Plug Power shares are going bonkers after the fuel cell machine distributor reported revenues of $US8 million versus $US5.9 million in the same quarter last year.
That beat the lone estimate from Cowen, which also just put together a registered offering for the firm, of $US7.4 million, according to Marketwatch.
Plug Power also narrowed adjusted losses to $0.08 a share compared with $US0.25 a share last year. That was in-line with Cowen’s estimate.
Plug Power said orders for the 2014 fiscal year have already exceeded $US60 million.
Shares were up nearly 22%. Ballard, which supplies Plug Power with the fuel cells themselves, was up nearly 11%. FuelCell Energy, which makes power generation units for locations and institutions out of fuel cells, was up 5%.
“I firmly believe that this continuing momentum will carry on throughout 2014, and that orders for this year will total more than $US150 million — almost four times our total for 2013,” CEO Andy Marsh said in a statement. “We also are on track to achieve our goal of EBITDAS break even by Q3 2014.”
There remains debate about what is driving demand for Plug Power’s machines, the majority of which comprise fork lifts and other vehicles used in warehouses. While some analysts say cheaper natural gas has pulled down the cost of hydrogen (gas is simply a hydrocarbon), Citron Research, an online equity analysis group, says it is merely being fuelled by government incentives for renewable resources including fuel cells. Those credits expire in 2016.
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