Dear Plug Power Stock Fans, Mark Your Calendars for August 11
The OBBB Act provides a 30% credit on all fuel cell purchases, while also eliminating some requirements, which broadens credit access. The act also extends the hydrogen production tax credit.
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In the face of bullish sentiments about hydrogen, Plug Power is set to report its second-quarter results on Aug. 11 after the market close. Should you be excited about the upcoming earnings and PLUG stock?
About Plug Power Stock
Incorporated in 1997 and headquartered in Latham, New York, Plug Power develops hydrogen fuel cell systems used primarily to replace conventional batteries in electric vehicles (EVs) and equipment powered by electricity. Plug Power has a market capitalization of $1.73 billion.
Plug Power designs and manufactures fuel cells for applications in material handling, stationary power, and on-road vehicles. Beyond fuel cells, the company is building a comprehensive green hydrogen ecosystem, including production, storage, transportation, and refueling infrastructure. Plug Power is also investing in global expansion and innovation in electrolyzer technology to meet growing demand in the renewable energy and hydrogen markets.
Concerns over Plug Power's financials have not been favorable to the stock. Over the past 52 weeks, PLUG stock has declined by 27%, and so far this year, it has decreased by 29%. The stock had reached a 52-week high of $3.32 in January but is now down nearly 55% from that high.
Plug Power still has a lofty valuation. Its price-to-sales ratio is at 2.75 times, which is stretched compared to the industry average.
Plug Power's Q1 Top Line Growth and Bottom Line Snags
On May 12, Plug Power reported its Q1 earnings for fiscal 2025. For the period, net revenue increased by 11.2% year-over-year (YOY) to $133.67 million, surpassing the $132.2 million that analysts had expected. Plug Power cited expanding electrolyzer deliveries, sustained demand in material handling, and 'ongoing deployments' of its cryogenic platform as reasons for this growth.
While the topline growth has been holding steady, Plug Power remains unprofitable. It reported a quarterly gross loss of $73.86 million, which reflected an improvement from the prior year's period. Plug Power also reported a loss of $0.21 per share, marking an improvement over the $0.46 loss per share in the year-ago period but missing the consensus Wall Street analyst estimate of a loss of $0.20 per share.
The company has also formed some meaningful partnerships recently. In July, Plug Power signed a multi-year supply agreement with a popular industrial gas company. This secures a long-term supply of hydrogen while lowering costs and potentially improving profitability. Plug also signed a commercial agreement with Uline, a logistics firm, establishing a strategic relationship that will last through 2030.
For the second quarter, Plug Power expects revenue to be in the range of $140 million to $180 million. The company also expects improvements in its gross margin and working capital levels. With its newly online capacity in Louisiana, the company aims to improve margins and reduce third-party fuel costs.
Wall Street analysts are still optimistic about Plug Power's ability to recover its losses. They expect the company's loss per share to narrow by 58.3% YOY to $0.15 for the second quarter. For fiscal 2025, they forecast a 78% improvement to a loss per share of $0.59, then a 42.4% improvement to a loss of $0.34 in fiscal 2026.
What Do Analysts Think About Plug Power Stock?
Several Wall Street analysts, while not entirely bullish on Plug Power, have notably raised their price targets on PLUG stock. In July, analysts at Jefferies raised the price target on shares from $0.90 to $1.60, while keeping their 'Hold' rating. Analysts view the OBBB Act as a 'clearing event,' although they are not entirely convinced about 'the renewable names.'
In the same month, while expecting growth, Susquehanna analyst Biju Perincheril maintained a 'Neutral' rating on Plug Power stock. However, Perincheril also raised the price target significantly from $1 to $1.80, indicating a fresh bout of optimism.
Wall Street analysts recommend caution at the moment, giving Plug Power a consensus 'Hold' rating overall. Of the 22 analysts rating the stock, five give it a 'Strong Buy' rating, while four give it a 'Strong Sell' rating. On the other hand, a majority of 13 analysts play it safe with a 'Hold' rating. The consensus price target of $1.95 represents 29% potential upside from current levels.
On the date of publication, Anushka Dutta did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com
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