Plug Power Inc. (PLUG) shares rose 7.54% in after-hours on Thursday, August 05, 2021, and closed the daily trading at $27.96 per share. Earlier in the regular trading session of Thursday, PLUG’s stock gained 0.42%. PLUG shares have risen 178.67% over the last 12 months, and they have moved down 4.41% in the past week. Over the past three months, the stock has gained 15.25%, while over the past six months, it has declined 61.58%.
Let’s talk about its recent news and developments.
PLUG recent financial results announcement
On August 05, 2021, Plug Power Inc. reported its 2021 second-quarter financial results which ended on June 30, 2021.
Q2 2021 financial highlights
- The total net revenue was $124. 6 million in Q2 2021 compared to $68 million in Q2 2020.
- The total cost of revenue was $164.85 million in Q2 2021 compared to $68 million in Q2 2020.
- Total operating expenses were $49.4 million in Q2 2021 compared to $26.5 million in Q2 2020.
- It suffered a net loss of $99.6 million or a net loss of $0.18 per basic and diluted share in Q2 2021 compared to a net loss of $9.4 million or a net loss of $0.03 per basic and diluted share in Q2 2020.
PLUG made a new appointment
On July 22, 2021, Plug Power Inc appointed David Mindnich, a 15-year leader in manufacturing who spearheaded operations for Tesla’s Gigafactory, as executive vice president of global manufacturing.
Mindnich will lead the modernization of Plug Power’s manufacturing operations by creating process efficiencies and transforming its operations and will report directly to CEO Andy Marsh.
Clean Energy agreement with Apex
On July 14, 2021, Apex Clean Energy and Plug Power announced a 345 MW wind power purchase agreement (PPA) and a development services agreement for a green hydrogen production facility.
The hydrogen plant, which is being co-developed by Apex and Plug Power, will be the first and largest wind-supplied hydrogen project in the United States and the largest onshore wind-powered project across the globe and will use 100% renewable energy.
Recognition by Food Logistics
On July 02, 2021, Plug Power Inc was named to the Top Green Providers list for 2021 by Food Logistics, the only publication exclusively dedicated to covering the movement of products through the global cold food supply chain.
It’s the fifth year in a row that Plug Power was named on the Top Green Providers list.
Conclusion
PLUG stock surged after the company released its financial results which were quite promising and we are pretty confident that it will perform well on Friday to close the weekly trading on a positive note.
