Hydrogen fuel cell company Plug Power Inc (NASDAQ: PLUG) has been in focus among investors for quite a while and managed to record notable gains as well. However, in recent days, the stock plunged sharply and went by as high as 45% from its peak levels.
The decline in the Plug Power stock price commenced after the company’s fourth-quarter financial results failed to meet market expectations. The results were announced towards the end of last month. The revenues went into negative territory for the quarter.
That being said, it is necessary to take a closer look at the situation since things might not be as bad as they look. The fourth-quarter revenues came in at $316 million and for the whole year, it stood at negative $100 million. More importantly, the gross billings for Plug Power in the fourth quarter were $96.3 million and for the whole year, it was $337 million. The gross billings for the full year rose by 42.5% year on year.