Plug Power Inc. Financial Struggles in 2023
Shares of Plug Power Inc. (PLUG) tumbled 11.9% in premarket trading on Friday following the release of disappointing 2023 results. The hydrogen fuel-cell technology company reported a widening net loss of $1.37 billion, or $2.30 per share, compared to $724 million, or $1.25 per share, in 2022.
Falling Short of Expectations
The filed 10-K annual report with the Securities and Exchange Commission showed a 27% decrease in revenue to $891.3 million, missing the FactSet consensus of $915.6 million. The company's fourth-quarter earnings release was scheduled for before the market opened on Friday.
Uncertain Future
Despite a recent positive funding update with the U.S. Department of Energy, Plug Power still faces challenges. The 10-K filing included a warning of "substantial doubt" about its ability to continue as a going concern.
Market Performance
So far this year, Plug Power's stock has dropped by 21.6%, in stark contrast to the S&P 500's gain of 6.8% over the same period. Investors are keeping a close eye on how the company plans to navigate these difficulties moving forward.
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