Plug issued in-line guidance for FY 2022, seeing revenues of $900M-$925M, compared with $909.1M analyst consensus estimate and $502M in FY 2021 revenues.
For Q4, Plug Power said it shipped ~3,300 GenDrive units and had revenue associated with 11 hydrogen infrastructure systems, compared with 2,200 GenDrive units and nine hydrogen infrastructure systems in the year-ago quarter.
Plug said margins in the fuel business remain under pressure, as its fuel margins were "down on a sequential basis primarily driven by increased hydrogen molecule costs due to higher natural gas prices and only two months of lower cost fuel production from our plant in Tennessee."
But Plug expects a decline in average molecule costs throughout the year vs. 2021, due to a full year impact of additional capacity from the Tennessee plant, strategic agreements with key suppliers, lower logistics costs and green hydrogen plants coming online.
The company said it anticipates fuel margins breaking even by 2023, and "by 2024, we expect our fuel business to start generating cash flow and approaching corporate margin targets with potential for upside as we continue to expand our green hydrogen network."
Plug Power shares have lost 47% over the past year and 10% so far in 2022.