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By Dhirendra Tripathi
Investing.com – Plug Power (NASDAQ:PLUG) shares were up close to 2% in Tuesday’s premarket trading as the company reaffirmed its (recently raised) revenue targets for 2021 and 2024 and forecast an improvement in margins over the rest of the current year.
The company had last month reiterated its annual gross billings targets of $475 million in 2021, $750 million in 2022 and $1.7 billion in 2024.
Revenue for the quarter rose 76% to $73.7 million. Gross billings for the fiscal first quarter ended March 31 were $73.7 million, up 71% year-on-year. In May it had projected billings of over $70 million for the quarter.
The company's net loss widened to $60.74 million from $37.44 million in the year-ago quarter, due in part to a string of one-off events that caused hydrogen prices to rise sharply throughout the first half..
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