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

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

Last updated: March 1, 2024 at 7:12 AM ET

First Published: March 1, 2024, 6:21 a.m. ET

Shares of Plug Power Inc. fell. PLUG rose 7.9% in pre-market trading on Friday, but fell 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 10K 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.

Shares of Plug Power Inc.

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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

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It rose by 6.8%.