Business
Plug Power Completes Restatement of Previously Issued Financial Statements and Files 2020 Annual Report
As Anticipated, No Impact on Cash Position, Business Operations or Economics of Commercial Arrangements No Change to Gross Billings; Company Reaffirms
About this update from Plug Power, Inc.
[{"type":"text","content":"As Anticipated, No Impact on Cash Position, Business Operations or Economics of Commercial Arrangements No Change to Gross Billings; Company Reaffirms Previously Disclosed Annual Gross Billings Targets Plug Power Remains Well-Positioned to Leverage Industry Leadership and Capture MeaningfulShare of the $10T Hydrogen Economy Company to Host Conference Call at 8:30 am ET Today LATHAM, N.Y., May 14, 2021 (GLOBE NEWSWIRE) -- 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) EPS($0.10)$0.00($0.03) 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...