Plug Power stock sinks 10% following annual results

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on Mar 1, 2024
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  • Plug Power reported its financial results for 2023 on Friday.
  • Here's what its CEO Andy March said in a press release today.
  • Plug Power stock is now down more than 30% versus its YTD high.

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Plug Power Inc (NASDAQ: PLUG) is down 10% in premarket on Friday even though it reported record revenue for 2023.

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Why is Plug Power stock down on Friday?

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The stock is being punished primarily because hydrogen fuel cells company ended the year with $2.30 of per-share loss ($1.37 billion) – much higher than $1.25 per share in 2022.

Plug Power attributed the inflated loss to “increased investments in growth and expansion and the varied non-cash charges”.

The quarterly report arrives just weeks after the hydrogen fuel cells company committed to lowering annual costs by $75 million as Invezz reported here. $PLUG said at the time that it will lay off a yet to be determined number of employees as part of that initiative as well.

Plug Power stock is now down more than 30% versus the start of this year.

Plug Power saw its revenue jump 27% in 2023

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Plug Power did, however, reported a record $891 million in full-year revenue – up 27% versus 2022. Andy Marsh – chief executive of the Nasdaq-listed firm said in a press release today:

We are dedicated in 2024 to bolstering our financial profile. Leveraging existing investments and prudent approach to cash management, we’re well-positioned for sustainable growth and continued innovation in renewable energy.

More importantly, $PLUG confirmed this morning that it has successfully resolved doubt on its ability to continue as a going concern. Wall Street currently has a consensus “hold” rating on Plug Power stock that does not pay a dividend yield at writing.

Note that analysts had forecast the alternative energy to lose $1.58 per share in 2023 on $915.6 million in revenue.

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