Plug Power revenue surges in first quarter

Plug Power Inc. (PLUG) reported revenues of $27.1 million in the first quarter of 2018, an increase of around 78% from the prior year period. Net loss attributable to common shareholders was $19.8 million or $0.09 per diluted share compared to $24.1 million or $0.13 per diluted share last year. Adjusted loss per share was $0.07 for the first quarter of 2018 compared to $0.11 during the prior-year period.

Revenue results beat market estimates sending shares climbing up 6% in premarket trading. The company set a guidance target which was also ahead of market expectations.

For the full year of 2018, Plug Power expects revenues to total $155 million to $180 million. For the second quarter of 2018, the company expects revenues between $37 million and $41 million.

During the first quarter of 2018, the company shipped a total of 347 GenDrive units compared to 439 units in the prior-year period. Three GenFuel sites were installed in the quarter versus two in the prior-year period. Plug Power had 61 sites under fuel delivery contract on March 31, 2018, versus 42 sites on March 31, 2017.

In the quarter, Plug Power grew its material handling customer base with the addition of two customers, including a major US food distributor. In Europe, the company commissioned 80 additional units with Carrefour, more than doubling the size of the customer’s fuel cell fleet. Plug Power’s priority remains building an EBITDAS break-even business in the second half of 2018 and one that is positioned to be cash flow and EBITDAS positive in 2019 and onward.