Plug Power is on pace to ship a record 2,000 fuel cells during the second quarter of the year that ends Sunday, encouraging investors enough to push the company’s shares up Wednesday.
“Ongoing commercial traction and growth has led us to this record quarter,” CEO Andy Marsh said in a statement issued Wednesday morning.
The 2,000 fuel cells shipped represent a 70 percent increase over the second quarter of 2018. Plug Power’s GenDrive fuel cells are used in forklift trucks used in warehouses although the company is swiftly moving into other vehicle markets.
To a company like Plug Power that has yet to turn a profit, steady shipments are critical to being able to recognize sales revenue on its financial statements. It also shows that the company’s production line is operating efficiently and the company can turn around orders quickly.
The fuel cells are manufactured in Latham.
The company will announce its official second quarter results later in the summer, but Wednesday’s announcement was designed to assure investors that the company was on track to reach between $235 million and $245 million in gross billings for the year.
Shares (Nasdaq: PLUG) rose 9 cents Wednesday to close at $2.14 and were up another 5 cents in after-hours trading to $2.19.
