Shares of Plug Power Inc. PLUG,
fell 2.3% in premarket trading on Thursday, after the hydrogen fuel cell company reported a much larger-than-expected loss in the fourth quarter and surprisingly negative earnings, but gross bills that beat forecasts. The net loss amounted to $ 476.2 million, or $ 1.12 a share, from $ 18.3 million, or 7 cents a share. FactSet consensus was for a loss per share of 7 cents. Sales fluctuated from $ 91.7 million positive to $ 316.3 million, while the FactSet consensus was $ 87.2 million positive. The company said results were negatively impacted by a previously announced $ 456 million in costs related to the accelerated acquisition of a client’s remaining warrants. Gross bills were $ 96.3 million, down from $ 125.6 million in the third quarter, but up from $ 94.5 million a year ago, and higher than the FactSet consensus of $ 89.1 million. The company said it was “on track” to meet its 2021 financial targets. The stock is up 91.7% over the past three months to Wednesday, while the S&P 500 SPX,
has gained 8.2%.