These forward-looking statements contain projections of our future results of operations, or of. This call will include forward-looking statements. In fact, even after the company begins producing liquid hydrogen and quintuples, its production capacity later this quarter, Ailani observes that gross “profit” margins for the company will probably still be negative 8%. Welcome to the 2023 Second Quarter Earnings Call. And for another, Plug is still losing money at present, as noted above. Rather, the company is currently producing its hydrogen from “grey” sources - natural gas. For one thing, Plug isn’t currently producing a whole lot of “green hydrogen” - i.e., hydrogen split from water molecules using power generated from renewable energy sources. Then in phase 2 of the project, Plug hopes to double that production rate to 30 tpd by the second quarter of 2024. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for. Plug hopes to ramp production volume as well, to about 15 tpd by the end of next month, or early October at latest. 02, 2023 (GLOBE NEWSWIRE) - Plug Power Inc. Plug had hoped to be doing liquid hydrogen by the end of August, but that timeline has been pushed back a bit, to the end of the quarter - so September. But Plug needs to be producing liquid hydrogen to make the fuel source easily transportable and usable for fueling hydrogen fuel cell vehicles. Already, this plant is producing gaseous hydrogen at the rate of three tons per day (tpd). Well, let’s consider: As Ailani reports, after 12 months of construction work, Plug is still in the process of getting its Georgian “green hydrogen” production process up and running. After all, if Ailani believes the stock is worth $12 per share, it could still yield a potential profit of 40% from current levels, assuming the analyst is accurate about Plug stock’s value.
And while Ailani trimmed Jefferies’ price target for Plug stock from $16 to just $12 a share, the analyst nonetheless maintained Jefferies’ “buy” rating on Plug. However, PLUG’s outlook appears positive as the company raised 2022’s revenue guidance from 838 million to between 900 Million to 925 Million. In a recent note, Jefferies’ Dushyant Ailani took over coverage of Plug Power for the investment banker. ( NASDAQ:PLUG) shareholders might understandably be very concerned that the share price has dropped 53 in the last quarter.
The August 9 earnings report, which indicated Plug’s sales had risen by a robust 72%, also revealed losses that were 50% worse than what analysts had expected – a factor that contributed to the decline in the company’s stock.Īnd yet, one analyst isn’t quite ready to throw in the towel on Plug just yet. Lawyers for the shareholders did not immediately respond to similar requests.Shares of the hydrogen fuel cell company Plug Power ( NASDAQ:PLUG) have been kind of on the fritz lately, experiencing a decline of about 35% in August. Plug Power did not immediately respond to requests for comment. Its share price fell as much as 20% on March 17, 2021, the day after announcing it planned a restatement. Plug Power provides fuel cells for electrically powered forklifts used by companies such as Amazon and Walmart. District Judge Edgardo Ramos in Manhattan on Tuesday night dismissed a lawsuit accusing Plug Power of defrauding shareholders, including over a transaction with, one of its largest customers. It uncovered the material weakness in its controls while restating financials for 2018, 2019 and part of 2020. Plug Power did not admit or deny wrongdoing in agreeing to settle. It also said the Latham, New York-based company still has a material weakness in its internal controls over financial reporting and ineffective disclosure controls, and could be fined another $5 million if these aren't fixed within one year. The SEC said Plug Power raised more than $5 billion from investors despite the shortcomings.
0 kommentar(er)
