Plug Power said it is on track to achieve its goal of $3 billion in revenue in 2025.
were rising in late trading as investors expressed cautious optimism over the hydrogen fuel-cell company’s financial forecasts for 2022, even as fourth-quarter losses were wider than expected.
Plug (ticker: PLUG) reaffirmed its 2022 goal of raking in between $900 million and $925 million in revenue, implying 90% revenue growth year over year. The forecast indicated that the figure is likely to be above analysts’ consensus forecast for $905.8 million.
Additionally, the company is on track to meet its 2025 goals of $3 billion in revenue and a 17% operating-income margin, management said in a letter to shareholders posted after the markets closed on Tuesday.
Plug reported a loss of 33 cents a share for its fourth quarter, a wider loss than estimates for 11 cents a share. Revenue was $161.9 million, topping forecasts for $158.1 million.
For the 2021 fiscal year, Plug posted a loss of 82 cents a share on $502.3 million of revenue. Analysts were expecting a loss of 57 cents and $497.4 million in revenue. The company said a number of charges, most of them noncash, weighed on the result.
“Margins in the fuel business continue to remain under pressure,” the company said. “Fuel margins were down on a sequential basis primarily driven by increased hydrogen molecule costs due to higher natural-gas prices and only two months of lower cost fuel production from our plant in Tennessee.”
But in 2022, the company expects a decrease in average molecule costs as the Tennessee plant’s capacity…