Written by Cláudio Afonso | LinkedIn | X
Plug Power published on Thursday its second quarter earnings results reporting $143.4 million of revenue, a net loss of $262.3 million, and an earnings-per-share (EPS) loss of $0.36 — worse than consensus estimate of $0.31.
In mid-July, the company announced a public offering of $200 million in common stock, six months after selling $1 billion worth of shares.
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The U.S.-based startup attributed the net loss result to “strategic investments, market dynamics and ~$86 million of non-cash charges such as depreciation and amortization, stock-based compensation, provision for common stock warrants, inventory adjustments, and impairment charges”.
In a statement, the company’s CEO Andy Marsh said the second quarter of the year was “pivotal for Plug Power as we continue to make strides in our strategic initiatives and operational capabilities”.
Plug has recently hired the Amazon veteran Dean Fullerton as its new COO. Marsh commented that the arrival of Fullerton “strengthens our leadership team, and our recent achievements in electrolyzer deployments and partnerships demonstrate our unwavering commitment to advancing the hydrogen economy”.
As an outlook, the company anticipates its yearly revenue to range between $825 million and $925 million reflecting the revenue from its “pipeline of orders in the electrolyzer, cryogenic, and material handling businesses” in both third and fourth quarter.
The company, which partners with the French automaker Renault, announced recently that has reached 13 hydrogen refueling stations (HRS) over the last two years across 5 European countries.
Globally, it has over 250 stations with the largest expected to consume nearly half a ton of hydrogen per day.
The company has recently secured an order for 25 megawatts (MW) of proton exchange membrane (PEM) electrolyzer systems from a European customer. Plug’s European material handling customer base includes Amazon, Stef, ASDA, Lidl.
At its plant in Georgia, Plug has a hydrogen production capacity of 15 ton per day which allows the capability to provide proven PEM electrolyzer technology for the customer.
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Written by Cláudio Afonso | LinkedIn | X
