NEW YORK - Plug Power Inc. (NASDAQ:PLUG) reported second-quarter results that fell short of analyst expectations, sending its shares down 9.2% in pre-market trading on Thursday.
The hydrogen fuel cell company posted a wider-than-expected loss of -$0.36 per share, missing the analyst estimate of -$0.31. Revenue for the quarter came in at $143.4 million, significantly below the consensus estimate of $184.55 million.
Plug Power anticipates its 2024 revenue to range between $825 million and $925 million. This forecast largely reflects the Company's expectation for revenue from our pipeline of orders in the electrolyzer, cryogenic, and material handling businesses in the second half of 2024.
Plug Power's miss on both earnings and revenue highlights the ongoing challenges in the hydrogen fuel cell sector, as companies work to scale up operations and achieve profitability in a rapidly evolving market.
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