Plug Power Q2 Earnings: Revenue Jumps 72%, EPS Misses Estimates, Green Hydrogen Company Reaffirms Guidance

Plug Power Inc PLUG reported second-quarter financial results after the close. Here's a rundown of the results.

What Happened: Plug Power said second-quarter revenue increased 72% year-over-year to $260.18 million, which beat the consensus estimate of $242.24 million, according to Benzinga Pro. 

The company said revenue growth was driven by expansion with pedestal customers in material handling and significant growth in cryogenics and liquefaction.

Plug reported a quarterly loss of 40 cents per share, which missed analyst estimates for a loss of 26 cents per share.

The green hydrogen company said its second-quarter results demonstrate the strength of the company's vertical integration strategy and that margins are poised for a "substantial ramp" as the company continues to scale its multiple offerings. 

Final commissioning activities are underway at Plug's green hydrogen plant in Georgia.

"As Georgia produces at its full capacity, this is expected to cut our fuel margin loss by as much as half from Q2 to Q4 2023," the company said. 

Plug also highlighted "significant demand" for its green hydrogen for stationary applications that solve insufficient or unreliable grid power issues, including for EV fleet charging.

Plug reaffirmed its full-year 2023 revenue guidance of $1.2 billion to $1.4 billion versus analyst consensus of $1.29 billion. 

A conference call to discuss these results kicked off at 4 p.m. ET.

See Also: Trading Strategies For Plug Power Heading Into Q2 Earnings

PLUG Price Action: Plug shares were down 5.21% after hours at $10.20 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Plug Power.