Is Plug Power Stock Ready to Take Off After Bumper Revenue Growth?

With the world transitioning from fossil to cleaner fuels, there's strong growth potential for companies in green hydrogen and fuel cell technologies. Yet Plug Power (NASDAQ: PLUG), a first mover in the fuel cell industry, has taken its investors on a turbulent roller-coaster ride. The stock was unstoppable when it more than quintupled in a matter of three months and hit a high of $75.49 a share in January 2021. The euphoria died down just as quickly, with the fuel cell stock crashing to around $29 per share by the time the year ended.

Ever since, the market has waited for its quarterly earnings release and the guidance it provides for 2022 to help the stock regain its mojo. The company just released its numbers, and the market reacted positively and sent Plug Power shares popping today.

Although profitability is nowhere in sight yet, the company is growing its top line at a solid pace. In fact, it generated its highest-ever quarterly profit in the fourth quarter and ended 2021 with record revenue worth $502 million. And the company is confident of growing revenue exponentially henceforth.

Source Fool.com