Plug Power (PLUG.US) reported a larger-than-expected loss, causing the stock to drop more than 10% in pre-market trading.

On March 1st (Friday) before the U.S. stock market opened, Plug Power (PLUG.US) released its 2023 performance. The financial report showed that Plug Power had a full-year revenue of $891 million, a 27% year-over-year increase, meeting market expectations; the loss per share was $2.30, compared to a loss of $1.25 in the previous year, exceeding market expectations. After the financial report was released, Plug Power's stock dropped 10.48% before the market opened, to $3.16. For the year ending December 31, 2023, Plug Power achieved a record-high revenue, growing by 27% compared to the previous year. This revenue growth was driven by the successful execution of business strategies in the renewable energy market and the company's continued dedication to innovation and market expansion. The increased loss in 2023 was mainly due to increased investments in expansion by CKH HOLDINGS and various non-cash expenses recorded in the fourth quarter. Due to constantly changing market dynamics, the company impaired certain assets, resulting in non-cash expenses of approximately $325 million in the fourth quarter of 2023. Plug Power has resolved the ongoing operating issues disclosed in the 10-Q form for the quarter ending September 30, 2023. The company has determined that it has enough cash and available working capital on hand to fund foreseeable future operations.