Plug Power (NASDAQ:PLUG) reported its latest quarterly earnings results early in the day Thursday, which sent shares sliding as the company’s loss was wider than what analysts were calling for.
The hydrogen fuel cell systems manufacturer said that for its second quarter of fiscal 2018, it brought in an adjusted loss of 12 cents per share, which was wider than the 10 cents per share it lost during the year-ago period. Analysts were calling for the company to bring in adjusted losses of roughly 8 cents per share, according to a survey conducted by Zacks Investment Research.
Plug Power also brought in revenue of $39.93 million for its second quarter, which was a considerable improvement over the $22.6 million that it raked in during the year-ago quarter. Analysts were projecting the company to bring in revenue of around $41.56 million, according to data compiled by Zacks.
The company had negative free cash flow for the quarter of about $20.4 million, which was much narrower than the negative free cash flow of $43.4 million during the second quarter of fiscal 2017.
“Our priority remains building an EBITDAS breakeven business in the second half of 2018 and one that is positioned to be cash flow and EBITDAS positive in 2019 and onward,” according to a company press release.
PLUG stock fell about 5.5% during regular trading hours Thursday as the company’s quarterly loss was wider than expected. Shares gained about 1% after the bell.