Benzinga - by Chris Katje, Benzinga Staff Writer.
Fuel cell company Plug Power Inc (NASDAQ:PLUG) reported third-quarter financial results after the market close Thursday.
Here are the key highlights.
What Happened: Plug Power reported third-quarter revenue of $198.71 million, which was up 5.3% year-over-year. The revenue total missed a Street consensus estimate of $237.92 million, according to data from Benzinga Pro.
The company reported a loss of 47 cents per share in the third quarter, which missed a Street consensus estimate of a loss of 30 cents per share.
Plug Power said the third-quarter financial performance was negatively impacted by "unprecedented supply challenges in the hydrogen network" in North America.
"We believe the hydrogen supply challenge is a transitory issue, especially as we expect our Georgia and Tennessee facilities to produce at full capacity by year-end," the company said.
Related Link: Trading Strategies For Plug Power After Q3 Earnings
What's Next: Plug Power shared several updates on its Georgia green hydrogen plant, which is expected to begin liquid production between Nov. 15 and the end of 2023.
The company said it has a sales pipeline for its cryogenics and liquefier business that totals over $1.1 billion.
Newly added customers include Tyson, Ryder and STEF.
The company said it has increased its manufacturing footprint from 50,000 square feet to close to 1 million square feet.
The following four key business accelerators were listed:
Read Next: Plug Power Q3 Earnings Preview: Betting Big On Green Hydrogen Economy
Photo courtesy of Plug Power.
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