Plug Power Inc (NASDAQ:PLUG) shares are trading lower Tuesday after the company reported first-quarter financial results.
Plug Power said first-quarter revenue increased 96% year-over-year to $140.8 million. Material handling represented approximately $96 million in revenue, while other product offerings represented about $44.8 million.
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 first quarter of 2021.
"We would like to remind investors that, historically, the first half typically represents 30% of full year revenue with second half revenue representing 70%. We expect this seasonality to continue into 2022," the company said in a letter to shareholders.
Plug Power reaffirmed its expectations for $3 billion in annual revenue, 30% gross margins and 17% operating margin by 2025.
See Also: 30 Stocks Moving in Tuesday's Pre-Market Session
PLUG Price Action: Plug Power is making new 52-week lows on Tuesday.
The stock was down 4.69% at $15.85 at press time, according to data from Benzinga Pro.
Photo: courtesy of Plug Power.
