penny stocks to watch PLUG Power stock

One of the popular energy penny stocks – Plug Power Inc. (PLUG – Stock Chart) is set to release its Q2 earnings results on the August 6. The company endured an unconvincing first quarter after it missed to meet bottom and top-line estimates.

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In the first quarter, Plug reported a $0.15 loss per share while sales were around $18.6 million. In the expected Q2 earnings results analysts have estimated that the penny stock will report a $0.10 loss per share on revenue of approximately $54.2 million. Investors are looking forward to seeing how the company performs in the quarter. They’re also expecting management to address some issues.

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Plug Power reported a year-over-year drop in gross revenue by 10.4% although management seemed unconcerned about the drop. CEO Andy Marsh said that despite the disappointing results, the uninspiring performance came from a project finance deal completed almost a week after the end of the quarter.

penny stocks to watch PLUG stock chart

The company projected gross revenue for the second quarter of between $55 million and $60 million. Additionally, annual gross revenue expectations range from $235 million to $240 million. There are high expectations regarding performance in the quarter and it’s expected to be the largest in company history.

Is Plug On The Path Of Profitability?

Plug’s management has predicted a positive adjusted EBITDA in 2019 which is an improvement for a company that has been reporting losses. If this is true then the company will have achieved profitability for the first time.

In Q1 the company’s loss narrowed to $6.1 million from $10.8 million in Q1 2018 which is a sign of improvement. Going by this, it’s expected that EBITDA will improve as the company moves closer to breaking even.

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The company has expected improvement on negative cash flow previously reported. Given its recent performance, the company looks to realize 2019 cash flow in positive territory at around $11 million.

Shares of PLUG closed Monday’s trading session at $2.13. So far this year, the penny stock has soared over 60%.

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