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.
Last month, the IPO market was in a full swing. IPOs of Snowflake (NYSE: SNOW) and JFROG (NASDAQ: FROG) had an impressive opening day in September, the former creating a
PepsiCo Inc. (NASDAQ: PEP) beat market expectations on both revenue and earnings for the third quarter of 2020. The company saw the momentum continue in its snacks business while the
With more and more people turning to virtual entertainment sources, amid the virus-related movement restrictions, video game publishers like Electronic Arts (NASDAQ: EA) are witnessing unusually high demand. Not surprisingly,