Plug Power Inc (NASDAQ:PLUG) reported second-quarter financial results before the market open on Thursday. Here's a look at the key metrics from the quarter.
Q2 Earnings: Plug Power reported second-quarter revenue of $143.4 million, missing ***yst estimates of $184.939 million. The company reported an adjusted loss of 36 cents per share, missing estimates for a loss of 29 cents per share, according to Benzinga Pro.
Plug Power said it deployed over $70 million of electrolyzer systems in the second quarter. The company noted that because of final commissioning and testing requirements, the majority of the deployments were not recognized as revenue in the quarter. Plug expects to recognize that revenue in the second half of 2024.
"The second quarter of 2024 has been pivotal for Plug Power as we continue to make strides in our strategic initiatives and operational capabilities," said Andy Marsh, CEO of Plug Power.
"We are excited about the opportunities ahead and remain focused on delivering sustainable energy solutions that drive value for our customers and stakeholders."
Outlook: Plug Power expects full-year 2024 revenue to be in the range of $825 million to $925 million versus estimates of $917 million.
Plug noted that strong progress is being made on its new hydrogen plant developed through a joint venture with Olin Corporation in Louisiana. The plant is expected to commence commissioning in September and generate liquid hydrogen in the fourth quarter.
The company also announced the ***ointment of Dean Fullerton as COO. Fullerton comes from Amazon*** Inc (NASDAQ:AMZN), where he was responsible for global engineering services and oversaw operations engineering for 14 years.
PLUG Price Action: Plug Power shares were down 5.29% at $1.96 at the time of publication, according to Benzinga Pro.
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