Plug Power, Inc. (NASDAQ:PLUG) shares are trading lower on Thursday.
According to Benzinga Pro, PLUG stock has lost over 74% in the past year. Investors can gain exposure to the stock via Global X Hydrogen ETF (NASDAQ:HYDR) and ETF Series Solutions Defiance Next Gen H2 ETF (NYSE:HDRO).
The company has appointed Colin Angle, former CEO of iRobot Corporation, to its Board of Directors. Angle brings expertise in technology innovation, robotics, and strategic leadership to Plug Power’s Board.
“Colin’s insights and experience will help guide Plug Power as we scale our operations and deliver on our commitment to sustainability, revenue growth, and profitability,” said Andy Marsh, CEO of Plug Power.
Also Read: Plug Power Defers $50M In Sales, Misses Revenue Forecast: JPMorgan Analyst Wants A ‘Show-Me Story’
Earlier this month, Plug Power said it announced the appointment of Dean Fullerton as COO. Fullerton comes from Amazon.com, Inc., where he was responsible for global engineering services and oversaw operations engineering for 14 years.
The firm deployed over $70 million of electrolyzer systems in the second quarter. The company noted that because of final commissioning and testing requirements, the majority of the deployments were not recognized as revenue in the quarter. Plug expects to recognize that revenue in the second half of 2024.
Plug Power expects full-year 2024 revenue to be in the range of $825 million to $925 million versus estimates of $917 million.
Price Action: PLUG shares are trading lower by 2.27% to $2.15 at last check Thursday.
Photo via Shutterstock
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