The new non-GAAP accounting is still creating confusion. Based on non-GAAP, Plug managed to increase revenue in the second quarter to above USD 36 million. But although the USD 13 million loss that the company reported for the same period was indeed a reduction compared to growth, it continues to have a negative impact on the stock price. Many of the company’s agreements are lease contracts and partial revenues must be recognized in each period. By its own account, Plug is working to provide greater clarity here.
If the number of order bookings is anything to go by, then Plug Power is not only doing very well, but the company will be able to easily achieve or even exceed its ambitious goals: New orders worth USD 72 million in the first quarter increased backlog to an impressive USD 278 million. The new booking target figure this year is USD 275 million. The revenue target is USD 150 million – after USD 100 million last year.