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Fuel cell company Plug Power (NASDAQ:PLUG) reported fourth-quarter financial results after the market close Wednesday. Here are the key highlights.
What Happened: Plug Power reported fourth-quarter revenue of $221 million, which missed a Street estimate of $277.3 million, according to data from Benzinga Pro. The revenue total was up 40% year-over-year.
For fiscal 2022, Plug had revenue of $701.4 million, up 36% year-over-year.
Plug said its fourth quarter and full-year revenue totals were both company records.
The company highlighted several recent supply agreements and signed partnerships that it said will strengthen the company’s future success.
Related Link: Trading Strategies For Plug Power Stock After Q4 Earnings
What’s Next: Plug Power reaffirmed guidance of revenue of $1.4 billion in 2023. The company said revenue drivers include inflection in electrolyzer sales, new large scale stationary product scales, growth in material handling and several liquifier opportunities.
The company is guiding for gross margins of 10% in fiscal 2023.
Plug Power offered the following revenue and gross margin targets for future years:
- 2024: $2.1 billion revenue, 25% gross margin
- 2025: $3.3 billion revenue, 30% gross margin
- 2026: $5 billion revenue, 30% gross margin
- 2030: $20 billion revenue, 35% gross margin
The company sees revenue growing at a compounded annual growth rate of around 50% through 2030.
“The foundation established in 2022 and 2023 puts us in a position to deliver these near and medium-term targets,” the company said.
Plug said delivering on its growth objectives and expanding gross margins remain the key corporate focuses as it looks to a path of profitability.
PLUG Price Action: Plug shares are trading down 1.55% at $13.99 in after-hours trading on Wednesday.
Read Next: Plug Power Joins With Johnson Matthey To Push Hydrogen Economy
Photo courtesy of Plug Power.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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