Plug starts the New Year with a clean slate.
Plug wrote down certain assets which resulted in non-cash charges recorded in Q4 2023 of $325 million.
(1) It's still burning through cash
This was the case until last year, this year 70% cash-burn-reduction.
Reduction in workforce and a hiring freeze.
Slowing of new product scaling.
Slowed investment in the hydrogen facilities in Texas and New York, until they find the right financing solution.
(2) Revenue isn't growing as fast as expected
Many new programs were shipped in Q4, but just did not get to final commissioning, hence, the respective sales were pushed into '24.
Mostly Fools will be surprised when the results for Q1’24 are announced. It will be a record quarter over $300 million, I think.
(3) Margins remain weak
Plug will use the new hydrogen facilities in Georgia and Tennessee to drive margin improvement and fuel cost.
Consolidating facilities and streamlining processes.
Raising prices
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