Plug Power (PLUG) has delivered mixed results for the fourth quarter of 2021, as earnings lagged but revenue surpassed expectations. The electrical equipment manufacturing company develops hydrogen fuel cell systems that replace conventional batteries in equipment and vehicles powered by electricity.
The company reported a net loss of $0.33 per share, wider than analysts’ expectations of a loss of $0.11 per share. Plug Power had reported a loss of $1.14 per share in the year-ago quarter.
Net revenue came in at $162 million against negative revenues of $309 million in the same quarter last year. Also, the figure surpassed analysts’ expectations of $157.3 million. During the quarter, Plug Power shipped about 3,300 GenDrive units and had revenue associated with 11 hydrogen infrastructure systems.
Outlook
In 2022, Plug Power expects average molecule costs to decline year-over-year due to a full-year impact of additional capacity from its Tennessee plant, strategic agreements with key suppliers, lower logistics costs and green hydrogen plants coming online.
Further, the company reaffirmed its target to achieve $900-$925 million in revenue, i.e., 80% year-over-year revenue growth in 2022. The company said that it was on track to achieve revenue of $3 billion by 2025 and an operating margin of 17%.
Stock Rating
The Street is optimistic about the stock with a Strong Buy consensus based on 9 Buys and 3 Holds. The average Plug Power price target of $41.58 implies 67.3% upside potential. Shares have declined 49.1% over the past year.
Negative Sentiment
TipRanks’ Stock Investors tool shows that investors currently have a Very Negative stance on Plug Power, as 5.1% of investors on TipRanks decreased their exposure to PLUG stock over the past 30 days.
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