{"id":82893,"date":"2023-11-10T04:34:43","date_gmt":"2023-11-10T09:34:43","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/plug-powers-stock-plunges-25-as-company-sees-unprecedented-supply-challenges\/"},"modified":"2023-11-10T04:34:48","modified_gmt":"2023-11-10T09:34:48","slug":"plug-powers-stock-plunges-25-as-company-sees-unprecedented-supply-challenges","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=82893","title":{"rendered":"Plug Power\u2019s stock plunges 25% as company sees \u2018unprecedented supply challenges\u2019"},"content":{"rendered":"
\n

Shares of Plug Power Inc. dropped more than 25% in the after-hours session Thursday after a wider loss and a revenue miss for the fuel-cell company, which said it faced \u201cunprecedented supply challenges.\u201d <\/p>\n

Plug Power
\n PLUG,
\n -1.50%<\/bg-quote>
\n lost $283.5 million, or 47 cents a share, in the third quarter, compared with a loss of $170.8 million, or 30 cents a share, in the year-ago quarter. <\/p>\n

\n

Revenue rose to $199 million, from $189 million a year ago, the company said. <\/p>\n

Analysts polled by FactSet expected Plug Power to report a loss of 31 cents a share on sales of $220 million. <\/p>\n

The year\u2019s financial performance overall \u201chas been negatively impacted by unprecedented supply challenges in the hydrogen network in North America,\u201d Plug Power executives said in a letter to investors.<\/p>\n

The \u201csevere\u201d hydrogen shortages have affected Plug Power\u2019s direct cost of services as well as the timing for implementation of fleet upgrades for its customers. <\/p>\n

And these have been compounded by cost increases from inflation impacts on labor, materials and overhead, the company said. <\/p>\n

\u201cWe believe this hydrogen-supply challenge is a transitory issue, especially
as we expect our Georgia and Tennessee facilities to produce at full capacity by year-end,\u201d it added.<\/p>\n

Plug Power also warned that it will need to tap capital markets to fund its business. <\/p>\n

\u201cThe company is pursuing a number of debt capital and project-financing solutions,\u201d including corporate debt, loan programs through the Department of Energy, and a memorandum of understanding with green-energy company Fortescue, in which Fortescue would have a 40% equity stake in Plug\u2019s Texas hydrogen plant and for Plug to take up to a 25%
equity stake in a Fortescue\u2019s hydrogen plant. <\/p>\n

Plug Power also pushed out plant timelines, saying that most plants are now expected to reach full production in 2025, not 2024, and pulled its 2023 revenue guidance. <\/p>\n

Shares of Plug Power have lost 52% so far this year, contrasting with gains of around 13% for the S&P 500 index
\n SPX.<\/span>\n <\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Shares of Plug Power Inc. dropped more than 25% in the after-hours session Thursday after a wider loss and a revenue miss for the fuel-cell company, which said it faced \u201cunprecedented supply challenges.\u201d Plug Power PLUG, -1.50% lost $283.5 million, or 47 cents a share, in the third quarter, compared with a loss of $170.8 […]<\/p>\n","protected":false},"author":1,"featured_media":82894,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-82893","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nPlug Power\u2019s stock plunges 25% as company sees \u2018unprecedented supply challenges\u2019 | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Shares of Plug Power Inc. dropped more than 25% in the after-hours session Thursday after a wider loss 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