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Plug Power shares strong after billions in losses: Business operations appear to be no longer at risk |  01/03/24

Plug Power shares strong after billions in losses: Business operations appear to be no longer at risk | 01/03/24

There was a disturbance at Plug Power on Friday. While investors were waiting for the quarterly report, the company posted its annual report with the SEC: For the full fiscal year, loss per share was $2.30, following a loss of $1,250 the year before and analyst estimates of -$1,577. The bottom line is that the loss increased from $724 million to $1.37 billion. The company said that the increase in losses is due to the decrease in its value in the fourth quarter, which amounted to $325 million.

Meanwhile, Plug Power improved its revenue from $701.4 million to $891.34 million – analysts had previously expected sales of $915.6 million.

Has the risk of bankruptcy been avoided?

In addition, the company announced that the so-called “continuity” published in the third quarter is no longer in effect. This means that the risk of severe bankruptcy may be completely out of the question, at least for now. 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.” It has been identified that it has sufficient cash and liquidity to “fund ongoing business activities for the foreseeable future.”

Plug Power shares rose 10.20 percent to $3.89 in US trading on the Nasdaq Stock Exchange.

Finanzen.ch editorial team