Plug Power Inc. (NASDAQ:PLUG) shares have rallied more than 35% over the last month. With earnings due after the bell on Tuesday, Aug. 9, here's a look at what to expect and a rundown of what caused the recent surge.
What Happened: Plug Power shares began climbing higher last month after Senator Joe Manchin reversed his opposition to the Inflation Reduction Act and announced an agreement with Senate Majority Leader Chuck Schumer.
"The Inflation Reduction Act of 2022 invests in the technologies needed for all fuel types — from hydrogen, nuclear, renewables, fossil fuels and energy storage — to be produced and used in the cleanest way possible," Manchin said in a statement at the time.
Plug Power shares have continued to trend higher as developments with the bill unfold. On Sunday, the Senate passed the legislation in a 51-50 vote, which has fueled the move in clean energy names to start the week.
Plug is viewed as a big beneficiary of the bill since it plans to build and operate green hydrogen highways across North America and Europe.
The Inflation Reduction Act includes almost $400 billion in funding for climate and energy-related programs over the next 10 years.
The bill is now headed to the House, where it's expected to be passed within the week before being sent to President Joe Biden’s desk.
See Also: Senate Passes Inflation Reduction Act: A Defining Legislative Feat Of The 21st Century
Q2 Preview: Plug Power is expected to report second-quarter revenue of $164.76 million, according to data from Benzinga Pro. The company reported revenue of $140.8 million in the first quarter and noted that revenue isn't expected to ramp up significantly until the second half of the year.
"We would like to remind investors that, historically, the first half typically represents 30% of full year revenue with second half revenue representing 70%," the company said in a letter to shareholders following its first-quarter results. "We expect this seasonality to continue into 2022."
Plug Power is scheduled to report after the close. A conference call to discuss the results will be held at 4:30 p.m. ET.
PLUG Price Action: Plug Power has a 52-week high of $32.05 and a 52-week low of $12.70.
The stock was down 4.29% at $24.52 at press time, according to Benzinga Pro.
Photo: Courtesy of Plug Power.
