The hydrogen developer Plug Power (NASDAQ: PLUG) reported its Q3 earnings results on Tuesday, November 8th. The results missed both on earnings per share and revenue expectations. Plug Power stock closed 5.5% lower on Wednesday after the earnings release even though it’s currently 10% higher as of 2:52 pm UK time.
According to the quarterly results, earnings per share came at $-0.30 on revenue of $188.6 million versus anticipated EPS of $-0.22 on revenue of $273.38 million. The revenue figure is still 31% higher year over year.
The company announced the missed revenue is a result of supply chain issues and delays and warned its 2022 revenue number could be potentially 5-10% below the previous target of $900-$925 million.
Management explained that some larger projects will potentially be completed in 2023 instead of 2022 due to timing and broader supply chain issues. Still, it pointed out the updated projection reflects a potential growth of nearly 70% year over year for the company. Plug Power stock could continue to experience volatility if earnings keep disappointing.