Categories Earnings, Energy, Technology

Plug Power predicts preliminary 2018 revenue to jump 40% from a year ago

Plug Power on Wednesday announced preliminary revenue of $182-185 million for 2018, jumping 40% from last year.

Plug Power also estimates to achieve $235-245 million worth gross billings for the year.

For the fourth quarter, preliminary revenue was in the range of $60 million to $63 million.

Back in the second quarter, Plug Power had acquired AFC, an organization that manufactures membranes — a key component in fuel cell stacks. By the fourth quarter, Plug Power started shipping products with Plug Power’s membranes.

REVISITING THE THIRD QUARTER

In the last reported quarter, Plug Power sold more 1,400 GenDrive fuel cell units and seven GenFuel hydrogen stations, and delivered products to nine different customers.

Plug Power third quarter 2018 Earnings Infographic

Back in November, Plug Power also announced that it launched a new manufacturing facility in Clifton Park, with the support of NY State’s Empire State Development. As of Nov. 8, Plug Power had the capacity to produce about 20,000 fuel cell products annually.

The battery maker’s upbeat results raised shareholder confidence, as it then sent the stock up when the results were announced.

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