Plug Power Announces Third Quarter 2010 Financial Results
Net loss for the third quarter of 2010 was $9.3 million, or $0.07 per share on a basic and diluted basis. This compares with a net loss of $10.2 million, or $0.08 per share, for the third quarter of 2009.
Total revenue for the third quarter of 2010 was $5.8 million, comprised of $4.8 million for product and service revenue and $1.0 million for research and development (R&D) contract revenue. This compares to total revenue of $2.5 million in the third quarter of 2009, which was comprised of $1.0 million for product and service revenue and $1.5 million for R&D contract revenue.
Effective April 1, 2010, the Company adopted ASU No. 2009-13 on Topic 605, Revenue Recognition– Multiple Deliverable Revenue Arrangements retroactive to January 1, 2010. As a result of implementing ASU No. 2009-13, the Company recognized approximately $3.6 million and $6.3 million of revenue in the third quarter and year to date 2010, respectively, that would have been recorded as deferred revenue under the previous guidance for multiple-element revenue arrangements.The Company shipped 170 units of its fuel cell products during the third quarter of 2010 compared to 6 units shipped in the third quarter of 2009. Total cost of revenue for the third quarter of 2010 was $9.1 million, comprised of $7.3 million for product and service cost of revenue and $1.7 million for R&D contract cost of revenue. This compares to total cost of revenue of $4.1 million in the third quarter of 2009, which was comprised of $1.3 million for cost of product and service revenue and $2.8 million for R&D contract cost of revenue. R&D expenses for the third quarter of 2010 were $2.1 million compared with $4.4 million for the third quarter of 2009. Selling, general and administrative (SG&A) expenses were $3.4 million for the third quarter of 2010 compared with $4.0 million for the third quarter of 2009. Additionally, $0.6 million was expensed for amortization of intangible assets during the third quarter of 2010 compared to $0.5 million for the third quarter of 2009.
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