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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,979.13 +59.54 0.35%
S&P 500 1,986.51 +4.91 0.25%
NASDAQ 4,526.4820 -1.0320 -0.02%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs