Plug Power stock soars 12%, as restatement removes overhang of uncertainty

Tiger Newspress2021-05-14

(May 14) Plug Power soars 12.48% in  pre-market aftercompleting the restatementof previously issued financial statements for FY 2018 and FY 2019and quarterly filings for 2019 and 2020, and filing its FY 2020 annual report.

As expected, the adjustments did not affect Plug's cash position, business operations or economics of commercial arrangements, and there were no changes to gross billings.

Adjustments from the restatement and finalization of the 2020 annual report had a $0.10/share negative impact to 2020 earnings and a $0.03 negative impact to 2018 earnings.

For Q1 2021, Plug says it expects to report net revenue above $67M and gross billings above $70M.

For Q2, the company still sees net revenue above $102M and gross billings above $105M.

The company continues to forecast previously stated annual gross billings targets of $475M in 2021, $750M in 2022 and $1.7B in 2024.

Several analysts recently expressed confidence in the company, as this week's updates helped to "dissipate the shroud of uncertainty hanging over Plug shares."

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