Plug Power Inc (PLUG)

[Jack_Bolander]

From SA :
The business model seems fragmented into so many segments that there is little way to control the results. From the 8K we see business segments including electrolyzer, liquefier, cryogenics, material handling, large scale stationary unit, a gigafactory....
The company is opening facilities in Louisiana and Texas, spending a fortune to expand internationally.

From the 10Q, the only section showing a positive gross margin is equipment sales...but power purchase agreements and fuel delivered are a disaster. And distressing the investor is that it is difficult to relate the business segments listed in the 8K to the gross margin analysis in the 10Q. Either management doesn't understand it, or more likely they don't want investors to understand it.

This company could easily manage its cash with a more focused business plan. It is negligence by the Board of Directors to allow this to continue, as the shareholders are likely to be diluted and suffer substantial losses.

And Henrik Responded:

@No Moderator
Yes, management is trying to hide as much financial information as possible even in its regulatory filings.

Please note also that the majority of equipment sales is derived from the material handling segment with customers requiring the company to also provide those money-losing maintenance, fueling and leasing agreements.
So just looking at the equipment margin would give you an entirely wrong impression of their core material handling business.