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Plug Power Inc (NASDAQ:PLUG) shares are moving sharply lower following the release of its fourth-quarter results.
What Happened: Hydrogen fuel-cell energy company Plug Power announced its financial results for the fourth-quarter ended Dec. 31, and the completion of the $1.6 billion capital investment in the company by South Korea's SK Group.
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Plug Power's fourth-quarter net revenues were at a negative $316.341 million in 2020 compared to positive net revenues of $91.664 million in 2019.
The company noted that reported results and revenues were negatively impacted by $456 million in charges, mostly non-cash in nature, related to the accelerated vesting of a customer's remaining warrants.
Related Link: Plug Power Appoints Former Bloom Energy Exec As CMO: What You Need To Know
The net loss per share ballooned from 7 cents to $1.12.
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Analysts, on average, estimated a loss of 1 cent per share on revenues of $87.32 million.
Gross billings rose 42.5% year-over-year to $337 million in 2020.
Plug Power said it is on track to deliver on its recently raised 2021 and 2024 financial targets.
SK Group's Investment Completed: Separately, Plug Power said SK Group has completed its $1.6 billion in capital investment in the company, which is aimed at establishing a partnership between the companies to accelerate the adoption of hydrogen as an alternative energy source in the Asian markets.
The partnership was announced in early January.
At last check, Plug Power shares were down 3.12% to $48.59.
Related Link: Why Plug Power Is Rising For Fourth Straight Session
(Photo: Plug Power)
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.