Stock to Watch: Plug Power Inc. (NASDAQ:PLUG)

On 15 May Wednesday, Plug Power Inc. (NASDAQ:PLUG) negotiated 2,138,596 shares against it an average volume of 5,292,457 shares. The stock concluded the recent trade at $2.3300 with upbeat/downbeat trend move of +2.19%. The company has got a 52-week exceptional price of $2.8600 and reached a 52-week lowest of the share price at $0.9900. The daily trading range was observed between a day’s low price of $2.2550 to a day’s high price of $2.3300.

Plug Power Inc. (PLUG) has reported recently its 2018 fourth quarter and year end results. Plug Power Reports Breakthrough 4th Quarter of 2018 Positive adjusted EBITDA; over 75% revenue growth versus 4Q 2017

• Fourth quarter gross billings of $62.1M versus $32.9M gross billings in fourth quarter 2017. The Company in 2018 had total gross billings of $184.8M, a 42% increase versus 2017.

• Positive adjusted EBITDA for fourth quarter 2018, the first in the Company’s history

• GAAP loss per share of $0.08; adjusted loss per share of $0.07

• Delivered fuel cell systems to power over 1,900 zero emission electric vehicles

Plug Power’s record setting quarter is a result of technical leadership and continued new product deployment, coupled with constant attention to improving service. These focal points were key to delivering positive adjusted EBITDA for the first time in Company history. The organization successfully enhanced the reliability of our technology while serving a loyal customer base that allowed us to spend the year further cementing our position as the industry’s global leader in hydrogen powered electric mobility.

Fourth Quarter Operational Performance and Financial Results Net revenue for the fourth quarter of 2018 was $59.8M, versus net revenue of $31.1M for fourth quarter of 2017. Included in our financial results is a $2.3M provision for common stock warrants reported as a reduction of revenue in fourth quarter of 2018, versus a $1.8M provision recorded in fourth quarter of 2017. As reported previously, these charges are associated with accounting for warrants stemming from our customer agreements with Amazon and Walmart. Future revenue reductions will occur over time until each of the customers reaches a cumulative $600M of qualified purchases.

Key operating metrics for the fourth quarter of 2018 include:

 • Approximately 1,700 GenDrive units shipped in the quarter (1,900 recognized as revenue), versus 1,200 GenDrive units shipped in fourth quarter of 2017 (700 recognized as revenue). • Three GenFuel sites sold in the quarter, versus zero for fourth quarter of 2017. • Approximately 20,000 GenDrive units under service or PPA contract at December 31, 2018, versus approximately 16,000 at December 31, 2017. • 72 sites under fuel delivery contract at December 31, 2018, versus 58 sites at December 31, 2017

GAAP gross profit for the fourth quarter of 2018 was $4.5M, compared to negative $0.7M for the prior year. Adjusted gross profit for the fourth quarter of 2018 was $6.1M, or Plug Power is changing the way the world moves by developing industry-leading hydrogen fuel cell energy solutions for high growth markets around the globe. 5 10% of net revenue. Adjusted gross profit excludes the interest component of operating leases associated with project financings. Adjusted gross profit for the fourth quarter of 2017 on a comparable basis was $0.8M, or 3% of net revenue. The improvement in gross margins versus the prior year stems from ongoing volume leverage, product cost downs, and reliability investments in the service and fuel product lines. GAAP net loss attributable to common shareholders for the fourth quarter of 2018 was $16.9M, or $0.08 loss per share. The GAAP net loss attributable to common shareholders in the fourth quarter of 2017 was $19.5M, or $0.09 loss per share on a diluted basis. Adjusted loss per share in the fourth quarter 2018 was $0.07, which excludes certain one-time charges. Net cash used by operating activities for the fourth quarter of 2018 was $16.0M, compared to net cash provided of $21.1M in 2017 (variation mainly due to working capital conversion timing). Adjusted EBITDA for the fourth quarter of 2018 was $0.5M, compared to negative $7.6M for the fourth quarter of 2017.

CASH AND LIQUIDITY

Operating cash flow used by operating activities for full year 2018 was $57.6 compared to $60.2M for full year 2017. Overall the Company has recognized improvement in margin expansion and project financing programs with financial institutions that have been structured during the year. The Company anticipates these trends to continue improving its operating cash flow trends. As of December 31, 2018, Plug Power had a total cash position of $110.2M, including cash and cash equivalents of $38.6M and restricted cash of $71.6M.

Return on investment ratio was -21.90%. The stock price switched up -5.88% 20-Days Simple Moving Average dropped -3.98% from 50-Days Simple Moving Average and rose 23.40% from 200 Days Simple Moving Average.

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