Looking back on renewable energy stocks’ Q2 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 17 renewable energy stocks we track reported a strong Q2. As a group, revenues beat analysts’ consensus estimates by 6.6% while next quarter’s revenue guidance was in line.
Luckily, renewable energy stocks have performed well with share prices up 38.8% on average 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 $174 million, up 21.4% year on year. This print exceeded analysts’ expectations by 10.4%. Despite the top-line beat, it was still a softer quarter for the company with a significant miss of analysts’ adjusted operating income estimates.
Interestingly, the stock is up 51.7% since reporting and currently trades at $2.42.
Read our full report on Plug Power here, it’s free.
Best Q2: Generac (NYSE: GNRC)
With its name deriving from a combination of “generating” and “AC”, Generac (NYSE: GNRC) offers generators and other power products for residential, industrial, and commercial use.
Generac reported revenues of $1.06 billion, up 6.3% year on year, outperforming analysts’ expectations by 3.4%. The business had an incredible quarter with an impressive beat of analysts’ EBITDA estimates.
The market seems happy with the results as the stock is up 10.9% since reporting. It currently trades at $167.74.
Is now the time to buy Generac? Access our full analysis of the earnings results here, it’s free.
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 $28.67 million, down 13.8% year on year, exceeding analysts’ expectations by 35.2%. Still, it was a softer quarter as it posted a significant miss of analysts’ adjusted operating income estimates.
Blink Charging delivered the biggest analyst estimates beat but had the slowest revenue growth in the group. Interestingly, the stock is up 55.3% since the results and currently trades at $1.60.
Read our full analysis of Blink Charging’s results here.
EVgo (NASDAQ: EVGO)
Created through a settlement between NRG Energy and the California Public Utilities Commission, EVgo (NASDAQ: EVGO) is a provider of electric vehicle charging solutions, operating fast charging stations across the United States.
EVgo reported revenues of $98.03 million, up 47.2% year on year. This print beat analysts’ expectations by 15.7%. Overall, it was an exceptional quarter as it also logged a beat of analysts’ EPS estimates and a solid beat of analysts’ adjusted operating income estimates.
The stock is up 33% since reporting and currently trades at $4.70.
Read our full, actionable report on EVgo 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 $72.36 million, up 79.6% year on year. This number topped analysts’ expectations by 11.4%. It was a stunning quarter as it also produced EPS guidance for next quarter exceeding analysts’ expectations and a beat of analysts’ EPS estimates.
The stock is up 35.8% since reporting and currently trades at $59.64.
Read our full, actionable report on American Superconductor here, it’s free.
Market Update
Thanks to the Fed’s rate hikes in 2022 and 2023, inflation has been on a steady path downward, easing back toward that 2% sweet spot. Fortunately (miraculously to some), all this tightening didn’t send the economy tumbling into a recession, so here we are, cautiously celebrating a soft landing. The cherry on top? Recent rate cuts (half a point in September 2024, a quarter in November) have propped up markets, especially after Trump’s November win lit a fire under major indices and sent them to all-time highs. However, there’s still plenty to ponder — tariffs, corporate tax cuts, and what 2025 might hold for the economy.
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