Hydrogen fuel cell developer Plug Power (NASDAQ:PLUG) posted second-quarter revenue that was short of analysts' expectations, though it reaffirmed full year sales guidance.
It claimed an electrolyzer backlog of around 1.5GW, including its largest order, of 1GW from H2 Energy in Denmark and more recently for 120MW from New Fortress Energy, with more than US$15bn in its 'sales funnel'.
The New York-based outfit said it is "on track" to commission 70 tons per day (TPD) of green hydrogen by the end of 2022, with 2.5 TPD production online at its Georgia facility.
Plug said it is ramping up its gigafactory in Rochester, NY, and expects to begin production before the end of the year, while also evaluating "multiple global locations" for additional gigafactories.
Revenues of US$151.27mln were reported for the quarter ended June 2022, which were 10% shy of Wall Street estimates but up from US$124.56mln a year ago.
A net loss of US$173.3mln was up from US$99.6mln a year ago, with the loss per share of US$0.30 worse than analyst estimate of US$0.21.
Management said the business outlook "remains robust" within the electrolyzer business, with the backlog "already ahead of our targeted booking and backlog of 1GW for the year".
Our biggest bookings include 1GW from H2 Energy, Plug’s largest order to date, and another recently announced 120MW order from New Fortress Energy, which can grow to 500MW. Our electrolyzer sales funnel now stands at over $15B.