Plug Power Inc Reports Q3 Financial Results: Revenue Misses Estimates, Focus on Hydrogen Future
Key Ideas
- Plug Power reported Q3 revenue of $173.73 million, below analyst estimates, with a loss of 25 cents per share.
- The company highlighted growth in electrolyzer deployments, expansion of its hydrogen network, and increased manufacturing leverage.
- Planned maintenance at facilities impacted margin contribution in Q3, but improvement is expected in Q4.
- CEO Andy Marsh emphasized the commitment to a sustainable hydrogen future, with expectations for full-year revenue of $700-800 million.
Plug Power Inc reported its third-quarter financial results, revealing revenue of $173.73 million, missing analyst estimates. The company also reported a loss of 25 cents per share, below expectations. Plug Power attributed its results to growth in electrolyzer deployments, expansion of the hydrogen network, and increased manufacturing efficiency. While planned maintenance in Georgia and Tennessee impacted margins in Q3, the company anticipates improvement in Q4 with higher utilization. CEO Andy Marsh highlighted Plug Power's dedication to a sustainable hydrogen future, emphasizing progress in electrolyzer deployments and expansion into new markets. Despite the revenue miss, Plug Power expects full-year revenue in the range of $700 million to $800 million. The company will host its annual symposium on Nov. 13. Plug Power's stock price was down 8.29% at $1.83 following the earnings announcement.