Plug Power looks in dire need of good news on an expected government tax credit and potential loan to turn its fortunes round.
Its third-quarter earnings report was a shocker, as the company said it was hit by “unprecedented supply challenges” causing hydrogen shortages, while also being squeezed by inflationary costs. While the supply issue is something Plug expects to ease toward the end of the year, the immediate concern is its need for additional funding.
“ management expressed confidence in executing a liquidity transaction near-term and continues to see a path for margin improvement through next year. However, at this time we think it prudent to move to the sidelines and await execution of these events,” Dendrinos wrote. Plug is also waiting on guidance about a planned tax credit for hydrogen production in the U.S. Expectations of government support for the hydrogen industry have been a reason for optimism for some analysts but Plug could do with good news sooner rather than later.
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