Plug Power, a leader in hydrogen and fuel cell solutions, reported a net loss of approximately $1.4 billion for the year ended December 31, 2023, compared to $724.0 million in 2022 and $460.0 million in 2021. Despite the losses, the company's working capital stood at $822.2 million, including $135.0 million in unrestricted cash and cash equivalents and $1.0 billion in restricted cash. Plug Power plans to invest in expanding production and manufacturing capacity, constructing hydrogen plants, and capital projects. The company has entered into an At Market Issuance Sales Agreement, allowing the sale of common stock up to $1.0 billion, with $302.1 million already sold. Plug Power's business development includes a range of products and services, such as GenDrive fuel cell systems, GenSure stationary fuel cells, Progen fuel cell engines...Show More

Plug Power, a leader in hydrogen and fuel cell solutions, reported a net loss of approximately $1.4 billion for the year ended December 31, 2023, compared to $724.0 million in 2022 and $460.0 million in 2021. Despite the losses, the company's working capital stood at $822.2 million, including $135.0 million in unrestricted cash and cash equivalents and $1.0 billion in restricted cash. Plug Power plans to invest in expanding production and manufacturing capacity, constructing hydrogen plants, and capital projects. The company has entered into an At Market Issuance Sales Agreement, allowing the sale of common stock up to $1.0 billion, with $302.1 million already sold. Plug Power's business development includes a range of products and services, such as GenDrive fuel cell systems, GenSure stationary fuel cells, Progen fuel cell engines, GenFuel hydrogen fueling systems, and electrolyzers for clean hydrogen production. The company targets expansion in Asia, Australia, Europe, the Middle East, and North America, aiming to become a European leader in the hydrogen economy. Future plans involve strategic partnerships, accelerating the electrolyzer business, and leveraging relationships with OEMs and dealer networks. Plug Power's liquidity and capital resources are deemed sufficient to fund operations for at least 12 months, alleviating concerns about the company's ability to continue as a going concern.