The Latham, N.Y., company reported a net loss of $476.3 million, or $1.12 a share, widened from $18.3 million, or 7 cents a share, in the year-earlier quarter.
Analysts surveyed by FactSet were expecting a loss of 12 cents a share
Revenue of negative $316.3 million compared with the analyst consensus forecast of $87.2 million.
"We are pleased to close 2020 with record gross billings and establishing a global foundation to deliver robust growth for Plug Power," Chief Executive Andrew Marsh said in a statement.
The company had said that revenue and results were hurt by $456 million of costs in the quarter. The majority of those costs were charges related to the accelerated vesting of a customer's remaining warrants. The customer wasn't identified.
The vesting of those warrants prompted the company to report revenue of negative $316 million for the quarter.
The company reported gross billings in 2020 of $337 million, including $96.3 million in the fourth quarter.
Separately, the company, along with South Korea's SK Group, said they had completed a $1.6 billion capital investment to partner in accelerating hydrogen fuel cells as an alternative energy source in Asian markets.
Last month, Marsh said he expected the company to pursue more joint ventures, similar to some of the deals that had helped the stock advance by a factor of nearly 17 over the past 12 months.
The company also said that it had exceeded its 2020 gross-billings target and was raising 2021 estimates to $475 million from $450 million.
Plug Power also increased its 2024 billing target by more than 40% to $1.7 billion.
Shares of Plug Power at last check were down 6.3% at $46,99. They'd closed regular Wednesday trading at $50.16, up 7.7%.