Plug Power stock sinks after revenue warning, as supply chain issues offset ‘robust’ demand

Shares of Plug Power Inc.
PLUG,
-5.04%
sank 7.0% in premarket trading Friday, after the hydrogen and fuel cell systems company said 2022 revenue could be 5% to 10% below previous guidance, as some larger projects could potentially be completed in 2023 rather than 2022. From the midpoint of the previous 2022 revenue guidance of $900 million to $925 million, a 5%-to-10% decline would be about $821.25 million to $866.88 million, while the current FactSet revenue consensus is $919.1 million. The company said that while demand for fuel cell applications and its electrolyzer business remains “robust,” the potential delay in completing projects results from “timing and broader supply chain issues.” The stock has gained 8.3% over the past three months through Thursday, while the S&P 500
SPX,
-1.59%
has slipped 3.2%.