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Plug Power Provides Business Update, Forecasts Record First-Quarter Performance

By Scott Levine - May 10, 2021 at 6:28PM

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These fuel cell investors need just a little patience before learning how the company fared in the first quarter, but management is hinting at an electrifying performance.

Working toward producing restated annual and quarterly filings, Plug Power (PLUG 1.42%) announced today that investors who are eagerly waiting for the company's first-quarter 2021 results will have to wait a little longer -- about a week. Management announced today that it will report the company's first quarterly earnings report of 2021 on May 17 as it works to finalize the restated filings.

Shareholders may be disappointed with the delay, but management announced that they may find it was worth the wait. Forecasting a record first-quarter performance, management announced it expects to report record gross billings (revenue before the removal of provisions for common stock warrants) of more than $70 million and $67 million in net revenue.

Holding a smartphone, a man works with financial charts and a calculator.

Image source: Getty Images.

In addition to providing a peek behind the curtain of the company's Q1 2021 earnings report, management provided guidance for the second quarter: gross billings of more than $105 million, about 50% higher compared to the same period last year. Looking even further out, management reiterated its 2021 gross billings targets of $475 million, as well as $750 million and $1.7 billion for 2022 and 2024, respectively.

Speaking to the company's first quarter and more, Andy Marsh, Plug Power's CEO, said:

The fundamentals of our business remain robust with record first quarter gross billings. 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. 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. 

Plug Power intends to release restated financial statements for fiscal years 2018 and 2019 as well as quarterly statements for 2019 and 2020.

Scott Levine has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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