Energy solutions provider Plug Power (NASDAQ:PLUG) has plugged in lower-than-expected first-quarter performance alongside disappointing guidance.
During the quarter, revenue surged 49.4% year-over-year to $210.3 million, rising past estimates by $2.6 million. Net loss per share at $0.35 though came in wider than estimates by $0.09. The company delivered 62MW of electrolyzers in Q1 and added 14 material handling sites.
As production ramps up across new manufacturing facilities, an improvement on the margin front is expected throughout this year. At the same time, Plug is witnessing fuel margin challenges owing to higher hydrogen molecule costs.
Looking ahead, for the full-year 2024, the company expects revenue to range between $1.2 billion and $1.4 billion. Gross margin is anticipated between $50 million and $140 million.
Overall, the Street has a $24.88 consensus price target on PLUG pointing to a massive 167.8% potential upside in the stock. That’s after a 23.7% slide in the share price so far this year.
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