Plug Power (NASDAQ:PLUG) stock is taking a beating on Friday after the hydrogen fuel company released its earnings report for the third quarter of 2023.

The bad news for PLUG stock starts with its earnings per share of -47 cents. That’s worse than the -31 cents per share that Wall Street was looking for. It’s also a wider net loss than the 30 cents per share reported in the same period of the year prior.

Also not helping matters is the company’s revenue of $198.71 million. Yet again, that failed to reach analysts’ estimate of $228.18 million, although it is an improvement from the $188.63 million reported in Q3 2022.

Plug Power said the following about its earnings results in a letter to shareholders:

“The unprecedented number of hydrogen facilities in the market running below nameplate capacity has caused significant hydrogen shortages impacting deployment schedules, fuel prices, system efficiencies, service on hydrogen infrastructures, and timing of varied reliability program rollouts. The network has seen improvement recently, and we expect liquid hydrogen production from both the Georgia and Tennessee facilities will have substantial impacts on network disruptions.”

PLUG Stock Movement on Friday

PLUG stock is seeing strong trading in pre-market hours on Friday. That has nearly 10 million shares changing hands as of this writing. That’s roughly half of the company’s daily average trading volume and the opening bell hasn’t rung yet.

PLUG stock is down 37.4% as of Friday morning.

Investors looking for more of the most recent stock market news will want to keep reading!

We’re offering coverage of all the biggest stock market stories for Friday! That includes what’s moving shares of Groupon (NASDAQ:GRPN) stock, Marpai (NASDAQ:MRAI) stock and Tracon Pharmaceuticals (NASDAQ:TCON) stock today. All of that news is available at the following links!

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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.