This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Plug Power Announces Second Quarter 2012 Financial Results

"Plug Power GenDrive fuel cells have displaced over 5,000 lead-acid batteries in North American material handling operations," said Andy Marsh, CEO at Plug Power. "An indicator of our position in the industry is that in the United States 19 out of every 20 hydrogen re-fueling fills a Plug Power fuel cell. We continue to be the leader in deploying PEM fuel cells under 25kW, with over 2,800 GenDrive units in the field, having accumulated over 8 million hours of operation."

Financial Results

Net loss for the second quarter of 2012 was $6.5 million, or $0.17 per share on a basic and diluted basis. This compares with a net loss of $6.8 million, or $0.41 per share, for the second quarter of 2011.

Total revenue for the second quarter of 2012 was $7.7 million, comprised of $7.2 million for product and service revenue and $0.5 million for research and development (R&D) contract revenue. This compares to total revenue of $4.3 million in the second quarter of 2011, which was comprised of $2.6 million for product and service revenue, $1.5 million for R&D contract revenue, and $0.2 million for licensed technology revenue.

The Company shipped 388 units during the second quarter of 2012 compared to 73 units in the second quarter of 2011.

Total cost of revenue for the second quarter of 2012 was $9.5 million, comprised of $8.7 million for cost of product and service revenue and $0.8 million for cost of R&D contract revenue. This compares to total cost of revenue of $7.4 million in the second quarter of 2011, which was comprised of $4.9 million for cost of product and service revenue and $2.5 million for cost of R&D contract revenue.

R&D expenses for the second quarter of 2012 were $1.6 million compared with $1.1 million for the second quarter of 2011. Selling, general and administrative (SG&A) expenses were $3.6 million for the second quarter of 2012 compared with $3.9 million for the second quarter of 2011. Additionally, $0.6 million was expensed for amortization of intangible assets during the second quarter of 2012 and 2011.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,757.91 +138.40 0.79%
S&P 500 2,077.42 +14.31 0.69%
NASDAQ 5,013.1230 +26.2560 0.53%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs