Plug Power (PLUG) Rebounds 7.9% on Strong Revenues

We recently published Market Beaters: 10 Stocks Defying the Odds. Plug Power Inc. (NASDAQ:PLUG) is one of the best-performing stocks on Wednesday.

Plug Power bounced back from a two-day loss on Wednesday, surging 7.91 percent to close at $2.73 apiece as investors took heart from a strong demand for its fuel cell business.

This followed the company’s earnings release on Wednesday, where it announced a 1.9 percent revenue growth to $177 million from $173.7 million in the same period last year.

The company said growth was driven by continued strength in its electrolyzer business, hydrogen fuel sales, and other businesses, and continued pricing enhancements. GenEco electrolyzer revenue totaled $65 million for the quarter, marking a 13 percent increase year-on-year.

However, Plug Power Inc. (NASDAQ:PLUG) remained at a 72 percent higher net loss during the quarter, $363.5 million versus $211.17 million in the same period last year, pulled down by higher operating loss and expenses.

Looking ahead, Plug Power Inc. (NASDAQ:PLUG) said it would continue to prioritize growth in its material handling and hydrogen fuel businesses on optimism that it would strengthen its near-term performance and position the company to scale into new markets, such as large-scale stationary power and mobility, in the future.

“Plug continues to execute, follow through on its commitments, and prove the viability of hydrogen at scale,” said outgoing CEO Andy Marsh. “We’re seeing real adoption, real projects, and real performance, and we’re still only getting started.”

It can be recalled that Marsh earlier this year announced plans to step down from his post in 2026. He will be replaced by Jose Luis Crespo, who is currently president and chief revenue officer of the company.

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Disclosure: None. This article is originally published at Insider Monkey.