Plug Power beats Wall Street sales estimates but investors aren’t electrified
Hydrogen fuel cell company Plug Power was largely flat in after-hours trading on Monday, following the company’s first-quarter earnings report.
Plug reported revenue of $133.7 million on the quarter, beating the analyst estimates of $132 million. The company posted a loss per share of -$0.21, slightly worse than Wall Street expectations of a -$0.19 loss. Shares were down about 2% in after-hours trading.
Plug reported a -55% gross margin loss for the quarter, significantly better than the -132% margin in the same period last year. For the second quarter, it forecast revenue between $140 million and $180 million.
Last month, Plug projected that recent cost-saving measures would save it $200 million per year. Those preliminary results, along with a $525 million credit pact with Yorkville Advisors, sent its shares up 40% on the day.
As of market close, the company’s shares were down more than 60% this year. At less than a dollar per share, the stock is down massively from an early 2021 peak in the mid-$60 range (adjusted for splits), when investors were optimistic about the Biden administration’s desire to support alternative fuels.
