Plug Power (NASDAQ:PLUG) stock isn’t doing so hot on Friday after the hydrogen ecosystem company provided a revenue warning to investors.
The big takeaway here is that Plug Power says it no longer expects to meet its full-year revenue guidance of between $900 million and $925 million for 2022. Instead, the company now warns that revenue could come in 5% to 10% lower than previously predicted.
To put that in perspective, Wall Street expects Plug Power to report revenue of $912.61 million for 2022. Based on the updated outlook, Plug’s 2022 revenue will likely miss estimates.
PLUG Stock: Why the Guidance Cut?
Plug Power says there are a few reasons behind its cut revenue outlook for the year. Reasons include the delay of projects that were originally to be completed in 2022. The company attributes delays to timing and supply-chain issues.
While Plug Power only recently became aware of these delays, it promises investors the setbacks won’t stretch beyond 2023. The company will provide further updates and more details during the Plug Symposium event on Oct. 19.
PLUG stock is falling 5.4% as of Friday afternoon as strong trading pulls shares down. As of this writing, some 20 million shares have changed hands. That’s just below the daily average trading volume of 21 million shares.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
