Plug Power shares fell as much as 3.29% to $2.43 in pre-market trading Monday after the company released its first quarter results. The fuel cell maker posted revenues of $9.4 million, up 69% from $5.57 million in the same quarter a year ago. While that seems impressive, the figure was far below the Wall Street consensus estimate of $18.13 million.
Plug Power’s administrative costs more than double
Plug Power said it generated $4.1 million in product revenue in the March quarter and $5.3 million in services revenue. The revenue growth was driven by more GenDrive unit sales, increased GenCare services revenue and a hydrocarbon infrastructure sale. The company shipped 265 GenDrive units during March quarter. Plug Power said it also shipped 419 GenDrive units recently, but that will be recognized in the second quarter.
The Latham, New York-based company reported $12.8 million or 7 cents a share in net losses, excluding one-time charges. That is in line with the Wall Street consensus. Plug Power ended the quarter with $131.5 million in cash and cash equivalents. The total cost of revenue was $11.5 million. Its administrative costs more than doubled from $5.1 million in Q1, 2014 to $10.7 million in the latest quarter.
Plug Power reiterates full-year guidance
Plug Power reported bookings of $46 million during the March quarter, in line with the company’s forecast of $200 million in bookings for the full-year 2015. Plug Power reiterated its full-year sales guidance of $100 million. It includes sales of 3,300 GenDrive units and construction of at least 15 GenFuel hydrogen infrastructures.
Plug Power CEO Andy Marsh said only 35% to 40% of the company’s full-year revenue will come in the first half, while the remaining will be realized in the second-half of the year. He added that the backlog for Plug Power’s products and services continued to increase in the first quarter. It gives the company management confidence to meet the full-year projections.
The fuel cell maker said its GenCare service witnessed strong growth during the quarter. As of March 2015, the company had 5,500 GenDrive units and eight hydrogen infrastructure sites under service contracts, up from 3,000 GenDrive units and zero hydrogen infrastructure sites in March 2014. Plug Power will hold its annual shareholder meeting on May 21 in New York.