Investment Research report

Plug Power Inc.

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Research Overview

S&P 500
Dec 19, 2019

After conducting a forensic financial and accounting review, Spruce Point believes Plug Power Inc. (NASDAQ: PLUG), a manufacturer of hydrogen fuel cell systems, has a ~20-year history of setting unrealistic goals and resorting to onerous financing, endless equity raises, and creative accounting to support unsustainable growth, and is repeating that pattern of behavior today. Based on our investigation, we believe that there is no reason to own Plug Power’s shares until the Company proves that it can grow and produce a profit on sustainable financing.

The report highlights several key concerns with the company, including:

  • We find evidence that the recent “profitability” is being driven by accounting and contract changes
  • Plug Power appears to be dependent on vendor financing, customer agreements and expensive debt for growth
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