Plug Power Stock Slips Following Q3 Miss, Guidance Cut: Retail Staunchly Backs Hydrogen Fuel-cell Energy Company

Plug Power, Inc. ($PLUG) shares slipped in premarket on Tuesday after the hydrogen fuel-cell energy company missed third-quarter estimates and reduced its revenue guidance for the full year. 

Slingerlands, New York-based Plug Power reported a net loss per share of $0.25, narrower than the year-ago loss of $0.47 per share and second quarter’s $0.36 per share. 

The net loss of $211.2 million included strategic investments, new product deployments and market dynamics, as well as $70.5 million in non-cash charges, the company said.

Revenue came in at $173.7 million, down 12.59% year-over-year from $198.71 million. The company, however, said it saw an inflection in electrolyzer deployments, continued expansion to its internally produced hydrogen network and increased leverage on its manufacturing footprint.

The top and bottom line missed the consensus estimates that called for a loss of $0.24 per share and revenue of $207.25 million.

The gross loss for the quarter fell 37% sequentially, reflecting improvements in equipment, service, power purchase agreements and fuel.

Plug Power CEO Andy Marsh said, “Plug Power's performance this quarter underscores our commitment to building a sustainable and profitable hydrogen future. Our progress in electrolyzer deployments, advancements in hydrogen production, and expansion into new markets reflect our team's dedication to leading the build out of the hydrogen economy.”

Looking ahead, Plug Power now expects full-year revenue in the range of $700 million to $800 million, compared to the consensus of $804.19 million. This marked a downward adjustment from the $825 million to $925 million that was forecast earlier.

“Despite the speed and development of the hydrogen economy continuing to impact hydrogen equipment deployments, the mid-term and long-term outlook remains positive,” the company said.

In premarket trading as of 8:55 a.m. ET, Plug Power shares fell 4.52% to $1.90. The stock is down about 56% for the year-to-period vis-a-vis the broader market, which trades at a record high.

The retail crowd is upbeat regarding Plug Power’s fundamentals and the stock. A user on the Stocktwits platform pointed to the not-too-negative stock reaction and said investors are recognizing the company is moving in the right direction.

Others see the earrings report as "good news."

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