Plug Power Inc. (PLUG) shares tumbled 6% in intraday trading on Monday, following the release of the company's disappointing fourth quarter 2024 earnings results before the market open.
The fuel cell systems manufacturer reported a gross margin loss of 122% for Q4 2024, weighed down by $22.7 million in customer warrant charges and $104.2 million in inventory valuation adjustments. Revenue for the quarter came in at $191.5 million, significantly missing analysts' consensus estimate of $262.7 million.
For the full year 2024, Plug Power's diluted loss per share widened to $2.68 from $2.30 in 2023, while revenue fell to $628.8 million from $891.3 million a year earlier. The company cited continued rising costs and operating expenses as key factors impacting its profitability and margins.
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