![]() ![]() ![]() In addition, the upcoming restatement is unlikely to have a material impact on the company's business transformation initiatives as also evidenced by new partners and strategic investors like Renault, Acciona and SK Group moving forward with recently announced joint venture plans. Suffice to say, finishing a complex restatement in less than two months is quite an achievement and should result in Plug Power maintaining its Nasdaq listing and likely cure the existing covenant breach under the company's credit agreement with Generate Capital. ![]() Moreover, the company now expects to complete the restatement of its financial results and file its annual report on form 10-K within the next five days which would be well ahead of my personal expectations. Note: I have covered Plug Power ( NASDAQ: PLUG) previously, so investors should view this as an update to my earlier articles on the company.Īfter rallying to new decade highs around $75 in late January, the fading ESG hype and a plethora of accounting issues have caused Plug Power's shares to retreat by almost 75% over the past three months.Īfter the close of Monday's session the company delayed the filing of its quarterly report on form 10-Q and provided a business update with preliminary Q1 top-line numbers and Q2 guidance below expectations.ĭespite the weaker-than-expected first half, management reiterated its previously disclosed annual gross billings targets of $475 million in 2021, $750 million in 2022 and $1.7 billion in 2024.Ĭash on hand remained above $5 billion or approximately $10 per common share but most of these funds have already been earmarked for the company's business transformation over the next couple of years. Photo by style-photography/iStock via Getty Images ![]()
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