Posted 3/1/2024, 5:38:26 PM
Hydrogen Company Plug Power Posts Large Losses, Lacks Details in Earnings Release
- Plug Power reported worse than expected sales and earnings results for 2023, including an 84% increase in losses per share to $2.30
- The earnings press release lacked usual details and financial statements, though some were in the 10-K filing
- Plug opened a new hydrogen plant in Georgia and expanded fuel cell forklift deployments with major customers like Amazon and Walmart
- Plug claimed it has "resolved the going concern issue" about potentially running out of cash to continue operating
- However, Plug still had only $350 million in cash against nearly $1 billion in liabilities, and is burning through cash very quickly, so going concern doubts may still be warranted