Plug Power’s stock tumbles after 10-K disclosure of 2023 results that missed expectations

Shares of Plug Power Inc.
PLUG,
+2.92%
tumbled 11.9% in premarket trading Friday, after the hydrogen fuel-cell technology company disclosed 2023 results that missed expectation. 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. The filing said 2023 net losses widened 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. Revenue dropped 27% to $891.3 million, below the FactSet consensus of $915.6 million. The results come about a month after the company provided a positive funding update, with the U.S. Department of Energy. The 10-K still contained, however, a warning of “substantial doubt” about its ability to continue as a going concern. The stock has dropped 21.6% year to date through Thursday while the S&P 500
SPX,
+0.52%
has gained 6.8%.