Plug Power Inc (NASDAQ:PLUG) reported fiscal 2023 net revenue growth of 27.1% year-over-year to $891.234 million, missing the consensus of $900.29 million. Net loss per share was $(2.30), below the consensus of $(1.61).

PLUG stated that the incremental loss was primarily driven by increased investments in growth and expansion and the varied non-cash charges recorded in the quarter.

Operating loss for the fiscal expanded to $(1.343) billion from $(679.55) million in 2022.

Plug Power wrote down certain assets, which resulted in non-cash charges recorded in the fourth quarter of ~$325 million.

Net cash used in operating activities for the fiscal totaled $(1.106) billion, compared to $(828.62) million a year ago.

Also Read: Plug Power’s Challenges Remain Despite Strength In Fuel Margins: Analyst

PLUG held cash and cash equivalents of $1.169 billion as of December 31, 2023.

During 2023, the company launched multiple new products in the energy business, including hydrogen storage tanks and a first-of-its-kind mobile liquid hydrogen refueler.

“This fiscal year has marked a pivotal period in our journey towards growth and sustainability within the hydrogen economy. Recognizing the past challenges with cash management, we are dedicated in 2024 to bolstering our financial profile,” commented Andy Marsh, CEO of Plug.

Price Action: PLUG shares are trading lower by 5.95% at $3.32 in premarket on Friday.

Plug Power hardware. Photo courtesy of the company.