Plug Power Inc. reported third-quarter 2024 net revenue of $173.7 million, which fell short of analyst expectations. The company also announced a GAAP net loss of $0.25 per share, missing consensus estimates.
Despite the revenue and EPS miss, Plug Power noted improvements in gross margins during the quarter. However, the company lowered its full-year 2024 revenue outlook to a range of $700 million to $800 million, down from previous estimates.
The revised guidance reflects ongoing challenges in the pace of hydrogen economy development and equipment deployments. Management emphasized continued efforts to improve operational efficiencies and reduce cash burn.
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