Plug Power Inc (NASDAQ:PLUG) shares are trading lower in Monday's after-hours session after the company reported first-quarter financial results.
Plug Power said first-quarter revenue grew 96% year-over-year to $140.8 million. Material handling represented approximately $96 million in revenue, while other product offerings represented approximately $44.8 million in revenue.
Plug Power reported a quarterly net loss of 27 cents per share, which was down from a net loss of 12 cents per share in the prior-year quarter.
"We would like to remind investors that, historically, the first half typically represents 30% of full year revenue with second half revenue representing 70%," the company said in a letter to shareholders. "We expect this seasonality to continue into 2022."
Plug Power reaffirmed expectations for $3 billion in annual revenue, 30% gross margins, and 17% operating margin by 2025.
PLUG Price Action: Plug Power shares traded down to new 52-week lows on Monday.
The stock was down another 7.58% in after-hours at $15.37 at press time.
Photo: courtesy of Plug Power.
