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Last updated: March 1, 2024 at 7:12 a.m. ET
First Published: March 1, 2024 at 6:21am ET
Plug Power Inc.’s stock fell 7.9% in pre-market trading Friday after the hydrogen fuel cell technology company reported 2023 results that were lower than expected but said it had resolved its “going concern” issues. Prior to that, the stock had fallen 13.9%. The company’s fourth-quarter earnings release was scheduled for Friday before the start of trading, but the company filed its 10-K annual report with the Securities and Exchange Commission late Thursday. Net loss widened to $1.37 billion ($2.30 per share) in 2023 from $724 million ($1.25 per share) in 2022, according to the filing. The FactSet consensus for net loss per share was $1.58.
Plug Power Co., Ltd. stock
plug
Shares fell 7.9% in pre-market trading on Friday after the hydrogen fuel cell technology company disclosed lower-than-expected 2023 results but said it had resolved its “going concern” issues. It had fallen by 13.9%. The company’s fourth-quarter earnings release was scheduled for Friday before the start of trading, but the company filed its 10-K annual report with the Securities and Exchange Commission late Thursday. Net loss widened to $1.37 billion ($2.30 per share) in 2023 from $724 million ($1.25 per share) in 2022, according to the filing. FactSet consensus for net loss per share was $1.58. Revenue fell 27% to $891.3 million, below the FactSet consensus of $915.6 million. The results were announced about a month after the company provided a positive funding update to the U.S. Department of Energy. The company believes that previous warnings that there were significant doubts about 10-K’s ability to continue as a going concern “no longer exist.”Stocks have fallen 21.6% year-to-date through Thursday, while the S&P 500 has
SPX
It rose by 6.8%.
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