Plug Power Inc. (NASDAQ: PLUG) surges 4.05% in early trading session on Monday as it has updated its sales forecast for 2022. The firm estimates that its previous full-year sales projection of $900-$925M for 2022 might be 5% -10% lower for the year. The revenue impact reflects the possibility of certain major projects being completed in 2023 rather than 2022 owing to scheduling and broader supply chain concerns. While revenue in 2022 may be lower than expected, demand for fuel cell applications and electrolyzers remains strong.
The Company just became aware of the possible impact on its full-year revenue in 2022 and feels it is important to notify stakeholders. It is vital to note that the corporation anticipates the projects to be completed by 2023. Plug is eager to share more information about its near, medium, and long-term guidance, as well as its route to profitability, at the Plug Symposium on October 19th, which will be held and webcast live from its Gigafactory in Rochester, New York.
Investors will be looking for Plug Power to perform well as it approaches its next earnings release. Plug Power is expected to disclose earnings of -$0.24 per share on that day, representing a 26.32% year-over-year fall. Meanwhile, the Zacks Consensus Estimate for revenue is $265.85 million, up 84.72% from the previous year.
Investors should also be aware of recent changes in analyst forecasts for Plug Power. These updates assist to demonstrate the ever-changing nature of near-term business trends. As a consequence, positive estimate revisions might be interpreted as a positive indicator for the company’s business prospects.
Lhyfe (LHYFE) has placed an order for ten 5 megawatt (MW) European manufactured PEM electrolyzer systems with Plug Power Inc. (NASDAQ: PLUG) for production of green hydrogen across multiple plants in Europe. This is the largest electrolyzer order placed by a French company.
CEO of Plug, Andy Marsh stated that they are moving swiftly to meet a common goal with Lhyfe of reducing carbon emissions in Europe’s transportation industry on a large scale. Renewable green hydrogen demand will only grow as the business and governmental sectors work to decarbonize operations in order to meet sustainability targets and improve energy security. In addition to high-performance electrolyzers, they are introducing deep mobility prospects to Lhyfe through their joint venture with Renault and their expertise implementing hydrogen-powered forklift solutions for companies such as Amazon and Walmart.
