Hydrogen fuel cell company Plug power (PLUG) reported a deeper-than-expected loss in the fourth quarter and had negative revenue. PLUG stock the case.
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Losses per share increased to $ 1.12 from 7 cents in the previous quarter, which is missing the forecasts for a loss of 8 cents per share. The negative revenue of $ 316.3 million was lower than a profit of $ 91.7 million in the previous quarter and was worse than the views for $ 84.9 million.
The company offered warrants of PLUG shares to major customers such as Amazon (AMZN) and Walmart (WMT) in exchange for fuel cells they bought.
In the fourth quarter, Plug Power discussed costs of $ 456 million, most of which were ‘non-cash costs related to the accelerated establishment of a customer’s remaining warrants’.
When PLUG shares began to rise last fall when the election of Joe Biden gave rise to hopes of green energy policy, the warrants became more attractive to exercise. Plug Power said Thursday that the client warrants program is new.
But Plug Power reported a record gross invoice last year, with $ 96.3 million in Q4 and $ 337.4 million for the full year.
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Plug Power Still Bullish on 2021
The PLUG stock fell 6% to 47.03 on the stock market today and is resisting on its 50-day line, according to the MarketSmith chart analysis. Among other fuel cell supplies, FuelCell Energy (FCEL) decreased by 4.6%, Ballard Power Systems (BLDP) was down 2.9%, and Bloom Energy (BE) decreased by 3.3%.
Despite losses in the fourth quarter, Plug Power said it was on track to meet its recently increased 2021 and 2024 gross invoice targets. In January, the company raised its 2021 outlook to $ 475 million from a $ 450 million outlook. Looking further ahead, management has raised its 2024 target for gross invoicing to $ 1.7 billion, which is 40% higher than the previous outlook.
The company has also expanded its operations abroad so far this year. South Korean conglomerate SK Group on Wednesday closed its $ 1.5 billion investment in a joint venture with Plug Power to expand hydrogen energy in Asia. The JV is expected to be launched this year.
Follow Gillian Rich Twitter for energy news and more.
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