130% Increase In Fuel Cell Units Deployed Drives Plug Power's Best Quarter Yet

Shares of Plug Power rallied Monday after the hydrogen fuel cell company reported third-quarter results. 

Plug Power Q3 Earnings: New records were set by Plug Power Inc PLUG in its third quarter.

The company reported record gross billings of $125.6 million. This total was up 100% year-over-year and up 73% sequentially.

This figure represents the highest gross billings in the company’s 22-year history, Plug Power said.

The company raised its full-year billings guidance to a range of $325 million to $330 million. The prior guidance was for $310 million.

Plug Power's New Deals: In the third quarter, Plug Power signed deals with Brookfield Energy, a Brookfield Renewable Partners BEP company and Apex Clean Energy.

The signed deals are to source renewable electricity and build liquid green hydrogen plants.

In the third quarter, Plug Power also signed a deal with Linde LIN to deploy pilot Class 6 and Class vehicles on the road in 2021.

Related Link: Linde Will “Be Our Savior” In Hydrogen Powered Solution, Cramer Says

Plug Power's Strong Demand: Plug Power deployed 4,100 fuel cell systems and 13 hydrogen fueling stations in the third quarter. This marked a 130% year-over-year increase in fuel cell units deployed.

At the height of the pandemic, Plug Power's products were operating at 99% efficiency, the company said.

The company moved 30% of retail food and groceries in the United States, according to the third-quarter shareholder letter. 

The corporate partners mentioned in the quarterlyreport were Wal-Mart Inc WMT, Amazon.com AMZN, Kroger Co KR, Supervalu and Wegmans.

What’s Next For Plug Power: Plug Power highlighted its 2024 vision in the earnings release.

The company said it remains on track to hit $1.2 billion in annual sales, $200 million in operating income and $250 million in adjusted EBITDA by 2024.

The company is building five green hydrogen plants in the United States, with the first two set to be completed by 2022.

The world’s first PEM technology Gigafactory is set to be operational by mid-2021. The factory will have 1.5 gigawatt-hours of capacity with room for expansion, Plug Power said. 

PLUG Price Action: Shares of Plug Power gained 7.69% Monday, closing at $20.31. 

Shares hit a new 52-week high of $21.89 earlier Monday and are up nearly 500% year-to-date.