By Denny Jacob
Plug Power, the alternative-energy technology provider, reported a wider loss in its second quarter, causing its shares to fall 11% to $9.58 in premarket trading.
The company posted a loss of $236.4 million, or 40 cents a share, for the three months ended June 30, compared to a loss of $173.3 million, or 30 cents a share, during the same period last year. This result was worse than the expected loss of 26 cents a share according to analysts surveyed by FactSet.
Despite the larger loss, revenue saw a significant increase, rising to $260.2 million from $151.3 million. This also surpassed analysts' expectations of $237.7 million.
Plug Power attributed the revenue growth to its expansion with pedestal customers in material handling and growth in cryogenics and liquefaction.
The New York-based company remains focused on scaling up its business to drive costs down and achieve its targets in the near term.
"While being a first mover comes with disadvantages, especially when launching multiple new products and developing markets, we are actively working to manage these challenges," Plug Power stated in a letter to investors.
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