Plug Power: Weak Numbers, Weak Stock Price

Last Updated: 1. März 2024By

On Friday, US company Plug Power presented its figures for the fourth quarter of 2023 and the entire year of 2023. This is the second major announcement for you, after the numbers from Nel Asa, which were released on Wednesday, if you are interested in so-called hype industries. It becomes clear once again that hydrogen, lithium or similar hype topics should not be played by individual companies – they will most likely lose their profits sooner or later, which can skyrocket in the meantime.

Plug Power: Lost more than expected The Americans reported a revenue of approximately $893 million for the full year. For a long time, the estimates were that revenue would be between $1.1 to $1.2 billion – even Plug Power reaffirmed this at the end of last year.

Everything turned out differently: Even on the earnings side, things look worse. Even the latest estimates of the company’s loss were surpassed. Instead of the previously announced loss of just under $965 million, the company had to accept a loss of more than $1.3 billion. Bad expectations turned into an even worse reality.

However, these numbers do not come as a surprise to the market – I had already announced that the company has consistently disappointed the markets with its real numbers. Therefore, the share price loss of -9% in the first trading hours on Friday is not a surprise: Plug Power turns every earnings presentation into a loss day.

Nel Asa and Plug Power – both weak Nel Asa also disappointed recently. While the expectations for revenues and profits were roughly met, the Norwegians were unable to present themselves well for the new year.

It became clear that both the order intake and the order backlog were below the values that Nel Asa reported as quarterly results until the summer of 2023. This means that Nel Asa is weak in sales in the midst of its supposed growth phase.

I wrote to you recently: Despite the – at that time – profits in the market, the industry is „questionable“. After the hard facts about the business figures, this remains the case: Nel Asa and now also Plug Power are not able to establish a financially strong and sustainable business based on all available data. The turnaround may still come – but I wouldn’t bet on it anymore.

Plug Power: Another disappointment in the market – WKN: A1JA81 – ISIN: US72919P2020 Source: