Plug Power Flashes 'Going Concern' Warning Following Downbeat Q3 Results; Stock Sinks Over 25%
Portfolio Pulse from Shanthi Rexaline
Plug Power, Inc. (NASDAQ:PLUG) shares dropped over 25% after the company raised concerns about its ability to continue operations. The company's Q3 report showed a deficit of $3.8 billion, negative cash flows, and net losses. The company's existing cash and securities will not be sufficient to fund operations for the next 12 months. The company's Q3 net revenue and net loss also missed consensus estimates.
November 10, 2023 | 5:40 am
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Plug Power's shares dropped significantly due to concerns about its ability to continue operations. The company's Q3 report showed a deficit, negative cash flows, and net losses, which could negatively impact the stock in the short term.
The company's Q3 report raised concerns about its ability to continue operations, which led to a significant drop in its share price. The report showed a deficit, negative cash flows, and net losses, which are all negative indicators for the company's financial health. This could lead to further declines in the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 100
RELEVANCE 100