Plug Power, Inc. (NASDAQ:PLUG) shares are trading higher in the morning session on Wednesday.
Plug has provided its financial outlook for 2025, projecting revenue between $850 million and $950 million (street view: $1.185 billion) and a gross margin of -20% to -5%. Looking further ahead, the company aims for a target revenue 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 outlook to be between $700 million and $800 million versus estimates of $823.46 million.
Of the significant milestones this year, Plug expanded its hydrogen production by commissioning a 15 TPD plant in Georgia and upgrading a 10 TPD facility in Tennessee. The company also achieved record electrolyzer deployments, including a 100 MW system for Galp across five continents.
Also Read: Plug Power Stock Slides On Q3 Earnings: Revenue Miss, EPS Miss, Soft Guidance And More
Plug delivered its first liquid green hydrogen supplies to major customers like Walmart Inc., Amazon.com, Inc., and Home Depot, Inc., and launched stationary power sites across the U.S.
The company introduced next-gen PEM electrolyzers and a mobile refueler to support rapid hydrogen deployment for fleet vehicles. Additionally, Plug formed strategic global partnerships with BP, Iberdrola, and Allied Green Ammonia to expand hydrogen infrastructure.
Going ahead, Plug said it aims for a compound annual growth rate (CAGR) of around 30% for its Energy and Applications businesses from 2025 to 2030.
The company also appointed Sanjay Shrestha as its new President. Shrestha was formerly the company’s Chief Strategy Officer and General Manager, Energy Solutions. Andy Marsh will retain the position of CEO.
Meanwhile, Plug is hosting 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 over 44% in the past year. Investors can gain exposure to the stock via Global X Hydrogen ETF (NASDAQ:HYDR).
Price Action: PLUG shares are trading higher by 6% to $2.025 at last check Wednesday.
Photo via Shutterstock
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This article What’s Going On With Plug Power Stock Today? originally appeared on Benzinga.com
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