Shares of Plug Power Inc. PLUG,
fell 2.3% in pre-trading on Thursday after the hydrogen fuel cell business reported a much larger loss than expected fourth quarter and a surprisingly negative revenue, but gross accounts that exceeded forecasts. The net loss increased to $ 476.2 million, or $ 1.12 per share, from $ 18.3 million, or 7 cents per share. The FactSet consensus was for a loss of 7 cents per share. Revenue increased to negative $ 316.3 million from positive $ 91.7 million, compared to the FactSet consensus for positive $ 87.2 million. The company said the results were negatively impacted by a previously announced cost of $ 456 million related to the accelerated establishment of a customer’s remaining warrants. Gross accounts were $ 96.3 million, down from $ 125.6 million in the third quarter but up from $ 94.5 million a year ago, and above the $ 89.1 million FactSet consensus. The company said it was on track to reach its 2021 financial targets. The stock has risen 91.7% over the past three months to Wednesday, while the S&P 500 SPX,
achieved 8.2%.
