Plug Power Sees 2016 Sales From Hydrogen Fuel Cells Up 50%

  • Revenue from fuel-cell systems exceeded $100 million in 2015
  • Expects to install 25 full-service forklift sites this year

Plug Power Inc., a maker of fuel-cell systems for forklifts, expects revenue to climb 50 percent in 2016, matching the growth rate set last year.

Revenue will reach $150 million this year after contracted bookings last year exceeded $200 million, the Latham, New York-based company said in a statement Thursday. Sales in 2015 exceeded $100 million.

“A growth rate of that magnitude should continue beyond 2016,” Chief Executive Officer Andy Marsh said on a conference call. “We have a clear line of sight from new and existing customers. The business is becoming more predictable.”

Plug provided hydrogen supply systems and fuel-cell forklifts at more than 15 sites last year, and expects that to increase to 25 this year. That will help the company achieve at least 10 percent gross margin for 2016 with less than $20 million in operating cash spending.

Excluding some items, the company is expected to lose about 18 cents a share this year, the average of four analysts’ estimates. Plug has recorded losses every year since it first sold shares in 1999.

Marsh expects to reverse that, and said the company is on track have positive earnings before interest, taxes, depreciation and amortization at the end of this year.

“We are continuing to make strides in driving down costs,” Marsh said. “Gross margin improvement will continue.”

Before it's here, it's on the Bloomberg Terminal. LEARN MORE