Plug Power Inc (NASDAQ:PLUG) released its latest earnings report before opening bell this morning, posting adjusted losses of 4 cents per share on $19.9 million in revenue. Analysts had been looking for losses of 3 cents per share on $24.37 million in revenue for the third quarter. In the same quarter last year, Plug Power reported $4.6 million in revenue.
Net losses were 6 cents per share, compared to net losses of 19 cents per share in the same quarter last year. The net loss result includes a gain related to the change in fair value of $.5 million in common stock warrants.
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Key metrics from Plug Power’s earnings report
Plug Power’s revenue was made up of $12.6 million in product revenue, $9.6 million in services and $.4 million in revenue from research and development contracts. In the same quarter last year, the fuel cell system maker posted $2.5 billion in product revenue, $1.6 million in services and $.5 million in revenue from research and development contracts.
Total cost of revenue was $21 million, including $11.1 million in cost of product revenue, $9.2 million in cost from service revenue and $.7 million in cost of revenue from research and development contracts. The company spent $1.6 million on research and development during the quarter, compared to $.8 million in last year’s third quarter.
Plug Power updates sales
During the third quarter, Plug Power shipped 857 GenDrive units, which is a 450% increase year over year. The company reported that bookings “continue to be strong.” Plug Power reported more than $25.6 million in bookings during the quarter.
“Plug Power continues to exhibit growth and record numbers, quarter after quarter,” said Plug Power CEO Andy Marsh in a statement this morning. “Our current customer base is seeing value from our products, firsthand, and companies like Newark Farmers Market, BMW and Central Grocers are refreshing their existing GenDrive fleets by reinvesting in more products from Plug Power. That is true validation.”