2024-03-01 21:15:00
There was turbulence at Plug Power on Friday. While investors were waiting for the quarterly report, the company published its annual report with the SEC: For the full fiscal year, the loss per share amounted to $2.30, after a loss of $1,250 in the previous year and analyst estimates of -$1,577. The bottom line was that the loss grew from $724 million to a whopping $1.37 billion. The company said that the high losses were due to its depreciation in the fourth quarter, which amounted to $325 million.
Meanwhile, Plug Power managed to improve its revenue from $701.4 million to $891.34 million – analysts had previously forecast sales of $915.6 million.
Danger of bankruptcy averted?
In addition, the company announced that the so-called “going concern” that was published in the third quarter no longer applies. This means that the acute risk of bankruptcy is probably off the table, at least for the time being. In light of the previous warning, a Plug Power press release states that there is “no longer any significant doubt” about the company’s ability to “continue as a going concern.” Sufficient cash and liquidity have been identified to “finance ongoing business activities for the foreseeable future.”
Plug Power shares were 10.20 percent higher at $3.89 in US trading on the NASDAQ.
Editorial team finanzen.ch
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