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Press Release Tables Q3 2012 v F.pdf


Company updates guidance

LATHAM, NY – November 13, 2012 – Plug Power Inc. (NASDAQ: PLUG), a leader in providing clean, reliable energy solutions, today reported its financial results for the third quarter of 2012.


The deployment of GenDrive® units continued in the third quarter with shipments to customers such as Walmart, Procter & Gamble, BMW and Stihl.  The order from Stihl, announced earlier this year, was delivered in less than six months, including the installation of the hydrogen fueling infrastructure. The Company now has over 3,000 units in the field sited at 33 different customer locations across North America.  There are over 15,000 hydrogen re-fuelings performed each week on this installed base. Year-to-date shipments are double what they were during the same period in 2011. 


Additionally, the Company has achieved a significant milestone in reduction of its product costs.  The Company’s new product platforms have a material cost that is now 60% of the product’s price, a key indicator of the potential long term profitability of Plug Power. 


“Plug Power has certainly seen success in the third quarter, but we also encountered a number of product quality challenges,” said Andy Marsh, CEO of Plug Power.  “These issues have been technically addressed and implementation will be significantly completed by year end.  Most of the higher product costs for the quarter are associated with these quality issues.”


These challenges have affected the timing on several orders and have increased our costs for the year. As a result, Plug Power is adjusting its guidance for 2012 to the following:

  • From $30M-$35M range in product and service revenue to $26M-$30M total revenue range
  • From $17M-$19M EBITDAS loss range to $27M-$29M loss range

 Marsh continued, “We have a large market opportunity, a supportive customer base and a solid, stable, cost effective product platform.  These have always been the key ingredients for our business and we are well positioned to be successful in 2013 and beyond.”


Financial Results

Net loss for the third quarter of 2012 was $10.3 million, or $0.27 per share on a basic and diluted basis. This compares with a net loss of $6.3 million, or $0.28 per share, for the third quarter of 2011.

Total revenue for the third quarter of 2012 was $4.8 million, comprised of $4.3 million for product and service revenue and $0.5 million for research and development (R&D) contract revenue. This compares to total revenue of $5.5 million in the third quarter of 2011, which was comprised of $4.3 million for product and service revenue, $1.0 million for R&D contract revenue, and $0.2 million for licensed technology revenue.

The Company shipped 186 units during the third quarter of 2012 compared to 195 units in the third quarter of 2011.  Additionally, the Company shipped 245 units during the third quarter of 2012 to a customer site in connection with a customer lease that is not yet complete.

Total cost of revenue for the third quarter of 2012 was $11.7 million, comprised of $10.9 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 $9.3 million in the third quarter of 2011, which was comprised of $7.6 million for cost of product and service revenue and $1.7 million for cost of R&D contract revenue.

R&D expenses for the third quarter of 2012 were $1.3 million compared with $1.5 million for the third quarter of 2011. Selling, general and administrative (SG&A) expenses were $3.1 million for the third quarter of 2012 compared with $3.6 million for the third quarter of 2011. Additionally, $0.6 million was expensed for amortization of intangible assets during the third quarter of 2012 and 2011.

Cash and Liquidity

Net cash used in operating activities for the third quarter of 2012 was $7.1 million. Plug Power had cash and cash equivalents of $9.5 million and net working capital of $15.6 million at September 30, 2012. This compares to $13.9 million and $22.5 million, respectively, at December 31, 2011.

The accompanying consolidated financial information and reconciliation tables provide additional information on the Company's year-to-date performance as it relates to milestones previously announced.

Conference Call

Plug Power has scheduled a conference call on November 13, 2012 at 10:00 am ET to review the Company’s results for the third quarter of 2012. Interested parties are invited to listen to the conference call by calling 877.407.8291 or 201.689.8345 for international participants.


The webcast can be accessed by going directly to the Plug Power Web site ( and selecting the conference call link on the home page.  A playback will be available online for a period following the call.


About Plug Power Inc.

The architects of modern fuel cell technology, Plug Power is revolutionizing the industry with cost-effective power solutions that increase productivity, lower operating costs and reduce carbon footprints.  Long-standing relationships with industry leaders forged the path for Plug Power’s key accounts, including Walmart, Sysco, P&G and Mercedes.  With more than 3,000 GenDrive units deployed to material handling customers, accumulating over 8.5 million hours of runtime, Plug Power manufactures tomorrow’s incumbent power solutions today. Additional information about Plug Power is available at




Plug Power Inc. Safe Harbor Statement

This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.These statements are based on current expectations that are subject to certain assumptions, risks and uncertainties, any of which are difficult to predict, are beyond our control and that may cause our actual results to differ materially from the expectations in our forward-looking statements including, but not limited to:  the risk that we continue to incur losses and might never achieve or maintain profitability, the risk that we expect we will need to raise additional capital to fund our operations and such capital may not be available to us; our lack of extensive experience in manufacturing and marketing products may impact our ability to manufacture and market products on a profitable and large-scale commercial basis; the risk that unit orders will not ship, be installed and/or converted to revenue, in whole or in part; the risk that pending orders may not convert to purchase orders; the risk that our continued failure to comply with NASDAQ’s listing standards may severely limit our ability to raise additional capital; the cost and timing of developing our products and our ability to raise the necessary capital to fund such costs; the ability to achieve the forecasted gross margin on the sale of our products; the actual net cash used for operating expenses may exceed the projected net cash for operating expenses; the cost and availability of fuel and fueling infrastructures for our products; market acceptance of our GenDrive systems; our ability to establish and maintain relationships with third parties with respect to product development, manufacturing, distribution and servicing and the supply of key product components; the cost and availability of components and parts for our products; our ability to develop commercially viable products; our ability to reduce product and manufacturing costs; our ability to successfully expand our product lines; our ability to improve system reliability for our GenDrive systems; competitive factors, such as price competition and competition from other traditional and alternative energy companies; our ability to protect our intellectual property; the cost of complying with current and future federal, state and international governmental regulations; and other risks and uncertainties discussed, but are not limited to, those set forth in (i) “Item IA-Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2011, filed with the Securities and Exchange Commission (“SEC”) on March 30, 2012 and (ii) in our quarterly report on Form 10-Q for the quarter ended June 30, 2012 filed with the SEC on August 14, 2012, as well as in the other reports we file from time to time with the SEC.  We do not intend to, and undertake no duty to; update any forward-looking statements as a result of new information or future events.


Media Contact:
Reid Hislop

Plug Power Inc.  

Phone: (518) 782-7700 ext. 1360

Investor Relations:

Contact: Cathy Yudzevich

Plug Power Inc.

Phone: (518) 782-7700 ext. 1448





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