Shares of Plug Power Inc. PLUG,
fell 2.3 percent in pre-trading on Thursday after the hydrogen fuel cell company reported a significantly larger-than-expected fourth-quarter loss and surprisingly negative revenue but gross bills that exceeded forecasts. The net loss increased to $ 476.2 million, or $ 1.12 per share, from $ 18.3 million, or 7 cents per share. FactSet’s consensus was for a 7-cent share loss. Revenue shifted to a negative $ 316.3 million from a positive $ 91
.7 million, compared to FactSet’s consensus for a positive $ 87.2 million. The company said the results were negatively impacted by pre-announced costs of $ 456 million related to the accelerated acquisition of the client’s remaining warrants. Gross invoices were $ 96.3 million compared to $ 125.6 million in the third quarter, but compared to $ 94.5 million a year ago and above the FactSet consensus of $ 89.1 million. The company said it was on track to meet its 2021 financial targets. Shares jumped 91.7% in the last three months to Wednesday, while the S&P 500 SPX,
has gained 8.2%.