Plug Power Q2 Earnings Takeaways: Revenue Miss, Cost Reduction Efforts, Focus On Becoming 'Category King' In Hydrogen Economy

Plug Power Inc (NASDAQ: PLUG) reported its second-quarter financial results after the close Tuesday. Here's a look at the highlights from the quarter.

What Happened: Plug Power reported second-quarter revenue of $151.3 million, which was up from $124.5 million year-over-year. Plug's top line results missed average analyst estimates of $164.76 million, according to Benzinga Pro.

Plug said new product offerings represented over $56 million in revenue.

"We remind everyone of Plug’s historical seasonality for full year revenues which is expected to continue in 2022. Plug’s revenue in the first half of the year typically represents approximately 30% of the full year revenue with the second half representing approximately 70%," the company said in a letter to shareholders.

The green hydrogen company reported a quarterly net loss of 30 cents per share, which is down from a net loss of 18 cents per share year-over-year.

Plug said its electrolyzer backlog is already well ahead of targets at approximately 1.5GW. The company also announced that it's on track to commission 70 tonnes per day of green hydrogen by year end.

Related Link: Plug Power Trading Ideas For Before, After The Q2 Earnings Print

What's Next: Plug Power said it remains focused on delivering on its previously announced target to reduce service costs on a per unit basis by approximately 30% in the next 12 months, and approximately 45% by the end of 2023.

Plug reaffirmed full-year revenue guidance between $900 million and $925 million. The company also announced its fourth annual "Plug Symposium" will kick off on Oct. 18 from its gigafactory in New York.

"Plug remains focused on building a global green hydrogen ecosystem and delivering on margin expansion and path to profitability," the company said.

"We believe we have the team, technology, focus and vision to become the category king in the $10T+ hydrogen economy."

PLUG Price Action: Plug Power has a 52-week high of $32.05 and a 52-week low of $12.70.

The stock was down 1.74% in after hours trading at $24.24.

Photo: courtesy of Plug Power.