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Plug Power Rises After Loss Widens, Revenue Beats

Plug Power reported a wider-than-expected loss but stronger-than-expected revenue.

Shares of Plug Power  (PLUG) - Get Report rose after the hydrogen-fuel-cell company reported mixed first-quarter results.

For the quarter ended March 31 the Latham, N.Y., company posted a net loss of $60.8 million, or 12 cents a share, wider than the loss of $37.5 million, or 12 cents a share, in the year-earlier quarter. Shares outstanding climbed 68% to 513.5 million. 

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Revenue for the period rose 76% to $72 million. 

Analysts surveyed by FactSet were expecting a per-share loss of 8 cents a share on revenue of $71.5 million. 

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At last check shares of Plug Power were 3.4% higher at $30.86. They were down about 12% in 2021 through the close of Monday's trading.

The company says it expects its PEM fuel-cell solutions for backup power in data centers to achieve cost parity with diesel engines by 2024. 

The company recently identified the locations of its first three green-hydrogen plants, in Georgia, Pennsylvania and New York. Its plans call for the first two plants to be operational by the end of 2022. 

In April, Morgan Stanley Stephen Byrd resumed coverage of the company with an equal-weight rating. He was concerned about the stock's valuation. 

"PLUG's product advantages, strong balance sheet, and strategic partnerships position the company well for the transition to a hydrogen economy," analyst Stephen Byrd said.

But even after "forecasting double-digit revenue growth and strong margin expansion, we see modest stock-price upside."

Byrd set a $35 price target on the company.