Plug Power designs, develops, manufactures, and commercializes fuel cell systems for electric lift trucks and material handling equipment. The company offers its products globally to retail, grocery, and institutional food distribution centers as well as manufacturing facilities. It gets most of its revenue from North America. SolarCity offers solar power energy.
FuelCell Energy’s (FCEL) sales fell by 9.5% on a YoY basis. Its gross profit also fell by 7%. It’s important to note that 70% of its revenue comes from foreign sources. Asia-Pacific accounts for its largest source of revenue. It has significant exposure to the Korean Peninsula.
For EnerSys (ENS), sales grew by 1.2% on a YoY basis. Its gross profit also grew by 2%. North America accounts for a significant portion of its revenue. The above chart shows these companies’ sales growth and gross profit.
On a YTD (year-to-date) basis, renewable energy companies like FuelCell Energy, Plug Power, EnerSys, and SolarCity fell by an average of 28%. FuelCell Energy and Plug Power fell by 72% and 25%. EnerSys and SolarCity fell by 8% and 7%, respectively.
The Guggenheim Solar ETF (TAN) fell by 10.3% on a YTD basis. The PowerShares WilderHill Clean Energy ETF (PBW) fell by 9.3% on a YTD basis. The VanEck Vectors Global Alternate Energy ETF (GEX) rose by 2%.
In the next part, we will talk about the debt of these renewable energy companies.