Actions of Plug Power Inc. PLUG,
fell 2.3% in pre-market trade, after the hydrogen fuel cell company reported a much broader-than-expected fourth-quarter loss and surprisingly negative revenue, but gross turnovers that exceeded expectations. Net loss expanded to $ 476.2 million, or $ 1.12 per share, from $ 18.3 million or 7 cents per share. The FactSet consensus consisted of a loss per share of 7 cents. Revenue rose to $ 316.3 million negative, from $ 91.7 million positive, compared to the FactSet consensus of $ 87.2 million positive. The company said the results were negatively affected by a previously announced cost of $ 456 million related to the acceleration of obtaining a customer’s remaining obligations. Gross revenue was $ 96.3 million, down from $ 125.6 million in the third quarter but above $ 94.5 million a year, and above the FactSet consensus of $ 89.1 million. dollars. The company said it was “on track” to meet its financial targets for 2021. Shares have risen 91.7% over the past three months to Wednesday, while the S&P 500 SPX,
has gained 8.2%.