Plug Power's FY23 Earnings Falls Short Of Expectations, Aims Financial Strengthening In 2024
Portfolio Pulse from Akanksha Bakshi
Plug Power Inc (NASDAQ:PLUG) reported a fiscal 2023 net revenue growth of 27.1% to $891.234 million, missing the consensus estimate of $900.29 million. The net loss per share widened to $(2.30), below the consensus of $(1.61), primarily due to increased investments in growth and expansion, and significant non-cash charges. Operating loss expanded to $(1.343) billion from $(679.55) million in 2022, with net cash used in operating activities totaling $(1.106) billion. Despite these challenges, PLUG launched new products in the energy business and aims to strengthen its financial profile in 2024. PLUG shares dropped 5.95% in premarket trading.
March 01, 2024 | 12:58 pm
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Plug Power Inc reported lower-than-expected FY23 revenue and a wider net loss per share, attributing the incremental loss to growth investments and non-cash charges. Despite the financial challenges, the company launched new energy products and aims to improve its financial profile in 2024.
The reported earnings miss and widened loss per share are likely to negatively impact investor sentiment in the short term, leading to a decrease in stock price as indicated by the premarket trading activity. The company's focus on growth and expansion, despite the financial challenges, may provide a mixed outlook for investors.
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