Plug Power, a U.S.-based developer of hydrogen fuel cell (HFC) turnkey solutions, recorded a net loss of $170.76 million in the third quarter (Q3) of 2022, a year-on-year (YoY) increase of 60.08% from $106.67 million.
The company’s net revenue was recorded at $188.6 million in Q3 2022, an increase of 31% compared to $143.92 million in Q3 2021. The revenue growth stemmed from the core material handling market, new products, and recent acquisitions.
In the third quarter, the company’s operating loss accounted for $159.75 million, a 61.9% YoY increase in losses compared to $98.66 million. Of the cumulative operating expenses, $28.11 million was attributed towards research and development compared to $16.63 million in Q3 2021, and $85.58 million went towards selling and administrative expenses as opposed to $42.42 million in Q3 2021.
Andy Marsh, Chief Executive Officer of…
Plug Power’s Net Loss Up 60% YoY in Q3, as it Builds its Green Hydrogen Platform
