Plug Power’s Gross Billings (2017-2021)

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This statistic highlights Plug Power’s Gross Billings, reported on a quarterly basis from Q4 2017 onwards.
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This statistic highlights Plug Power’s Gross Billings, reported on a quarterly basis from Q4 2017 onwards.

Plug Power’s Gross Billings

The following table highlights Plug Power’s Gross Billings for Q2 2021, Q1 2021, and Q2 2020.

Category Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021
Gross Billings $43 $72.4 $125.6 $96 $73.7 $126.3

(All figures in millions)

Meaning and Determination

Gross billing broadly helps in measuring the topline performance of the company. It is based on the invoice value of a product and service rendered. The invoice value of any commodity is estimated on a relative basis primarily through the value of the cash involved in any contract with customers. Furthermore, it is attributed to the span of time in which the commodity is being utilized. After that, the company adds the invoice value, to the resulting amount, for services provided in that particular period.
The services rendered include extended warranty contracts serviced, fuel provided, and power supplied under Power Purchase Agreements (“PPAs”). The noteworthy assumptions and estimates underlying gross billings comprise the allocation of revenue, omitting the provision for warrants, from the company’s GAAP revenue numbers based on relative stand-alone selling prices.

The Rationale for Metric adjustments

The Company’s Compensation Committee determines the metrics such as Gross billing and Adjusted EBITDA for the annual cash incentive plan. It focuses on the fundamentals of key performance indicators of business by modifying the item which does not represent the core performance. The primary objective of this adjustment is to ensure that no activity unrelated to the core operation inflate or impair the payout levels artificially. As well as, reflect the factors the management can directly have control over.

Recent Trend Analysis

The company’s gross billings increased from $72.4 million respective to Q2 2020 to $126.3 million respective to Q2 2021, marking a tremendous growth of approximately 74.45%, on a year-on-year basis. Compared on a quarter-on-quarter basis it raised from $73.7 million respective to Q1 2021 to $126.3 million respective to Q2 2021, marking a growth of approximately 71.37%, on a quarter-on-quarter basis.

About the Company

Plug Power Inc. is a leading provider of commercially viable hydrogen and fuel cell product solutions. It was established in 1997 and their headquarter is situated in Latham, New York. The company’s aim is to shift the viable market to an increasingly electrified world with an innovative solution of cutting-edge green hydrogen (hydrogen fuel produced using electrolysis and renewable resources) and fuel cell solutions.
It has installed over 40,000 fuel cell systems and accelerated its vertical integration through acquisitions of United Hydrogen Group Inc. (“UHG”) and Giner ELX Inc. (“Giner ELX”). The company predominantly serves its products and services in the material handling markets of North America, Europe, and Asia.
The common stock of the company is traded on “NASDAQ” under the ticker symbol “PLUG”. Some of its primary competitors are Intelligent Energy, Doosan Fuel Cell America, Bloom Energy, Ballard Power Systems, ZeroAvia, EnergyNova, Pajarito Powder, and Doosan Fuel Cell.

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