Plug Power Announces 2016 Third Quarter Results

LATHAM, N.Y., Nov. 07, 2016 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ:PLUG), a leader in providing energy solutions that change the way the world moves, today announced its financial results for the third quarter of 2016.  Plug Power continues to show growth and improvements in all areas of the business during the third quarter, including:
  • Total GAAP revenues of $17.6 million;
  • 50% growth in recurring service and fuel delivery revenue versus Q3 2015;
  • Year-to-date bookings of $170 million with a full sales pipeline driving confidence in full year target;
  • GAAP gross margins of 2.2%, demonstrating strong improvement versus Q3 2015;
  • GAAP earnings per share (EPS) loss of $0.07 per share.

Beginning with this quarter, Plug Power's quarterly financial releases will no longer include the non-GAAP measures of adjusted revenue, adjusted gross margin, adjusted EBITDAS or adjusted EPS, to reflect the impact of deployed Power Purchase Agreement ("PPA") transactions under prior alternative financing arrangements. Plug Power will continue to provide supplemental information to all external stakeholders as it believes it is important to convey the Company's overall progress in growth and cost downs and to maintain transparency.

Third quarter 2016 operational activity included system deployments at three sites where the Company utilizes a PPA.  For those sites, the value of the systems deployed was $17.3 million and the costs to deploy the systems was $11.5 million.  In 2015, the Company financed PPA deployments under arrangements which required revenue and cost recognition in the period deployed, whereas the finance arrangements utilized in 2016 do not allow such revenue and cost recognition in the period.

Two new customers were signed in the third quarter, along with continued progress expanding existing customers including Walmart, Home Depot and Sysco.  One of the new customer sites was sold and implemented within the quarter, but revenues from the sale will be recognized in the fourth quarter of 2016 due to the timing of the customer's greenfield site commissioning. 

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