Plug Power PLUG Stock News

Plug Power Inc (NASDAQ: PLUG) is running for the top early on in today’s trading session. The gains come after the company reported its financial results for the second quarter, beating expectations and exciting investors. Here’s what’s going on:

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PLUG Stock Climbs On Earnings Beat

As mentioned above, Plug Power reported its financial results for the second quarter, exciting investors this morning. In the report, investors learned that the company generated gross billings of $72.4 million and beat earnings expectations by $0.07 per share. However, that’s only a piece of the excitement here.

During the quarter, PLUG said that it deployed 2,800 GenDrive fuel cell systems. The company also deployed 3 hydrogen fuelling stations. The company also deployed more than 5,000 fuel cell units year-to-date. So far, it has achieved more than 545 million hours of runtime and 29.4 million hydrogen fills have been performed.

It’s also worth mentioning that the company greatly strengthened its balance sheet in the second quarter through the launch of the first ever convertible green bond offering in the United States. The offering raised more than $200 million at a coupon rate of 3.75 and a maturity of 5 years.

These funds will generate meaningful growth ahead. In fact, they have already resulted in the closure of two key acquisitions.

In Q3, the company expects to continue a compelling performance with gross billings expected to come in between $110 million and $115 million. The strong guidance is the result of recent acquisitions and ongoing expansion in the United States and Europe.

Final Thoughts

Plug Power is up for good reason this morning. The strong revenue and earnings results were icing on the cake when it comes to operational growth. All in all, PLUG hit the nail on the head and guided for more strong growth ahead, making the stock one for the books.

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