Movers and SHAKERS
|Current Price||$5.68 ↓ -0.06|
|52wk Range||$2.88 - $10.00|
|ADVANCED MARKET DATA|
Advanced Market DataItm Power Plc Ord (ITMPF)
22 Atlas Way
Sheffield, S4 7QQ
ITM Power PLC designs and manufactures integrated hydrogen energy systems for energy storage and clean fuel production. The company is also involved in the research and development of scientific and engineering projects; the development and manufacture of prototype products; and the sale of electrolyzer products such as HGas, HFuel, HPac. It offers a range of services including construction, consulting, and other services. The company's largest end market by revenue is in the United Kingdom. Its primary geographic markets are the United Kingdom, Rest of Europe, North America, Germany, and Italy, with maximum revenue from Germany.
- Company reports another disappointing quarter with massive cash burn and negative consolidated gross margin despite a more than 70% year-over-year revenue increase.
- Strong product margins more than offset by all-time low margins in both the service and hydrogen fueling segment with additional pressure on fueling margins expected for the second quarter.
- On the conference call, management guided Q2 gross billings somewhat above expectations and hinted to a "very strong" third quarter.
- Management also reiterated the company's aggressive medium-term growth targets with $1.7 billion in gross billings projected for FY2024.
- With the restatements behind the company, ample liquidity, a favorable market environment and management as optimistic as ever, I wouldn't be surprised to see further, short-term upside in the shares despite the almost 100% run from recent lows but it's still difficult to envision Plug Power coming even close to management's longer-term projections.
For further details see:Plug Power - Stock Rallies As Investors Look Beyond Another Abysmal Quarter
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