Hydrogen fuel cell maker Plug Power Inc (PLUG) reported a 75% increase in its second-quarter revenue to $39.9 million, in line with the guidance set by the company. The company reported a narrower net loss of $25.8 million or $0.12 per share, compared to the year-over period. On an adjusted basis, loss per share was $0.08, in line with analysts estimates.
For Q3 2018, the company expects sales to be about of $47 million to $52 million. The company forecasts a range for positive adjusted gross margin of 9% to 12% and EBITDAS of negative $3 million to break even. For the full year 2018, Plug Power anticipates revenues to total $155 million to $180 million.
During the Q2 2018, the company shipped a total of 1,102 GenDrive units compared to 830 units in the prior-year period. Six GenFuel sites were installed in the quarter versus four in the prior-year period. Plug Power had 67 sites under fuel delivery contract on June 30, 2018, versus 46 sites on June 30, 2017
Free cash flow for the second quarter of 2018 was negative $20.4 million compared to negative $43.4 million in the second quarter of 2017. As of June 30, 2018, Plug Power had a total cash position of $55.4 million, including cash and cash equivalents of $15.0 million and restricted cash of $40.4 million.
The company’s priority remains being an EBITDAS-breakeven business in the second half of 2018 as well as one that is positioned to be cash flow and EBITDAS positive from next year.