Plug Power indicated at the company's Q3 2021 earnings callthat its expected $925 million (upper end of guidance) revenue for 2022 will be comprised of $600 million from material handling, $150 million in electrolyzer sales, $100 million from M&A, and $75 million generated by new markets.įor its material handling business, PLUG "added five pedestal customers well ahead of target" as per its third-quarter shareholder letter. In my opinion, the market's revenue and EBITDA expectations for Plug Power this year are realistic. Wall Street's consensus 2024 adjusted EBITDA estimate is even higher at $320 million. In the company's most recent Q3 2021 shareholder letter, Plug Power highlighted that it was "raising revenue guidance for 2022 given acquisitions and commercial traction to $900 million-$925 million." The sell-side's consensus 2022 revenue forecast ($899 million) is at the lower end of the company's top-line guidance.Īlthough PLUG did not provide EBITDA guidance for 2022, the company had earlier set a target of achieving positive non-GAAP adjusted EBITDA of $250 million in 2024. The sell-side analysts' financial forecasts are in line with management guidance. Wall Street also forecasts that PLUG's losses at the non-GAAP adjusted EBITDA level will narrow from -$180 million last year to -$17 million in the current year. Market consensus sees Plug Power's top line expanding by +80% YoY from $499 million in fiscal 2021 to $899 million in FY 2022, according to sell-side financial estimates sourced from S&P Capital IQ. Heading into 2022, PLUG stock is expected to deliver higher revenue and narrower losses. This is why I have turned bullish on the name. I see increased revenue and narrower operating losses for PLUG in 2022, and its current valuations are attractive as compared to peers. I focus on Plug Power's outlook this year in this latest article. My prior initiation article for Plug Power was published on September 30, 2021. I raise my investment rating for Plug Power Inc.'s ( NASDAQ: PLUG) shares from a Hold to a Buy. Onurdongel/iStock via Getty Images Elevator Pitch
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