Plug Power said in its quarterly regulatory filing last night: “In light of the Company’s projected capital expenditure and operating requirements under its current business plan, the Company is projecting that its existing cash and available for sale and equity securities will not be sufficient to fund its operations through the next twelve months from the date of issuance of this Quarterly Report on Form 10-Q. These conditions and events raise substantial doubt about the Company’s ability to continue as a going concern.” The company’s working capital was $1.3B at September 30, which included unrestricted cash and cash equivalents of $110.8M and restricted cash of $225.8M. As of September 30, 2023, the company had an accumulated deficit of $3.8B. Shares of Plug Power are down 32% to $4.03 in premarket trading. Analysts at JPMorgan and RBC Capital downgraded the stock post the Q3 report.
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