Plug Power Inc. has resolved “going-concern” issues, but its stock was still falling in Friday’s premarket action after the alternative-energy company missed the mark with its annual results. While the company’s fourth-quarter earnings release was scheduled for before Friday’s open, the company filed its 10-K annual report with the Securities and Exchange Commission late Thursday. Annual revenue dropped 27% to $891.3 million, according to the filing, and came in below the FactSet consensus of $915.6 million.
Plug Power
PLUG,
+2.92%,
which provides hydrogen fuel-cell technology, saw 2023 net losses widen to $1.37 billion, or $2.30 a share, from $724 million, or $1.25 a share, in 2022. The FactSet consensus for net per-share losses was $1.58. “Recognizing the past challenges with cash management, we are dedicated in 2024 to bolstering our financial profile,” Chief Executive Andy Marsh said in a Friday morning release. The company disclosed in that release that it has resolved a “going-concern” issue, which was previously disclosed in Plug Power’s September-quarter 10-Q filing. Plug Power “has determined it has sufficient cash on hand coupled with available liquidity to fund its ongoing operations for the foreseeable future,” the company said in a release. The resolution of the “going-concern” language shows Plug Power’s “financial foundation and commitment to sustainable operations and growth,” according to the company. Still, shares of Plug Power were falling 7.5% in premarket trading Friday, though they had been down as much as 13.9% earlier. The results come about a month after the company provided a positive funding update involving a U.S. Department of Energy loan facility. The co …
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Plug Power
PLUG,
+2.92%,
which provides hydrogen fuel-cell technology, saw 2023 net losses widen to $1.37 billion, or $2.30 a share, from $724 million, or $1.25 a share, in 2022. The FactSet consensus for net per-share losses was $1.58. “Recognizing the past challenges with cash management, we are dedicated in 2024 to bolstering our financial profile,” Chief Executive Andy Marsh said in a Friday morning release. The company disclosed in that release that it has resolved a “going-concern” issue, which was previously disclosed in Plug Power’s September-quarter 10-Q filing. Plug Power “has determined it has sufficient cash on hand coupled with available liquidity to fund its ongoing operations for the foreseeable future,” the company said in a release. The resolution of the “going-concern” language shows Plug Power’s “financial foundation and commitment to sustainable operations and growth,” according to the company. Still, shares of Plug Power were falling 7.5% in premarket trading Friday, though they had been down as much as 13.9% earlier. The results come about a month after the company provided a positive funding update involving a U.S. Department of Energy loan facility. The co …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]