Plug Power announced this morning that it is attending a trade show in Chicago where it will show off its GenKey hydrogen fuel cell system. The company’s stock has been very volatile lately, seeing big moves whenever management announces another order from a major customer.
The most recent order Plug Power announced was from FreezPak, which the company manufactured and shipped last week, according to a press release.
Plug Power participates in ProMat 2015
In another press release this morning, Plug Power announced that it will exhibiting its GenKey hydrogen fuel cell system for warehouses at the ProMat 2015 trade show, which is set to run today through March 26. The event is being held at McCormick Place South in Chicago. The event is one of the biggest in the Americas for solutions focused on manufacturing, supply chain and distribution, with more than 30,000 people attending it each year.
Included in the system are three elements, The GenDrive fuel cells, the GenFuel hydrogen fuel and infrastructure and GenCare maintenance service, Plug Power said. The company targets warehouse and logistics customers with the goal of converting them from traditional forklift systems powered by lead acid batteries to its GenDrive system, which is powered by hydrogen fuel cells.
Plug Power still posting losses
Plug Power has attracted many big name customers, including Wal-Mart, Proctor and Gamble, Volkswagen and Kroger. The companies use Plug Power’s hydrogen fuel cell systems in their warehouses.
In spite of attracting several major customers, however, Plug Power continues to posts losses. The company greatly missed consensus estimates for the fourth quarter in its latest earnings report, which was released last week. Plug Power reported losses of 8 cents per share, compared to estimates of 4 cents per share in losses, on $21.5 million in revenue.
Net losses were 4 cents per share. The place where the company got into trouble was in cost of product revenue, which skyrocketed year over year, rising to $10.4 million, a 71% increase compared to last year.
This year Plug Power expects to report at least $100 million in sales for the 2015 fiscal year, compared to the consensus estimate of $107.3 million. The company slashed its sales estimate for this year in January.