Alternative energy technology company Plug Power, Inc. (NASDAQ: PLUG) reported a wider net loss for the third quarter of 2019, which matched expectations. Revenues increased but missed the estimates. The company also provided positive long-term guidance. The stock dropped sharply during Thursday’s pre-market trading session.
The New York-based firm reported an adjusted loss of $0.08 per share for the quarter, wider than the $0.07 per share loss recorded last year. The outcome matched the Street view.
Reported net loss was $21.24 million or $0.09 per share for the September-quarter, compared to a loss of $15.58 million or $0.07 per share a year earlier.
Revenues up 6%
Meanwhile, net revenues grew 6% annually to $56.38 million during the quarter, but fell short of expectations. Around 68% of the total gross billings was associated with company’s subscription program.
During three-month period, the company deployed more than 1,700 GenDrive fuel cell systems to new and recurring customers like Walmart (WMT) and Kroger (KR). It also secured Fiat Chrysler Automobiles as a new GenKey customer.
The management reaffirmed its guidance for full-year gross billings in the range of $235 million to $245 million and provided detailed five-year plan with an annual target of $1 billion gross billings by 2024.
The annual targets for operating income and adjusted EBITDA are $170 million and $200 million, respectively. The management signed a channel partnership agreement with ENGIE to expand hydrogen use in logistic sectors across more than 50 countries to end-users in distribution centers, manufacturing facilities and logistics.
Plug Power shares declined early Thursday, immediately after the earnings report. The stock has gained 86% since the beginning of the year.