Plug Power Inc. reported a wider-than-expected first-quarter loss. However, the hydrogen fuel cell company’s revenue came in higher than what analysts’ expected, on the back of solid product revenue that more than doubled.
The net loss for the quarter ending March 31 was - 12 cents a share, compared to FactSet consensus estimate of -8 cents. The company incurred a loss of -12 cents a share in the year-ago period.
Revenue surged +76.3% year-over-year to $71.96 million, beating the FactSet consensus of $71.50 million. Sales of fuel cell systems and related infrastructure climbed +128.5% to $46.77 million, while and product gross margin widened to 38% from 32% (notwithstanding unusually high freight costs).