Plug Power Inc. announced the initiation of 'Project Quantum Leap,' a comprehensive program targeting $150 million to $200 million in annual expense reductions. This initiative includes additional workforce reductions, further facility consolidations, reduced discretionary spending, and limiting capital expenditures to critical requirements.
These measures follow strategic actions taken in 2024 that resulted in a substantial reduction in cash burn. The company noted that while significant strides were made, market dynamics necessitate additional efforts to optimize operations.
Project Quantum Leap is expected to further improve margins and cash flows, accelerating Plug Power's path to profitability. The company remains focused on strengthening its financial foundation and executing its growth strategy with discipline and efficiency.
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