Plug Power's (NASDAQ: PLUG) share price is on the rise after the company reported its Q1 results, with revenue rising above market expectations.
The hydrogen fuel cell firm's net loss for the quarter widened to $60.75 million or $0.12, compared to a loss of $37.45 million during the same period the previous year. Analysts had predicted a loss of around $0.08 per share.
However, the company's revenue for the quarter rose 76.3% to $71.96 million, beating analyst estimates.
There was a notable rise in sales of fuel cell systems and related infrastructure, which came in at $46.77 million compared to $20.46 million a year ago.
Plug Power shipped 1,308 GenDrive units and had revenue associated with six hydrogen infrastructure systems for the first quarter of 2021 compared to 825 GenDrive units and one hydrogen infrastructure system in the first quarter of 2020.
Plug Power's share price is currently trading at $30.98, after rising 3.79%, adding to its over 435% gain in the past 12 months.
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