Plug Power shares rallied 9.87% to $2.45 in early trading Tuesday after the company announced that it witnessed record revenue in the second quarter. The fuel cell maker did not reveal the exact numbers, but said it was on track to achieve its FY2015 revenue target of $100 million. That target initially seemed out of reach as the company had posted only $9.4 million in Q1 revenue.
Q2 results in line with the company’s goals
Plug Power said it would release June quarter results in early August. The Latham, New York-based company shipped 888 units of its flagship GenDrive fuel cell product during the April-June quarter to its customers. By comparison, the company had shipped 419 units in Q1, 2015 and 687 units in Q2, 2014. Plug Power expects bookings of $200 million in the current fiscal year. It recorded $46 million in booking during the first quarter.
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The fuel cell company completed construction of four new GenFuel hydrogen sites. Plug Power said it has also made significant progress on the construction of another four hydrogen fueling stations that are scheduled for completion in the third quarter. Plug Power CEO Andy Marsh said in a statement that the company has “set aggressive revenue and operational goals for 2015” and Q2 results are in line with these goals.
Plug Power aims to ship 3,300 GenDrive units in 2015
Plug Power’s $100 million revenue target for 2015 includes construction of at least 15 GenFuel hydrogen fueling stations, and shipping of over 3,300 GenDrive units. The company estimates that about 75% of its total bookings this year will come from repeat customers. Plug Power boasts of a high-profile client list including Wal-Mart, The Home Depot, FedEx, Kroger, and BMW.
In early June, Andy Marsh said Plug Power would become a $500 million company by 2020. Though the goal seems far-fetched, Marsh broke down all the components to show where that revenue would come from. He said $260 million would come from baseline sales, $80 million in new customer sales, $100 million from hydrogen sales and recurring services, and $60 million from international markets.
Plug Power shares were up 13.45% to $2.53 at 10:00 AM EDT on Tuesday.