Plug Power aims to improve efficiency
Plug Power has been building a hydrogen infrastructure ecosystem for over 25 years, but has never turned an annual profit.
The company has spent nearly three decades developing a vertically integrated, end-to-end hydrogen ecosystem, resulting in a wide range of offerings, but also significant expenses.
Last year, the company’s net loss was $1.6 billion, and since its inception, Plug Power has an accumulated deficit of about $8.2 billion.
The company’s first-quarter earnings results showed some progress in management’s efforts, with a gross margin of negative 13%, a drastic improvement from a year ago.