Why Plug Power (PLUG) stock is down today

Plug Power (NASDAQ: PLUG) stock dropped 10% Friday after the hydrogen fuel cell system developer disclosed 2023 results that missed expectations but said it resolved the "going concern" issues.

The company stated there is "no longer substantial doubt of the company's ability to continue as a going concern." PLUG believes it now has sufficient cash on hand and available liquidity to fund its ongoing operations for the foreseeable future.

For the year ended December 31, 2023, PLUG said revenue grew 27% YoY to $891 million, representing a record for the company. The revenue growth was driven by the successful execution of its business strategies in the renewable energy market.

Meanwhile, PLUG posted a loss per share of $2.30, compared to a loss of $1.25 in the previous year. The loss for 2023 was primarily driven by increased investments in growth and expansion and non-cash charges recorded in the fourth quarter.

Overall, PLUG feels it has achieved "significant progress in revenue growth, operational efficiency, and strategic investments."

By Sam Boughedda

You May Also Be Interested In

• Chewy earnings preview Q1: mixed print expected amid softer macro conditions
• This biotech stock is the best smidcap idea at TD Cowen
• Analyst names this stock the "clear beneficiary" of refined copper tariffs