Plug Power (PLUG) Completes Restatement of Previously Issued Financial Statements and Files 2020 Annual Report

May 14, 2021 6:30 AM EDT

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Plug Power Inc. (“Plug Power” or the “Company”) (NASDAQ: PLUG), a leading provider of turnkey hydrogen solutions building the global green hydrogen economy, today announced that the Company has completed the restatement of its previously issued financial statements for fiscal years 2018 and 2019 and its quarterly filings for 2019 and 2020 (the “restated periods”), and has filed its Form 10-K for the year ended December 31, 2020 (“the 2020 Annual Report”) with the U.S. Securities and Exchange Commission (“SEC”).

As previously announced, the key areas addressed were primarily related to several non-cash items, including:

  • The reported book value of right of use assets and related lease liabilities and finance obligations;
  • Loss accruals for certain service contracts;
  • The impairment of certain long-lived assets; and,
  • The classification of certain costs, resulting in a decrease in research and development expense and a corresponding increase in cost of revenue.

Collectively, the adjustments as part of the restatement and finalization of the 2020 Annual Report (as compared to the unaudited 2020 results shared February 25, 2021 and 2018 and 2019 results as previously reported) had the following impact to net revenue and earnings per share (“EPS”):

For the year ended: 2020 2019 2018
Net Revenue (millions)$7.2($0.3)($0.4)

In 2020, despite a positive impact to net revenue, EPS was negatively impacted stemming from one-time non-cash charges associated with $35 million in loss accrual provisions and a $6.4 million long-lived asset impairment.

As expected, the adjustments did not impact the Company’s cash position, business operations or economics of commercial arrangements. In addition, there is no change to gross billings1. The impact of the adjustments is described in detail in the 2020 Annual Report.

“We pride ourselves on operating with integrity and transparency in everything we do, and we’re pleased to put this matter behind us,” said Andy Marsh, Plug Power’s President and Chief Executive Officer. “As we anticipated, the required adjustments were non-cash and had no impact on our business operations or economics of our commercial arrangements. As we look ahead, we remain committed to long-term value creation and executing on our mission to build out the hydrogen economy in North America and beyond. We continue to have great confidence in the growth trajectory of the business, and we thank our shareholders and other stakeholders for their patience as we worked to complete this process.”

As previously announced, the restatement did not result from any override of controls or misconduct, and KPMG LLP, the Company’s independent registered public accounting firm, has not informed the Audit Committee of any issues related to an override of controls or misconduct. In connection with the restatement process, the Company identified a material weakness in its internal controls over financial reporting. Management is committed to remediating this material weakness and has already begun to implement a plan to do so. Steps the Company has taken, and will continue to take, include expanding its finance and accounting resources with expertise in the complex technical accounting issues and highly judgmental accounting determinations that affect the Company’s financial statements. Additional information is included in the 2020 Annual Report.

Earnings and Guidance Update

As previously disclosed in its May 10, 2021 announcement, the Company requires additional time to complete its customary quarterly review and reporting process and the filing of its Form 10-Q for the first quarter ended March 31, 2021 and, as a result, filed a Form 12b-25 with the SEC to extend the Form 10-Q filing due date from May 10, 2021 to May 17, 2021. The Company and its independent auditor are working diligently to complete the first quarter review. The Company expects to file the Form 10-Q for the first quarter ended March 31, 2021 within the next 30 days. The Company will hold its first quarter earnings conference call on the same day the Company files its Form 10-Q.

For the first quarter of 2021, the Company expects to report over $70 million in gross billings, more than a 60% increase from the first quarter of 2020, and expects to report over $67 million of net revenue, which is also more than a 60% increase from the first quarter of 2020. In addition, the Company maintains a strong balance sheet with over $5 billion of cash to fund future growth initiatives. The Company expects its second quarter gross billings to exceed $105 million, an approximate 50% increase from the second quarter of 2020, and expects to report over $102 million of net revenue, also an approximate 50% increase from the second quarter of 2020. The Company continues to expect to achieve its previously stated annual gross billings targets of $475 million in 2021, $750 million in 2022 and $1.7 billion in 2024.

Conference Call Today

  • Date: May 14, 2021
  • Time: 8:30 am ET
  • Toll-free: 877-405-1239 / 201-389-0851
  • Direct webcast:

The webcast can also be accessed directly from the Plug Power homepage ( A playback of the call will be available online for a period of time following the call.

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