Home


Upcoming Events
Future of Utilities: Smart Energy
The Tower Hotel, St Katharine's Way, Greater London, E1W 1LD, United Kingdom,
11/20/18 - 11/21/18
SPE Workshop Horizontal Wells Survey
West-Siberian Scientific and Research Institute of Geology and Geophysics, 48 Respubliki Str., Tyumen 625000, Russia,
11/21/18 - 11/21/18
Benelux Infrastructure Forum 2018
APOLLO HOTEL AMSTERDAM, Apollolaan 2, Amsterdam, Netherlands,
11/21/18 - 11/22/18
Benelux Infrastructure Forum 2018
APOLLO HOTEL AMSTERDAM, Apollolaan 2, Amsterdam, Netherlands,
11/21/18 - 11/22/18
AQE Air Quality and Emission Conference and Exhibition November 2018
Telford International Exhibition Centre, St.Quentin Gate, Telford, TF3 4JH, United Kingdom,
11/21/18 - 11/22/18
Submit an Event
View All Events


Sain Featured Employer

Plug Power Announces 2014 Second Quarter Results; Record Revenues Achieved

 

Follow energycareer on Twitter

Sign-Up for Free Energy, Facility, Power Newsletter (EFPN) newsletter

 

 

 

Plug Power Inc. (PLUG), a leader in providing clean, reliable energy solutions,reports its 2014 second quarter results.

Plug Power shipped 687 GenDrive fuel cell units during the second quarter to customers including Walmart, P&G and Central Grocers. The Company also reports a gross margin of 17% on its GenDrive product for the second quarter. Even more notably, Plug Power revenue, at $17.3 million for the second quarter, is three-fold greater than that seen in the first quarter of 2014.

During the second quarter, the Company successfully deployed its first, complete GenKey site at the Walmart distribution center in Pottsville, PA. GenKey is Plug Power's all-inclusive solution that couples together GenDrive fuel cells, GenCare service and GenFuel hydrogen and fueling infrastructure for use in material handling applications. As a result of the effective deployment in Pottsville, Walmart added an additional site in Sterling, IL to the original six-site contract.

Plug Power has experienced success in the food and retail material handling sector, but has also proven an economically-driven value proposition within the automotive manufacturing market in the second quarter of 2014. The Company has secured GenDrive and GenKey deals with Volkswagen, BMW, Mercedes-Benz and Honda. The Company expects that success within the auto-manufacturing market will open up a plethora of global opportunities as these customers standardize on hydrogen fuel cells to power the electric lift trucks at their manufacturing sites worldwide.

"Activity in the second quarter has demonstrated the value proposition of the GenKey hydrogen and fuel cell solution at customer sites, namely Walmart," said Andy Marsh, CEO at Plug Power Inc. "Success has resulted in positive gross margins for GenDrive, customer confidence in our ability to deliver on our GenKey services, and driven our ability to expand into new markets."

Financial Results

Total revenue for the second quarter of 2014 was $17.3 million, comprised of $12.6 million of product revenue, $4.4 million of service revenue and $0.3 million of research and development (R&D) contract revenue. This compares to total revenue of $7.5 million in the second quarter of 2013, which was comprised of $5.6 million of product revenue, $1.5 million of service revenue and $0.4 million of R&D contract revenue.

The Company shipped 687 units during the second quarter of 2014 compared to 246 units in the second quarter of 2013.

Total cost of revenue for the second quarter of 2014 was $17.1 million, comprised of $10.4 million of cost of product revenue, $5.9 million of cost of service revenue and $0.8 million of cost of R&D contract revenue. This compares to total cost of revenue of $9.5 million in the second quarter of 2013, which was comprised of $5.3 million of cost of product revenue, $3.6 million of cost of service revenue and $0.6 million of cost of R&D contract revenue.

R&D expenses for the second quarter of 2014 were $1.4 million compared with $0.8 million for the second quarter of 2013. Selling, general and administrative (SG&A) expenses for the second quarter of 2014 were $4.8 million compared with $3.2 million for the second quarter of 2013.

Net income for the second quarter of 2014 was $3.8 million, or $0.02 per share on a basic and diluted basis. Included in the net income for the second quarter of 2014 was a gain related to the change in fair value of previously issued common stock warrants of $9.6 million. Excluding this item, adjusted net loss for the second quarter of 2014 was $5.8 million, or $0.04 per share on a basic and diluted basis.

This compares to net loss for the second quarter of 2013 of $9.3 million, or $0.14 per share on a basic and diluted basis. Included in the net loss for the second quarter of 2013 was a charge related to the change in fair value of previously issued common stock warrants of $5.8 million. Excluding this item, adjusted net loss for the second quarter of 2013 was $3.5 million, or $0.05 per share.

Cash and Liquidity

Plug Power had cash and cash equivalents of $168.6 million and net working capital of $190.4 million at June 30, 2014. This compares to $5.0 million and $11.1 million, respectively, at December 31, 2013.

Please see the tables at the end of this press release for a reconciliation of net income (loss) to adjusted net loss.

Conference Call

Plug Power has scheduled a conference call today at 10:00 am ET to review the Company's results for the second quarter of 2014. Interested parties are invited to access the call:

Toll-free: 877.407.8291
Webcast (including presentation slides): https://event.webcasts.com/starthere.jsp?ei=1041468
Webcast (audio only): http://www.media-server.com/m/p/pjr65sry
A playback of the call will be available online for a period following the event.

Return Home

 

Follow energycareer on Twitter