Plug Power Inc. (NASDAQ: PLUG) released its second-quarter earnings report before the markets opened on Thursday. The firm said that it had a net loss of $0.03 per share and $68.1 million in revenue, better than consensus estimates that called for a net loss of $0.10 per share and $59.47 million in revenue. The same period of last year reportedly had a net loss of $0.08 per share and revenue of $57.5 million.
During the most recent quarter, the company delivered record gross billings of $72.4 million, reflecting year over year growth of 24% and sequential growth of 68% above a record first quarter. Note that this quarter did include multiple one-time items, reflecting the closing of two strategic acquisitions and the recently completed financing transactions.
In June, Plug Power closed the acquisitions of United Hydrogen and Giner ELX, positioning the company to transition from low-carbon to zero-carbon hydrogen solutions. Also, these vertical integrations are in line with Plug Power’s hydrogen business strategy laid out back in September of 2019 to have more than 50% of the hydrogen used to be green by 2024.
Plug Power deployed a record 2,800 GenDrive fuel cell systems and three hydrogen fueling stations/network in the second quarter, bringing the total historical deployments to roughly 35,000 GenDrive systems and 100 hydrogen fueling stations.
On the books, cash and cash equivalents totaled $152.5 million at the end of the quarter, up from $139.5 million at the end of the previous fiscal year.
Looking ahead to the third quarter, Plug Power expects to see $110 million to $115 million in gross billings. The company also reaffirmed its 2020 guidance. Consensus estimates call for a net loss of $0.07 per share and $86.37 million for the quarter. For the full year, analysts are forecasting a net loss of $0.34 per share and $307.12 million in revenue.
Plug Power stock traded up about 16% Thursday morning, at $10.83 in a 52-week range of $1.88 to $11.14. The consensus price target is $9.87.