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Plug Power Announces Fourth Quarter And Year-End 2012 Financial Results

"The main goal of the Company is to continue to build a successful market in material handling and expand into related applications such as refrigerated trucks, ground support equipment and range extending utility vehicles," said Andy Marsh, CEO at Plug Power. "While the Company has experienced significant challenges in 2012, I believe the future of Plug Power is bright and that we are in the right market, with the right customers. We remain focused on the future."

Financial Results

Net loss for the fourth quarter of 2012 and year ended December 31, 2012 was $8.5 million and $31.9 million, respectively. On a per share basis (basic and diluted), the loss for the quarter and the year was $0.22 and $0.93, respectively. This compares with a net loss of $7.2 million, or $0.32 per share (basic and diluted), for the fourth quarter of 2011 and net loss of $27.5 million, or $1.46 per share (basic and diluted) for the full year 2011. 

Total revenue for the fourth quarter and year ended December 31, 2012 was $5.9 million and $26.1 million, respectively. This compares to total revenue of $11.9 million and $27.6 million for the same periods of 2011. Product and service revenue for the fourth quarter and year ended December 31, 2012 was $5.7 million and $24.4 million, respectively. This compares to $11.3 million and $23.2 million for the same periods of 2011. Research and development contract revenue for the quarter and year ended December 31, 2012 was $0.2 million and $1.7 million, respectively. This compares to $0.5 million and $3.9 million for the same periods of 2011.

Total cost of revenue for the fourth quarter of 2012 was $9.5 million, comprised of $9.1 million for cost of product and service revenue and $0.4 million for cost of research and development contract revenue. For the full year 2012, total cost of revenue was $40.5 million, comprised of $37.7 million for cost of product and service revenue and $2.8 million for cost of research and development contract revenue. Prior year comparable numbers for the fourth quarter were $12.2 million for total cost of revenue, comprised of $11.5 million for cost of product and service revenue and $0.7 million for cost of research and development contract revenue. Prior full year comparable numbers were $36.9 million for total cost of revenue, comprised of $30.7 million for cost of product and service revenue and $6.2 million for cost of research and development contract revenue. 

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