Plug Power Inc (PLUG)

[uksausage]

you need to listen to the actual words used. As they leave 2023 they will be profitable (ie EBITDA or may be just gross margin)

next week we get the update anyway so no need to debate words

As we know from last year entering a new market - not just new to PLUG but new to the industry - is hard and some things take longer than even the worst case planning. Key components of the H2 plant can be on 12 month lead time (some from PLUG themselves) and then there are permits and sub contractors like water and electricity suppliers. Any slippage means delays. A project I am involved with had a 2 week extension 2 months before "opening day" it has slipped 5 months as a result....

Understand the strategy and the math behind their profitability by xyz date statements - it is pretty sound but can slip.

Ask yourself have they failed to close business or open any new facility promised as part of the growth, cost reduction strategy? Have they lost any existing customers?

From what I see the 2023 is in the bag already so may grow revenues more if they can manufacture the hardware, 2024 will need partners to kick in like Hyvia and Acciona as well as announcing more sites in the USA for production so they can supply Amazon and Nikola.

Net result is you can be buying more down here at these bargain prices for longer period of time.