Plug Power (NASDAQ: PLUG) saw its stock plummet by 5.79% in pre-market trading on Thursday, as investors continued to react to the company's disappointing third-quarter results and lowered full-year guidance. The significant drop reflects ongoing concerns about the renewable energy company's performance and future prospects in a challenging market environment.

According to recent reports, Plug Power's Q3 revenues came in at $173.7 million, representing a year-over-year decline of 12.6% and missing analysts' expectations by a substantial 18.7%. The company's performance was further marred by its full-year revenue guidance, which fell significantly short of analysts' projections. This combination of weak current results and reduced future expectations has clearly shaken investor confidence.

Despite the disappointing figures, Plug Power's CEO Andy Marsh attempted to strike an optimistic tone, stating, "Plug Power's performance this quarter underscores our commitment to building a sustainable and profitable hydrogen future. Our progress in electrolyzer deployments, advancements in hydrogen production, and expansion into new markets reflect our team's dedication to leading the build out of the hydrogen economy." However, the market's reaction suggests that investors remain skeptical about the company's ability to overcome its current challenges and capitalize on the growing renewable energy sector.