Plug Power Inc. reported its financial results for the first quarter of 2012.
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.
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.
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