Plug Power, Inc. (NASDAQ:PLUG) shares are trading higher during the morning session on Wednesday.
Plug has released its 2025 financial outlook, estimating revenue between $850 million and $950 million (street: $1.185 billion) and a gross margin of -20% to -5%. Looking further ahead, the company is targeting a revenue target of approximately $3.75 billion by 2030 and a target gross margin of over 30%.
Yesterday, in a press release, the company lowered its full-year 2024 revenue guidance to between $700 million and $800 million, down from estimates of $823.46 million.
Among major milestones this year, Plug expanded its hydrogen production by commissioning a 15 TPD plant in Georgia and upgrading a 10 TPD plant in Tennessee. The company also completed a record number of electrolysis installations, including a 100 MW system for Galp on five continents.
Also Read: Plug Power Stock Slides on Q3 Earnings: Revenue Miss, EPS Miss, Soft Guidance and More
Plug delivered its first shipments of liquid green hydrogen to major customers such as Walmart Inc., Amazon.com, Inc. and Home Depot, Inc., and launched stationary power plants in the US
The company introduced next-generation PEM electrolyzers and a mobile tanker to support the rapid deployment of hydrogen in fleet vehicles. In addition, Plug has formed strategic global partnerships with BP, Iberdrola and Allied Green Ammonia to expand hydrogen infrastructure.
Going forward, Plug said it is targeting a compound annual growth rate (CAGR) of approximately 30% for its energy and applications business from 2025 to 2030.
The company also appointed Sanjay Shrestha as its new president. Shrestha previously served as the company’s Chief Strategy Officer and General Manager of Energy Solutions. Andy Marsh will retain the position of CEO.
Meanwhile, Plug will host its sixth annual Plug Symposium at the company’s Vista headquarters and manufacturing facility in Slingerlands. This event features presentations from CEO Andy Marsh and other top executives.
According to Benzinga Pro, PLUG stock has lost more than 44% in the past year. Investors can gain exposure to the stock through Global X Hydrogen ETF (NASDAQ:HYDR).
Price promotion: PLUG shares are trading 6% higher at $2.025 at last check on Wednesday.
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This article What’s Going On With Plug Power Stock Today? originally appeared on Benzinga.com
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