SPRX - Plug Power: Ambitious Transformation Strategy Is Showing First Cracks

• Plug Power reported another set of disappointing quarterly results with record cash burn amid ongoing margin issues.
• The core material handling operations remain an unmitigated disaster as the business continues to suffer from highly unfavorable service contracts with key customers like Amazon and Walmart.
• I discuss questionable or outright wrong statements made by management in the investor letter and on the conference call.
• The company's ambitious transformation strategy is already showing some cracks as prices for renewable power in the U.S. have increased substantially since the company outlined its plans in 2020.
• Plug Power will have to deliver upon its stated target to generate cash in the not-too-distant future as otherwise liquidity might run low again in 2024.

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