Plug Power Reports Slimmer-Than-Expected Q2 Loss

Plug Power Inc PLUG shares rallied in pre-market trading after the company reported a smaller loss for the second quarter.

The company suffered a wider net loss of $13.15 million or a loss per share of $0.07 than $9.925 million or a loss per share of $0.05 incurred in the year-ago period. On an adjusted basis, it would have suffered a loss per share of $0.04, which was better than the Street estimate of $0.06.

Plug Power reported revenue of $20.5 million on a GAAP basis and adjusted revenue of $37.9 million, which represented 99 percent growth on a year-over-year basis. This was also sharply higher than $25.32 million predicted by the analysts.

The company's top line gained from new customers, which represented over 60 percent of bookings fueled by four new GenKey customer wins.

CEO Andy Marsh commented on the results, "New large-scale accounts, significant traction in Europe and continued margin improvements keep us on track for achieving our targeted 2016 goals. Continued strong commercial progress combined with a focus on research and development will ensure Plug Power's leadership in current and future markets."

Shares traded up by $0.15, or 8.7 percent, to $1.87 in the pre-market on Thursday.