Plug Power Provides Business Update
Record First Quarter 2021 with Gross Billings of Over $70 Million, Up More Than 60% Year-Over-Year; Reiterates Long-term Annual Gross Billings Targets
Continues to Work Expeditiously to Complete Previously Announced Financial Restatement and Expects to File 2020 Annual Report on Form 10-K Inclusive of the Restated Period Within the Next Five Days
Files Form 12b-25 to Extend Filing Date for First Quarter 2021 Form 10-Q
LATHAM, N.Y., May 10, 2021 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey hydrogen solutions building the global green hydrogen economy, today provided a business update as it works to complete its previously announced financial restatement and file its Form 10-K for the year ended December 31, 2020.
Plug Power continues to execute on its business objectives and remains well-positioned to leverage its industry leadership to capture a meaningful share of the $10T+ hydrogen economy. For the first quarter of 2021, the Company expects to report over $70 million in gross billings, a more than 60% increase from the first quarter of 2020, and expects to report over $67 million of net revenue, also a more than 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, also an approximate 50% increase from the second quarter of 2020. The Company is reiterating its previously disclosed annual gross billings targets of $475 million in 2021, $750 million in 2022 and $1.7 billion in 2024.
Andy Marsh, Plug Power’s President and Chief Executive Officer, 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. We are working to complete our previously announced financial restatement as expeditiously as possible.”