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					</table><p><a href="https://www.plugpower.com/" target="_blank" rel="noopener">Plug Power</a>, a U.S.-based hydrogen fuel cell company, said its net loss widened to $206.6 million for the first quarter (Q1) of the financial year 2023, compared to $156.5 million as the margins were squeezed by a higher hydrogen molecule costs caused by elevated natural gas prices and supply chain disruptions.</p>
<p>Additionally, the company’s fixed costs rose during the quarter due to the ongoing production ramp at their new manufacturing facilities.</p>
<p>The company’s revenue came in at $210.3 million, a YoY increase of 49%. The sale of equipment and related infrastructure accounted for the largest chunk of the revenue at ₹182.1 million.</p>
<p>Plug Power delivered a higher capacity of electrolyzers at 62 MW in the first quarter compared with the previous full year and added 14 material handling sites.</p>
<p>The company’s operating expenses accounted for $140.4 million, an increase of 35% YoY.</p>
<p>Plug Power&#8217;s Georgia plant is on track to complete commissioning and ramp up liquid hydrogen production throughout Q2, having achieved a construction timeline that sets a new industry standard.</p>
<p>The company will build similar plants in Texas and New York while optimizing its project execution strategy in Louisiana. It said the demand for its containerized electrolyzer systems and large-scale stationary power offerings was growing.</p>
<p>Plug Power said it is scaling up production facilities, with its Vista fuel cell manufacturing facility now producing all GenDrive units for material handling.</p>
<p>The company said it is exploring various options for obtaining low-cost and non-dilutive capital, including completing ongoing projects with the Department of Energy&#8217;s loan program office and assessing asset-backed loan facilities from banks.</p>
<p>The company <a href="https://www.mercomindia.com/hydrogen-fuel-plugpowers-revenue-up-in-q4" target="_blank" rel="noopener">recorded</a> a revenue of $220.7 million in Q4, a year-on-year (YoY) increase of 36% compared to $162 million during the corresponding period in 2021.</p>
<p>Plug <a href="https://mercomindia.com/plug-powers-net-loss-up-60-yoy-in-q3/" target="_blank" rel="noopener">recorded</a> a net loss of $170.76 million in the third quarter of 2022, a YoY increase of 60% from $106.67 million.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gautamee-hazarika/" target="_blank" rel="noopener">More articles from Gautamee.</a><br />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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Plug Power’s Q1 Loss Widens to $ 207 Million on Higher Natural Gas Prices

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