Plug Power Inc (NASDAQ:PLUG) released the earnings results from its most recently completed quarter, posting adjusted losses of 6 cents per share on $5.6 million in revenue. Analysts had been expecting 5 cents per share in losses and $5.35 million in revenue for the first quarter.
Net losses were 57 cents per share or $75.9 million. Included in those losses was a charge connected to a change in fair value of Plug Power Inc (NASDAQ:PLUG)’s previously issued stock warrants. In the same quarter a year ago, net losses were 18 cents per share or $8.6 million, while adjusted losses were 13 cents per share or $6.4 million. The charge included last year was also related to a change in value of stock warrants.
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Breaking down Plug Power’s results
In this morning’s earnings report, Plug Power Inc (NASDAQ:PLUG) reported that $3.2 million of its revenue was from products, while $2.1 million was from services and $.3 million was from research and development contracts. In the same quarter a year ago, the hydrogen fuel system maker reported $6.4 million in revenue.
Plug Power Inc (NASDAQ:PLUG) shipped 165 units during the first quarter of this year, compared to 238 units in the same quarter last year. The company has more than $80 million in bookings so far this year, which is double the number from last year. It expects to ship 650 GenDrive units in the current quarter.
Total cost of revenue was $7.9 million, including $3.5 million from cost of product revenue, $4 million from service revenue and $.4 million from research and development contracts. In the same quarter last year, the company’s cost of revenue was $8.6 million.
Plug Power highlights accomplishments
Plug Power Inc (NASDAQ:PLUG) also reported a number of accomplishments during the first quarter, including the closing of several deals for its GenKey hydrogen fuel system for forklifts. Among the new customers are Wal-Mart Stores, Inc. (NYSE:WMT), The Kroger Co. (NYSE:KR), Volkswagen AG (ADR) (OTCMKTS:VLKAY) (ETR:VOW) (FRA:VOW), and Central Grocers. The company expects its first GenKey site to be deployed this month at a Wal-Mart location in Pottsville, Pa.
The company also said it has enhanced its balance sheet. As of today, it has $174 million in cash on its balance sheet. Plug Power Inc (NASDAQ:PLUG) plans to use the cash to raise margins and revenues by investing in a number of areas, including stack development.