Plug Power Defers $50M In Sales, Misses Revenue Forecast: JPMorgan Analyst Wants A 'Show-Me Story'
Portfolio Pulse from Surbhi Jain
Plug Power Inc. (NASDAQ:PLUG) reported second-quarter revenue of $143 million, missing both JPMorgan's forecast of $174 million and the consensus of $186 million. The miss was largely due to the timing of electrolyzer revenue recognition, with $50 million in sales deferred. The company introduced a full-year revenue guidance of $825-925 million, which aligns with JPMorgan's estimates but falls short of the $928 million consensus. Gross margins were reported at -92%, worse than expected. Despite potential in hydrogen fuel cells, Plug Power faces cash flow issues and remains a Neutral-rated stock by JPMorgan.
August 09, 2024 | 12:31 pm
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Plug Power missed Q2 revenue expectations, reporting $143 million against a forecast of $174 million. The miss was due to deferred sales of $50 million. Full-year guidance of $825-925 million falls short of the $928 million consensus. Gross margins were worse than expected at -92%. Despite potential in hydrogen fuel cells, the company faces cash flow issues and remains a Neutral-rated stock by JPMorgan.
The revenue miss and deferred sales indicate short-term financial challenges. The lower-than-expected full-year guidance and worse-than-expected gross margins further contribute to a negative short-term outlook. JPMorgan's Neutral rating reflects cautious sentiment.
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