Today's market action in Plug Power (NASDAQ:PLUG) stock looked similar to how it has traded in recent months -- up and down. Plug shares dropped as much as 8% early Tuesday, and jumped more than 6% off Monday's close after that. As of 10:45 a.m. EDT, shares held a gain of about 4%.
In March, Plug Power told investors that it will need to restate its financial statements dating back to 2018. The company added that there will be "no expected impact on cash position, business operations or economics of commercial arrangements."
Yesterday, the company said its first-quarter 2021 results will also be delayed, but expects both its 2020 annual report and the first-quarter financial results to be released next week. The company also reiterated its previously released estimates for long-term growth and provided expectations for the first and second quarters of 2021.
Though there remains uncertainty until the company clears up its financial reports, management gave an optimistic view of its current business conditions yesterday. Plug said it expects to report 60% year-over-year growth in gross billings for the first quarter. The company uses gross billings as a commercial growth metric of anticipated revenue based on the invoice value of equipment, services, and power provided under power agreements.
The company added that it expects gross billings to increase to $105 million in the second quarter, which would be a 50% increase over 2020's second quarter. It believes it is on target for its previous estimates of $475 million in 2021, and up to $1.7 billion in gross billings in 2024.
While investors initially sold off today, the company's guidance seems to have satisfied any anxiety for now that the restated financial reports will include any negative surprises.