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If You Invested $1,000 in Plug Power at Its IPO, This Is How Much You Would Have Today

Although Plug Power(NASDAQ:PLUG) has been developing hydrogen fuel cells for almost a quarter of a century, its potential has yet to be fully realized. Its investors continue to wait for the company's breakthrough moment.

While its revenue growth is accelerating, its losses continue to widen, disconcerting investors. The stock is down 26% year to date, and sits more than 60% below its 52-week high. The pandemic certainly dealt a setback to Plug Power's plans for reaching $1 billion in annual sales by 2024, and the impacts of the current variant-propelled COVID-19 wave -- and others that might follow -- may push that achievement even further into the future.

All that said, let's see where you would stand today had you invested $1,000 in Plug Power's IPO back in 1999. 

Hydrogen-fueled forklift

Image source: Plug Power.

Growing sales, but widening losses

Overall, long-term investors in the hydrogen fuel cell maker have known two decades of disappointment. The stock has at times ridden a roller coaster of hope upwards, only to see those hopes dashed. For example, earlier this year Plug Power's stock soared to more than $75 a share, only to tumble after management announced it needed to restate its earnings because of changes in how it accounts for some customer contracts.

While the subsequent restatement didn't materially change the equation for Plug Power, the damage was done.

Still, investors have some reasons to believe the company's future will be brighter. After Plug Power handily exceeded its second-quarter guidance for gross billings, management raised its outlook for the full year by $25 million to a total of $500 million -- 50% more than it achieved in 2020 -- on what it described as "exciting news coming up in the coming quarters."

This company's management typically has good visibility into its order flow, and because of the relationships it has built with some of its biggest customers, Plug Power doesn't do short-term planning per se. Instead, it builds out its estimates for what it's going to need three, four, and five years down the road. Investors might take that as a sign management has a clearer sense about the direction the business is heading.

While revenue typically is lower than billings, it's still growing, and an argument can be made that sales growth is more important to Plug Power at this moment than profits.

Heavy dilution has been a reality from the beginning

On the other hand, the lack of profits has led to considerable dilution over the years -- management has repeatedly issued more stock. It kicked off 2021 with yet another secondary offering, this one for 28 million shares. At the end of 2020, it had over 354 million shares outstanding, almost twice as many as it had four years prior.

Yet there were times when those secondary offerings have been smart business moves. The scaled-up stock sale earlier this year was done at $65 per share, an elevated price that ended up netting the hydrogen fuel cell maker $2 billion.

Not all stock sales are bad, even if they do dilute prior investors, as they can be the best available way to raise cash to finance growth. And while Plug Power should have ample resources available to it now for its next phase of expansion, management has disappointed investors in the past and continuously undermined their ownership stake. Shareholders might want to expect a more concrete commitment from management that it won't be more of the same this time.

Dismal returns over the first half of Plug Power's life

Plug Power went public in October 1999 at $15 a share. As of the market close Monday, it was trading for $26.13. However, in 2011, it effected a 10-for-1 reverse stock split to maintain its Nasdaq exchange listing, which management said was important to the health of the company.

That means a $1,000 investment in Plug Power's IPO would have suffered a more than 82% loss of value in the ensuing 22 years, and turned into about $174 today.

But it's fair to say that Plug Power isn't the same company it used to be. Indeed, from the day after that reverse stock split, the fuel cell maker's share price has risen by 574%, more than double what the S&P 500 index has achieved in the same period.

Hydrogen fuel cells are a viable way to power all manner of vehicles and equipment, and as Plug Power moves beyond hydrogen-fueled forklifts, its stock may get a boost, too.

Sours: https://www.fool.com/investing/2021/09/04/if-you-invested-1000-in-plug-power-at-its-ipo-this/

i-plug,Inc.

▶Stock/Chart

CodeSectorMarketLead UnderwriterDate of listing approvalIPO Date
4177CommunicationsMTHDaiwa      2021/02/122021/03/18
【Description】
 

IPO Information

Opening PriceY6,000Total AmountY1,541,346,000
IPO PriceY2,620--CompanyY650,808,000
Aggregate Value
(based on Initial Price)
22,395
(Unit:1 million)
--Leading ShareholderY767,230,320
Listed Shares(total)588,300--Lead ManagerY123,307,680
Trading Unit100 
Offering Price PER
(based on previous period)
-225.09Offering Price PBR
(based on previous period)
51.61
Initial Price PER-515.46Initial Price PBR118.18
New Shares270,000Existing Shares318,300(incl. O.A.)
Shares OutstandingPre IPO3,462,500.00PostIPO3,732,500.00
Paid Up CapitalPreIPOY215,000,000PostIPOY540,404,000
Use of Funds Raised 

Financial Data

Units:Y1,000
Fiscal Year End RevenueCurrent ProfitNet ProfitNet Assets
2018/03Consolidated----
Non-consolidated691,10034,95748,392135,195
2019/03Consolidated1,348,98688,48972,988244,768
Non-consolidated1,052,796101,14186,048241,243
2020/03Consolidated1,598,29126,340-40,296233,025
Non-consolidated1,314,553-55,794-60,159181,083
Recent Quarter
2020/12
Consolidated1,449,686104,35757,661141,207
Non-consolidated----
Per ShareUnits:Y1
Fiscal Year End DividendNet EarningEquity 
2018/03Consolidated0.00-- 
Non-consolidated15.9539.33 
2019/03Consolidated0.0021.1762.41 
Non-consolidated24.9669.67 
2020/03Consolidated0.00-11.6450.77 
Non-consolidated-17.3752.30 
Fiscal Year End DividendNet EarningEquity 
Recent Quarter
2020/12
Consolidated 16.65- 
Non-consolidated-- 

Comment

■Over allotment(76,700)
Consolidated Subsidiaries
NameAddress
Underwriters
AllocationUnderwriterTel
90%Daiwa03-5555-2111
5%Mizuho03-5208-3210
1%SBI SECURITIES Co.,Ltd.03-5562-7210
1%Okasan03-3272-2211
1%Ichiyoshi03-3555-6210
1%Monex03-4323-3800
1%Matsui03-5216-0606
Data
Date of incorporation2012/04/18
Company address Osaka 532-0011
Telephone06-6306-6125
President 
Homepagehttps://i-plug.co.jp/
AuditorAzsa  
Major Shareholders
Shareholder NameRatio
 62.90%
 10.62%
 8.17%
 5.72%
 2.81%
 1.70%
 1.02%
 1.02%
 1.00%
 0.88%
Number of Employees141 as of 2020/12/31
Birth Date of Representative1978/12/09

 

Sours: http://www.tokyoipo.com/top/en/index.php?j_e=E&id=post&seqid=2747
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Plug Power Inc. Announces Pricing of Upsized Public Offering of Common Stock

LATHAM, N.Y., Jan. 26, 2021 (GLOBE NEWSWIRE) -- Plug Power Inc. (“Plug Power”) (NASDAQ: PLUG), a leader in providing clean, reliable energy solutions, today announced the pricing of an upsized offering of 28,000,000 shares of its common stock at a price to the public of $65.00 per share. Plug Power has granted the underwriters a 30-day option to purchase up to an additional 4,200,000 shares at the public offering price, less the underwriting discount. The offering is expected to close on or about January 29, 2021, subject to satisfaction of customary closing conditions. Morgan Stanley is acting as sole book-running manager.

The securities described are being offered by Plug Power pursuant to an automatic shelf registration statement on Form S-3 that was previously filed with the Securities and Exchange Commission (the “SEC”) and declared effective by the SEC. A preliminary prospectus supplement related to the offering has been filed with the SEC. Before you invest, you should read the preliminary prospectus supplement and the accompanying prospectus in that registration statement and other documents filed with the SEC for more information about Plug Power and this offering. You may obtain these documents free of charge by visiting the SEC’s website at www.sec.gov. Copies of the preliminary prospectus and the accompanying prospectus relating to the securities being offered may also be obtained from Morgan Stanley at Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014.

This press release does not and shall not constitute an offer to sell or a solicitation of an offer to buy any shares of Plug Power’s common stock, nor shall there be any offer, solicitation or sale of such shares, in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Plug Power

Plug Power is building the hydrogen economy as the leading provider of comprehensive hydrogen fuel cell (HFC) turnkey solutions. The company’s innovative technology powers electric motors with hydrogen fuel cells amid an ongoing paradigm shift in the power, energy, and transportation industries to address climate change and energy security, while providing efficiency gains and meeting sustainability goals.

Plug Power created the first commercially viable market for HFC technology. As a result, the company has deployed over 40,000 fuel cell systems for e-mobility, more than anyone else in the world, and has become the largest buyer of liquid hydrogen, having built and operated a hydrogen highway across North America. Plug Power delivers a significant value proposition to end-customers, including meaningful environmental benefits, efficiency gains, fast fueling, and lower operational costs.

Plug Power’s vertically-integrated GenKey solution ties together all critical elements to power, fuel, and provide service to customers such as Amazon, BMW, The Southern Company, Carrefour, and Walmart. The company is now leveraging its know-how, modular product architecture, and foundational customers to rapidly expand into other key markets including zero-emission on-road vehicles, robotics, and data centers.

Cautionary Language Concerning Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this press release, including statements regarding the offering of the shares and the closing of the offering, are forward-looking statements. These forward-looking statements are made as of the date they were first issued and are based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Plug Power’s control. Plug Power’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including, but not limited to, the risks related to the offering of the shares, market risks and uncertainties and the impact of any natural disasters or public health emergencies, such as the COVID-19 pandemic. These and other potential risks and uncertainties that could cause actual results to differ from the results predicted are more fully detailed in Plug Power’s filings and reports with the SEC, including the Annual Report on Form 10-K for the year ended December 31, 2019, as amended and supplemented by the Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020 and September 30, 2020, as well as other filings and reports that are filed by Plug Power from time to time with the SEC. Plug Power anticipates that subsequent events and developments will cause its views to change and you should consider these factors in evaluating the forward-looking statements and not place undue reliance on such statements. Plug Power undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing Plug Power’s views as of any date subsequent to the date of this press release.

Media Contact
Ian Martorana
The Bulleit Group
[email protected]


Sours: https://www.globenewswire.com/en/news-release/2021/01/27/2164774/9619/en/Plug-Power-Inc-Announces-Pricing-of-Upsized-Public-Offering-of-Common-Stock.html
i‐plug[4177]東証マザーズ IPO

Plug Power

American technology company

Plug Power Inc. is an American company engaged in the development of hydrogenfuel cell systems that replace conventional batteries in equipment and vehicles powered by electricity. The company is headquartered in Latham, New York, and has facilities in Spokane, Washington, and Rochester, New York.

Plug Power's GenDrive system integrates fuel cells manufactured by both Plug Power and Ballard Power Systems and incorporates a hydrogen storage system that allows the system to "recharge" in a matter of minutes as opposed to several hours for lead-acid batteries. It allows hydrogen-powered forklifts to run at a constant steady power compared to conventional batteries, which experience "droop" in their output towards the end of a shift. GenDrive units occupy the same space designed for conventional batteries.

History[edit]

Plug Power was founded in 1997 as a joint venture between DTE Energy and Mechanical Technology Inc. The company went public in 2002. Indoor forklifts were their first viable market with customers such as Nike, BMW, Wal-Mart, Home Depot, Mercedes-Benz, Kroger, and Whole Foods.

In February 2017, the company announced the first shipments of its ProGen fuel cell engines designed for electric delivery vehicles and the adoption of its GenDrive system by the USPS forklift fleet in Capitol Heights, Maryland.[2][3]

In February 2020, the company introduced 125 kW Progen fuel cell engines for class 6, 7 & 8 trucks and heavy duty off-road equipment.[4] In January 2021, SK Group, a major South Korean company, announced to invest $1.5 billion in Plug Power for around 10% share. They will form a joint venture company in South Korea to supply hydrogen fuel cell products to Asian markets.[5]

In January 2021, the company signed a memorandum of understanding with French automobile manufacturer Renault. The deal would launch a joint venture in France by the end of June 2021.[6]

On March 16, 2021 the company announced that they would have to restate financial statements for fiscal years 2018 and 2019 as well as some recent quarterly filings.[7]

References[edit]

External links[edit]

Sours: https://en.wikipedia.org/wiki/Plug_Power

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