Plug Power Announces New Restructuring Plan That Includes Job Cuts | Global News Avenue

Plug power supply (plug) Stocks retreated from Tuesday’s six-year low, but said further restructuring steps are needed to improve its financial position, including more layoffs.

“Green hydrogen” producers said that due to “ongoing market conditions” and other factors, “it is prudent to determine other measures to optimize their operating footprint, resources and ongoing expenses.”

Plug power said these measures will include “an additional reduction in labor in the coming weeks, further promoting the consolidation of its roofing facilities, additional reduced disposable spending, additional reduction and utilization of inventory, and limiting capital expenditures to critical near-term requirements.”

“Project Quantum Leap” aims to improve profit margins, cash flow

The company called the effort a “quantum leap” and added that the actions are expected to improve further profit and Cash flowaccelerate profitability. ”

CEO Andy Marsh noted that despite the measures taken over the year to lay out the financial situation of Selo, “we have to make additional progress based on market dynamics.”

As the market opens, plug power stocks have fallen by nearly 9%, but reverse courses, up 4.5% recently. Still, they lost 60% of their value last year.