Plug Power stock plummets after much larger than expected loss, surprise negative revenue

Shares of Plug Power Inc. PLUG,
+ 7.69%
Thursday, after the hydrogen fuel cell company reported a much larger-than-expected fourth-quarter loss and surprisingly negative revenue, but gross billings exceeding expectations. The net loss extended to $ 476.2 million, or $ 1.12 per share, from $ 18.3 million, or 7 cents per share. The FactSet consensus was for a loss per share of 7 cents. Revenue fell to a negative $ 316.3 million, up from a positive $ 91.7 million, compared to the FactSet consensus of $ 87.2 million positive. The company said results were negatively impacted by previously announced costs of $ 456 million related to the accelerated acquisition of a client’s remaining warrants. Gross billing was $ 96.3 million, up from $ 125.6 million in the third quarter, but up from $ 94.5 million a year ago, and above the FactSet consensus of 89 , $ 1 million. The company said it was “on track” to meet its financial goals for 2021. The stock has climbed 91.7% in the past three months through Wednesday, while the S&P 500 SPX,
+ 1.14%
gained 8.2%.