Plug Power (NASDAQ:PLUG) shares continued to decline on Thursday after the hydrogen technology company posted 2Q earnings that fell short of Street estimates.
The Latham, New York-based company posted a second-quarter loss of $0.40 cents a share, far short of Wall Street estimates of a $0.27 loss.
Plug Power (NASDAQ:PLUG) specializes in providing hydrogen fuel cell solutions for various applications, including powering forklifts, vehicles, and other industrial equipment.
Revenue was a brighter spot at $260.2 million during the quarter, up 72% year-over-year.
However, the overall gross loss stood at 30% for the quarter, which the company attributed to challenges related to manufacturing expansion and new product introductions.
Plug Power (NASDAQ:PLUG) told shareholders that the group remains optimistic about scaling operations and achieving improved margins in the near future.
Shares of Plug Power were down 13.5% at Thursday’s open at $9.31.
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