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Plug Power (NASDAQ:PLUG) -8.5% pre-market Tuesday after posting a larger than expected Q1 loss and issuing a FY 2024 revenue forecast that lagged analyst expectations.
Q1 net loss rose to $206.6M, or $0.35/share, from a loss of $156.5M, or $0.27/share, in the year-ago quarter, while revenues rose to $210M from $141M.
Net cash used in operating activities rose to $277M in the quarter from $210M a year earlier, and cash and cash equivalents at the end of Q1 totaled $1.37B, compared to $3.18B at the end of Q1 2022.
In a company presentation, Plug Power (PLUG) guided for FY 2024 revenues of $1.2B-$1.4B, well below a $2.04B analyst consensus compiled by Bloomberg, and gross margin of $50M-$140M.
Plug Power (PLUG) said in its shareholder letter that fuel margin remained under pressure in Q1 “due to increased hydrogen molecule cost associated with historically higher natural gas prices and continued supplier disruptions.”
Plug (PLUG) said it is evaluating multiple sources of low-cost and non-dilutive capital, and is completing the second stage of due diligence with the Department of Energy’s loan program office and evaluating asset-backed-loan facilities from banks.
The company said it “continues to receive interest from strategic partners and infrastructure funds regarding interest to partner in our hydrogen plants, which could help accelerate our next generation of hydrogen plant development,” adding that related financing decisions likely will occur in this year’s H2.
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