Shares of Plug Power Inc (PLUG  ) tanked in early trading on Friday, after the company reported a revenue miss for the second quarter.

The results came amid an exciting earnings season. Here are some key analyst takeaways.

  • HC Wainwright analyst Amit Dayal maintained a Buy rating and price target of $18.
  • Truist Securities analyst Jordan Levy reiterated a Hold rating and price target of $3.
HC Wainwright: Plug Power reported second-quarter net revenues of $143.4 million, representing a 45% contraction from the year-ago quarter, and missing expectations, Dayal said in a note. "We believe a 55MW delivery that the company received cash for but could not recognize in 2Q24 could have allowed it to beat our $166M revenue expectation for the quarter," he added.

GAAP gross loss fell to $131.3 million, from $159.1 million in the previous quarter, indicating that the company "continues improving its cost structure," the analyst stated. "The company's focus remains on cost reductions, better inventory management, and cash flow improvements," he further wrote.

The $70 million in electrolyzer deployments in the second quarter indicates "the revenue growth associated with this product line" and Plug Power expects an additional 100MW of electrolyzers to be deployed by the end of 2024, Dayal said.

Truist Securities: The recognition timing on electrolyzer deployments contributed to the "underwhelming" second-quarter results, Levy said. The company's revised full-year sales guidance suggests "essentially flat YoY revenues," he added.

The company ended the quarter with just $62 million in unrestricted cash, despite raising an additional $267 million under its ATM program, the analyst stated. "Ultimately, while we think the bar was set low for the quarter and electrolyzer commentary into the back half of the year appears constructive, the continued high rate of outspend, along with the large GM miss in 2Q are likely to drive shares lower today," he further wrote.

PLUG Price Action: Shares of Plug Power had risen by 7.31% to $126.59 at the time of publication on Friday.