Shares of Plug Power Inc (NASDAQ:PLUG) jumped 5.81% to $1.82 in pre-market trading Thursday after the alternative energy technology company reported its fiscal second quarter results. The company posted a Q2 loss of $0.07 per share, one cent worse than the Wall Street projection of ($0.06). Total GAAP revenues during the quarter were at $20.5 million, much lower than analysts’ estimate of $25.32 million. Plug Power had reported $24 million of GAAP revenue during the same quarter a year ago.
Over 60% bookings came from new customers
The Latham, New York-based company said it registered a whopping 99% growth in recurring revenues (service and fuel delivery) compared to Q2, 2015. New customers accounted for more than 60% of bookings during the June quarter, thanks to four new GenKey customer contracts. The new customer wins include a major North American retailer with a global presence.
Plug Power Inc (NASDAQ:PLUG) deployed 926 GenDrive units during the second quarter, compared to 888 units in the same period a year ago. The company also completed hydrogen infrastructure at six customer sites during Q2. At the end of June 2016, there were more than 10,000 GenDrive units under the service contract, up from 6,900 units in Q2, 2015. Plug Power said its GAAP gross margin during the June quarter was 1.9% of sales.
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Plug Power withdrew $25M from its term loan facility
Plug Power Inc (NASDAQ:PLUG) ended the June quarter with $113.9 million in total cash, which includes $66 million of cash & cash equivalents and $47.9 million in restricted cash. The company said its net working capital was $77.8 million at the end of June quarter. Plug Power had closed a $40 million term loan facility with Hercules Capital in June. The company said it had withdrawn $25 million from that facility.
Last month, Plug Power secured GenDrive fuel cell orders from the French retail giant The Carrefour Group. The French retailer will buy at least 150 GenDrive units for deployment at a new distribution center. That deal came just a few days after Plug Power won a contract from another French company FM Logistic. Plug Power CEO Andy Marsh said the deals in Europe highlight the effectiveness of the company’s sales strategy.