Plug Power estimates Q3 net cash usage at approximately $28 million

Plug Power said preliminary, unaudited estimates put its third-quarter net cash usage at approximately $28 million and quarter-end cash and cash equivalents at approximately $134 million, excluding restricted cash. The hydrogen technology company said it raised no proceeds through its at-the-market share offering or other equity or debt capital raises during the quarter. Plug expects third-quarter revenue growth of greater than 10% from a year earlier and said it remains on track for full-year growth of approximately 15% to 16%. It also expects continued year-over-year gross margin improvement in the third quarter, following improvement over the previous two quarters.