Plug Power points to smaller Q3 loss, better operating cash flow but cuts revenue view

Plug Power (NASDAQ:PLUG) -7.6% in early trading Tuesday to a two-month low after reporting a larger than expected Q3 loss as revenues fell 12.5% Y/Y to $173.7M, and issuing downside guidance for full-year revenues.

Q3 net loss fell to $211M, or $0.25/share, from a loss of $283M, or $0.47/share, in the year-earlier quarter.

For FY 2024, Plug (PLUG) said it now expects $700M-$800M in revenues, lower than the $804.1M analyst consensus estimate and well below prior guidance of $825M-$925M.

“Despite the speed and development of the hydrogen economy continuing to impact hydrogen equipment deployments, the mid-term and long-term outlook remains positive,” Plug (PLUG) said.

The company cited various signs of financial progress in the latest quarter, including a 31% increase in operating cash flows, which it said reflected factors such as inventory leverage and working capital efficiency.

Alternative energy shares have plunged since Donald Trump won the U.S. presidential election; Plug (PLUG) has dropped more than 25% since November 5.