Fuel Cell Company Plug Power Is Surging
Shares of fuel cell maker Plug Power were up as much as 8% in pre-market trade after the company reported earnings and revenue that topped expectations.
Plug Power reported revenue of $17.3 million, topping expectations for $16.65 million. The company also reported an adjusted net loss per share of $0.04 against expectations for a loss of $0.04.
At quarter-end, Plug Power had cash and cash equivalents of $168.6 million and net working capital of $190.4 million, compared with $5 million and $11.1 million at Dec. 31.
The company reported that it shipped 687 GenDrive fuel cell units during Q2 to customers that included Wal-Mart, Procter & Gamble, and Central Grocers. This compares with 246 units shipped in the prior year period.
In its earnings press release, Plug Power said:
The Company has secured GenDrive and GenKey deals with Volkswagen, BMW, Mercedes-Benz and Honda. The Company expects that success within the auto-manufacturing market will open up a plethora of global opportunities as these customers standardize on hydrogen fuel cells to power the electric lift trucks at their manufacturing sites worldwide.
Earlier this year, Plug Power — and the broader fuel cell space — was a huge market story, as shares in the sector exploded higher in March before tumbling through the spring.
Year-to-date, however, Plug Power is still on a tear, up more than 275%.
Other fuel cell stocks include Fuel Cell, up 2.5% in pre-market trade, and Ballad Power, also up 2.5% in the pre-market.
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