Plug Power (NASDAQ:PLUG) shares crashed by a quarter as the hydrogen supplier warned a shortage of the gas was severely constraining its activity.
Multiple and frequent ‘force majeure’ events have delayed Plug’s deployments and service margin improvements, it said, though it added it expects this to be a transitory problem.
Facilities in Georgia and Tennessee facilities are expected to be at full capacity by year-end, the statement said.
Plug Power (NASDAQ:PLUG) reiterated that it will need additional capital to achieve its aims, especially after a larger-than-forecast third-quarter loss, and is "pursuing a number of debt capital and project financing solutions".
Revenues for the three months to end September rose to US$198 million (US$188 million), but losses soared to US$288 million (US$169 million) as Plug Power had to find other sources of hydrogen.
For the nine months of 2023 so far, revenues are US$669 million (US$480 million) with losses of US$733 million (US$499 million).
In overnight trading the shares fell 25% to US$5.93, valuing the group at US$3.7 billion.