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 revenue, but gross bills exceeded forecasts. The net loss rose to $ 476.2 million, or $ 1.12 a share, from $ 18.3 million, or 7 cents a share. The FactSet consensus was for a loss of 7 cents per share. Revenue rose to $ 316.3 million negative from $ 91.7 million positive, compared to the FactSet consensus of $ 87.2 million positive. The company said the results were negatively affected by the previously announced $ 456 million costs related to the accelerated investment of a client’s remaining mandates. Gross sales were $ 96.3 million, down from $ 125.6 million in the third quarter, but up from $ 94.5 million a year ago and above the FactSet consensus of $ 89.1 million. . The company said it is “on track” to meet its financial targets in 2021. The stock rose 91.7% in the last three months to Wednesday, while the S&P 500 SPX,
gained 8.2%.