Plug Power's Stock Plummets on Unprecedented Supply Challenges and Q3 Earnings Miss
Plug Power's stock dropped over 25% after reporting a wider loss and revenue miss for the third quarter. The company cited "unprecedented supply challenges" in the hydrogen network in North America, which have impacted its direct cost of services and fleet upgrades. Plug Power expects the hydrogen-supply challenge to be temporary and plans to tap capital markets for funding. The company also pushed out plant timelines and withdrew its 2023 revenue guidance. Shares of Plug Power have declined 52% this year.