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Plug Power stock falls after much wider than expected loss, surprise negative revenue

Shares of Plug Power Inc. PLUG, +7.69% dropped 2.3% in premarket trading Thursday, after the hydrogen fuel cell company reported a much wider-than-expected fourth-quarter loss and surprisingly negative revenue, but gross billings that beat forecasts. The net loss widened to $476.2 million, or $1.12 a share, from $18.3 million, or 7 cents a share. The FactSet consensus was for a per-share loss of 7 cents. Revenue swung to negative $316.3 million from positive $91.7 million, compared with the FactSet consensus for positive $87.2 million. The company said results were negatively impacted by a previously announced $456 million in costs related to the accelerated vesting of a customer’s remaining warrants. Gross billings 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 FactSet consensus of $89.1 million. The company said it was “on track” to achieve its 2021 financial targets. The stock has soared 91.7% over the past three months through Wednesday, while the S&P 500 SPX, +1.14% has gained 8.2%.

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