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Plug Power beats Wall Street's 3Q revenue target thanks to fuel cell sales

Plug Power now has capacity to produce over 20,000 fuel cell products on a yearly basis
fuel cells
To meet demand, Plug Power has launched a new manufacturing facility in Clifton Park, with the support of New York State

Hydrogen fuel cell maker Plug Power (NASDAQ:PLUG) zipped past Wall Street’s projections for its third-quarter revenue thanks to sales of its GenDrive fuel cell units.

For the three months ended at the close of September 2018, the Latham, New York-based company’s net loss shrunk to $15.6 million or a per-share loss of $0.07, compared with its loss in the year-ago quarter of $40.98 million or $0.18 per share. On an adjusted basis, it reported a loss of $0.06 per share, which surpassed the consensus estimate of a loss of $0.08 per share.

Another bright spot was that the company posted a gross profit of $4.4 million in its latest quarter, compared with a $19.4 million loss a year ago.

Its revenue also came in ahead of Wall Street’s projections, jumping to $53.2 million, up from $34.6 million in the corresponding period last year. Analysts had predicted Plug Power would see sales of $50.44 million.

Included in the third-quarter results is a $2.1 million provision for stock warrants reported as a reduction of revenue against a $26.1 million provision reported in the third quarter of 2017.

READ: Plug Power shares surge on Amazon deal

In the quarter, Plug Power sold 1,483 GenDrive fuel cell units and seven GenFuel hydrogen stations. It also delivered products to nine different customers.

About 17,300 GenDrive units were under service or PPA contract at the close of September, versus about 14,500 in the year-ago quarter.

Thanks to this business, Plug Power lifted its gross revenue targets to between $175 million to $190 million for 2018.

To meet demand, PlugPower also opened a new manufacturing facility in Clifton Park, with the backing of NY State’s Empire State Development.

Plug Power now has capacity to produce over 20,000 fuel cell products on a yearly basis.

In recent years, the company has won key contracts. Amazon.com now uses Plug Power's  powerful fuel cells and technology in its warehouses while Federal Express delivers packages via its hydrogen fuel cell electric delivery vans.

Plug Power shares nudged up 1% to $1.95 in Wednesday’s pre-market session.

Contact Ellen Kelleher at [email protected]

 

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