Plug Power Stock Slides On Q3 Earnings: Revenue Miss, EPS Miss, Soft Guidance And More

Plug Power Inc PLUG reported third-quarter financial results before the market opened on Tuesday. Here’s a look at the key metrics from the quarter.

Q3 Earnings: Plug Power reported third-quarter revenue of $173.73 million, missing analyst estimates of $210.23 million. The company reported a quarterly loss of 25 cents per share, missing analyst estimates for a loss of 24 cents per share, according to Benzinga Pro.

Plug Power said its results were driven by an inflection in electrolyzer deployments, continued expansion of its internally produced hydrogen network and increased leverage on the company’s manufacturing footprint. Plug noted that electrolyzer sales increased 285% on a quarter-over-quarter basis.

Planned downtime and maintenance at the company’s Georgia and Tennessee facilities limited margin contribution in the third quarter, but it’s expected to improve with higher utilization in the fourth quarter.

“Plug Power’s performance this quarter underscores our commitment to building a sustainable and profitable hydrogen future. 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,” said Andy Marsh, CEO of Plug Power.

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Outlook: Plug Power expects full-year 2024 revenue to be in the range of $700 million to $800 million versus estimates of $823.46 million.

Plug said it will host its annual symposium at its headquarters on Nov. 13.

PLUG Price Action: Plug Power shares were down 8.29% at $1.83 at the time of publication Tuesday, per Benzinga Pro.

Photo: Shutterstock.