Plug Power Inc CORK reported fiscal 2023 net revenue growth of 27.1% year-over-year to $891.234 million, missing consensus by $900.29 million. Net loss per share was $2.30, lower than the consensus of $1.61.
PLUG said the incremental loss was primarily driven by increased investments in growth and expansion and various non-cash expenses recorded in the quarter.
Operating loss for the fiscal year widened to ($1.343) billion from ($679.55) million in 2022.
Plug Power wrote down certain assets, which resulted in non-cash charges recorded in the fourth quarter of approximately $325 million.
Net cash used in operating activities for the fiscal year was $(1.106) billion, compared to $(828.62) million a year ago.
Read also: Plug Power’s Challenges Remain Despite Strength in Fuel Margins: Analyst
PLUG held cash and cash equivalents of $1.169 billion as of December 31, 2023.
Throughout 2023, the company launched several new products in the energy sector, including hydrogen storage tanks and a first-of-its-kind mobile liquid hydrogen dispenser.
“This fiscal year marked a pivotal period in our journey towards growth and sustainability within the hydrogen economy. Recognizing past challenges related to cash management, we will focus on strengthening our financial profile in 2024,” commented Andy Marsh, CEO of Plug.
Price Action: PLUG shares traded 5.95% lower at $3.32 in premarket Friday.
Connect the power hardware. Photo courtesy of the company.