Fuel cell technology Plug Power (NASDAQ:PLUG) will be announcing earnings results tomorrow morning. Here’s what to expect.

Plug Power missed analysts’ revenue expectations by 18.7% last quarter, reporting revenues of $173.7 million, down 12.6% year on year. It was a disappointing quarter for the company, with a miss of analysts’ Power Purchase Agreements revenue estimates and full-year revenue guidance missing analysts’ expectations.

Is Plug Power a buy or sell going into earnings? Read our full analysis here, it’s free.

This quarter, analysts are expecting Plug Power’s revenue to grow 18.5% year on year to $263.3 million, improving from its flat revenue in the same quarter last year. Adjusted loss is expected to come in at -$0.23 per share.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings.

Looking at Plug Power’s peers in the renewable energy segment, some have already reported their Q4 results, giving us a hint as to what we can expect. American Superconductor delivered year-on-year revenue growth of 56%, beating analysts’ expectations by 8.4%, and Nextracker reported a revenue decline of 4.4%, topping estimates by 3.6%. American Superconductor traded up 33.9% following the results while Nextracker was also up 24.3%.

Read our full analysis of American Superconductor’s results here and Nextracker’s results here.

Valuation multiples for many growth stocks have not yet reverted to their early 2021 highs, but the market has been optimistic as of late due to a soft landing. This is an economic situation where rate hikes successfully quelled inflation but did not send the economy into a recession. Furthermore, recent rate cuts and Donald Trump's triumph in the 2024 Presidential election have been tailwinds for the market, and while some of the renewable energy stocks have shown solid performance, the group has generally underperformed, with share prices down 5.2% on average over the last month. Plug Power is down 12.4% during the same time and is heading into earnings with an average analyst price target of $2.72 (compared to the current share price of $1.63).

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