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.
A capital increase again: around US$ 750 million going to Tesla. Whether this will help provide the cash needed to build the Gigafactory for batteries – which is said to cost up to US$ 5 billion – seems doubtful. The increase also left a bitter aftertaste, as Morgan Stanley was the underwriter (placed the shares) of the “spontaneous” capital increase and, at the same time, a new study