Financial PerformancePLUG reported $174 MM in 2Q revenue (+21% y/y), which was slightly ahead of our $169 MM estimate and consensus $158 MM.
Gross Margin ImprovementGross margins improved significantly due to equipment cost reductions, better hydrogen pricing, and lower service costs.
Policy IncentivesPolicy tailwinds such as clarified 45V PTC and 48E ITC provide a meaningful boost for the business.