Plug Power (PLUG) Exceeds FY15 Goals; Offers FY16 Outlook

Plug Power Inc. (Nasdaq: PLUG) highlights that it has exceeded the aggressive business objectives it set for the full year of 2015. Details of the company’s performance in 2015 and its goals for 2016 will be shared on a conference call to be held today at 10:00 am ET.

During 2015, Plug Power achieved the following goals:

• More than $100 million in revenue (The Street was at $100.6 million.)
  • More than a 50% increase from 2014
• More than $200 million in contract bookings
  • Another record year with contracts from new and longstanding customers
• More than 15 GenFuel hydrogen storage and dispensing infrastructure installations
  • Plug Power provides customers with more than 2.5 tons of hydrogen a day enabling more than 3,000 daily GenDrive fuelings
• GenDrive gross margins in excess of 25 percent by the end of the year
  • Continuing the trend of expanding gross margins across the business offerings
• Achieved goal of acquiring more than six new customers
  • New customers include Colruyt, U-Line and The Home Depot

“Plug Power exceeded the goals in 2015 set forth at the start of the year,” said Andy Marsh, CEO of Plug Power. “The performance of our team throughout 2015 coupled with the interest and demand we are seeing from customers has put the company in a great position to continue its success in the coming year.”

Plug Power has set the following performance goals for the full year of 2016.

• Revenue of $150 million (The Street is at $150.7 million.)
• Contract bookings of $275 million
• Install 25 new GenKey sites, linking together GenDrive fuel cell units, GenFuel hydrogen infrastructure and GenCare service for easy customer adoption
• Achieve full year gross margins exceeding 10 percent, excluding $10 million of deferred profit
• Operating cash usage of less than $20 million

The Company expects cash burn and gross margins to improve significantly throughout 2016. Marsh continues, “We enter 2016 with a calculated plan for success. Every quarter, we become more and more precise with obtaining, meeting and exceeding our objectives. I am proud of what we’ve accomplished in building this market and business thus far, and am excited by the path ahead of us in 2016.”

Conference Call

Further details on Plug Power’s 2015 metrics will be discussed on Plug Power’s January business update conference call.

Date: Thursday, January 28, 2016 Time: 10:00 am ET Toll-free: 877-407-9221

The webcast can be accessed at www.plugpower.com, selecting the conference call link on the home page, or directly at https://event.webcasts.com/starthere.jsp?ei=1089865. A playback of the call will be available online for a period following the event.

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