Fuel cell manufacturer Plug Power has notified the Securities and Exchange Commission that it was unable to file its Annual Report on Form 10-K for FY2014 within the prescribed period. Plug Power said it experienced “unforeseen delays in collecting, compiling and finalizing” some financial and other data necessary to complete the 10-K report.
When will Plug Power file the report?
The Latham, New York-based company said it expects to file the report on or before the 15th calendar day after the prescribed due date. Investors never like when businesses delay their financial reporting because it indicates there could be some problems. The company said the delays were mainly due to data related to “a substantially higher level of complex customer transactions.”
Plug Power is scheduled to release its fiscal fourth-quarter results on Tuesday, March 17. Analysts on average expect the company to report Q4 net loss of 4 cents a share, compared to a loss of 8 cents in the same period a year ago. Fourth-quarter revenue is expected to jump 227% YoY from $8.03 million to $26.30 million. For full-year 2014, Plug Power is expected to incur 19 cents per share in losses and $69.13 million in revenues.
Plug Power getting more realistic about future growth?
In late January, Plug Power shocked investors by dramatically lowering its FY2015 sales forecast. The company said it expected FY2015 sales to be slightly above $100 million, down from the previous estimate of $130 million. Plug Power CEO Andy Marsh said the new figures were something that “people could rely on.” Since then, Wall Street consensus revenue estimate for 2015 has also come down from $123.7 million to $107.13 million.
Plug Power shares have declined more than 35% in the last 12 months. But Harsh Chauhan of The Street remains bullish on the stock. He says the company’s long-term outlook is positive. Plug Power is already benefitting from the rapid growth in the hydrogen fuel cell industry, which is expected to keep growing at an impressive pace for the next several years. The company also boasts of a satisfied customer base, including some big names such as Wal-Mart, BMW, Volkswagen, and Kroger.