliOn für glaube ich 4 Mil. übernommen hatte wurde im US - Forum schon darüber berichtet das die ReliOn BZ nicht gerade zuverlässig sind. Vielleicht verrenne ich mich da ja in was, trotzdem glaube ich nicht daran das es die Ballard Stacks sind.

 

Der Erwerb von ReliOn wurde am 8. Mai 2014 kommuniziert

http://www.foodlogistics.com/news/11385966/...l-cell-stack-technology

Zu dem Zeitpunkt hat Plug Power aber schon kräftig Stapler für Wal Mart produziert. Außerdem ist ein Auseinanderklaffen von Brennstoffzellenverkäufen von Ballard Power  und Staplerverkäufen von Plug Power erst in der zweiten Hälfte von 2015 nachweisbar.

Zudem wurde die Markteinführung von ReliOn Produkten mit Membranen von 3M auch in der zweite Jahreshälfte von 2015 kommuniziert.

Klar, Plug Power muss irgendwann in den eigenen Labors festgestellt haben, dass die ReliOn Stacks ohne die Membranen von 3M auch nicht besser sind als die von Ballard Power, sonst wären sie diese Kooperation nicht eingegangen.
Wie gesagt, die Wende beim Gross Margin, die Trendumkehr, ist auch erst in ersten Anfängen in Q4  fest- zustellen.

Ob man der Aussage von Andy Marsh Glauben schenkt, dass die löchrigen Membranen des "alten Providers" derzeit nachgerüstet werden bzw. durch robustere Membranen von 3M ersetzt werden, bleibt dir überlassen.

Nach allem, was ich durch Internetrecherchen an Erkenntnissen zusammengetragen habe, (ich war nicht in Latham und habe neben den Entwicklungsingenieuren gestanden), ist es tatsächlich Ballard Power, die nach zwanzig Jahren intensiver Grundlagenforschung nicht in der Lage waren, vernünftige Stacks zu liefern.
Ich betone also, dass ich nach intensiver Internetrecherche zu dieser Überzeugung gelangt bin.

 

Ich halte es für wichtig zu betonen, dass  offenbar keine Gewährleistungsansprüche gegenüber Ballard Power geltend gemacht wurden. Und die vorsichtige Sprachewahl von Andy March (our former provider) legt die Vermutung nahe, dass auch in Zukunft keine Schadensersatzansprüche durchgesetzt werden sollen.

Das wiederum deutet darauf hin, dass Brennstoffzellen dieses Typs bis vor kurzem einfach nicht mehr als 2500 Stunden ohne Degradationserscheinungen leisten konnten. Bei  einem 24 Stunden Betrieb wäre das gerade mal etwas mehr als ein Vierteljahr!

Mit den neuen Membranen vom 3M sollen unter Laborbedingungen Laufleistungen von 10.000 Std und möglicherweise mehr nachgewiesen worden zu sein. Wenn diese synthetischen Messwerte der Praxis standhalten, wäre das ein Quantensprung in der Entwicklung von Brennstoffzellen.

Es ist noch zu früh, um euphorisch auf diese Erkenntnisse zu reagieren, aber ein bisschen Hoffnung schwingt schon mit, dass die eigentliche Revolution gerade erst begonnen hat.
 

Das sehen andere genau so :

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Wie hoch ist eigentlich die Leerverkaufsquote, bzw wie hat sie sich entwickelt?
Plug ist diesen Monat auf einigen großen internationalen Messen unterwegs.
Bin gespannt, was da noch alles kommt...  

Settlement Date     Short Interest Avg Daily Share Volume Days To Cover
        2/29/2016         33,125,318                   1,789,068      18.515405



http://www.nasdaq.com/symbol/plug/short-interest  

Die Seite ist gespeichert. Aber wenn ich ehrlich bin, kann ich persönlich mit diesen Zahlen nicht viel anfangen.
Sollte die Shorties bei dem Ausblick in die Zukunft nicht mal zügig abbauen?
Wie schätzt ihr die weitere Entwicklung ein??  

d.h. das die Shorties bei aktuellem Vol. ca 18 Tage brauche um ihre Shares zu covern..


also hochexplosiv falls die Panik bekommen sollten ;-)


 

Noch ein Wort zum Kredit, mich wundert es ehrlich gesagt nicht das Plug einen solchen nehmen musste mit extrem schlechten Konditionen. Dann noch etwas, hier wird anscheinen nur der 103 Mil. Umsatz gesehen und gefeiert. Zu was für einen Preis der erwirtschaftet wurde ?
Das Working Kapital hat sich in einem Jahr fast halbiert ! Rechnet mal nach wie viel Cash nächstes Jahr noch da ist wenn Plug noch extrem investieren muss.
Bitte nicht falsch verstehen, ich würde zu gerne sehen wenn die Shorty's hier mal so richtig gegrillt werden.
Aber man muss schon realistisch sein.
 

Aber plug ist der einzige namhafte Hersteller, der seit Jahren massives Umsatzwachstum vorweisen kann und hier auch immer die Prognose trifft. bld, fcel und hydrogenics waren umsatzmäßig hingegen richtig schwach. Nur über Wachstum lässt sich in diesem Bereich die Gewinnschwelle erreichen. plug hat das für Ende 2017 angekündigt. Ich hoffe das passt und solange hält das Cash.  

http://www.profitconfidential.com/stock/...inc-the-next-tesla-motors/

ob es auch so eintrifft!?!?  

http://dmm.travel/news/geschaeftswagen/artikel/...r-und-diesel-74317/

 

http://seekingalpha.com/article/...resents-roth-conference-transcript