SLINGERLANDS, N.Y. - Plug Power Inc. (NASDAQ:PLUG) reported third quarter revenue that fell short of analyst expectations, sending shares down 3% in premarket trading on Tuesday.
The hydrogen fuel cell company posted revenue of $173.7 million for the quarter, missing the consensus estimate of $208.16 million. Adjusted loss per share came in at $0.25, compared to expectations for a loss of $0.24 per share.
Revenue declined 12.6% year-over-year from $198.7 million in Q3 2023. The company cited an inflection in electrolyzer deployments and continued expansion of its internally produced hydrogen network as key drivers of revenue in the quarter.
Plug Power reported a net loss of $211.2 million for Q3, narrowing from a $262.3 million loss in the previous quarter. The loss included approximately $70.5 million in non-cash charges.
"Plug Power's performance this quarter underscores our commitment to building a sustainable and profitable hydrogen future," said CEO Andy Marsh. "Our progress in electrolyzer deployments, advancements in hydrogen production, and expansion into new markets reflect our team's dedication to leading the build out of the hydrogen economy."
For full year 2024, Plug Power anticipates revenue in the range of $700 million to $800 million. The company cited a pipeline of orders in electrolyzer, cryogenic, and material handling businesses driving revenue in the second half of the year.
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