Hydrogen fuel cell manufacturer Plug Power Inc. (NASDAQ:PLUG), which traded sharply lower in Tuesday's premarket session, is paring the losses.
Plug Power To Delay Q1 Filing: Plug Power provided a business update late Monday and said it is in the process of completing its previously announced financial restatements and filing its annual report for the fiscal year ended December 2020.
The company now targets completion of the restatements and filing within five days.
Given the restatement process underway, the company said it will delay the filing of its first-quarter report and has sought an extension of the filing date.
Plug Power also said it continues to execute its business objectives. It guided to gross billings of over $70 million for the first quarter, up 60% year-over-year, and net revenues of $67 million. This is below the consensus revenue estimate of $77.27 million.
For the second quarter, the company said it expects gross billings of over $105 million and revenues of $102 million, also shy of the consensus of $105.9 million.
The company reiterated its previously disclosed annual gross billings targets of $475 million in 2021, $750 million in 2022 and $1.7 billion in 2024.
Related Link: Why Plug Power's Lead In Fuel Cell, Hydrogen Space Could Create 'Outsized Winner'
Roth Says Audit Overhang Lifted: The timeline given by the company for completing the restatements and filing the year-end report signals an end to the distraction from an accounting review, Roth Capital analyst Craig Irwin said in a note.
"We expect any restatement to be minor, and focus on positive business trends and upcoming catalysts," the analyst said.
Irwin reiterated his expectation that the company will sign potential Green Hydrogen offtake agreements soon given its DOE Loan Guarantee process.
The analyst reiterated a Buy rating and $45 price target on Plug Power stock.
PLUG Price Action: At last check, Plug Power shares were adding 5.88% to $21.25.
Photo courtesy of Plug Power.