PLUG - Plug Power - Another Weak Quarter Unlikely To Unsettle Investors
- Core material handling business remains an unmitigated disaster showing no measurable sequential progress.
- Uptick in product margins offset by renewed product reliability issues. As a result, the company will have to exchange thousands of GenDrive units well ahead of their anticipated useful life.
- Record quarterly cash burn of $170.5 million, but with available liquidity of $4.3 billion, the company won't run out of funds anytime soon.
- FY2022 revenue guidance raises solely a function of recent acquisitions.
- Aggressive capacity expansion by leading electrolyzer players likely to result in substantial oversupply and related margin pressure.
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Plug Power - Another Weak Quarter Unlikely To Unsettle Investors