Plug Power IncPLUG
▲ PositiveCapitalrelevance
Adjusted net loss halved, revenue up, gross margin breakeven, and raised full-year forecast.
Impact on stocks 1
Energy Transition & Power Demand
Plug Power IncPlug Power cut its adjusted net loss by more than half in the second quarter, falling from $0.18 to $0.07 per share. Revenue rose 9% sequentially to $178 million, driven by an 82% surge in services revenue, while operating expenses dropped 50% year-over-year to $62 million. The company achieved breakeven gross margin, a sharp improvement from negative 13% in the prior quarter and negative 31% a year ago. Despite the progress, Plug Power still used $61 million in cash during the quarter and ended with $162 million in net cash, though it raised an additional $80 million after quarter-end. The company raised its full-year revenue growth forecast to 15% to 16% and expects to reach positive EBITDA by year-end and overall profitability by the end of 2028.
Plug Power IncAdjusted net loss halved, revenue up, gross margin breakeven, and raised full-year forecast.