JP Morgan analyst Bill Peterson reiterated a Neutral rating on Plug Power, Inc. PLUG but has withdrawn the price forecast.
On May 12, 2025, the company reported first-quarter revenue of $133.67 million, beating analyst estimates of $132.16 million and a loss of 21 cents per share, missing analyst estimates for a loss of 19 cents per share.
Plug Power guided for second-quarter revenue in the range of $140 million to $180 million, versus estimates of $132.16 million, signaling confidence in continued demand growth.
Also Read: Plug Power Partners Up With BASF: Will Use German Company's Purification Tech To Liquify Hydrogen
The analyst adjusted its second-quarter revenue estimates towards the lower end of the company's guidance range at $150 million (down from $156 million prior).
Peterson has also slightly reduced the electrolyzer growth projections for the year, anticipating potential deal delays into 2026.
Consequently, the analyst lowered the full-year revenue estimate to $729 million (from $756 million previously).
The analyst also factored in Plug Power's need to raise an additional $100 million to $200 million to bridge the funding gap required for the initial drawdown of its Department of Energy (DOE) loan, which may occur later this year or in early 2026.
Overall, the analyst says that Plug Power has significant potential for future growth through expansion into new markets, geographies, and the green hydrogen sector.
However, the company currently faces near-term challenges related to liquidity, margin improvement, and the availability of hydrogen, which is impacting its current outlook.
Investors can gain exposure to the stock via Global X Hydrogen ETF HYDR.
Price Action: PLUG shares are down 3.91% at $0.78 at the last check on Wednesday.
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