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  "documentTitle": "Plug Power Inc. (PLUG)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2019-12-19 00:00:00",
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      "text": "Spruce Point's Conclusion - PLUG Is Uninvestible With Long-Term Potnetial To $0: PLUG has never generated a meaningful profit in its ~20 year history, and almost all of its recent sales and earnings growth has been supported by either unsustainable financing or shareholder dilution.",
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      "text": "A Long History of Unrealistic Targets and Broken Promises; Dependent on Vendor Financing, Unfavorable Customer Agreements, and Expensive Debt for Growth; Recent Inflection to Profitability Attributable to Accounting Changes and Non-GAAP Adjustments; Recent \"Inflection to Profitability\" Excites Investors, But Will Inevitably Be Short-Lived; Spruce Point's Conclusion - PLUG Is Uninvestible With Long-Term Potnetial To $0.",
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      "text": "Plug Power (\"PLUG\" or \"the Company\") is a manufacturer of hydrogen fuel cell systems with a ~20 year history of setting unrealistic goals and resorting to onerous financing, endless equity raises, and creative accounting to support unsustainable growth.",
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