Plug Power raises $3.4B, revenue surges 76%, but material weakness in controls disclosed

Filed June 22, 2021 · Period ending March 31, 2021 · Compared to 10-Q May 8, 2020 · ~1 min read

Key Changes

• high

  Management identified a material weakness in internal controls covering operating expenses, leases, impairment, and inventory. The weakness existed at year-end 2020 and was not remediated by March 31, 2021.

  MD&A: Internal Controls verify on EDGAR →
• high

  Company raised $3.4 billion through two transactions: $1.6B from SK Holdings for Asian expansion and $1.8B in a registered equity offering, dramatically strengthening the balance sheet.

  MD&A: Capital Raises verify on EDGAR →
• high

  Q1 2021 revenue jumped 76% to $72M driven by 1,308 GenDrive units (up 59% YoY) and six hydrogen installations. Fuel cell system gross margin improved to 38.1% from 31.7%, showing better unit economics.

  MD&A: Revenue & Margins verify on EDGAR →