PCELF - Plug Power - Strategic Announcements And Improved Debt Terms Trump Mediocre Q1 Results
Note: I have covered Plug Power (PLUG) previously, so investors should view this as an update to my earlier articles on the company.
Last week, Plug Power reported Q1 results which easily surpassed top-line expectations but fell well short on the bottom line as COVID-19-related increases in equipment utilization at key customers, particularly Walmart (WMT) caused service costs to balloon:
Source: Company's SEC-Filings, Author's own work
The higher than expected loss, a massive increase in inventory and a surge in prepaid expenses caused negative free cash flow of $66.4 million thus