Plug Power Inc. (NASDAQ: PLUG) reported fourth-quarter and fiscal 2020 results before markets opened Thursday morning. The hydrogen fuel cell maker posted a net loss per diluted share (EPS) of $1.12 on negative net sales of $316.3 million. In the same period a year ago, the company reported a net loss per share of $0.07 on sales of $91.7 billion. Fourth-quarter results also compare to consensus estimates for a net loss per share of $0.01 and $87.3 million in sales.
For the full year, Plug Power reported a net loss per share of $1.58 and negative sales of $100.5 million, compared with a 2019 loss per share of $0.36 and sales of $230.2 million.
On January 5, the company had warned that it faced a “substantial one-time non-cash charge” in the fourth quarter related to the accelerated vesting of certain warrants owned by Amazon.com NV Investment Holdings. The amount turns out to be $456 million out of a reported net loss of $476.2 million. Based on the fourth-quarter share count of 425.4 million, that works out to a net loss per share of nearly five cents, still considerably worse than the expected loss of one cent.
Plug Power reported gross billings of $96.3 million in the fourth quarter and $337 million for the full year, both records. The company deployed more than 2,200 fuel cells in the fourth quarter and more than 9,800 in 2020.
A green bond issue and a follow-on stock offering have boosted the company’s cash position significantly, with the company beginning 2021 with $5 billion in cash, including about $1.6 billion announced Thursday morning. Plug Power and Korea’s SK Group closed a deal first announced on January 6, creating a partnership to accelerate the development of hydrogen as an alternative fuel in Asia. SK Group now owns a stake of about 9.6% in Plug Power.
Plug Power also announced last year a 50/50 joint venture with France’s Groupe Renault that is targeting a 30% share of a European market expected to reach 500,000 fuel cell-powered light vehicles by 2030. The two firms have been cooperating for nearly a year and expect to close the deal formally this summer.
The stock traded down more than 6% Thursday morning to $46.95, in a 52-week range of $2.53 to $75.49. The consensus price target on the stock is $62.89, and daily average trading volume exceeds 40 million shares.
Is Your Money Earning the Best Possible Rate? (Sponsor)
Let’s face it: If your money is just sitting in a checking account, you’re losing value every single day. With most checking accounts offering little to no interest, the cash you worked so hard to save is gradually being eroded by inflation.
However, by moving that money into a high-yield savings account, you can put your cash to work, growing steadily with little to no effort on your part. In just a few clicks, you can set up a high-yield savings account and start earning interest immediately.
There are plenty of reputable banks and online platforms that offer competitive rates, and many of them come with zero fees and no minimum balance requirements. Click here to see if you’re earning the best possible rate on your money!
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
