The Plug Power Inc (NASDAQ:PLUG) Q3 2017 earnings results were released before opening bell, and the company posted adjusted losses of 4 cents per share on $61.43 million in revenue. Analysts had been expecting losses of 4 cents per share on $54.57 million in sales. In last year’s third quarter, Plug Power reported adjusted losses of 9 cents per share on $17.56 million in revenue.
Plug Power Q3 2017 earnings
Fuel cell system and related infrastructure sales rose to $45.18 million from $5.65 million in the year-ago quarter. Revenues for services performed on fuel cell systems and infrastructure rose to $5.84 million from $4.76 million last year. Power purchase agreement revenues rose to $5.43 million from $3.86 million last year, while fuel revenues rose to $4.85 million from $2.91 million a year ago.
The Plug Power Q3 2017 earnings report revealed a GAAP loss of 18 cents per share, versus GAAP losses of 7 cents per share in last year’s third quarter. The adjustments for the non-GAAP losses were due to warrant-related charges and cash margins in connection with PPA financing for four sites. Bookings amounted to $44 million, bringing the total bookings for the year to almost $160 million so far.
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Plug Power said it deployed nine GenKey sites which include 2,753 GenDrive units. That’s a more than 200% increase from the previous quarterly record. The company also continued to expand its customer base with two large manufacturers in the automotive industry in the U.S. and one customer in Europe. Plug Power’s PPA deployment financing structure was used to finance four PPA sites, and the financing proceeds were more than $3.1 million higher than the equipment cost. Amazon and Walmart made up most of the company’s third-quarter order volume.
Plug Power updates guidance
The company said its third-quarter performance “was not met without some challenges,” which it said will result in “downward pressure on full year guidance.” The company expedited its production ramp, but that resulted into higher up-front expenditures. As a result, Plug Power now expects a full-year adjusted gross margin to be about 5% to 6%, which is lower than the previous outlook of 8% to 12%. The company reconfirmed its full-year guidance of $325 million in bookings and revenue guide of $130 million.
Following the Plug Power Q3 2017 earnings release, the company’s stock tumbled in premarket trading, falling by as much as 6.86% to $2.85 before the bell.