Plug Power Reports Loss of $0.35 Per Share, Revenue Beats Expectations
May 10, 2023
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Revenue for the quarter was $210.3M, which exceeded expectations by $2.63M. This marks the third consecutive quarter that Plug Power ($NASDAQ:PLUG) has exceeded revenue projections. Plug Power is a major provider of hydrogen and fuel cell solutions for material handling, transportation, and other industries. The company designs, manufactures, and integrates hydrogen and fuel cell systems for electric mobility, stationary power, and other applications. Notably, Plug Power recently announced a strategic partnership with Amazon to power hundreds of hydrogen fuel-cell-powered warehouses in the US and Europe.
This increase was mainly attributed to higher costs associated with investing in new technologies, research and development, and customer support activities. Overall, Plug Power’s first quarter results have been mixed, with the GAAP EPS being lower than expected yet the revenue surpassing expectations. Investors will be watching closely as the company continues to invest in new technologies and expand its customer base in order to improve its financials in the coming quarters.
Price History
The company’s shares opened at $8.7 and closed at $8.0, a plunge of 13.8% from its last closing price of 9.3. The stock performance of Plug Power is indicative of the overall market sentiment regarding the company’s future prospects. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Plug Power. More…
| Total Revenues | Net Income | Net Margin |
| 701.44 | -724.01 | -97.2% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Plug Power. More…
| Operations | Investing | Financing |
| -828.62 | -679.37 | -77.46 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Plug Power. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 5.76k | 1.7k | 6.88 |
Key Ratios Snapshot
Some of the financial key ratios for Plug Power are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 45.0% | – | -97.5% |
| FCF Margin | ROE | ROA |
| -184.3% | -10.3% | -7.4% |
Analysis
GoodWhale has conducted a financial analysis of PLUG POWER and classified the company under the ‘cheetah’ category. This means that the company has achieved high revenue or earnings growth, but is considered less stable due to lower profitability. The analysis showed that PLUG POWER is strong in terms of assets and growth and weak in terms of dividend and profitability. Additionally, its intermediate health score of 4/10 indicates that it is likely to sustain future operations in times of crisis. Given this combination of factors, investors who are looking for potential long-term growth opportunities with some level of risk may find PLUG POWER an interesting option. Investors should also keep in mind that the company’s lack of dividend yield and low profitability mean that it may require greater due diligence in order to reduce risk. More…
Peers
Plug Power Inc. is a leading provider of energy solutions that enable its customers to power their operations with clean, reliable energy. The company’s products and services include fuel cells, hydrogen refueling, and power management systems. Plug Power Inc. competes with Loop Energy Inc, AFC Energy PLC, and Greenchek Technology Inc in the provision of energy solutions.
– Loop Energy Inc ($TSX:LPEN)
As of 2022, Loop Energy Inc has a market cap of 60.66M. The company has a Return on Equity of -31.52%. Loop Energy Inc is a company that provides fuel cells and hydrogen fuel cell electric vehicles. The company’s products are used in a variety of applications, including automotive, transportation, stationary power, and portable power.
– AFC Energy PLC ($LSE:AFC)
AFC Energy PLC is a company that focuses on providing alternative energy solutions. The company has a market capitalization of 143.44 million as of 2022 and a return on equity of -24.64%. Despite the negative return on equity, the company’s market capitalization indicates that investors are still confident in the company’s ability to generate future returns. The company’s focus on alternative energy solutions makes it a unique player in the market and gives it a potential growth opportunity in the future.
– Greenchek Technology Inc ($OTCPK:GCHK)
Greenchek Technology Inc is a publicly traded company that engages in the design, manufacture, and sale of electronic test and measurement equipment. The company has a market cap of 35.51k as of 2022 and a return on equity of 2.93%. Greenchek Technology Inc’s products are used in a variety of industries, including telecommunications, aerospace, defense, and semiconductor. The company’s products are sold worldwide through a network of distributors and resellers.
Summary
Investors seemed disappointed with Plug Power‘s recently reported quarterly results despite the company’s revenue beating estimates. The reported GAAP earnings per share of -$0.35 missed analysts’ consensus estimate by $0.09, while the reported revenue of $210.3M beat estimates by $2.63M. The stock price of Plug Power dropped on the same day.
Overall, investors have mixed sentiment regarding the company’s recent earnings performance and long-term prospects. It remains to be seen whether the company can execute on its strategies to become a leader in the hydrogen fuel cell market.
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