Last Updated: March 1, 2024 at 7:12 a.m. ET
First Published: March 1, 2024 at 6:21 a.m. ET
Shares of Plug Power Inc. PLUG fell 7.9% in premarket trading Friday, but was down as much as 13.9% earlier, after the hydrogen fuel-cell technology company disclosed 2023 results that missed expectations but said it resolved the âgoing concernâ issues. While the companyâs fourth-quarter earnings release was scheduled for before Fridayâs open, the company filed its 10-K annual report with the Securities and Exchange Commission late Thursday. The filing said 2023 net losses widened to $1.37 billion, or $2.30 a share, from $724 million, or $1.25 a share, in 2022. The FactSet consensus for net per-share losses was $1.58….
Shares of Plug Power Inc.
PLUG
fell 7.9% in premarket trading Friday, but was down as much as 13.9% earlier, after the hydrogen fuel-cell technology company disclosed 2023 results that missed expectations but said it resolved the âgoing concernâ issues. While the companyâs fourth-quarter earnings release was scheduled for before Fridayâs open, the company filed its 10-K annual report with the Securities and Exchange Commission late Thursday. The filing said 2023 net losses widened to $1.37 billion, or $2.30 a share, from $724 million, or $1.25 a share, in 2022. The FactSet consensus for net per-share losses was $1.58. Revenue dropped 27% to $891.3 million, below the FactSet consensus of $915.6 million. The results come about a month after the company provided a positive funding update, with the U.S. Department of Energy. The 10-K the company believes that its previous warning of substantial doubt about its ability to continue as a going concern âno longer exists.â The stock has dropped 21.6% year to date through Thursday while the S&P 500
SPX
has gained 6.8%.
