Plug Power reported a net revenue of $72.0 million and a gross billing of $73.7 million up by 76% and 71% respectively, according to Plug Power press release.
- In Q1 of 2020 net revenue was $40.8 million against gross billing of $43.0 million.
- Hydrogen supply was impacted by unforeseen forces at the end of 2020 to Q1 of 2021 coupled with the Texas February freeze, leading to a further rise of the fuel to historical high levels.
- In Q1 of 2021, another occurrence to a big industrial gas company led to a spike in hydrogen prices as well as labor transportation costs of the fuel.
- The company made a gross margin of 38% even with high freight costs of a $2 million increment coming majorly from worldwide impact of the pandemic on the ports and transit providers.
Plug Power is concentrating on building the green hydrogen economy, and is planning multiple strategic partnerships to expand and strengthen their global presence.
PLUG: NASDAQ is up 0.59%