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Mar 1, 11:22 AM
Plug Power Inc. Reports $2.1B to $250M Cash Drop, Inventory Rise; No Going-Concern Doubt; $1.4bn 2023 Loss; Q4 Financials Criticized, Financial Health Concerns
Economics
Business

Plug Power Inc. Reports $2.1B to $250M Cash Drop, Inventory Rise; No Going-Concern Doubt; $1.4bn 2023 Loss; Q4 Financials Criticized, Financial Health Concerns

Authors
  • MarketWatch
  • Barron's
  • Open Outcrier
9

$PLUG, Plug Power Inc., reported a significant decrease in cash from $2.1B to $250M as of Dec 31. Inventory rose from $645M to $961M. The company stated no substantial doubt about its ability to continue. Despite a $1.4bn loss in 2023, Plug Power is no longer concerned about its going-concern status. The stock fell as 2023 results missed estimates. For the upcoming quarter, the consensus forecasts an EPS of -$0.44 and revenue of $236M, with guidance at an EPS of -$0.30 and revenue of $283M. Plug Power's Q4 financials revealed a gross loss of -$223M and operating loss of -$625M, with operating expenses at -$400M. The company was criticized for not breaking out Q4 results transparently, leading to concerns about its financial health.

Written with ChatGPT (GPT-3).

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