Plug Power Signs $525 Million Secured Credit Facility with Yorkville Advisors and Reports Strong Preliminary Q1 2025 Results
SLINGERLANDS, N.Y., April 28, 2025 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions, today announced it has signed a definitive agreement for a secured debt facility and achieved key operational and financial milestones that support its path toward profitability and long-term growth.
Up to $525 Million Yorkville Credit Facility and Retirement of Dilutive Debenture
Plug has signed a definitive agreement for a secured debt facility with Yorkville Advisors providing for the issuance of up to $525 million of secured debentures. The facility includes an initial $210 million tranche, which will be fully funded at the initial closing and additional tranches of up to $315 million. The initial tranche is expected to close on or around May 2, 2025. With the net proceeds from the initial tranche, Plug intends to use approximately $82.5 million to retire the majority of its existing convertible debenture principal outstanding with Yorkville, which has approximately 55 million associated underlying shares given the conversion price and therefore this refinancing will reduce potential dilution.
Preliminary Q1 2025 Results and Strengthened Financial Position
Plug will be reporting its first quarter of 2025 results in early May. Plug expects to report revenue of approximately $130 million to $134 million for the first quarter of 2025. Plug expects second quarter revenue in the range of $140 million to $180 million.
Plug expects net cash usage for Q1 2025 to be approximately $142 million compared to $268 million in Q1 2024. Net cash usage represents the change in unrestricted cash and cash equivalents, less proceeds from public and private offerings, net of transaction costs, and excludes principal payments of convertible instruments. Plug anticipates additional near-term reductions to net cash usage driven by hydrogen plant ramp-ups, additional cost downs, and additional price increases. The net cash usage for the first quarter 2025 could have been lower given the Company has been working with a key customer on a major price change and program enhancement which is effective from January 1, 2025 onwards. The Company agreed to delay first quarter collections to allow time for finalizing the contracts and invoices. The Company finalized the program during the 2nd quarter which positions the Company to drive higher revenue and improved cash flows going forward.
Plug ended March 31, 2025 with approximately $296 million in unrestricted cash. Given the current cash resources, the continued reductions in cash usage by leveraging working capital and reducing capex, the benefits of additional cost reduction initiatives launched in March 2025 that are expected to drive over $200 million of annual cost reductions, and the additional committed financing available under the Yorkville credit facility, the Company believes it has sufficient liquidity to support its growth in the near to mid-term. Plug has no intention of raising additional equity in 2025, underscoring its focus on disciplined capital management.
Louisiana Plant Online
Plug has completed construction of its new 15TPD hydrogen production plant in St. Gabriel, Louisiana. Operated through the Hidrogenii joint venture with Olin Corporation, this facility strengthens Plug's vertically integrated hydrogen network and will serve anchor customers including Amazon and Walmart.
Realizing Cost Savings
Plug has already taken decisive actions to reduce its operational cost base, implementing changes in Q1 2025 that are expected to drive over $200 million in incremental annualized run-rate savings. These cost cutting measures — largely completed — include organizational realignment and a company-wide focus on manufacturing and supply chain efficiency. The full impact of these cost savings will begin to be reflected in the coming quarters, supporting Plug's continued margin improvement and progress toward profitability.
'We've made the tough decisions and put the structure in place to deliver improved operating leverage and capital efficiency,' said Andy Marsh, CEO of Plug Power. 'Between strengthening our balance sheet, scaling hydrogen production, and streamlining operations, we've taken the right steps to position Plug for long-term success in the hydrogen economy.'
Cautionary Language Concerning Forward Looking Statements
This press release contains 'forward-looking statements' within the meaning of the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, future outlooks for Plug's business, including its estimated revenue for the first and second quarters of 2025, Plug's expectations regarding its cash usage, margins, operating leverage, annual cost savings and capital efficiency, the timing of the closing of the initial tranche of the credit facility, the potential funding from additional tranches of the credit facility that are subject to additional closing conditions, the expectation that Plug will have sufficient liquidity and will not need to raise additional equity capital in 2025, and Plug's expectations that its Louisiana plant will strengthen Plug's vertically integrated hydrogen network. Plug's estimated Q1 2025 results and Q2 2025 revenue are preliminary and unaudited and subject to change upon completion of Plug's financial closing procedures. These forward-looking statements are made as of the date they were first issued and are based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Plug's control. Plug's actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including, but not limited to, the risks related to uncertainties related to market conditions and the satisfaction of the closing conditions and, with respect to the preliminary financial results, the completion of quarter-end financial close process and finalization of Plug's financial statements, which will require significant judgments in a number of areas that may result in the estimates provided herein being different than the final reported. These and other potential risks and uncertainties that could cause actual results to differ from the results predicted are more fully detailed in Plug's filings and reports with the Securities and Exchange Commission (the 'SEC'), including the Annual Report on Form 10-K for the year ended December 31, 2024, as well as other filings and reports that are filed by Plug from time to time with the SEC. These forward-looking statements should not be relied upon as representing Plug's views as of any date subsequent to the date of this press release, and you should not place undue reliance on such statements. Except as required by law, Plug undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
MEDIA CONTACTFatimah Nouilati - AllisonplugPR@allisonpr.com
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Fatal adverse reactions occurred in 2.7% of patients including pneumonia (0.5%), aspiration (0.5%), pulmonary embolism (0.5%), respiratory acidosis (0.5%), and respiratory failure (0.5%). DOSAGE AND ADMINISTRATION: Important Dosing Information Administer IMDELLTRA® as an intravenous infusion over one hour. Administer IMDELLTRA® according to the step-up dosing schedule in the IMDELLTRA® PI (Table 1) to reduce the incidence and severity of CRS. For Cycle 1, administer recommended concomitant medications before and after Cycle 1 IMDELLTRA® infusions to reduce the risk of CRS reactions as described in the PI (Table 3). IMDELLTRA® should only be administered by a qualified healthcare professional with appropriate medical support to manage severe reactions such as CRS and neurologic toxicity including ICANS. 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All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including any statements on the outcome, benefits and synergies of collaborations, or potential collaborations, with any other company (including BeiGene, Ltd. or Kyowa Kirin Co., Ltd.), the performance of Otezla® (apremilast), our acquisitions of ChemoCentryx, Inc. or Horizon Therapeutics plc (including the prospective performance and outlook of Horizon's business, performance and opportunities, and any potential strategic benefits, synergies or opportunities expected as a result of such acquisition), as well as estimates of revenues, operating margins, capital expenditures, cash, other financial metrics, expected legal, arbitration, political, regulatory or clinical results or practices, customer and prescriber patterns or practices, reimbursement activities and outcomes, effects of pandemics or other widespread health problems on our business, outcomes, progress, and other such estimates and results. Forward-looking statements involve significant risks and uncertainties, including those discussed below and more fully described in the Securities and Exchange Commission reports filed by Amgen, including our most recent annual report on Form 10-K and any subsequent periodic reports on Form 10-Q and current reports on Form 8-K. Unless otherwise noted, Amgen is providing this information as of the date of this news release and does not undertake any obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise. No forward-looking statement can be guaranteed and actual results may differ materially from those we project. Discovery or identification of new product candidates or development of new indications for existing products cannot be guaranteed and movement from concept to product is uncertain; consequently, there can be no guarantee that any particular product candidate or development of a new indication for an existing product will be successful and become a commercial product. Further, preclinical results do not guarantee safe and effective performance of product candidates in humans. The complexity of the human body cannot be perfectly, or sometimes, even adequately modeled by computer or cell culture systems or animal models. The length of time that it takes for us to complete clinical trials and obtain regulatory approval for product marketing has in the past varied and we expect similar variability in the future. Even when clinical trials are successful, regulatory authorities may question the sufficiency for approval of the trial endpoints we have selected. We develop product candidates internally and through licensing collaborations, partnerships and joint ventures. Product candidates that are derived from relationships may be subject to disputes between the parties or may prove to be not as effective or as safe as we may have believed at the time of entering into such relationship. Also, we or others could identify safety, side effects or manufacturing problems with our products, including our devices, after they are on the market. Our results may be affected by our ability to successfully market both new and existing products domestically and internationally, clinical and regulatory developments involving current and future products, sales growth of recently launched products, competition from other products including biosimilars, difficulties or delays in manufacturing our products and global economic conditions, including those resulting from geopolitical relations and government actions. In addition, sales of our products are affected by pricing pressure, political and public scrutiny and reimbursement policies imposed by third-party payers, including governments, private insurance plans and managed care providers and may be affected by regulatory, clinical and guideline developments and domestic and international trends toward managed care and healthcare cost containment. Furthermore, our research, testing, pricing, marketing and other operations are subject to extensive regulation by domestic and foreign government regulatory authorities. Our business may be impacted by government investigations, litigation and product liability claims. In addition, our business may be impacted by the adoption of new tax legislation or exposure to additional tax liabilities. 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An outbreak of disease or similar public health threat, and the public and governmental effort to mitigate against the spread of such disease, could have a significant adverse effect on the supply of materials for our manufacturing activities, the distribution of our products, the commercialization of our product candidates, and our clinical trial operations, and any such events may have a material adverse effect on our product development, product sales, business and results of operations. We rely on collaborations with third parties for the development of some of our product candidates and for the commercialization and sales of some of our commercial products. In addition, we compete with other companies with respect to many of our marketed products as well as for the discovery and development of new products. Further, some raw materials, medical devices and component parts for our products are supplied by sole third-party suppliers. Certain of our distributors, customers and payers have substantial purchasing leverage in their dealings with us. The discovery of significant problems with a product similar to one of our products that implicate an entire class of products could have a material adverse effect on sales of the affected products and on our business and results of operations. Our efforts to collaborate with or acquire other companies, products or technology, and to integrate the operations of companies or to support the products or technology we have acquired, may not be successful. There can be no guarantee that we will be able to realize any of the strategic benefits, synergies or opportunities arising from the Horizon acquisition, and such benefits, synergies or opportunities may take longer to realize than expected. We may not be able to successfully integrate Horizon, and such integration may take longer, be more difficult or cost more than expected. A breakdown, cyberattack or information security breach of our information technology systems could compromise the confidentiality, integrity and availability of our systems and our data. Our stock price is volatile and may be affected by a number of events. Our business and operations may be negatively affected by the failure, or perceived failure, of achieving our sustainability objectives. The effects of global climate change and related natural disasters could negatively affect our business and operations. Global economic conditions may magnify certain risks that affect our business. Our business performance could affect or limit the ability of our Board of Directors to declare a dividend or our ability to pay a dividend or repurchase our common stock. We may not be able to access the capital and credit markets on terms that are favorable to us, or at all. Any scientific information discussed in this news release relating to new indications for our products is preliminary and investigative and is not part of the labeling approved by the U.S. Food and Drug Administration for the products. The products are not approved for the investigational use(s) discussed in this news release, and no conclusions can or should be drawn regarding the safety or effectiveness of the products for these uses. CONTACT: Amgen, Thousand Oaks Elissa Snook, 609-251-1407 (media)Justin Claeys, 805-313-9775 (investors) REFERENCES: DeLLphi-304 Clinical Trial Listing. Available at: Accessed March 24, 2025. Paz-Ares, et al. JCO. 41, TPS8611-TPS8611(2023). DOI:10.1200/JCO.2023.41.16_suppl.TPS8611 Giffin MJ, Cooke K, Lobenhofer EK, et al. AMG 757, a Half-Life Extended, DLL3-Targeted Bispecific T-Cell Engager, Shows High Potency and Sensitivity in Preclinical Models of Small-Cell Lung Cancer. Clin Cancer Res. 2021;27:1526-1537. Baeuerle PA, Kufer P, Bargou R. BiTE: Teaching antibodies to engage T-cells for cancer therapy. Curr Opin Mol Ther. 2009;11:22-30. Ahn MJ, Cho BC, Felip E, et al. Tarlatamab for Patients with Previously Treated Small-Cell Lung Cancer. N Engl J Med. 2023;389:2063-2075. Rojo F, Corassa M, Mavroudis D, et al. International real-world study of DLL3 expression in patients with small cell lung cancer. Lung Cancer. 2020;147:237-243. PDQ® Adult Treatment Editorial Board. PDQ Small Cell Lung Cancer Treatment. Bethesda, MD: National Cancer Institute. Updated June 27, 2024. Available at: Accessed March 25, 2025. World Health Organization. Lung. 2022. Available at: Accessed on March 24, 2025. Oronsky B, Abrouk N, Caroen S, et al. A 2022 Update on Extensive Stage Small-Cell Lung Cancer (SCLC). J Cancer. 2022;13:2945-2953. Sabari JK, Lok BH, Laird JH, et al. Unravelling the biology of SCLC: implications for therapy. Nat Rev Clin Oncol. 2017;14:549-561. Clinical Trials. Tarlatamab Clinical Trial Listings. Accessed March 25, 2025. 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Yellow Corp. to sell 4 terminals for $6.8M
In a motion before a federal bankruptcy court in Delaware, defunct less-than-truckload carrier Yellow Corp.'s estate is seeking to sell four terminals valued at $6.8 million. The owned properties include a 68-door terminal in Knoxville, Tennessee, valued at $2.6 million, a 46-door facility in Southington, Connecticut ($2.8 million), a 31-door terminal near Baton Rouge, Louisiana ($1.2 million), and a 12-door location in Tupelo, Mississippi ($285,000). The named buyers include construction and building services companies as well as a wholesale fuel and lubricant distributor. It appears no LTL carrier was active in the latest asset sales. As the liquidation process draws to a close, fewer carriers have been involved. The last sale motion to the court included some transportation and logistics companies, including Saia (NASDAQ: SAIA), but also other non-LTL entities. A separate filing with the court on Friday showed that Yellow is rejecting unexpired leases on four terminals with a total of 328 doors. Yellow's estate has unloaded more than 200 terminals valued at roughly $2.4 billion since the liquidation began at the end of 2023. More FreightWaves articles by Todd Maiden: Proxy adviser backs activist's move to reshape Forward Air board J.B. Hunt expands premium intermodal offering to shippers in Mexico ArcBest taps CH Robinson veteran to fix asset-light business The post Yellow Corp. to sell 4 terminals for $6.8M appeared first on FreightWaves.
