Looking back on renewable energy stocks’ Q3 earnings, we examine this quarter’s best and worst performers, including Plug Power (NASDAQ: PLUG) and its peers.
Renewable energy companies are buoyed by the secular trend of green energy that is upending traditional power generation. Those who innovate and evolve with this dynamic market can win share while those who continue to rely on legacy technologies can see diminishing demand, which includes headwinds from increasing regulation against “dirty” energy. Additionally, these companies are at the whim of economic cycles, as interest rates can impact the willingness to invest in renewable energy projects.
The 18 renewable energy stocks we track reported a mixed Q3. As a group, revenues missed analysts’ consensus estimates by 5.4% while next quarter’s revenue guidance was 0.6% above.
Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 26% since the latest earnings results.
Plug Power (NASDAQ: PLUG)
Powering forklifts for Walmart’s distribution centers, Plug Power (NASDAQ: PLUG) provides hydrogen fuel cells used to power electric motors.
Plug Power reported revenues of $173.7 million, down 12.6% year on year. This print fell short of analysts’ expectations by 18.7%. Overall, 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.
Plug Power CEO Andy Marsh stated: “Plug Power's performance this quarter underscores our commitment to building a sustainable and profitable hydrogen future. Our progress in electrolyzer deployments, advancements in hydrogen production, and expansion into new markets reflect our team's dedication to leading the build out of the hydrogen economy.”
The stock is down 54.7% since reporting and currently trades at $0.90.
Read our full report on Plug Power here, it’s free.
Best Q3: Bloom Energy (NYSE: BE)
Working in stealth mode for eight years, Bloom Energy (NYSE: BE) designs, manufactures, and markets solid oxide fuel cell systems for on-site power generation.
Bloom Energy reported revenues of $572.4 million, up 60.4% year on year, outperforming analysts’ expectations by 12.8%. The business had an incredible quarter with an impressive beat of analysts’ EPS estimates and a solid beat of analysts’ EBITDA estimates.
Bloom Energy delivered the biggest analyst estimates beat, fastest revenue growth, and highest full-year guidance raise among its peers. Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 25.5% since reporting. It currently trades at $17.15.
Is now the time to buy Bloom Energy? Access our full analysis of the earnings results here, it’s free.
TPI Composites (NASDAQ: TPIC)
Founded in 1968, TPI Composites (NASDAQ: TPIC) manufactures composite wind turbine blades and provides related precision molding and assembly systems.
TPI Composites reported revenues of $346.5 million, up 16.7% year on year, falling short of analysts’ expectations by 5%. It was a disappointing quarter as it posted full-year revenue guidance missing analysts’ expectations significantly and a significant miss of analysts’ adjusted operating income estimates.
As expected, the stock is down 49.8% since the results and currently trades at $0.73.
Read our full analysis of TPI Composites’s results here.
Blink Charging (NASDAQ: BLNK)
One of the first EV charging companies to go public, Blink Charging (NASDAQ: BLNK) is a manufacturer, owner, operator, and provider of electric vehicle charging equipment and networked EV charging services.
Blink Charging reported revenues of $30.18 million, down 29.3% year on year. This number lagged analysts' expectations by 5.2%. Overall, it was a slower quarter as it also logged a significant miss of analysts’ adjusted operating income estimates.
The stock is down 25.6% since reporting and currently trades at $0.67.
Read our full, actionable report on Blink Charging here, it’s free.
American Superconductor (NASDAQ: AMSC)
Founded in 1987, American Superconductor (NASDAQ: AMSC) has shifted from superconductor research to developing power systems, adapting to changing energy grid needs and naval technology requirements.
American Superconductor reported revenues of $61.4 million, up 56% year on year. This print beat analysts’ expectations by 8.4%. Overall, it was an exceptional quarter as it also put up a solid beat of analysts’ EPS estimates and an impressive beat of analysts’ EBITDA estimates.
The stock is down 28.1% since reporting and currently trades at $18.40.
Read our full, actionable report on American Superconductor here, it’s free.
Market Update
In response to the Fed’s rate hikes in 2022 and 2023, inflation has been gradually trending down from its post-pandemic peak, trending closer to the Fed’s 2% target. Despite higher borrowing costs, the economy has avoided flashing recessionary signals. This is the much-desired soft landing that many investors hoped for. The recent rate cuts (0.5% in September and 0.25% in November 2024) have bolstered the stock market, making 2024 a strong year for equities. Donald Trump’s presidential win in November sparked additional market gains, sending indices to record highs in the days following his victory. However, debates continue over possible tariffs and corporate tax adjustments, raising questions about economic stability in 2025.
Want to invest in winners with rock-solid fundamentals? Check out our Hidden Gem Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.
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