(Plug Power) Plug Power revenues for the first quarter of 2021 grew by 76% from the comparable quarter of last year to hit $72.0 million.
Plug Power’s gross billings rose by 71% from the comparable quarter of 2020 to hit $73.7 million.
Product gross margins surged by 38% amid high freight costs that added an incremental $2 million.
The company completed a capital raise of more than $2 billion and had $1.6 billion capital investment from SK Group.
Fuel gross margins were adversely affected by transition from one industrial gas company to another on rising rates.
The company’s hydrogen supply was negatively impacted by force-majeure events at the end of 2020 that spilled over to the first quarter.
The Texas winter freeze in February caused a rise in prices of natural gas to record highs.
Plug Power announced plans to construct North America’s largest green hydrogen facility in Western New York.
PLUG: NASDAQ is up +1.24% on premarket.
