Plug Power's revenue comes up short, sending alternative-energy-company's stock lower

By Emily Bary

The green hydrogen company also reported a bigger loss than analysts were expecting

Plug Power Inc. on Thursday reported a big revenue shortfall relative to what analysts were expecting, and its stock was falling in premarket action.

The alternative-energy company delivered second-quarter revenue of $143.4 million, performance that Plug Power (PLUG) said in its release reflected "ongoing growth in its electrolyzer deployments and improved pricing on fuel and other product lines." But revenue was down sizably from the $260.2 million that Plug Power posted a year before, and it was also well below the $184.5 million consensus view.

Plug Power recorded a second-quarter net loss of $262.3 million, or 36 cents a share. That compares with a loss of $236.4 million, or 40 cents a share, in the year-earlier period. The company said its latest performance reflected the impact of strategic investments as well as about $86 million in non-cash charges.

The loss was larger than analysts were expecting, as the FactSet consensus called for a 31-cent per-share loss in the period.

Shares of Plug Power were off about 9% in premarket trading Thursday.

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Plug Power said that its hydrogen margins have gotten better thanks to its Georgia plant, which is functional and seeing increased production capacity. The company also referenced its own strategic price increases as a contributor to hydrogen-margin performance.

"This enhancement demonstrates Plug Power's ability to leverage its production capabilities and optimize pricing to boost financial performance," the company said in its release.

Plug Power's 2024 forecast is for $825 million to $925 million in revenue, whereas analysts were looking for $908 million.

Shares of Plug Power are down 81% over the past 12 months.

See also: Is Tesla's stock having an identity crisis?

-Emily Bary

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08-08-24 0754ET

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