Plug Power Inc PLUG shares are trading lower after the company provided revenue expectations update for 2022. The company believes that its prior full year 2022 revenue guidance of $900 million to $925 million could be 5% to 10% lower for the year.
Plug Power said via press release it believes the revenue impact reflects some larger projects potentially being completed in 2023 instead of 2022 due to timing and broader supply chain issues.
While revenue could be lower than previously anticipated in 2022, Plug Power says demand for the fuel cell applications and electrolyzer business remains robust.
Plug Power added that the company recently became aware of the potential impact to its full year 2022 revenue and believes it is prudent to update stakeholders. The company expects the completion of the projects no later than 2023.
The company is also holding the Plug Symposium on October 19, which will be hosted and broadcast from its Gigafactory in Rochester, New York.
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According to data from Benzinga Pro, Plug Power has a 52-week high of $46.50 and a 52-week low of $12.70.
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