Plug Power
said doubts about its ability to continue as a “going concern” no longer exist, but the hydrogen-technology company posted results for 2023 that missed analysts’ expectations.
Plug issued an update in a 10-K filing late Thursday, and released a press release Friday. In November, the company issued a warning over its financial position. The company said at the time that it was being negatively impacted by “unprecedented supply challenges in the hydrogen network in North America.”
Plug disclosed in the 10-K after the stock market closed Thursday that it believes “its working capital and cash position, together with its right to direct B. Riley to purchase shares directly from the Company under the ATM Agreement, will be sufficient to fund its ongoing operations for a period of at least 12 months.”
Plug stock was up 3.1% Friday to $3.64, erasing earlier losses. The stock has dropped 74% over the last 12 months.
Plug reported a 2023 loss of $2.30 a share, wider than analysts’ expectations for a loss of $1.58, according to FactSet. Revenue for the year of $891.3 million missed consensus estimates of $915.6 million. Last year, Plug lost $1.25 a share on revenue of $701.4 million.
The company also reported fourth-quarter revenue of $222 million, which was below the Wall Street consensus estimate for $235.2 million.
“Recognizing the past challenges with cash management, we are dedicated in 2024 to bolstering our financial profile,” CEO Andy Marsh said in the earnings release.
Plug Power announced a cost-reduction plan in mid-February that was meant to save the company $75 million annually. The plan included a reduction of its workforce. In the securities filing Thursday, the company said that it has cut 298 jobs.
Write to Angela Palumbo at [email protected]
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