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Plug Power Reports Decreased Net Loss Amid Revenue Drop, CEO Calls Quarter Pivotal for Strategic Growth.

US hydrogen solutions provider Plug Power Inc (NASDAQ:PLUG) reported a decrease in net loss to USD 262.3 million (EUR 240m) from USD 236.4 million in the second quarter of 2024, due to increased strategic investments, market dynamics, and around USD 86 million of non-cash charges. Revenues also fell, with revenue from sales of equipment, related infrastructure and other dropping 64.5% to USD 76.8 million. The company deployed over USD 70 million of electrolyser systems in Q2, with the majority not yet recognised as revenue. It also expects to deploy another 100 MW of electrolysers by the end of the year. Despite this, CEO Andy Marsh stated that the quarter was pivotal for Plug as it progresses in its strategic initiatives and operational capabilities.

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