Plug Power, Inc. (NASDAQ:PLUG), a manufacturer of hydrogen and fuel-cell energy, saw its shares lose more than one-quarter of their market capitalization in after-hours trading on Thursday after the company raised doubts regarding its ability to remain an ongoing concern.
Liquidity Concerns: While discussing the liquidity position in the 10-Q report filed with the SEC, Plug Power said its working capital at the end of the September quarter, including unrestricted cash and cash equivalents, was at $1.3 billion, with included unrestricted cash and cash equivalents of $110.8 million and restricted cash of $225.8 million. Available-for-sale securities and equity securities stood at $388.8 million and $67.8 million, respectively.
At the end of the third quarter, the company’s deficit was at $3.8 billion, as it continued to see negative cash flows from operations and net losses.
Plug Power ...