Shares of hydrogen fuel cell company Plug Power (NASDAQ: PLUG) experienced a rollercoaster ride in early trading on Friday. Initially tumbling over 10% after falling short of expectations in its 2023 earnings report, the stock managed to erase its losses and even ended the morning with a modest 1.7% gain.

Analysts had not set their expectations too high for Plug Power heading into the quarter, with a projected loss of $1.62 per share on $900.3 million in sales. However, the company failed to meet these estimates, reporting lower sales of $891 million and worse-than-expected losses of $2.30 per share.

The earnings report, which deviated from the usual format, lacked the detailed financial statements typically included in such releases. Certain statements were found in the company's 10-K filing with the SEC, but investors were left wanting more information on specific details, particularly regarding the performance of Plug Power in Q4.

Despite the disappointing financial figures, Plug Power did highlight some positive achievements in 2023. The company successfully opened a hydrogen plant in Georgia, touted as the largest PEM electrolyzer system in the United States. Additionally, they expanded their sales of fuel-cell-powered forklifts to major customers such as Walmart, Sam's Club, Home Depot, Amazon, and Tyson, contributing to a 27% increase in annual revenue.

However, Plug Power did not provide any guidance for 2024, leaving investors uncertain about the company's future performance.

One positive aspect in the report that seemed to buoy investor confidence was Plug Power's mention that it had resolved the going concern issue stated in the Form 10-Q for the quarter ended September 30, 2023. This assurance that the company's ability to continue as a going concern was no longer in doubt appeared to alleviate concerns and resulted in the stock rebounding.

Despite this development, some analysts remain skeptical. With only $350 million in cash on hand and nearly $965 million in current liabilities disclosed in the 10-K filing, it is clear that Plug Power continues to face significant cash burn. The company's cash usage has tripled, reaching approximately $1.8 billion annually, three times the rate observed in 2021.

Considering these factors, cautious investors question whether Plug Power can sustain their operations in the long run.

As such, investment experts at The Motley Fool, one of the industry's leading analyst teams, did not include Plug Power among their recent selection of the 10 best stocks for investors to buy now. Instead, they advised on other stocks with the potential for substantial returns.

Ultimately, the future of Plug Power remains uncertain, and investors should carefully consider the company's financial challenges before making any investment decisions.

Disclaimer: John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Rich Smith has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amazon, Home Depot, and Walmart.