Alternative energy technology company Plug Power (NASDAQ: PLUG) reported a narrower net loss for the second quarter of 2019, aided by a 61% surge in revenues. The results also topped the Street view and the company’s stock gained about 3% early Tuesday.
The New York-based company reported a net loss of $18.59 million or $0.08 per share for the June quarter, compared to a loss of $25.9 million or $0.12 per share last year. The market was looking for a slightly wider loss.
During the quarter, Plug Power deployed more than 2,000 GenDrive units, representing a 70% annual growth, and reported gross billings of $58.6 million, up 50%. Under a partnership with DHL-subsidiary StreetScooter, the company secured the first commercial-scale deployment of ProGen fuel cells for on-road logistics.
The improvement in the bottom line performance is attributable to a 61% annual increase in revenues to $57 million. The top-line also surpassed analysts’ projection.
The management, meanwhile, reaffirmed its full-year 2019 guidance for gross billings in the range of $235 million to $245 million. Operating income is forecast to grow sharply and adjusted EBITDA to remain positive. Going forward, the focus will be on providing an economic and sustainable value proposition to end-customers while improving overall margins through various measures including cost reduction.
Also see: Plug Power Q1 2019 Earnings Conference Call Transcript
During the second quarter, Plug Power acquired EnergyOr, a Montreal-based firm specialized in ultra-lightweight compact PEM hydrogen fuel cell systems. The deal is expected to allow the company to expand its ProGen suite to address robotics and small-scale material handling.
PLUG stock has gained 57% so far this year and 3.5% in the trailing 52 weeks. It rose about 3% during Tuesday’s premarket trading session, after closing the previous session lower.