Plug Power Q2 Earnings Reveal Revenue Miss, Strategic Advances

Despite financial setbacks, Plug Power outlines plans for cost efficiency, inventory reduction, and new hydrogen projects.

Plug Power reported Q2 revenue of $143.4 million, missing analyst estimates of $184.9 million.
The company expects to recognize $70 million in deferred revenue from electrolyzer deployments in the second half of 2024.
New COO Dean Fullerton, formerly of Amazon, aims to enhance operational efficiency and reduce inventory.
The partnership with Olin Corporation will see a new hydrogen plant in Louisiana begin production in Q4 2024.
Plug Power's full-year revenue guidance remains between $825 million and $925 million.