Plug Power Inc (NASDAQ:PLUG) announced a new share offering today, which sent the stock down as investors considered the dilutive effects of the new offering. Along with that offering, the fuel cell provider filed an updated 8K filing with the Securities and Exchange Commission. That filing (via Street Insider), indicates that Plug Power is confident in its revenues for the most recently completed quarter.
Plug Power expected to report earnings May 14
According to the filing, Plug Power Inc (NASDAQ:PLUG) said on March 13 that it believed revenue for the three months ending March 31 would be between $5 million and $6 million, which would be a slight decline from $6.4 million in the same quarter a year ago. More specifically, the company stated that its preliminary reports suggest that revenues will be “approximately at or moderately higher than the mid-point” of that range.
Plug Power Inc (NASDAQ:PLUG) had guided for EBITDAS to be between a loss of between $5 million and $6 million. That would be an increase from last year’s loss of $4.8 million in the same quarter a year ago. Now in the company’s latest regulatory filing, it states that the preliminary numbers suggest its EBITDAS for the quarter which ended March 31 will be “moderately lower than the mid-point” of that range.
Plug Power announces new offering
Today Plug Power Inc (NASDAQ:PLUG) said it will raise about $90 million in its next stock sale as it plans to sell about 15 million shares to the public. In the company’s regulatory filing, it said it would use the proceeds for “working capital and general corporate purposes, which may include capital expenditures and potential acquisitions.”
The fuel cell maker said it wants to increase its sales force as orders for its fuel cells rise. Since the start of this year, Plug Power has had about $80 million in sales. The company also wants to raise the amount of stock options it gives to employees as part of their compensation.
In addition to the 15 million shares Plug Power Inc (NASDAQ:PLUG) is offering, the company said it would give grant underwriters a 30-day option to buy up to 2.25 million more shares. After the offering is complete, the company will have approximately 123.44 million outstanding shares.