Plug Power shares trimmed losses after 2023 results fell short of expectations but “going concern” issues were resolved.

Shares of Plug Power Inc.

stopper

It fell 7.9% in premarket trading on Friday, but was down as much as 13.9% earlier, after the hydrogen fuel cell technology company revealed 2023 results that beat expectations but said it resolved “sustainability” issues. While the company's fourth-quarter earnings were scheduled to be released before Friday's open, the company filed its report 10-K Annual Report with the Securities and Exchange Commission late Thursday. Net losses for 2023 widened to $1.37 billion, or $2.30 per share, from $724 million, or $1.25 per share, in 2022, the filing said. The FactSet consensus for net losses per share was $1.58. Revenue fell 27% to $891.3 million, below the FactSet consensus of $915.6 million. The results come about a month after the company filed a positive financing update with the U.S. Department of Energy. 10-K The Company believes that its previous warning that there was significant doubt about its ability to continue as a going concern “no longer exists.” The stock is down 21.6% year-to-date through Thursday while the S&P 500 is down

SPX

It rose by 6.8%.