Plug Power slides after missing Q2 earnings, revenue expectations

Plug Power (NASDAQ:PLUG) -6.2% pre-market Thursday after reporting a larger than expected Q2 loss and a 45% Y/Y decline in revenues to $143M, which also missed analyst consensus by a wide mark.

Q2 net loss increased to $262.3M, or a loss of $0.36/share, from a loss of $236.4M, or $0.40/share, in the year-earlier quarter, which the company said reflected the impact of strategic investments as well as ~$86M in non-cash charges.

Plug Power (PLUG) issued in-line guidance for FY 2024, seeing full-year revenues of $825M-$925M, compared with the $908M analyst consensus estimate by FactSet.

The Georgia plant’s increased production capacity and strategic price increases across the hydrogen product portfolio have significantly improved hydrogen margins, the company said.

Plug (PLUG) said it deployed more than $70M of electrolyzer systems in Q2, representing a “major inflection point” in the scaling of the new offering, and it plans to deploy an additional 100 MW of electrolyzers by the end of the year.

Plug (PLUG) said it has secured 7.5 GW in global BEDP contracts, including a 3 GW contract with “a significant customer in Australia for a green ammonia project that is moving forward with an engineering, procurement and construction contractor.”