Plug Power Inc. (NASDAQ: PLUG) reported its financial results for the quarter ended March 31, 2020, on Thursday before the market opens. The company posted a wider loss in the first quarter of 2020 due to higher costs and expenses.
![Plug Power (PLUG) Q1 2020 earnings](https://cdn.news.alphastreet.com/wp-content/uploads/2020/05/Plug-Power-Earnings-Trend.jpg)
The company achieved record gross billings of $43 million, which reflects year-over-year growth of 89%. The company deployed over 1,000 fuel cell systems and had billings associated with 4 hydrogen infrastructure programs in the quarter.
![Plug Power (PLUG) Q1 2020 revenue](https://cdn.news.alphastreet.com/wp-content/uploads/2020/05/Plug-Power-Revenue-Trend.jpg)
Plug Power reaffirmed its guidance to achieve $300 million in gross billings in 2020, which represents more than 25% growth year-over-year. This pandemic is causing a global economic slowdown. The company is also impacted by this, but given its mix of customers and product offerings, Plug Power remains on track to deliver on its stated objective of gross billings guidance for 2020. The 2024 target remains $1 billion in gross billings, $170 million in operating income, and $200 million in adjusted EBITDA.
The company is pursuing the acquisition of two companies in the hydrogen generation and distribution business. In particular, Plug Power is in advanced negotiations to buy United Hydrogen, which currently has 6.4 tons per day of liquid hydrogen generation capacity. If completed, this acquisition is expected to be accretive immediately and to have a meaningful positive impact on Plug Power’s cost of hydrogen, especially as it goes into 2021 and beyond.
Plug Power is also pursuing the purchase of an electrolyzer company. Both these transactions, if completed, are expected to significantly expand Plug Power’s capabilities in the hydrogen generation, liquefaction, and logistics business, which is turning it into a cash flow generating business. Both the acquisitions are expected to be completed by the end of the second quarter of 2020 as Plug Power has not yet entered into a definitive acquisition agreement.
Past Performance
Most Popular
CL Earnings: Key quarterly highlights from Colgate-Palmolive’s Q2 2024 financial results
Colgate-Palmolive Company (NYSE: CL) reported its second quarter 2024 earnings results today. Net sales increased 4.9% year-over-year to $5 billion. Organic sales increased 9%. Net income attributable to Colgate-Palmolive Company was $731
Key takeaways from Visa’s Q3 2024 earnings report
Credit card behemoth Visa, Inc. (NYSE: V) this week reported mixed results for the June quarter, with earnings matching expectations and sales slightly missing the view. Both numbers grew in
Southwest Airlines (LUV): A look at the airline’s performance in Q2 2024
Shares of Southwest Airlines Co. (NYSE: LUV) were up over 6% on Thursday after the company beat earnings estimates for the second quarter of 2024. The stock has gained 4%