LATHAM, N.Y. - Plug Power Inc. (NASDAQ:PLUG), a provider of comprehensive hydrogen solutions, has reported a record annual revenue of $891 million for the fiscal year ended December 31, 2023, marking a 27% increase over the previous year. Despite the revenue growth, the company experienced an increased loss per share (EPS) of $2.30, compared to a loss of $1.25 in the prior year.
The revenue increase is attributed to the successful execution of business strategies within the renewable energy market and continued innovation. However, the widened loss is primarily due to heightened investments in growth, expansion, and various non-cash charges recorded in the fourth quarter, totaling approximately $325 million.
Operational achievements for the company include the commissioning of the largest PEM electrolyzer system in the United States at its Georgia hydrogen plant and the launch of its first large-scale megawatt-level stationary product. The latter is intended to enhance hydrogen production capabilities and expand the company's energy solution portfolio.
In the past year, Plug Power expanded its material handling installed base with key customers such as Walmart (NYSE:WMT), Home Depot (NYSE:HD), and Amazon (NASDAQ:AMZN), including the installation of a 1 MW electrolyzer at an Amazon fulfillment center for on-site green hydrogen generation. The company also added new customers like Tyson and Sam's Club and secured its first European pedestal customer, STEF, providing a complete green hydrogen ecosystem across distribution centers in France and Spain.
On the financial front, Plug Power has resolved its going concern issue, as previously disclosed, and now reports having sufficient cash and liquidity to fund operations for the foreseeable future. The company has also emphasized strengthening its cash management strategy going forward.
Plug Power's CEO, Andy Marsh, reaffirmed the company's commitment to driving the hydrogen economy and financial stability. The company plans to leverage existing investments and prudent cash management to position itself for sustainable growth.
The company held a conference call today to discuss the results for the fourth quarter of 2023. Plug Power continues to build its green hydrogen ecosystem, with plans to operate a green hydrogen highway across North America and Europe and to develop multiple green hydrogen production plants targeting commercial operation by year-end 2028.
This article is based on a press release statement from Plug Power Inc.
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