![]() ![]() PLUG is currently in the process of forming a joint venture (JV) with Renault expected to be completed by the end of the second quarter this year for on-road light commercial vehicles (LCVs) in Europe. While PLUG intends to commit $200 million to the fund, Chart Industries and BKR intend to commit $60 million each to the fund. The company has also formed a FiveT Hydrogen Fund in collaboration with Chart Industries and Baker Hughes ( BKR) to deliver clean hydrogen infrastructure projects at scale. Plug Power has partnered with Chart Industries ( GTLS) to develop two green hydrogen plants located in the Mid-Atlantic and the Southeast United States that will generate 15 tonnes of liquefied hydrogen each day and are expected to be operational by the end of next year. It has agreed to integrate its ProGen fuel cell engines into BAE’s smart electric drive systems that will provide hydrogen and refueling infrastructure to end customers. The company has entered into several strategic partnerships recently. We continue to deliver state-of-the-art fuel cell and green hydrogen solutions to our customers, and remain confident in the growth trajectory of the business.” As evidenced by the continued advancement of our strategic pipeline, we remain firmly committed to executing on our mission to build out the hydrogen economy in North America and beyond. Plug Power’s President and CEO, Andy Marsh, said, “The fundamentals of our business remain robust with record first-quarter gross billings. The company is targeting gross billings of $475 million, $750 million, and $1.7 billion in FY21, FY22, and FY24, respectively. In Q2, PLUG expects gross billings of more than $105 million, a rise of 50% year-on-year, and net revenues of $102 million. The company anticipates maintaining cash of over $5 billion on its balance sheet in Q1. In March this year, PLUG announced the need for restating its financials after an audit indicated errors in the accounting for non-cash items including losses accrued for certain service contracts, the book value of right of use assets, and impairments of long-lived assets.Įarlier this month, the company provided a business update and said that in the first quarter of FY21, PLUG expects gross billings of over $70 million and net revenues of $67 million, a jump of 60% year-on-year for each. PLUG also said that despite an increase in net revenue in 2020 after the restatement of its financials, EPS in FY20 took a hit due to one-time non-cash charges of $35 million and $6.4 million, respectively, concerning provisions for loss accruals and impairments of long-lived assets, respectively. EPS for 2019 continues to remain unaffected, while for the years 20, EPS fell by $0.03 and $0.10, respectively. The company’s restated filings have reduced net revenues for 20 by $0.4 million and $0.3 million, respectively, and increased net revenue for 2020 by $7.2 million. The Company expects to file the First Quarter Form 10-Q by June 14, 2021.” The Company and its independent auditor are working diligently to complete the first quarter review. The company stated, “As previously disclosed, given the time and focus dedicated to completing the restatement and filing of the Form 10-K, the Company is delayed in its customary reporting and review process for the quarter ended March 31, 2021. Plug Power is yet to declare its first-quarter results. PLUG also filed its Form 10-K for FY20 with the United States Securities and Exchange Commission (SEC). On May 14, the company completed the restatement of its financial statements for FY18 and FY19 as well as its quarterly filings for 20. The company’s hydrogen fuel cell solutions are used to power electric motors used in transportation, energy, and power industries, and it has deployed around 40,000 fuel cell systems so far. ![]() is a hydrogen fuel cell company that is focused on providing hydrogen fuel cell turnkey solutions. Using the TipRanks Stock Comparison tool, let us compare two hydrogen fuel cell companies, Plug Power and Ballard Power Systems, and see how Wall Street analysts feel about these stocks. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |