Emily Dattilo
Shares of Plug Power were falling after the hydrogen-technology provider announced plans to shorten its path to profitability.
Plug stock tumbled 7% to $1.40 in premarket trading Tuesday.
For its fourth quarter, Plug reported revenue of $191.5 million and a gross margin loss of 122%, while operating cash flow rose 46% from a year ago. The company also recorded $971.3 million in noncash charges for varied asset impairments and bad debt provision in operating expenses.
For 2024, Plug's net loss widened to $2.1 billion from $1.4 billion in 2023, according to a form the company filed with the Securities and Exchange Commission.
"While we made great strides in improving cash flows in 2024, it is clear based on market dynamics that we have to make additional strides," CEO Andy Marsh said in the press release.
Plug detailed "Project Quantum Leap" -- a collection of optimization efforts meant to reduce annual expenses by $150 million to $200 million -- which is anticipated to include further reductions in workforce and limiting capital spending.
"Taking these actions will further improve margins and cash flows, and accelerate the path to profitability," the company said.
Write to Emily Dattilo at emily.dattilo@dowjones.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
March 04, 2025 08:11 ET (13:11 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。