Part 2 – PLUG POWER ADDRESSES INACCURACIES OF RECENT SEEKING ALPHA ARTICLE
By Andy Marsh, Plug Power CEO
In the Seeking Alpha article from last week, the author claimed we lost 3 GenKey sites. Let me share the facts.
We reported 67 sites receiving fuel at 6/30 and 71 at 9/30, an increase 4. We reported revenue recognized of 7 sites in Q3 2018. He assumed we must have been up to 74 (67+7) and therefore lost three to get back down to 71. In reality, we counted 3 sites when they commissioned (which was prior to 6/30) but they were not recognized as revenue until Q3, so they were already in our 67 count.
Bottom line is that Plug Power lost 0 GenKey sites. Just a quarterly difference between timing for commissioning and revenue recognition.
The company has always been willing to speak to and clarify information being published by any Seeking Alpha author. This author did not reach out to us.