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2012 Q1 Financial Tables

LATHAM, NY – May 15, 2012 – Plug Power Inc. (NASDAQ: PLUG), a leader in providing clean, reliable energy solutions, today reported its financial results for the first quarter of 2012.

To date in 2012, Plug Power was successful in expanding its customer base with large manufacturing and retail customers. Interest for the GenDrive products in the auto industry is growing and Plug Power announces that Mercedes Benz ordered GenDrive units for its Tuscaloosa, Alabama facility.


Plug Power also had success with the Company’s largest retail customer, to date. Lowe’s signed a five year contract with Plug Power to set product pricing and service terms for GenDrive products purchased for its new distribution center in Rome, Georgia. Plug Power expects to ship units in the first quarter of 2013 to correspond with the grand opening of the distribution center.


Additionally, Stihl ordered GenDrive fuel cells to be used in Norfolk, Virginia. The order from Stihl is important as the Company uses its North American deployment as a benchmark for future European facility conversions.


Plug Power’s joint venture established with Air Liquide, known as HyPulsion, closed its first deal during the quarter. IKEA signed a contract with HyPulsion and intends to convert its entire operation in southern France to GenDrive products in 2013.


Repeat customer orders to date in 2012, included Sysco San Antonio, Sysco Long Island, and Bridgestone-Firestone. A strong mix of sales into both new-construction and already existing customer sites highlights that the core strength of GenDrive’s value proposition – productivity improvement – is making economic sense for customers.


In the first quarter, Plug Power shipped 299 systems. Many of the systems in the first quarter were delivered to current customers including BMW, Sysco, Walmart and Wegmans.


Several new customers also received their first shipments, or deployed their first units, including: P&G – Pinesville, LA; P&G – Oxnard, CA; and Kroger – Compton, CA. Over 2,200 GenDrive units are at customer sites. And, by the end of the year, over 4,000 are expected to be deployed.


“Our existing material handling customers are proving the value GenDrive brings to their business, and Plug Power is leveraging continual market success with fortune 500 companies to promote GenDrive to new customers,” said Andy Marsh, CEO. “This creates an environment which encourages other large companies to consider using GenDrive to power their forklift truck fleet.”


Financial Results

Net loss for the first quarter of 2012 was $6.6 million, or $0.28 per share on a basic and diluted basis. This compares with a net loss of $7.2 million, or $0.55 per share, for the first quarter of 2011.


Total revenue for the first quarter of 2012 was $7.8 million, comprised of $7.3 million of product and service revenue, and $0.5 million of research and development (R&D) contract revenue. This compares to total revenue of $5.9 million in the first quarter of 2011, which was comprised of $4.9 million of product and service revenue, $0.8 million of R&D contract revenue, and $0.2 million of licensed technology revenue.


The Company shipped 299 units during the first quarter of 2012 compared to 144 units in the first quarter of 2011.


Total cost of revenue for the first quarter of 2012 was $9.8 million, comprised of $9.1 million of product and service cost of revenue and $0.7 million of R&D contract cost of revenue. This compares to total cost of revenue of $8.0 million in the first quarter of 2011, which was comprised of $6.7 million of product and service cost of revenue and $1.3 million of R&D contract cost of revenue.


R&D expenses for the first quarter of 2012 were $1.2 million compared with $1.1 million for the first quarter of 2011.


Selling, general and administrative (SG&A) expenses were $3.9 million for the first quarter of 2012 compared with $3.6 million for the first quarter of 2011. Additionally, $0.6 million was expensed for amortization of intangible assets during the first quarter of 2012 compared to $0.6 million for the first quarter of 2011.


Cash and Liquidity

Net cash used in operating activities for the first quarter of 2012 was $3.5 million. On March 31, 2012, Plug Power had cash and cash equivalents of $20.8 million and net working capital of $29.1 million.  This compares to $13.9 million and $19.4 million, respectively, at December 31, 2011.


The accompanying financial statements 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 May 15, 2012 at 10:00 am ET to review the Company’s results for the first 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 revolutionized 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 Wegmans, Whole Foods, and FedEx Freight.  With more than 2,200 GenDrive units shipped to material handling customers, accumulating over 6.5 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 Plug Power’s control and that may cause Plug Power’s actual results to differ materially from the expectations in Plug Power’s forward-looking statements including 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; the risk that the previously disclosed expected uses of the Company’s recently raised capital may change; 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 convert to revenue, in whole or in part; the cost and timing of developing Plug Power’s products and its ability to raise the necessary capital to fund such development costs; the cost and availability of fuel and fueling infrastructures for Plug Power’s products; market acceptance of Plug Power’s GenDrive system; Plug Power’s 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 Plug Power’s products; Plug Power’s ability to develop commercially viable products; Plug Power’s ability to reduce product and manufacturing costs; Plug Power’s ability to successfully expand its product lines; Plug Power’s ability to improve system reliability for GenDrive; competitive factors, such as price competition and competition from other traditional and alternative energy companies; Plug Power’s ability to manufacture products on a large-scale commercial basis; Plug Power’s ability to protect its intellectual property; the cost of complying with current and future governmental regulations; and other risks and uncertainties discussed under “Item IA-Risk Factors” in (i) Plug Power’s 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 Plug Power’s quarterly report on Form 10-Q for the quarter ended September 30, 2011 filed with the SEC on November 9, 2011, as well as in the other reports Plug Power files from time to time with the SEC.  Plug Power does not intend to, and undertakes 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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