shares fell nearly 4% in premarket trading Wednesday after the fuel-cell company reported second-quarter revenue that missed analysts’ estimates.
(ticker: PLUG) posted revenue in the period of $151.3 million, up from $124.6 million a year earlier but below analysts’ forecasts of $159 million. The company reported a loss of 30 cents a share vs. a year-earlier loss of 18 cents. Analysts were expecting a loss of 21 cents a share.
New product offerings represented more than $56 million in revenue in the second quarter, Plug Power said.
The company also said in a letter to shareholders that its “historical seasonality” for full-year revenue is expected to continue in 2022. Revenue in the first half of the year typically represents about 30% of full-year revenue, with the second half representing about 70%, Plug Power said.
The company said that its fuel business “continues to remain under pressure due to increased hydrogen molecule cost associated with historically higher natural gas prices and continued supplier disruptions.”
Plug fell 3.9% to $23.72 in premarket trading Wednesday.
Joseph Spak, an analyst at RBC Capital Markets, raised his price target on Plug shares to $29 from $18 while maintaining his Outperform rating.
Spak said passage of the Inflation Reduction Act, which unlocks nearly $370 billion to spur the transition to clean energy, is a “catalyst to accelerate growth of the green hydrogen industry and could positively impact growth of PLUG’s product lines including electrolyzers and fuel cells.”
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