Plug Power (NASDAQ:PLUG) completed the restatement of its previously issued financial statements for FY18 and FY19 and its quarterly filings for 2019 and 2020; provides Q1, Q2 billings and revenue expectations.
Collectively, the adjustments as part of the restatement and finalization of the 2020 Annual Report (as compared to the unaudited 2020 results shared February 25, 2021, and 2018 and 2019 results as previously reported) had the following impact to net revenue and earnings per share (“EPS”):
FY18 net revenue of ($0.4) mln, EPS of ($0.03); FY19 net revenue of ($0.3) mln, EPS of $0.00; FY20 net revenue of $7.2 mln, EPS of ($0.10).
In 2020, despite a positive impact to net revenue, EPS was negatively impacted stemming from one-time non-cash charges associated with $35 million in loss accrual provisions and a $6.4 million long-lived asset impairment. As expected, the adjustments did not impact the Company’s cash position, business operations or economics of commercial arrangements. In addition, there is no change to gross billings. The impact of the adjustments is described in detail in the 2020 Annual Report.
For the first quarter of 2021, the Company expects to report over $70 million in gross billings, more than a 60% increase from the first quarter of 2020, and expects to report over $67 million of net revenue (vs Capital IQ Consensus Estimate of $74.88 mln), which is also more than a 60% increase from the first quarter of 2020. In addition, the Company maintains a strong balance sheet with over $5 billion of cash to fund future growth initiatives.
The Company expects its second quarter gross billings to exceed $105 million, an approximate 50% increase from the second quarter of 2020, and expects to report over $102 million of net revenue (vs Capital IQ Consensus Estimate of $102.74 mln), also an approximate 50% increase from the second quarter of 2020. The Company continues to expect to achieve its previously stated annual gross billings targets of $475 million in 2021, $750 million in 2022 and $1.7 billion in 2024.
PLUG stock is up 11.705 in the pre-market session at $24.53.
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