Plug Power posts wider loss, lower sales in Q1, pinning it on rising nat gas prices

Plug Power Inc.
PLUG,
-14.32%
stock fell more than 6% in the extended session Monday after the hydrogen fuel-cell company reported a wider-than-expected quarterly loss and revenue was below expectations, saying that higher natural-gas prices have hit its margins. Plug Power lost $157 million, or 27 cents a share, in the first quarter, compared with a loss of $61 million, or 12 cents a share, in the year-ago period. Revenue rose 96% to $141 million. Analysts polled by FactSet expected Plug Power to report a loss of 16 cents a share on sales of $145 million. Margins in its fuel business remain under pressure, Plug Power said, thanks to higher natural-gas prices, which are associated with hydrogen molecule costs. The company is focusing on reducing logistics costs and improving its systems “to mitigate some of these commodity and inflationary pressures in the near term,” Plug Power said in a statement. Shares of Plug Power ended the regular trading day Monday down 14%.